notes

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.

One of my favorite antiques venues in London is Mount Street, a short street in Mayfair with red brick and terracotta late Victorian buildings on either side. The Connaught Hotel is at one end of the street, Berkeley Square at the other, and the venerable Scott’s Restaurant is in the middle. Although I don’t always go into Scott’s for dover sole, I always walk down Mount Street and look in the windows of the antiques dealers. Unfortunately, there are fewer all the time, with Stair and Company closing two years ago, and Kenneth Neame offering fewer antiques and more decorative items. Now, Pelham Galleries is closing, consolidating their operations at their Rue de Varenne gallery in Paris. Although I enjoy walking Mount Street, apparently fewer and fewer other people do, as Alan Rubin, whose family opened Pelham in 1928, says he is closing due to a lack of walk in traffic.

As the debacle of the Mount Street dealers is repeated around London, with fewer dealers in the Fulham Road and Kensington Church Street- and several arcades in Islington’s famed Camden Passage now being developed into condominiums- the remaining dealers doubtless wonder if their departing colleagues didn’t do the right thing. Certainly, in Jackson Square in San Francisco, the 22 dealers that comprise our local trade association are keenly aware that to stay an active venue for collectors and interior designers, it’s imperative to maintain a critical mass of fine quality dealers.

Alan Rubin is quoted in The Antiques Trade Gazette as saying that their galleries constitute less of a venue for sales than antiques fairs. Considering how erratic attendance is at even the best antiques fairs, Pelham’s gallery traffic must truly have been abysmal.

Although fair attendance, the auction houses, and the internet all function to siphon off traffic into the antiques and art galleries, it is surprising that it should be so. Of course, fairs and the occasional auction both provide a prospective purchaser with the opportunity to browse and look at a wide variety of objects. But isn’t that what the established antiques venue does? And, while the auction happens on the day, and the span of the fair may be a few days, the dealers in the antiques venue are there every day. What could be better? An on demand antiques show! And admission is free.

We are returned from Houston following the Theta Charity Show, the truck is unloaded, and the galleries are nicely arranged. Cash? Well, more than we had when we left, and hopeful that a couple of deals pending will gel: it looks like they will.

What I do know for certain, though, is that if Houstonians were any more hospitable than they were, it would be positively unhealthy. In attitude-ridden San Francisco, we were amazed to find that friendliness still exists in big cities. It certainly does in Houston, where our clients absolutely knocked themselves out to make us feel welcome. As well, the women of the Kappa Alpha Theta sorority, whose charity fund benefits from the show, were always there to assist, even setting up a private tour of Bayou Bend so we could see the famed collection of American furniture accumulated by the late Miss Ima Hogg. Magnificent!

Of course, with the price of energy, Houston, and in fact all of Texas, is prospering. We felt that this would augur well for sales of our material. Having said that, I am ashamed to say we sort of bought in to the myth of the oil rich Texans, whose plunge mentality and easy come, easy go attitude would make them unusually likely to write some very large checks on the spot for expensive purchases. Perhaps I was too prone to believe that Texans are defined by the outrageous gifts in the Christmas Neiman Marcus catalogs. Maybe if we were selling his and her Hawker jets or indoor ski slopes…

But the fact is, we found our clients in Texas akin to our clients anywhere- cautious. if I were to characterize the general attitude of our clients this year, I would say that caution is certainly the byword. We have had a number of instances this year where clients have expressed strong interest in antique pieces, but would back away from the actual purchase, even at a point where the pieces were on approval in their homes. Did they wish to renegotiate price or had they found other pieces they liked better? no on both counts. This is unique in our experience and more than a bit troubling, as our business is like any other and relies on sales. The why of what seems inordinate caution is, of course, conjectural. the world situation is highly unsettled- and when is it not?

What I think is more basic is the tremendous increase in art and antiques prices over the last few years, certainly outstripping house price appreciation. These facts put matters into perspective, I think, certainly for the art and antiques buyer that is either new or only makes the occasional purchase. The phrase ‘sticker shock’ does not apply just to the price of a new car. For the antiques dealer, though, we have no choice but to mark our prices in accordance with the way the market for these items is moving, and it is moving. Our objective is not only to price our inventory allowing us to make a reasonable profit, but also to allow us to purchase replacement inventory of at least equivalent quality to the item we have just sold. No wonder most antiques dealers are extremely happy to offer for resale items that were purchased by their clients even as recently as 3 or 4 years ago.

Although certainly over the long term, fine quality art and antiques are wonderful investments, the initial investment may come dear, and, when purchased from the best dealers, you tend to get what you pay for. Quality, condition, rarity, and provenance will come very dear. All that said, my dealer colleagues need to make certain that they aren’t more than contributing to and are actually responsible for the extreme caution in most buyers, and are asking reasonable prices for their stock in trade. Yes, you as a dealer may have spent a lot of money to acquire certain pieces in your inventory, but if you overpaid, that’s no excuse for expecting your clients to overpay, as well.

What goes around comes around is the mantra for antiques dealers and interior designers the same way it is for all style and taste makers. If you can hang on to it long enough, what’s out will surely be, given time, in again.

Christopher Mason is reporting in the New York Times that a number of dealers and designers at the Biennale, reeling from a strong reaction to prices in mid century furniture, are offering late 19th century pieces as the next new thing. Well, it had to happen. The craze for mid century furniture- and I do mean craze- has caused prices in New York and Paris to sky rocket. And, of course, there is a finite supply of pieces, certainly with the names most sought after- Eugene Printz, Maxime Old, Jean-Michel Frank. But, of course there is a strong fad element to the popularity of mid century furniture, as well- witness the meteoric rise in the demand.

Given all that, mid century furniture is wonderfully adaptable and articulates beautifully with 18th century pieces. Both types have strong architectural elements. Indeed, Maxime Old and others were architects and brought a notion of rational structure to all the pieces they designed. Likewise, Thomas Chippendale begins his design book The Gentleman and Cabinet Makers Director with a discussion and illustrations of the classical orders of architecture. Further, a number of mid century interiors were conceived as spare, in a departure from cluttered Victorian and Edwardian interiors. 18th century interiors were likewise spare.

Consequently, mid century pieces and 18th century pieces often mix wonderfully in an eclectic interior, that probably also contains contemporary art. Can you say that for late 19th century furniture? I don’t think so. Dense and intricate, often heavily carved and shaped, or, the opposite extreme, a study in rusticity- a conscious, and often not very effective, through back to a time prior to the industrial revolution.

Well- this all bears watching, and one article in the New York Times does not a trend make. Still, don’t sell off Grandma’s Eastlake parlor suite with the itchy mohair upholstery just yet.

The fair season has started- the Biennale has just finished in Paris, and we are packing up for the Theta Charity Show in Houston as I write this, soon to be followed by the International Fair at the Park Avenue Armory in New York.

With all this activity, it probably isn’t apparent that the phenomenon of the antiques fair has undergone a significant change over the last few years. There are fewer fairs, fewer attendees, and, tragically, fewer dealers. One of the best fairs ever was the Connoisseurs Fair at the Gramercy Park Armory in New York. This was the official fair of the Art and Antiques Dealers League of America, and only offered the best of the very best in the fine and decorative arts. Held annually in November, it was cancelled after last year for one reason- poor attendance.

Although we love fairs, meeting people, other dealer friends that we only see at fairs, at the end of the day, we are there to make a little money. Making sales are what it is all about. Granted, we don’t judge the success of the fair until long after it’s over- we invariably have follow on business, people who have seen something in our booth and then made the purchase, sometimes as long as six months later. And yes, we do sometimes have inventory that has been in stock for more than six months.

Still, it is a questions of bodies, and if we don’t have attendance, we don’t have sales. The component we most miss are the interior designers shopping at shows with their clients, generally buying for a project.

What’s happened? Hard to say. As you can imagine, with limited attendance, dealers have plenty of time to talk amongst themselves, and there’s no consensus of opinion. Of course, the internet has had some kind of impact- people browse online, focus their interests, and then shop at the particular dealer’s gallery who seems to have the stock in trade that matches what they want. The auction houses have certainly made a difference, and have strongly cottoned on to the use of the internet both as a catalog and for participating in auctions sales- particularly for lower end items.

All of that said, and as a dealer who started as a collector and expanded his collecting passion into his vocation, can anything replace the joy of seeing the objects? That is what the fairs offer that cannot be replaced by the arid occupation of viewing them on a computer screen or in a photo in an auction catalog. Further, for the collector, whether beginning or seasoned, the experience of going to a fine quality show is one not to be missed- the sheer mass of excellent pieces and the combined wisdom of the dealers who offer them cannot be duplicated. Certainly for Chappell & McCullar- and all the dealers we count as friends- each object in inventory was selected based on a confluence of quality, condition, and rarity. And the passion for the objects! It is infectious. Joseph Campbell said something in The Power of Myth that if you love what you do, what you sell is the love of doing what you do.

We hope to see you at the Theta Charity Show at the George Brown Convention Center in Houston, beginning Thursday, September 28 and running through Sunday, October 1. Amongst other things, we will have this set of four exquisite late 18th century John Linnell giltwood chairs on exhibit.