The Financial Times has added another art market segment to its ongoing The Market series. This post is on the Oriental rug market, and has the usual brief explanation, need to know, and top tips and pitfalls for the sector. The usual caveats apply when inspecting based upon such brief and introductory reports.
The FT reports
What: Oriental carpets were and are produced everywhere from China to Egypt, but the large majority come from Iran and Turkey. Most date from the late 19th-century interest in Orientalism, which led to a significant growth in carpet exports to Europe.
Need to know: There are two types of buyers: those who simply want a decorative floor covering and those who collect out of a passion for the subject. The latter tend to favour pieces dating from the 16th and 17th centuries; last year, an anonymous bidder paid £6.2m at Christie’s for a rare 400-year-old Kirman vase carpet – a world auction record. On Tuesday, the house achieved £181,250 for a small 16th-century Oushak rug that had been expected to make just £50,000. But although the collectors’ market is currently strong, that for room-sized decorative pieces is less buoyant, partly due to the availability of modern, high quality, tailor-made oriental carpets. Auction prices for late 19th- and early 20th-century carpets start in the low hundreds.
Top tips: Due to the complexity of the subject, it is wise to seek the advice of a trustworthy expert. Avoid buying purely for investment; choose something you will enjoy living with. Strength and freshness of colour is vital, as is overall condition. Prices rise and fall according to decorating trends and certain grounds are less popular. Dark blue, for example, is currently out of favour, whereas ivory is in.
Pitfalls: There are many accomplished carpet restorers operating in Turkey, so beware of pieces advertised as being “now in perfect condition”. It could mean that only a tiny part of the original carpet remains, a fact that should be reflected in the price. Significant repairs reduce value, as does the use of chemical dyes.
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