Against the backdrop of a deepening financial crisis, December was a record shattering month for the antiquities market. Now, nearly two months later, what do we know about the direction?
Unfortunately, until we get further in the spring season with major fairs across Europe, there is little new direct data on the antiquities market. However, we do have some very interesting news coming out of the ancient coin market that could offer a barometer.
Specifically, I'm referring to the fifth annual Gemini Sale which took place in New York in January in conjunction with the annual New York International Numismatic Convention. Timing couldn't have been worse. The lingering financial crisis, the holiday hangover effect, a pre-emptive missive by Dutch journalist Arthur Brand asserting that one of the star coin lots was a fake, and the bitter cold temperatures in the Northeast all conspired into a perfect storm that in other times might have dampened collectors' enthusiasm and their budgets.
Despite all, activity was brisk and dealers pleased. The 905-lot ancient coin auction was a major success ringing up over $3.7M including buyers commission. Observers and dealers at the event declared confidently that there is no evidence of a downturn adversely impacting the ancient coin market.
In fact, Peter Weiss, treasurer of the American Numismatic Society, was quoted in press reports as saying "All nice-condition ancient coins have doubled in value in the last 18 to 24 months."
Like antiquities, aancient coins have come under tighter import/export scrutiny in recent years. Provenance has also become a more element affecting the overall value of an objects. The similarities between the ancient coins and antiquities markets suggest that both remain somewhat insulated from the speculation that drove more popular areas of the art market.
It may also suggest that collectors understand that in a global highly specialized market like antiquities and ancient coins which is fueled by growing scarcity, opportunities to acquire great objects in every price range are fleeting.
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