Investing in antiques
02 Oct 2013
Members of the industry make no secret of it, investing in antiques is no easy game.
Like many other lifestyle items, the value of antiques fluctuates based on what’s in fashion at any given time.
While a keen eye can easily determine whether a piece of furniture is well constructed with an interesting design, the hard part is predicting its value over time.
Fluctuating market
Manager of Abbeys Auctions, David West has been in the antique business for more than 32 years and says that with the benefit of hindsight he would be a very rich man.
West cringes when he thinks about the large amounts of retro furniture he threw away 30 years ago, as it’s now a top seller on the market. “If I could have a room filled with retro furniture I would be a very happy man,” he says.
What West says is characteristic of the antique market is that it fluctuates in cycles, and while he says the market is currently down, it always comes back around.
For this reason Lawsons Auctioneers’ Antique Furniture Department Specialist and Valuer, Peter Marejka advises individuals not to buy a piece of furniture based on the purpose of investment alone. “You should buy antiques for enjoyment,” he says. “If you are considering doing it for investment it must be done in limited circumstances and the decision backed by extensive research.” West seconds this sentiment. “If you enjoy the furniture that’s part of the value,” he says.
Choices choices
When it comes to choosing a piece, Marejka says that in general you should look based on age as usually the earlier pieces are more likely to be rare.
“You want to look for furniture made pre 1860,” he says. “After that there was a larger population base and furniture was more readily available.”
That is not to say that younger pieces hold no value at all.
Marejka says it is possible to find younger pieces that are unusually brilliant in design.
Ultimately, you need to evaluate furniture on a piece-by-piece basis. “While there is safety in selecting pieces that are typical of a period, you also want pieces that break away from the norm to make it a bit special,” Marejka says.
The intricacies
As well as looking at the workmanship, including mounting, inlays and the quality of the materials used, it’s important to make sure a piece of furniture is original.
Common pitfalls are pieces that have been restored using mismatched pieces of furniture.
An example of this is in the restoration of bookcases, which are composed of two sections.
When examining a bookcase you should always check that the top and bottom sections match up. “You would want to see design features in the top replicated in the bottom, and the size of top and bottom sections should match up well,” says Marejka.
This piecework can be seen in other types of furniture, such as with press on chests, which are often converted into chests of drawers.
Going the distance
As well as its visual appearance, West says it’s important to test the furniture’s functionality. “Any wood will warp depending on where it has been stored for the past 50 to 100 years,” says West. “Test things like the movement of drawers and the fit of cupboard doors.”
The impact of the elements on antique furniture is something to consider for any investor storing items for extended periods of time. To maintain your furniture the key is to keep it away from variations in heat or moisture. This includes direct sunlight, heaters, fireplaces or air-conditioning. However, there’s no need to franticly remodel your whole home or storage space, as West says, “If it’s lasted 100 years, 10 years in storage wont affect it much.”
Before you take the plunge remember to do your research and shop around. Look at what’s available through dealers, shops, auction houses and online before committing to a purchase. Many auction houses now post their catalogues online which is a great resource for first time buyers trying to get their head around the market.
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