Furniture Index Falls

I have been making an effort to report more positive news on the AW Blog, the only problem is for every one positive article or news story about the fine and decorative arts, there are usually numerous negative ones.  Unfortunately here is an an article reporting more disappointing news, although probably not unexpected to those familiar with and specializing in the decorative arts and furniture. Roland Arkell reporting for the Antiques Trade Gazette is stating the Antiques Collectors Club (ACC) antique furniture index (AFI) fell 7% during 2009. Arkell states this has been the largest one year drop in the furniture index since its inception. It reveals both poor auction results and dealer sales.

The index, started in 1968 at 100 at reached a high of 3492 points in 2003. The Antique Furniture Index saw decreased in all seven categories. The last time it was at this low of a level was in 1998.

The ATG article and the ACC AFI are good sources to use when defining the current market and lower valuations to clients.

Arkell reports

Volume was undoubtedly down as vendors wait for better times. London salerooms, in particular, sold conspicuously fewer lots of furniture in 2009, and even previously dependable stalwarts such as oak (-5%) and country furniture (-9%) were hit hard as buyers grew increasingly picky against a gloomy economic background.

The results are disappointing after two years when, as the index remained static, some kind of recovery was anticipated.

The AFI is derived from a variety of 1400 typical, rather than exceptional, pieces of antique furniture from seven distinct periods or categories illustrated and charted in the ACC book, British Antique Furniture. The number crunching is based on both auction and retail prices recorded across the country, although, more than ever, compiler John Andrews observed the greatest number of transactions taking place at auction.

Here much 19th century furniture has been selling for drastically reduced prices – the Regency index (-8%) is one of the worst hit since the market turned in 2001 – and a long list of once desirable furniture forms have lost ground, particularly those associated with the flight from formal dining and entertaining.

The separate Victorian & Edwardian index, started in 1973 and once the recipient of spectacular gains, continues to plummet. Standard late 19th and early 20th century cabinetmaking continues to languish among the unfashionable and it dropped a further 12 per cent, mirroring double-digit falls in recent years.

As usual, there were some spectacular sales at the ‘top end’, but as the quantity of high-quality pieces brought to the market diminished, even these ‘exceptions to the rule’ were less abundant than in the previous year.

To read the full ATG article, click HERE.