The year 2003 was a challenging one in the world of antiques. Shows, auctions and antique shop businesses were negatively impacted by what now appears to be the last phase of an economic downturn. When people are worried about their jobs and dipping stock portfolios, antique purchases suffer. Still, whopping prices did occasionally come to surface. Here are six of the top ten antique related stories of the past year.
10. American Chest Breaks Million Dollar Mark: Skinner made history in its November 1st American Furniture & Decorative Arts auction, when it sold an 18th century Chippendale Mahogany Carved Scroll-top Bombe Chest-on-Chest for $1,766,000. Family papers verify that the piece once belonged to Robert "King" Hooper, prominent Marblehead merchant and one of the wealthiest men in 18th century America. In commenting on the chest, Stephen Fletcher, director of Skinner's American Furniture & Decorative Arts Department and popular appraiser on the PBS-TV series Antiques Roadshow, had this to say: "Simply put, it's the finest example of American furniture I had ever found in 35 years of working in this business, and Skinner was truly privileged to have the opportunity to offer it at auction. It seems only fitting to me that after more than 200 years, it was auctioned in Boston -- the city in which it was likely made."
9. Fishing Lure Reels in Big Bucks: A rare if not unique 10" hollow copper circa 1860 fishing lure sold for a world record $101,200 at a November 8, 2003 auction in Boxborough, Massachusetts. Auctioneer, John Ganung claimed the "Giant Haskell" minnow shaped lure was still a great investment. "If it had of been a duck decoy or a gun of the same rarity it would have sold for ten times that price. Fishing tackle still lags behind other sporting collectibles," Ganung said. Not any more, John.
8. Chinese Vase Consignment Results in Lawsuit: What do you do when you consign a piece to an auction house and it fetches far less than seems reasonable? The Strong Museum filed a lawsuit. The highly publicized 2003 case was waged against a long established auction and appraising firm Robert C. Eldred. When Strong decided to "deaccession" (sell off) an 18th/19th century Famille Jaune Porcelain Palace vase they, having presumably done their homework, consigned it through the Cape Cod auctioneer resulting in a hammer price of $23,000 minus commission. Problem arouse when the vase's buyer resold the very same object about a year later for over 1.5 million dollars at Christies, Hong Kong. Eldred's position seemed to be that the vase was sold at an internationally advertised public auction dedicated to Asian arts. Everyone was invited to bid and many "experts" were in attendance. It wasn't their (Eldred's) fault collectors and dealers in attendance didn't believe in the vase's merits and bid more competitively. Whether Strong eventually agreed with them or not we'll likely never know. The closely watched lawsuit was recently settled out of court and no one's talking. Had the Museum won a precedent-setting case, the antique world might have been turned upside down. Many pieces sold at Christies Hong Kong auction will likely find their way to the United States in the next few years. A few will probably be sold for huge profits at respected venues like Eldred's. Would those transactions all sprout lawsuits too?
7. Needlework Picture Hooks Big Price: A beautifully wrought mid 18th century needlework picture attributed to a Boston area schoolgirl fetched a whopping $467,200 at Sotheby's NY, May 2003. In a period double arch frame, the wrought sampler pictured a formally attired proper young lady surrounded by a wooing gentlemen, flowering trees and other courtly elements all unable to pull her away from the not so prim-and-proper task at hand: The young lady is seated in front of a pond with rod and line in hand, fishing.
6. North Carolina Employs Militia of Taxpayer Supported Lawyers to Appropriate One of the Original State Issued "Bill of Rights": According to what's been reported, the Woodbury & Nantucket dealer did what hardworking antique dealers do – discovered a long lost treasure via legal and ethical purchase from a private estate. When Pratt offered the document to a Philadelphia museum, North Carolina archivists claimed it was theirs – possibly stolen during the Civil War era. Pratt eventually bequeathed the document to North Carolina to put the matter behind him. It is my opinion the legal bureaucrats entwined in the Tar Heel State should have treated Mr. Pratt with dignity and respect due one of America's most respected antique dealers and aesthetic historians.
5. Internet Auction Scam Makes Big Waves in eBay: Going on seven years, the titanic web based auction company has been enjoying a smooth ride. Pirates, most from eastern countries like Indonesia, ruffled those waters in 2003. Numerous scam artists reaped in untold thousands from unsuspecting eBay auction purchasers by copying photos and descriptions from genuine eBay sellers. Running their own 1 to 3 day auctions, the swindlers would then send out invoices to the winning bidders, usually requesting Western Union wire transfers or a similar type of hard to trace payment. A few weeks later the unhappy paying customers would learn that they had just sent money to a phantom auction seller already reapplying in eBay under a new alias so as to snare their next unfortunate victim. While eBay and her customers have gotten wise to these types of fleeces, brigands have a way of readapting themselves too. Especially when they've tasted gold and the seas are so ripe with quarry.
4. "Bear" Market Hits Pittsfield Massachusetts Auction: As reported in the antique trade paper "Maine Antique Digest," the recession was negatively affecting even sizzling auction houses like Victorian Period (1845-1910) specialist John Fontaines. At the gallery's May 16-18 sale, "it was clear that bidders had been in a selective and cautious mood. Among the sold items, price results for the majority were below the low-end estimates. More than 400 of the cataloged lots, about 64% had been passed (not sold) including several with the auction's highest predicted prices." No job is tougher than being up there on the stage as an auctioneer when the audience isn't in their normal bidding frenzy frame of mind. Early Sunday afternoon, when things couldn't get worse for the auctioneer, they did. "There's a big black bear standing outside the front door," one of Fontaine's runners called out. "Tell him to come in" the auctioneer quipped. "We need more bidders!"
3. There's No Business Like Show Business: No business at all. At least that's the way it seemed at times in 2003. Things were all in place for a super premier outdoor antique show June 14-15, the Woodbury Antiques fair in picturesque Three Rivers Park. 150 top dealers were arriving from all over America. A national advertising campaign would draw collectors from all over New England. And then … it started to rain. Make that pour. One of the first trucks to pull into the field, the day before the show's Saturday morning opening, got stuck in the mud up to its axel. Tractor loads of hay were brought in to fill the mushy tire trenches. Rain came down even harder. Trucks and everything else not having duck feet continued to sink down in the mud. "The show's going to be mudded out!" people were saying. Fortunately, the show did go on. "When the rain finally stopped, the field dried up miraculously," a Glebe House benefactor said. "Frank (the show's promoter) and the committee did a terrific job. Traffic and sales are pretty steady and we've made lots of money for charity." Other shows like Jim Burks York Pennsylvania show, the Hartford Antique Show, Hunt Valley Maryland and almost all other outdoor and indoor antique shows reported slower than normal attendance and sales compared to previous years. Show business was hit hard by the recession. Hopefully gates will improve in 2004.
2. Undiscovered Rembrandt Comes to Market: According to Sotheby's, the previously unknown Rembrandt self-portrait only came to light recently and was displayed Amsterdam from late January to mid-March 2003. For nearly all its life, it was largely hidden under extensive over painting done in Rembrandt's workshop within a few years of its creation. Following abortive attempts at cleaning between 1956 and 1980, its original form was only revealed by a careful and lengthy cleaning completed in Autumn 2002, which revealed it to be by Rembrandt, and a self-portrait. Sotheby's sold the masterpiece for about 7 million British pounds, July 3, 2003.
1. Dow Jones Industrial Average Dips Below 7600 March 11, 2003: What business has that to do with antiques? Much. Stocks and the economy are on the upswing again. Always lagging behind but quick to catch up, antiques are still at bargain prices and readily available at shops, shows and auctions. The biggest story of 2003 is still current. In a few years when quality antiques - especially in mid and low range prices levels where they are greatly undervalued right now - skyrocket again in price, you'll remember what you read here today. Get out there now. Do your homework. Invest in old objects strong in integrity, subject matter and decorative appeal. It's a good arena for investment diversification. And more importantly, it's a great hobby for enriching and diversifying your life. Especially at the bottom of an antique bear market.
Top Antiques Stories of 2003
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