Influx of Quality Goods Fills Antique Markets
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As the recession leads people to sell off their collectibles, antiques can be acquired on a budget. NY1's Home reporter Jill Scott filed the following report.There are three antique shows going on around town, making this and that means now is a hot time for collectors.
Despite the economy, these shows are creating quite a buzz, because more unique things are now up for grabs.
NY1 asked experts at the Winter Antiques Show at the Armory about how to get in on the goods by starting or adding to a collection.
"It's very interesting. I don't know if people want more money in liquid assets, but there are so many fresh things coming to the market of extraordinary quality," says Arie Kopelman of the Winter Antiques Show.
Collectibles come at all price points, but make sure you specialize in an area you love. Don't just jump in for the investment and end up with an unwanted heap of tchochkes.
"If you decided you have 'x' amount of money to spend, I would suggest buying one or two very good objects, as opposed to six or seven that together cost the same amount of money but perhaps are not as important unto themselves," says Elizabeth Field of Hirschl and Adler Galleries. "You can't go wrong buying the best quality."
In order to differentiate what's the best quality, collectors need to do their research and ask the experts.
"Educate yourself. If you're coming to the antiques show, come through, you have a great chance to talk to a lot of different experts who can educate you about pieces," says Kim Hostler of Antik Gallery. "That can educate you about the market."
Given the rough economy, experts say people may want to consider starting a collection in a more stable niche market, and not just acquire what's popular now.
"The hot ticket for so many years has been 18th century furniture made in America and so the price tags that come along with pieces like that are significant," says Field. "With 19th century furniture, although it is slowly but surly finding its legs, it is definitely an area where collectors have been able to get a lot of value for their dollar."
Some buyers may think the current recession allows for more room for bargaining, but many dealers say that is not the case. They say they would rather hold onto something that will increase in value than sell themselves short right now.
Other dealers said there may be some wiggle room if buyers ask nicely, but discounts are a privilege and not a customer right. Sellers are more concerned with the art of the deal than offering deals on their art.