Are Antiques Dead? A Report from AuctionZip
A few years ago, a fully restored 1940s peddle car would have fetched over $2,000 at auction. Now some auctioneers are lucky to get $500 if they sell at all. At a recent Skinner sale, an 18th century Queen Ann High Chest sold for $2,133 - a quarter of the price a similar chest fetched at the Boston-based auction house in 2004.
Is this just a case of values dropping during an economic downturn or are there other factors at play? Billy Burke, CAI - AARE founder and principal owner of The Auctionarium Inc in Rancho Mirage, CA, believes that high quality antiques will always hold some sort of value but may never bounce back to their "bubble values" of a few years ago. Prices for traditional antiques are also unlikely to rise as aging collectors downsize or liquidate - essentially flooding an already depressed market.
The decline in prices has given rise to a "cheaper than new" mentality. Antique markets and auctions are seen as high-quality alternatives to retail stores with buyers looking for pieces that reflect their personality and fit in with current styles. Why pay $119 for Crate & Barrel's Vienna Side Chair when you can get an original Thonet cafe chair for $15 at a local flea market?
What "antique" means also changes over time. People want what their grandparents had and thanks to the popularity of shows like AMC's Mad Men, retailers from Banana Republic to Target are churning out 1960s-inspired designs. So it's not surprising to learn that this is one of the few segments of the market where values are rising. More than just the latest buzzword, "mid-century modern" represents a style of furniture, product design, and architecture that began after World War II and continued into the 1960s. Known for their simplicity, clean lines and high-quality materials, mid-century pieces fit in well with contemporary designs - making them an ideal choice for younger collectors.
Antiques are far from dead, but the market is changing. In these tough economic times the number of collectors willing to pay a premium for traditional antiques is diminishing daily. Buyers today are less concerned with building collections and more focused on finding functional, affordable pieces that follow current trends or express their own personal style.
Come to our great weekly estate sales and find your own antiques, mid-century modern pieces, collectibles or just that great "something" for your home!
Timesavers Estate Sales
http://www.timesaversestatesales.com/
A few years ago, a fully restored 1940s peddle car would have fetched over $2,000 at auction. Now some auctioneers are lucky to get $500 if they sell at all. At a recent Skinner sale, an 18th century Queen Ann High Chest sold for $2,133 - a quarter of the price a similar chest fetched at the Boston-based auction house in 2004.
Is this just a case of values dropping during an economic downturn or are there other factors at play? Billy Burke, CAI - AARE founder and principal owner of The Auctionarium Inc in Rancho Mirage, CA, believes that high quality antiques will always hold some sort of value but may never bounce back to their "bubble values" of a few years ago. Prices for traditional antiques are also unlikely to rise as aging collectors downsize or liquidate - essentially flooding an already depressed market.
The decline in prices has given rise to a "cheaper than new" mentality. Antique markets and auctions are seen as high-quality alternatives to retail stores with buyers looking for pieces that reflect their personality and fit in with current styles. Why pay $119 for Crate & Barrel's Vienna Side Chair when you can get an original Thonet cafe chair for $15 at a local flea market?
What "antique" means also changes over time. People want what their grandparents had and thanks to the popularity of shows like AMC's Mad Men, retailers from Banana Republic to Target are churning out 1960s-inspired designs. So it's not surprising to learn that this is one of the few segments of the market where values are rising. More than just the latest buzzword, "mid-century modern" represents a style of furniture, product design, and architecture that began after World War II and continued into the 1960s. Known for their simplicity, clean lines and high-quality materials, mid-century pieces fit in well with contemporary designs - making them an ideal choice for younger collectors.
Antiques are far from dead, but the market is changing. In these tough economic times the number of collectors willing to pay a premium for traditional antiques is diminishing daily. Buyers today are less concerned with building collections and more focused on finding functional, affordable pieces that follow current trends or express their own personal style.
Come to our great weekly estate sales and find your own antiques, mid-century modern pieces, collectibles or just that great "something" for your home!
Timesavers Estate Sales
http://www.timesaversestatesales.com/
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