Radcliffe Jewelers ~ The Luxury Name in Jewelry and Gifts

Monday, February 1, 2010 | by Dennis Hockman of Chesapeake Home

At the dawn of the 40th anniversary of the Hunt Valley Antiques Show, we take a look at the state of the antiques industry and talk to experts about what comes next.

Maybe it’s sentimentality, but there is comfort in old things and a sense of importance that develops with age. A portrait painting made before the camera was even an idea. An old fireplace set, hand-forged in an era when the hearth was the only heat source of the home. A dresser with hand-cut dovetail joinery and the faded signature of a cabinetmaker who lived centuries ago. Even the stains, nicks, and wear marks on antique furniture bear witness to generations of lives bettered by that individual effort.

Not withstanding the strong visceral connection antiques establish, the past few years have presented a challenging economy for everyone, including those in the antiques business. Still, conventional wisdom has been that antiques are “a good investment.” Then again, the same has been said for stocks and real estate. Experts agree that with antiques, there is no guarantee. An example Baltimore-based Antiques Roadshow appraiser J. Michael Flanigan offers is a set of English chairs that belonged to Francis Scott Key. “In 1903 the set sold for $8,000; today they are worth maybe $25,000. Something you buy for $20,000 could someday be worth $200,000. But something you buy for $10,000 could also be worth $2,000.”

What should overshadow the investment opportunity is that we get to enjoy and live with antiques. No one opens up an investment portfolio to friends and family for a holiday dinner. Likewise, when was the last time you admired the craftsmanship of your mutual fund?

Still, the current economic climate has placed buying antiques far from the top of today’s consumers “to-do” lists. But as the Hunt Valley Antiques show prepares for it’s 40th consecutive season, it seems timely and appropriate to consider that now might just be a great time to buy. To help, I talked not only with local expert and Antiques Roadshow regular J. Michael Flanigan, but also Paul Winicki of Radcliffe Jewelers, who is also an appraiser on PBS’s Antiques Roadshow, as well as Fletcher Copenhaver Fine Art co-owner Joel Fletcher, who will be bringing a collection of fine paintings to the Hunt Valley Antiques Show this year.
A choice Chippendale mahogany serpentine chest of drawers having a beautifully grained and molded top over four drawers mounted with important brasses and raised on ogee feet. Boston, ca. 1775. Courtesy Douglas Constant, Inc.

The Generation Gap
Before we look at what buying opportunities might exist, we might first consider the current antiques market in general. The Baby Boomers and their parents’ generation represent a huge population of collectors. “As they retire and/or downsize, they stop collecting,” says Flanigan. As many of these collections come to market, there is more supply than demand. “Today people are still buying, they just are not furnishing houses with antiques anymore. There is a generational shift occurring, and the Hunt Valley show has figured out a way to get young men and women in their 30s and 40s to become interested in antiques…they just are not collecting what their parents and grandparents did. Mid-Century modern furnishings have become a hot new collectible—these furnishings are beautifully designed and crafted, and the next generation of collectors is making room for them.”

Unlike retailers that have clearance sales to purge inventory that didn’t sell well, antiques dealers often don’t have the same philosophy, or because of the investments they made, can’t afford to take the loss. “But,” says Flanigan, “it is unrealistic to expect people to like what dealers have just because they want them to.”

The Silver Lining
This “generational moment,” as Flanigan puts it, along with the economy, is creating some great opportunities for people interested in starting or expanding upon a collection. According to Winicki, “Now is a good opportunity to buy silver flatware and some hollowware because the value of it is pretty much at the commodity value. [There are] unbelievable buys on brown furniture right now…average items at auction are bringing record lows.”

From a dealer’s perspective, the current market is creating many benefits as well. Joel Fletcher notes that, “The market has allowed us to go on buying trips and get some of the best acquisitions ever. A good dealer today,” Fletcher continues, “is working harder to acquire unique items, keeping their inventory fresh, and getting high quality items at a good value they can pass along to collectors.” While Fletcher Copenhaver’s mission has always been to find exceptional works by important artists, focusing on quality, condition, and presentation, recent economic conditions have caused them to deepen their commitment to this idea. “We feel that it is imperative to have new and interesting pieces to offer in order to remain competitive and viable.”

Although 2010 presents significant opportunities to acquire unique, high-quality pieces at good values, thoughtful consideration of each purchase is recommended. As Flanigan suggests, “Buy what you like; buy the best you can afford; do your homework.”
Mr. Punch, a Regency watercolor of the comic figure famous from Puch and Judy shows. Courtesy The Dongan Collection.

Mr. Punch, a Regency watercolor of the comic figure famous from Puch and Judy shows. Courtesy The Dongan Collection.

A Little Legwork
While you may not be looking at your dining room set as part of your retirement plan, you still don’t want to acquire what you thought was a 19th century American piece only to find out later that it’s of English manufacture. Being a smart antiques buyer means educating yourself, going to good auctions and dealers to compare market prices, and learning the specifics of the type of antiques that interest you. Winicki cautions against mixing education and purchasing. “Go without a checkbook. Auctions are a competitive marketplace and a great way to learn about pricing. When buying, however, go with a plan: know what you are looking for, know about it, and understand the current market.”

Educated buyers attending antiques shows in 2010 are likely to find some of the best values in years, but even beginning collectors and antiques enthusiasts will benefit. Flanigan offers that shows like the Hunt Valley show are “like being invited to a party with the most beautiful, handsome, and intelligent people in the world, people you would otherwise never have a chance to encounter.” Similarly, better shows give you a chance to “rub elbows” with museum-quality antiques, but without the velvet ropes. “Dealers can be very accommodating,” suggests Flanigan, “letting you touch, handle, learn about, and maybe even take a piece home to ‘try’ if they trust you enough. The worst thing an antiques show can do is have a ‘do not touch’ sign.”

Dennis Hockman is Editor of ChesapeakeHome and ChesapeakeHome.com.

The Hunt Valley Antiques show commences with a preview party on Thursday, February 18, 2010 and runs through Sunday February 20. Paul Winicki and J. Michael Flanigan will be hosting an appraisal event at the show. To learn more about the Hunt Valley Antiques Show and the charity it supports visit huntvalleyantiquesshow.org, fcsmd.org or call 410-366-1980 x245.

For more information visit http://www.chesapeakehome.com

Contacts:
Douglas Constant, Inc.: douglasconstant.com
Fiske & Freeman: fiskeandfreeman.com
Fletcher/Copehaver Fine Art: fc-fineart.com or 540-371-7540
J. Michael Flanigan: 410-225-3463
Paul Winicki: paul@radcliffejewelers.com or 410-321-6590
The Dongan Collection: dongancollection.com
Zane Moss Antiques, LTD: zanemossantiques.com