‘Fungible commodity’- futures trading in truffles? Not exactly. What I’m referring to is a shorthand term for any class of merchandise that has an established market price. That might include truffles, come to think of it.
In this context, though, I’m thinking of antiques, particularly the kind that we deal in. Yes, they are all of them hand made pieces, with no two alike, but 18th century cabinet makers mostly conformed to patterns and types of pieces in particular demand during the time in which they were made. As well, 18th century pieces also generally conform to so-called national schools. An English mid-18th century chest of drawers, for instance, will always look and be constructed differently than a contemporary French example. Although London styles certainly aped those popular in Paris, one will never mistake an English dovetailed joint for a French one.
With all that, a London made piece is generally more sophisticated than a country made piece, if not always in construction then in design. As well, a front of house piece- something that was placed in a public room and made for conspicuous display- hence the term ‘show piece’- will always be more desirable than its equivalent that is made more simply and not meant to be seen. However, even a back of the house piece by Thomas Chippendale might be worth as much if not more than a front of the house piece by Wright and Elwick of Leeds or Henry Hill of Marlborough.
What I am getting at, and what I hope you are getting a sense of, is the complexity of elements from with which we determine ‘market price’, and I haven’t even touched on condition issues, including patination, repolishing, original handles. And unique design. And scale. The list goes on and on and all positively and negatively effect value. This should seem bewildering to the occasional collector of antiques, including interior designers. It should be a matter of course to a good antiques dealer, who might personally inspect in excess of 1,000 objects each month, from which he purchases 3 or 4. ‘A good eye’ is the shortest of shorthand phrases for the dealer that can quickly sort out the myriad details of quality, condition, and rarity that, when achieved in the right confluence, yield a piece of quality inventory. Moreover, the best dealer will also know what the market value is for the piece. No dealer that has a hope of staying in business will acquire something in inventory and then just mark it up to achieve a profit. He should know what something with nearly the same characteristics has sold for at auction or in another dealer’s gallery within the last couple of years, and his should be priced accordingly.
Moreover, I am happy to discuss the rationale for pricing on any item we have in inventory, as no price on any of our stock is arbitrary. It is surprising, though, the numbers of poor comparisons we are presented when a customer occasionally takes us to task on price. While auction records, eBay, and some collective websites can be useful tools, the occasional collector who accesses the internet every once in a while shouldn’t expect to become an expert. In this regard, nothing can substitute not only for the depth but also the breadth of experience of a good dealer. A prominent federal judge who is also a good client and a good friend put it this way- ‘You can’t know your jewels, so you should know your jeweler.’