Upper Market for Antiques Shows Strength

Caitlin Kelly of the NY Times recently reported that the upper end of the antique market remains strong. This has been the case for a while, with the upper end, best of the best still selling, but the middle market continuing to show signs of weakness. The report is basically stating there remains collectors with a lot of money and many can still afford to purchase, and continue to purchase the best at the upper market levels. Those collectors falling into the middle market may have been hurt more by current economic realities, and thus have less desire and wherewith all to purchase, leaving the middle segment stagnant.

A dealer from Houston states that middle market dealers are getting squeezed out of the market. This may be so, but I believe it is more of a current trend given the existing economic issues and concerns. If there is strength and interest at the upper market levels, that usually finds a way to trickle down to the middle levels as well.

The article does confirm it is an excellent time to make purchases, as there are numerous good deals in all market levels for fine art, decorative art and jewelry. There is really nothing new in the NY Times piece that we as professional appraiser dont already know. But it does confirm the various issues and sales opportunities at the middle and upper levels. All good and solid information for market reports as this has been the case for about the past year, perhaps a bit longer.

The NY Times article states The sale appears consistent with a trend that antiques dealers around the country have noted: despite the recession, demand remains strongest for the best and most costly items. That may seem counterintuitive, but the dealers say that people who have a lot of money still must do something with it — and some of those people are a little down on the stock market these days.“There’s still plenty of money,” said John Keith Russell, a dealer in Westchester County, N.Y., who specializes in Shaker goods and is president of the 100-member, invitation-only Antique Dealers’ Association of America. “We obviously have seen a slowing in the market, but we have not noticed any weakness in the highest end of the market. The commitment by collectors is still as aggressive as it was two years ago.”
The article continues Recent auction prices confirm that the high end is holding up well, said S. Clayton Pennington, editor of the monthly national trade publication Maine Antique Digest. “I think the middle market has been down for a while, at least a year,” he said.“The business has changed,” agreed Ronald Kinney, owner of R & S Antiques in Houston, a 30-year-old firm. “The lower-end buyers are getting squeezed out, generally speaking. Those who used to spend that kind of money either don’t have it anymore or aren’t willing to spend it.”
To read the full article, click HERE.