The Art of Valuing Antiques: A Closer Look at Furniture
Antiques Trade's Pricing Strategy: Unmasking the Economics of Commercial Vintage Goods
Let's dive into the captivating world of antiques, focusing on the ever-charming work of art known as furniture. The antiques market is segmented based on a piece's worth, but not all furniture within a specific period carries the same value. In fact, a Queen Anne table, for instance, can fall into different categories based on its quality and authenticity.
Drawn from Albert Sack's insightful book, "Fine Points of Furniture: Early American," period furniture can be ranked into various tiers – good, better, best. Surprisingly, only less than ten percent of Period American furniture belongs to the highest level, level 10. The rest gravitates towards levels 9, 8, 7, and sometimes 6. The financial gap between a level 7 and a level 9 antique can reach up to tens of thousands of dollars, and millions for certain pieces.
Consider my personal tale involving a Queen Anne tavern table. I stumbled upon this gem at a flea market and happily paid $120. Upon sending detailed photos to two large auction houses in New York City, they both valued the table between $25,000 and $35,000. Excited, I made plans to have the table evaluated in person by these auction houses.
However, both auction houses found a hidden flaw – a satisfactorily repaired but non-original drawer bottom and back. Despite the top-notch workmanship, the altered piece lowered its value from awhopping $35,000 to between $5,000 and $7,000. Over the next two years, I struggled to sell the table, eventually letting it go for $7,500 – a far cry from the initial estimates. The repairs had effectively transformed a level 10 antique into a level 6 antique.
There's a moral to this story: Repair or restoration of antique furniture can significantly impact its worth. However, the impact depends on both the nature and quality of the work. Professional and period-appropriate repairs can preserve or even enhance the piece’s value, while heavy refinishing or modern alterations can reduce it due to the diminished authenticity and desirability for collectors [1].
So, when thinking about repairing or restoring your prized antiques, remember to choose skilled professionals who respect the piece's time-honored craftsmanship and materials. A well-preserved original surface often trumps an overly refinished one.
In closing, antiques are far more than just objets d'art; they're a piece of history that carries stories and values. Tread carefully when restoring, and you will surely be rewarded with a beautiful, timeless treasure.
Sponsored
[1] Kovels, Terry & Ralph. Kovels’ Antiques & Collectibles Price Guide 2021. Black Dog & Leventhal Publishers.[3] Estate Sale News. Antiques Restoration: Doing it Right. (2020, March).[5] Taylor, Lauri. "Appraising Antiques." Antique Trader. (2018, May).
Businesses and professionals in the antiques industry should exercise caution when restoring antique furniture to maintain its authenticity and value. A properly restored piece can enhance the antique's desirability among collectors and preserve its worth, while heavy refinishing or modern alterations may lower its value.
