Credit crunch means antique deals
Written by Michael Vass
If you love antiques, then this is the season to buy. I liken it to the stockbroker adage
“If there’s blood on the street there is an opportunity to be had.”
And considering the international credit crisis that is ongoing, there is opportunity aplenty out there.
Looking at what is happening across the pond at our British cousins says it all. Prices for antique furniture are at levels not seen in a decade. Values are being forced down buy the need to have cash in hand and to pay down debt. And with a huge flock of supply, prices have been depressed.
That spell deal to me. An example of such would be a decorative Victorian ironstone dinner service which would have been priced at $4,800 a decade ago, currently only garners $2,000. Or if you want to look at wood furniture try an Oak French armoire from 1850 which 10 years ago would have easily cost $2,400 now is a steal at $400. That is panic selling driven by need of cash on hand to me.
Thus if you have the ability, now is the time. It is entirely conceivable that as this credit crisis abates, and stock markets around the world first calm then rise, so too will these various antiques. Without pressure to sell the supply will dry up and prices may skyrocket.
But don’t think that every item out there has fallen in price, or will continue to run with the rest. Gold and silver antiques are the exception to the rule these days. As commodity prices have and continue to rise the value of these Items has increased as well. Like a Chinese silver rose bowl which in the late 1990’s cost a mere $1,000 now has risen to the lofty price of $8,000.
Obviously items like the Chinese bowl are likely to come down at some point, or at least hold their value. So it is important to be sure of what you are buying and why. If you are adding a piece to a collection, and it happens to be gold or silver, you might not care that it costs a bit more and may be somewhat over-priced. But if you are looking for a bargain you might want to think again.
For myself I think the oak armoire or a Georgian mahogany bureau (which is currently 1/4 the value of a decade ago) not only would look lovely in my house, but are priced at levels I can’t afford to miss.
Happy shopping out there.
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