The dust is settling and the people have spoken. the Democrats will control the House and the Senate, with the effect of at least moderating the course of the ship of state.
What we now hope for, in our own little sphere, is some calm in the art and antiques trade, and some optimism on the part of buyers- a thing that has been lacking over the course of this year. In fact, we have seen an ever greater tendency on the part of buyers to lose heart when it came time to make the decision to purchase. Not that they weren’t interested in pieces- we found that, at the point the decision had to be made, our clients were chickening out. No other phrase to describe it- not that they didn’t want it, or the price was beyond what they found reasonable or could afford- they simply chickened out and lost heart. We have heard this over and over from our colleagues around the world, with dealers in New York, London, and Paris likewise effected.
What has contributed to this broad based malaise, this lack of certainty, and underlying fear that makes people hang on to their money when they would otherwise rather invest in a fine quality artwork or antique? This has mystified us, certainly, given the basically strong economy- strong financial markets, low inflation, low interest rates. The answer is obvious- the tragedy of Iraq, something we see in all the media all day long. This has always been seen as the President’s war, hasn’t it? But now, few people are willing to indulge the President’s specious ideology of defeating terrorism. It is astonishing how debilitating this whim of the President has been for the citizens of this country, how it has eroded our prestige around the world, with the effect that it has driven down any sense of optimism about the future. All any of us can see is a long term struggle in Iraq, with the the Americans as an invading army creating, rather than destroying, a crucible for terrorism.
Were the elections, then, a referendum on the war? No question about it. My hope is that the mood of pessimism is replaced by a mood of optimism- that Congress can now reasonably overcome the President’s xenophobic hatred manifesting itself as a fear of terrorism.