Scrap prices, a volatile stock market and the emerging superpowers keep hammer prices healthy

THE COMMODITIES market, the search for stable investments and the growing wealth of China and India all helped to keep the Gloucestershire antiques market buoyant in recession-hit 2009, and will probably continue to do so during 2010, according to a leading auctioneer.

Philip Allwood, of Moore Allen & Innocent, says the market was strong for those selling good quality antiques, especially those made in precious metals or from the former colonies.

“Look at the pieces that achieved the top prices at our auctions in 2009, and you’d say ‘well they would, wouldn’t they?’ said Philip. “Like the almost life-sized portrait of a pretty Breton fishwife carrying a basket of sardines, by Jameson, which made £15,000, the 19th century Holland & Sons centre table from Windsor Castle, which made £6,400, or a Regency mahogany dining table which, despite its poor condition, made £12,500.

“The rule of thumb for people looking to invest in antiques in 2010 is simple: buy things that cost a lot of money when they were manufactured – well-made antiques will continue to stay at the top of the market. And buy the best your budget will stretch to.”

The past 12 months has seen many investors switch from stocks and shares to antiques. “Why risk ploughing your money into a volatile stock market, or leaving it in an interest account to gather dust, when you can buy an antique, enjoy having it in your home or office, then sell it at a profit when the market is right to do so?” asked Philip.

Hammer prices have also been driven upwards by the reluctance of people to sell, either because they think the buyers are not out there, or because the natural market source of people moving house has dried up. “It’s simple economics,” said Philip. “At the moment there is a reduced level of supply, but an increased level of demand, which is pushing the prices up.”

Foreign investors are playing a greater part in Moore Allen’s trade, with Russian oligarchs being joined by the emerging rich of India and the orient. Back in September a damaged Japanese moon flask achieved £3,000, just one of a number of oriental artifacts that has achieved a good price in 2009.

Relics from the antipodes are also performing well, as native Australians and New Zealanders attempt to buy back their heritage. At December’s selected sale a Maori carved wood panel exceeded all expectations and was bought by a museum of primitive art down under for £7,600.

“The internet has certainly helped us to promote our antiques all over the world,” said Philip. “In the past a local dealer would have bought a non-European piece to sell to a London dealer, who would sell it to a dealer in its country of origin. Now the native collectors are coming straight to us – the vendors are getting a better price, the buyers are not paying the premium of three successive dealers, and everyone is happy.

“I would urge anyone with a good collection of exotic antiques – perhaps someone who worked or lived in the colonies and retired to Gloucestershire – to have their collection valued. Now is a good time to sell.”

Finally the price of raw materials has affected the market for items made in silver and gold. “Twenty-two caret gold is currently at about £608 an ounce, while silver is at a record high of £9 an ounce, and this has a bearing on the value of antiques made of silver and gold,” explained Philip.

“Now no-one with a George III silver tea set is going to melt it down for scrap to feed the electronics industry, but they appreciate that the price of the raw material means that in basic terms the antique is worth more. This is reflected in the antiques market, as buyers are prepared to pay that little bit more for silver or gold items.”

Again, anyone with a good gold or silver antique could do worse than to bring it to auction in early 2010,” said Philip.

For advice about buying and selling at auction call Moore Allen & Innocent on 01285 646050. General antiques sales are held fortnightly throughout 2010, with specialist sales in paintings, sporting goods and selected antiques being held bi-monthly. For more information log onto www.mooreallen.co.uk/furniturefinearts

A Maori carved wood panel, which exceeded all expectations and was bought for £7,600
An almost life-sized portrait of a pretty Breton fishwife carrying a basket of sardines, by Jameson, which made £15,000	A damaged Japanese moon flask, which achieved £3,000
A Regency mahogany dining table which, despite its poor condition, made £12,500
A 19th century Holland & Sons centre table from Windsor Castle, which made £6,400