By David Loofbourrow Fri, Jan 29, 2010
Nosing around second-hand shops, road (flea) markets and yard sales is a great way to spend some quality time with your partner. Not only do you learn a lot about each other's interests and tastes, but you just might find that perfect knickknack rack to display your grandmother's tea cup collection.
Recently, I visited the beautifully appointed home of Chicago real estate agent and long-time antique dealer Jeffery Cobb and his spouse Wilbert. With their extensive artwork collection of modern artist Stanley Mitruk on the walls to the Persian carpets on the floor, their home is full of antique furniture, porcelain dishes, sculptures and other items from many eras. Jeff graciously answered my questions about antiques which will help us all be smarter consumers, collectors and investors.
What exactly is an "antique"?
Jeff explained that while the U.S. Customs service considers anything older than 100 years old to be an antique, it is actually more complicated than that. "In furniture, for example, antique collectors consider only pieces made before the Industrial Revolution - 1830's and earlier - to be true antiques," Jeff explained. Everything else, generally called "smalls" by dealers and collectors, depends on several factors of age and origin, he went on to describe.
There are a couple of other distinctions as well. One is "antiquities" which refers to artworks and items that are thousands of years old (think "Elgin Marbles"), are of historical importance and belong in museums. On the other side of the scale are "collectables"; items which may be old or new that people enjoy collecting, such as porcelain dolls, silver tea spoons or comic books.
What makes antiques valuable?
Official category aside, most of us just enjoy antiques for their beauty and history. Admit it, you have secretly longed for that 1930's chrome and Formica breakfast table with the patent leather padded chairs. I know I can't part with my old suitcase and steamer trunk collection, even though it has become a decorating nightmare. And many of us find comfort in the memories of our family represented by the furniture or dishes we inherited.
However, I am sure that some of us hope to retire from the sale of a
treasure we uncover in Grandma's attic - so I asked Jeff to describe why some antiques are worth thousands while other older or rarer items are not.
There are at least six factors which determine the value of an antique. First is the item's age and rarity.
Jeff explains, "It is not rare just because it is old, but it also depends on how many were originally made and how many examples have survived. Things created to be temporary, such as playbill posters or ticket stubs to historic events, can be valuable way out of proportion to their size and age."
The second factor is condition. China and glassware generally must have no cracks or chips to be of high value. Real antique furniture, to be at its best value, should have the original finish intact even if there are signs of wear - so don't get busy with your Tung oil refinishing kit until you consult an expert. Being in near perfect condition is the difference between a valuable investment and a piece of old furniture.
"Quality is an often overlooked feature of a high value antique," Jeff said. "Just like today, items were made of varying degrees of quality to be sold to the rich or to the common person. This takes a lot of experience and research sometimes, to determine where it was sold and who it was sold to. For example, Tiffany Glassworks was top of the line while many companies like Stuben created knock-offs. Lalique was beautiful but Fabergé was better. Was the item designed or built by a recognized artist or an unknown craftsman?"
Related to quality is provenance, which means having various forms of documentation that proves the origin and previous owners of the antique or artwork. This may come in the form of original receipts, old letters describing the item, signature of the owner on the item, or a photo of a famous person with the item. A pair of spectacles with proof they belonged to Ben Franklin would be worth many times more than the same item without the provenance. Even so, Jeff joked that, "If all the spectacles reported to be owned by Mr. Franklin were lined up they might stretch for several miles. Be careful on this point, and get the help of a professional appraiser if the investment is large."
Finally and perhaps the most influencing factor on the value of any antique, is popularity. All the other factors combined don't really matter if no one is buying; and conversely, if you want what is hot right now, you will pay a premium to get it. Antiques and collectables go in and out of style just like retro bell bottom pants do in the world of fashion. When the movie Titanic came out, absolutely everything remotely related to the sunken ship went through the roof, reported Jeff. "Several years ago, antique roll-top desks were very pricey - but now, with large computer monitors and such, their value is quite low."
What is your best advice for antiquing?
Jeff recommends to, "have lots of fun searching for and collecting the things that you really love. You probably won't get rich investing in antiques, but the money you do spend, statistics show, will increase faster than inflation. However, surrounding yourselves with the beauty of the past is the real payoff."
So take some time off this month to spend shopping with your sweetie. Hopefully you will see something worth dreaming about and saving for - maybe Noel Coward's writing desk or Marlene Dietrich's cigarette holder. Good luck - and if you find any cute old suitcases, be sure to let me know!
Contact Jeffery Cobb at www.JeffCobbSells.com for information about his store, auctions, and real estate in Chicago, IL, USA. Learn more about artist Stanley Mitruk at www.StanleyMitruk.com.