Susan Silver Antiques

755 N Main Street, Route 7
PO Box 621
Sheffield, MA 01257
T: (413) 229-8169
F: (413) 229-9069
E: susan@susansilverantiques.com

INVESTING IN ANTIQUES

“The bitter taste of poor quality remains long after the sweet taste of low price is forgotten.” John David Stanhope

It has always been wise to buy the best that you can afford. Good quality antiques always hold their value and are sure to appreciate over the years. Inferior quality pieces are inferior no matter how old they are and may not increase in value at all. In real estate the axiom is location, location, location. Well, in antiques, it’s quality, quality, quality.

In these volatile economic times, good quality antiques have become highly sought after as an alternative investment over stocks, bonds and real estate and are a good hedge against inflation. Investment quality antiques are expensive and may not be possible for the small investor as the resale market for antiques is not a liquid one; they cannot be resold quickly. They must be held long term in order to return a profit. But the advantage is that they can be appreciated for their aesthetic qualities and can be enjoyed as furnishings in your home or office. We buy them because we love them and enjoy living with them.

There is no “right” price for any antique or work of art. Prices of good antiques rise as the demand is great and the supply is small. As antiques become more and more scarce or rare, prices will continue to accelerate. The more knowledge you gain, the better you will become in judging the market value of an item. Ultimately, price depends on a combination of many factors: quality, condition, method of construction, proportions, design, authenticity, color, patina, materials, availability, degree of restoration and provenance.

Degree of restoration is an important determinate in value. A piece of antique furniture will have had some damage, even if minor, over its long lifetime. Honest restoration is acceptable, but you must assess what is acceptable to you in your level of collecting. Try to buy items in perfect or excellent condition unless the item is very rare.

Also, try to be highly selective about what you buy, whether it be a piece of furniture, a painting, porcelain, sculpture, jewelry, etc. Every piece is different no matter how similar they appear.

As such, you must protect your investment by being informed and learning as much as possible about your particular interest before you buy. In depth knowledge is a prerequisite for a good investment. Recognition of quality is not always evident or instinctive. It must be learned.

Be informed. Read books. Go to museums to see the very best. Visit antiques shows where you can see many dealers under one roof where the stock will be vetted and you can compare pieces and prices. Go to auctions where you can turn a piece upside down, remove the drawers, see the construction, look at the back, look under the top of a table or under a chair. Auctions offer the volume and variety of pieces with no retail mark-up. But the expression “caveat emptor” applies; buy at your own risk. Auctions are not for neophytes; you must be very knowledgeable and always examine the piece very carefully. For this reason, the best option is to work with a good dealer who specializes in the item you are collecting. In a dealer’s shop you can touch and feel the items and get valid explanations from an expert on why a particular piece is the price it is. In an auction you must make split second decisions. In a shop you can take your time, you know the price, there are no buyer’s premiums and the piece will be in good condition. There will be no extra restoration charges.

Find a reputable dealer who is experienced in his field and has been in business for many years and with whom you can develop a rapport. Most good dealers will be more than happy to take the time to explain, educate and share their knowledge and will become an invaluable asset in your acquiring good things. In most cases, a reputable dealer will belong to an antiques trade association. If a dispute arises over the authenticity of a piece, the association will serve as an arbiter to solve the problem.

When buying be sure you are given a detailed invoice with the date of purchase, the dealer's name and address, full description of the item, any maker's marks, any known restoration, provenance and circa date.

Antique styles are a matter of fashion and are subject to changes in taste. Values are subject to trends, the economy and who might be interested in that particular item. You should buy antiques because you love them and enjoy living with them. When they increase in value, it is a plus, but that is a secondary consideration. The thrill of finding the right piece at the right price for your collection is what is so exciting.

Antiques are beautiful and are a pleasure to own. In terms of investment, decide on a field of interest to collect; research that field in-depth and decide how much you can afford to invest over the long term. If you are wise and make the right decisions, you will benefit greatly, for your antiques will have appreciated in value over time.

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