Americana Slump?

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DOWNLOAD THE SURVEY RESULTS –  The Appraiser Workshops Fine and Decorative Arts Market Survey report is now tabulated.  Click HERE to download the complete report with charts. An excellent appraisal resource for market trends and analysis.

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The recent edition of the Art Newspaper had a few very good articles.  Yesterday I posted on the preview of Americana week in NY.  Also in the Art Newspaper was an article on the state of Americana market sector which was written in October after some NY Americana sales.  It is a good review of what was happening in the market only a few months ago, and a good reference point to compare with the results after this weeks sales.

Unfortunately, the title of the article sets the tone, with Americana Feels the Slump of US Market.  As many believe the economy is now better than a few months ago, perhaps things will change.  We will certainly get a good feel for that after this week when it is determined if the various sales, auctions, exhibitions and shows have met expectations or not.

The news and market condition is very similar to what was recorded in the AW Fine and Decorative Arts Market Confidence Survey (for both Oct and Jan), with the upper market strong, and the middle market slumping badly.

The Art Newspaper reported in Oct

“The American market is thin except for the very good,” says private dealer William Stahl, a 27-year Sotheby’s Americana veteran. He points to the Philadelphia Chippendale easy chair, from 1770, with bits of its original upholstery selling for $1,022,500 at Christie’s, reportedly to William Samaha, who regularly buys for Fidelity Investments chairman Ned Johnson. “It sold 33 years ago at Sotheby’s, catalogued by yours truly for $70,000,” says Stahl. The under bidder at $800,000 was Leigh Keno.

Top folk art also brought strong prices like a Connecticut Sunflower chest, 1675, which climbed to $482,500 against a $60,000-$90,000 estimate and was taken by Connecticut dealer Nathan Liverant.

But the middle market material, furniture under $50,000, which was once widely used to decorate entire homes, went begging. When a set of eight Sheraton fancy chairs was on the block, Christie’s auctioneer John Hays asked, “Who will give me $1,000, $500, $100.” A bidder took them for $250.

Sotheby’s only snagged $3.6 million the following day and their buy in rate was 46% with only 96 lots selling and 79 not moving at all.

Keep in mind the article was written in October. To read the full Art Newspaper article, click HERE.