Biggest Antique News Events for the Year 2002

Although prices for quality antiques often bear up pretty well in a bear market, sales suffer along with the rest of the economy. The word on the street at auctions, shows and shops in 2002 was, "Good things were moving." Meaning the very rich people still had money to spend on antiques last year but everybody else was cautious or too busy worrying about their dipping stock market portfolios or looking for a new job.

That said, here are six of the biggest--or at least most interesting-antique stories during the year "after."

6. AMERICAN FLAGS SOAR TO NEW HEIGHTS! As reported by the Maine Antique Digest, Sotheby's selling of 76 historic flags (the Connelly Collection) just before Memorial Day weekend and at a time when patriotism is rampant was very good timing. The oldest flag, a circa late 18th century "Union" flag with a canton based on the British Union Jack with 13 alternating red and white stripes sold for $163,500. In 1996 the same flag fetched $13,500 at a Maine auction. A flag with a 13 star shield reportedly used during President Washington's 1789 inauguration fetched over a quarter million. The most surprising sale of the day was $41,825 for a newer piece-one of the numerous "Presidential" flags flown during the Clinton Administration.

5. OLD COIN STRIKES GOLD! July 30 a 1933 double eagle $20 gold coin sold for $7.59 million dollars, a record price for any coin sold at auction. While 445,500 of the coins designed by Augustus Saint-Gaudens were struck, President Franklin Roosevelt soon after ordered American off the gold standard and prohibited banks from distributing them. All but ten were melted and nine of these were gathered back in by the government and destroyed. One got away and was brought to market in 2002. In the world of stamps and coins-rarity rules.

4. SOUR "INVESTMENT" LAUNCHES LAWSUIT: June 19, 2002, Janice Hope filed a lawsuit accusing a Greenwich, CT art dealer of bilking her out of $5.5 million dollars: Money she claims is lost because modern art paintings and sculpture she purchased from the Miroslav Klabal for approximately $8.5 million is now worth less than $3 million according to appraisals by Sotheby staffers. While missing purchases and other money entanglements are also alleged, a court-enforced precedent of reclaiming bad investment dollars in a highly speculative market could unnerve certain segments of art and antique world.

3. eBay UNLOADS BUTTERFIELDS: Less than a decade ago, mammoth auction houses like Christies, Sotheby's and California based Butterfields were king of the ring in the world of antiques. Then came eBay. The Internet based auction house came out of nowhere around seven years ago and quickly established Lordship over onsite venders. They purchased Butterfields (established 1865), around 1999, laid-off a third of its staff and dumped it last year, reportedly writing off a loss on the deal. The often cold, bottom line world of big business hit the antique world in 2002.

2. BEAR MARKET AND RECESSION BEARS DOWN ON ANTIQUE WORLD: Contrary to general news medias, in the world of antiques, good news is often the only news that makes headlines. Headlines like: 20th century bench-made Wallace Nutting secretary fetches record: $36,750: March 2002. Three arm Israel White wood plow plane (used by carpenters) fetches $31,900! Period Painting of George Washington as Commander in Chief of Continental Army hammers out in Europe for $5.3 million: June 2002. Fact is, when highly promoted shows fall flat like they did last year. And when auction houses numerous "reserved" items fail to sell, as happened frequently in 2002, no one talks about it. In the world of antiques, it's not a headline type story. Happened just the same.

1. UNPRECEDENTED LOW INTEREST RATES SPUR ON TREMENDOUS RISE IN HOUSE SALES: Why, you ask, is this antique news. What makes it the story of the year? I want to leave you on a positive note. Reason one: Fact is; years following such strong home sales usually ripple down to the antique market, big time. Several reasons: People become disenchanted with alternative investments like stock market, etc. and strong real estate markets usually overprice themselves. Antiques investment soon escalates. Reason two: When people buy pricey homes as a way of reinvesting their sold off stock portfolios, they then begin to look around for things to put in them. Nothing warms up new paint like old slant front desk or a corner cupboard full of flow blue china and yelloware.

Americans pulled together and got through a tough year with courage. Good for you. More importantly, good for us! Happy New Year!