Pertaining to antiques, 1998 was the most consequential year ever. My Top Ten List is a combination of record breaking prices and stories I found interesting and important in this blossoming industry.
10. Big Ticket Painting Produces Big Time Jitters - We all know the best antique lesson book is the checkbook, however, suppose you purchased a painting for almost forty million dollars and later were forced to endure unsupported allegations that it was a fake. Such is case for Yasuda Fire & Marine Insurance Company of Tokyo-March 1987 purchasers of Vincent Van Gogh's Sunflowers. Their record breaking painting endured more attacks than Iraq in recent months. London's popular monthly, Art Newspaper, landed the first bomb a little over a year ago, writing; that according to their authorities, "At least forty-five Van Goghs may be fakes." Various media including The Times (London) and a line-up of "art experts" followed in tail wind, landing tire-kicking sorties of their own. The painting is almost certainly straight and authentic, but bad press can still cause worrisome wrinkles.
9. Texas Pistols Fetch Tall Prices - According to legend, wiry Texas ranger and famous Indian fighter, John Coffee Hays introduced and advocated Sam Colt's revolutionary revolver, the Texas Paterson Colt Holster No. 5 to the western front, thereby helping to tame the wild west. When two rare examples the most coveted of these over-sized heavy-caliber cowboy colts came to market in San Francisco, August 24, 1998, a bidding shoot-out took place. The two pistols were banged out for an amazing total of $467,000.
8. Important Collection Breaks the Bank - 251 exceptional mechanical cast iron banks collected by the late hobby bellwether Stan Sax eclipsed every recorded auction record, ringing up $4.033 million at a Philadelphia auction on May 2, 1998. Price runner-up was a black memorabilia 1888 Darkey and Watermelon Football bank. The dreadful but important reminder of our all-too-frequent racist history brought $354,500. Top lot was one of two known 1883 Old Woman in the Shoe banks that had so many bidders it set a world record price of $426,000.
7. Museum Deaccession Decision Raises Ire. Parian is a type of white unglazed pottery that in its finished appearance imitates marble. Once, scholars believed that much this ware (usually found unmarked) was produced in historic 19th century pottery houses Bennington, VT. Hence, over the years, people donated numerous parian objects to the Bennington Museum. Now, museum scholars have changed their opinion as to ware's origin. They believe it was probably not manufactured in their town. In 1998, officials made arrangements to sell off 1800 pieces from their collection. The decision has raised a Green Mountain Gale. "Parian is commanding little money in today's market," some argue. "What if those officials are wrong?" The point is, once Genie's out of the bottle, it's hell getting her back in.
6. Collectibles Grow in Stature - Which is heavier? All the elephants in the world, or all the ants? While 1998 certainly had its share of record breaking fine & decorative art elephant prices, ants probably gained more weight. Modern high-tech marketing opportunities have bolstered popularity in everything from old baskets to old basketballs. Case in point: Recently, at household estate auction near Muncie Indiana, a rare marked "No.1, (mold #) 411 Griswold" cast iron skillet sold for $4500. Atom Ant opportunities abound for antique collectible hunters who stay current in today's ever-changing market.
With a promising new year under way, Antique Talk is happy to present the top five countdown of the biggest antique stories of 1998.
5. 18th Century Newport Furniture Strengthens its Standing as Most Valuable - This past June, Christie's Auction Gallery in New York hammered out a pristine mahogany block-and-shell chest labeled "Made by John Townsend, Newport, Nov. 20 1792," for an amazing $4,732,500. To date, four of the five highest recorded prices for American Furniture, or any non-art chattel, were paid for masterpieces made in the Newport, RI workshops of Quaker cabinet makers, families Goddard and Townsend. The still unsurpassed world record price for any casepiece is $12,100,000, achieved June 3, 1989, for a six shell Goddard-Townsend secretary.
4. Persistence Pays Off, Big-time - His collection of good-for-nothing Artworks already numbered 500. Indecision gnawed at Carl's gut as he picked through assorted knickknacks at the neighborhood tag sale. The 51 year old Tucson, Arizona resident had just learned the small ambulance company he worked for was about to lay him off. Full in the knowledge that his wife would choke him when he got home, Carl Rice purchased the two still life rose pictures for $88, anyway. When the Martin Johnson Heades (1819-1904) brought $937,500 at auction a little over a year ago, lawyers representing the professionally run estate sale brought suit. Guess what? They lost. Carl won. Life is finally coming up roses for the Rices!
3. American Art Hits a Homer - This past summer, Microsoft Chairman, Bill Gates paid more than 30 million dollars to a South California businessman for "Lost on the Grand Banks," the last major seascape by Winslow Homer still in private hands. The private sale easily broke the previous record for American Art of $11.1 million paid three years ago for John Singer's "Cashmere." If an artist can be compared to a writer, Homer was Hemingway; simple, to the point, distinctly American. Led by a mostly self-educated artist, in 1998, American art acquired a price level comparable to records set by Great Masters and French Impressionists.
2. Web Company Throws Big Net on Antique Business - eBay Inc. operates an online person-to-person trading community in which buyers and sellers are brought together in an auction format to trade personal items such as antiques, coins, collectibles, computers, memorabilia, stamps and toys. For the first three quarters, company revenues totaled $27.9M, up from $3.1M. Net income rose 28% to $878K. Their stock accession made national news. First offered publicly at $18 per share, it recently rocketed to a high of $262. The company capitalization stands somewhere around eight billion-a figure about seven times the size, on paper, of 254 year old Sotheby's. The important news here has more to do with what eBay does than what they have done. Antiques has gone high tech, and it is not turning back.
1. Major Television Networks Suffer Worst Year in History - My choice for the biggest antique story of 1998 is more than success of PBS's Antique Roadshow-a program so popular it challenges major network offerings in the same time slot. It's more than Leslie Hindman's popular At the Auction or her new show, The Appraisal Fair. It's more than Biography, or The History Channel or A&E or HGTV or Ken Burn's specials. It's about attitude. For years, network and other media executives have underestimated the curiosity and intelligence of the American viewing public. Now they are paying for it. Good. Antiques are to history as history is to time. Thankfully, it's a subject that can no longer be ignored.
ANTIQUE TALK'S TOP TEN
ANTIQUE STORIES OF 1998
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