Antiquities and Ancient Art

What Recession? Antiquities in Paris Soar to Surreal Levels

It was called the Greatest Sale of the New Century but it proved to be one of the most memorable -- and successful -- of all times.  The Collection of Yves Saint Laurent and Pierre Berge, sold February 23 - 25 by Christies Paris, was more than the dispersal of a great assembly of objets d'art, it was a grand test of the health and sustainability of the art market. 

More than 733 lots were lavishly described in French and English in the catalog which itself was a tour de force -- nearly 2-inches thick and weighing a whopping 8 pounds!  Many objects consumed multiple full-color, multi-fold pages. No marketing effort was spared to chase buyers for this sale but the question was whether would buyers chase the objects as fervently or would they merely be pecking for bargains.    

At the auction's conclusion, The Art Newspaper, the insiders periodical to the art market, victoriously proclaimed "Yves St Laurent sale smashes records despite global financial woes" in reporting the event's results. The sale generated nearly half-billion dollars (more than double pre-sale estimates) with all but a miniscule handful of lots selling.

More importantly for readers of this blog, the antiquities section of the sale -- 10 lots in all -- actually out-performed the auction overall delivering a whopping $3M in aggregate, which was nearly 400% of the low estimates total of $786K.

Let's analyze the results by lot:

687. Was a 17-inch Roman marble toros dating from the 1st-2nd Century AD. This type, with musculature indicating a contrapasto attitude, is generally referred to as a later derivative of the Greek sculptor Polykleitos. The surface was pocked, but not overly cleaned. At 46,600 Euro (est 40-60k Euro), this was the antiquities 'relative bargain' of the day.

688. An Attic red-figure krater, about 10.5 inches high, with a standard and otherwise unremarkable scenes of three females except that two were playing instruments. The seated woman was playing the lyre and one standing behind the the double aulos (a type of flute) and the third woman was holding a box and scroll. The reverse featured a typical genre scene.  Dirty surface and old repairs did not deter a buyer from paying 145,000 Euro (Est 15-25k Euro) nearly 10x the low estimate. As a comparison, a similarly dated Attic krater with a far more unusual Athenian patriotic scene from a 1970s Swiss collection sold in NY in December 2008 for $23,475. 

689. A 23-inch Roman spiral-fluted marble colum shaft from the 3rd-4th century brought a hefty 85,000 Euro (Est10-15k), most likely for its decorative appeal rather than its art historical value.

690. A 12-inch Roman marble head identified as Diomedes, the mythical King of Argos from the Trojan War, dating from the 2nd Century AD was sensitively carved but the proper right side of the face was damaged and stained. Still, it achieved 3.5x the low estimate bringing 145k Euro (Est 40-60k Euro).

691. Wonderfully carved wooden Egyptian anthropoid sarcophagus lid standing 80-inches tall and acquired by St. Laurent in 1975 from a Parisian dealer, was a relative bargain at 313,000 Euro (Est 50-70k Euro).

692. An Egyptian Late Period 9.25-inch bronze figure of a striding Mahes (the relatively rare "savage lion" deity) had an esitmate of 15-20k Euros, and achieved a remarkable 49,000 Euros despite missing its left foot and a rough surface patina. 

693. This was the stunner of the antiquities portion. A lovely, large Greek black-glazed hydria from South Italy and dating to about 350 BC.  The propotions, as is typical of the type, exude femine grace and beauty. Carrying an already ambitious estimate of 15-20k Euros, buyers fought over the object until it was hammered down for a surreal 253,000 Euros.  

694. This 33-inch Roman marble torso of Mercury dated to the 1st-2nd century AD topped its presale estimate of 150-250k Euros by bringing a staggering 481k Euros. 

695. Arguably the rarest of the objects in the sale was this Roman marble statue of a bull-headed man (Minotaur) that stood scarcely taller than a yardstick and once decorated St. Laurent's outdoor garden. Estimated at 300-500k Euros, the winning bid was just shy of 1-million Euros. 

696. The final antiquities lot was a dimunitive 11-inch torso of a Roman athlete estimated at 20-30k Euros and eventually hammered down at 97k Euros. 

With the exception of the Minotaur and the Sarcophagus Lid, the balance of the antiquities lots were quality objects but hardly the rarest or most exceptional examples of their type.  The pomp and frenzy of the sale carried overtones of the Jackie Onassis auction held in NY several years ago. Bidders' eyes were struck by the aesthetic appeal of objects generally obtainable at significantly lower prices in the general art market, but were bllinded to relative values as the most persistent fought to pay whatever it took to own a piece of the Saint Laurent aura.  And the fact that the objects had published provenances from the 1970s and 1980s proves that provenance is valuable, but aura is priceless.     

Why Antiquities May be Your Best Hedge Against the Financial Crisis

The year 2008 will forever be linked with 1929 as a time when the fundamental fuel of global economic expansion- confidence - collapsed.  Spectacular, heretofore unfathomable, failures dominoed while management, employees, investors, governments, and the public watched. Lehman Brothers. Bear Sterns. AIG. Countrywide.  Merrill Lynch. Banks. Airlines. Car companies.  Even Bank of America, the most important and arguably one of the best run financial institutions in the world, has seen its stock plummet from $45 to $7 in less than a year. 

In contrast, the art market so far has largely weathered the storm.  Sure, certain areas of the art market such as Contemporary Art, where hype and an atmosphere of pretentious subjectivism can frequently drive prices, have been noticeably affected. Along with modern and Impressionist artwork, contemporary art prices have so far tumbled 30% or more according to the Wall Street Journal. But what of antiquities? Ancient art is often regarded -- or disregarded, as the case may be -- as a cerebral, sleepy backwater of the market. 

On December 9th and 10th in New York, the epicenter of the global financial meltdown, two of the major antiquities auctions were held.  The results?  The best objects were fought over fiercely and realized "absolutely astounding prices" according to long-time international art market journalist Souren Melikian.  Christies sold nearly 70% of its 331 catalogeded antiquities for a total of more than $4 million, while Sothebys on the next day more than doubled that with $8.9 million achieved with a mere 124 lots -- an astonishing average of $71,775 per lot! 

What's more remarkable is that this occurred over the same two-day period that the government was debating a $15 billion bailout of the automakers, and the parent company of the Chicago Times, LA Times, Baltimore Sun, and Chicago Cubs declared bankruptcy.

So what does this augur for the antiquities market?

It could be that antiquities will remain a strong hedge against the current global financial morass.  I am no economist, but I'd like to offer 6 reasons:

1)  Lack of Froth.  Like old masters, the value of ancient objects has largely been driven by the eyes of the connoisseur rather than by the checkbook of the speculator.  There has been some, but not much froth in the market over the past decade.  Any correction in the antiquities market will expose those who overpaid for the wrong objects.  Successful long-term collectors know there is no substitute for diligent research and breadth of market knowledge.   

2) Dwindling Supply.  Again like Old Masters, supply is not just fixed, but dwindling. Important (and this does not always translate into the most expensive) objects continue to make their way into museums, or increasingly the private collections of wealthy dealers as a way-station to their eventual bequest to an institution. These items are effectively permanently siphoned off the market driving demand for what remains in circulation with quality provenance. The double whammy of dwindling supply and increased focus on pedigree provenance creates a dynamic that is very different than other areas of the art market.  

3) History Lesson I.The crash of the US stock market in 1929 had very little initial impact on the global antiquities market, which was primarily centered in London. In 1929, the Duke of Portland sold his famous blue cameo vase (i.e. The Porland Vase) which brought £30,450 at auction (2859% increase in value) and in 1930 the Marquess of Lansdowne sold a collection of marbles acquired 80 years earlier for £10,680 for a total of £68,502 (541% increase in value). There was little weakness in the fine art market until the autumn of 1931 when the crisis of the British Pound set in.

4) History Lesson II.  In his epic 3-volume treatise entitled The Economics of Taste in which he evaluated the prices of art from the 1700s to the 1960s, Gerald Reitlinger drew this conclusion from his analysis of fine art prices in the period following the Great Depression:

"When the important pieces advance in price, the poorest things in the same category move with them in the end, but they are a great deal less likely to fall back when the very important pieces slump. As you get more down to earth, there is a measure of protection."

5) Global Currency.  The market for classical antiquities is truly international, with important buyers and museums in every corner of the globe.  In a crude sense, the objects themselves represent a fungible worldwide asset class that empowers the owner with options on where and when to redeem them.  (Unless carelessly treated, these objects are destined to survive outlive their owners so 'redemption' is a way of thinking about the act of passing these on to the next generation of stewards.)  The strength of your local currency and your macro-economic climate, may favor selling in the USA or selling in Europe or Asia under different circumstances. Few collectors may engage in this type of international arbitrage, but this is one of the hidden benefits of working with seasoned dealers.  In a sense, they provide an underpinning of stability and rational prices within the global market. The best dealers are unconstrained by local borders.  They are constantly studying the international markets and legally purchasing the very best objects wherever the economics are most favorable while managing the logistics of selling to an international client base.        

6)  Local Currency.  While it is difficult to predict currency fluctuations, the strength of the US dollar is creating a buying opportunity for American collectors.  Today only $1.45 is required to purchase the same British Pound that cost $2.00 in March of 2008, or about a 27% discount.  A Euro can be purchased for about $1.32 today versus more than $1.55 during five months of 2008.  American dealers are once again buying more aggressively, albeit more prudently, in Europe which means an increasing quantity and quality of selection for American collectors.    

No market iswithout risk.  However, the relative obscurity of the antiquities market may be its biggest blessing.  Any collector whose portfolio includes Bank of America stock will tell you that their 18th Dynasty Egyptian limestone inscription from Amarna or their Greek 5th Century BC red-figure amphoraby the Meidias Painter have retained far more value through this crisis.  And the dividends offered by ancient objects -- both aesthetic and intellectual -- remain far more secure than the quarterly dividends of many stocks, including Bank of American which last week slashed its quarterly divided from $.32 per share to $.01 per share this past week. 

Time Magazine Article Calls Antiquities "Hottest Investment"

Today's issue of Time magazine online includes an article entitled "Antiquities: The Hottest Investment."

Some quotes from the article include...

The good news is that it is possible for the individual investor to buy antiquities — and for a surprisingly moderate sum. According to John Ambrose, founder and director of Fragments of Time, a Boston-area antiquities dealer, they're within even a modest investor's reach. "For under $10,000 a year you could acquire two to four quality objects with good provenance that you could expect would not only hold their value but increase in value over time," he says. In the past, the increase was anywhere from 8 to 9% annually, but in recent years that figure has gone up.

In addition, there is an increased interest in art and antiquities as investment. "People have started to appreciate the fact that this is a field where you can still get high quality objects for a fraction of what you would spend on a contemporary art object, where speculation is the biggest element determining value," he says. Ambrose agrees: "The art market has gained status as a respected asset class."

So what should the novice collector know before jumping in and buying the first Greek vase they find? Ambrose advises that they study up on an era or object that they are truly interested in. He also suggests building rapport with a dealer. "A respected dealer will work with you...and they love to share their knowledge," he says.

Are there particular eras that the investor should look at now? "In terms of investments I do think there are still pockets of antiquities that are generally undervalued," says Ambrose, sounding as much like a stock broker as an art dealer. He lists Roman lamps, Roman bronze brooches, Greek pottery (especially south Italian Greek pottery) and Egyptian amulets, which, he says, are overlooked. "There can be fascinating intact examples," says Ambrose.

And, no matter how ornate a stock certificate might be, an Egyptian amulet is always going to look better in your living room display case.  Read the full article in Time.

What Drove a Long-time Ancient Coin Hobby Leader to Sue the US State Dept?

The Ancient Coin Collectors Guild (ACCG), an advocacy group for private collectors and independent scholars, announced the filing of a Freedom of Information Act (FOIA) lawsuit against the U. S. State Department (DOS), according to a story that this week on NumisMaster.com.

According to Wayne G. Sayles, executive director of the guild, this action became unavoidable due to persistent refusal of the Bureau of Educational and Cultural Affairs (ECA) to provide the guild and others with information relating to requests for import restrictions.

The DOS recently imposed unprecedented import restrictions on ancient coins from Cyprus, requiring importers of even a single common coin of Cypriot type to provide what the ACCG believes to be unfair, unworkable and unnecessary documentation. 

The ACCG seeks information relating to requests from Cyprus, China and Italy. In each case, apparent irregularities in the way these requests were handled led to significant concerns.

Members of the U.S. Senate and House of Representatives also requested similar information on behalf of the ACCG and others.

"None of these avenues produced responsive replies," said Peter K. Tompa, ACCG president. "The reason for this lawsuit is that the DOS has refused to provide meaningful information. We seek transparency and fairness of the process by which decisions affecting the American people are made."  Click for full story.

Fragments of Time Publishes 'Ancient Art XLI' for Antiquities Collectors

Ancient Art XLI, a full-color catalogue packed with more than 80 antiquities from the empires of ancient Greece, Egypt, Rome and Persia, is now available from Fragments of Time, a leading international antiquities dealer based outside Boston, MA, USA. 

A complimentary copy or annual subscription is available from the company's website.

"Ancient Art XLI features a diverse selection of important yet affordable ancient masterpieces," said John Ambrose, founder and director. Highlights include:

• Superb 6th Century BC East Greek terracotta kore with almost-shaped eyes, prototypical archaic face and smile, and intricately braided hair;
• Exceptional gorgonion antefix from the Roman Julio-Claudian period with elegant floral patterns and attractive gorgon face
• Pair of bronze cranes (rare depiction) on ancient circular bases both sensitively modeled, dating from 2nd-3rd Century AD.

Fragments of Time publishes catalogues quarterly, and has a constantly changing selection of items on its website. Interested collectors are encouraged to sign up for the company's e-newsletter as well.

Antiquities Offer the Ideal and Unique Holiday Gift

Exhausted from shopping for that extremely-difficult-to-buy-for friend or for the person-who-has-everything on your holiday gift list?  Consider a gift of ancient art.  (For example, the ancient Egyptian necklace and Classical Greek oil vessel shown here both available at less then $500 each!)   

Despite accelerating prices over the past five years, antiquities remain one of the most attractive and affordable investments in the art field.  Consider Fragments of Time, Inc., a leading internationally renowned supplier of guaranteed ancient art. A browse of the website reveals four distinct online galleries of ancient art: Greek, Roman, Egyptian and Italic and Near Eastern. Objects can be found starting at under $100 and ranging to over $10,000. Most, however, are priced at less than $1,000.

Every object is guaranteed authentic and backed by a lifetime guarantee. Fragments of Time counts more than 30 international museums as clients so you are assured of quality, investment-grade objects.  All objects have provenance noted so you are assured that objects were not illicitly procured and are properly imported into the U.S.

In addition to the objects posted on the website, the company publishes color catalogues quarterly. A complimentary copy is available on request.

Wall Street Journal Says Wealth Managers are "Bullish on Art"

Today's Wall Street Journal (Aug 19-20 Weekend Edition), says there is an increasing trend among wealth managers to advise on art along wth stocks.

"Wealth managers are getting bullish on art," the article says, and are beefing up services and in-house resources to help clients naviagte the art market.  Such services are not just available to the ultra-rich. "Plenty of art moves at prices less then $10,000," says the report.

"The heightened appreciation for art as an investment is driven largely by rising prices at auctions," the paper reports.  "Art can reduce rick in a client's portfolio, as research shows it has a low correlation with stocks and bonds....(referred to) as the 'second beauty' of art."

Detailed Prognosis of the Fall 2006 Antiquities Market: Essential Reading for Collectors

Every summer for the past 10 years, I've tried to take a step back from the antiquities market to assess which direction things might head in the fall when dealers and collectors return in earnest. I'm sharing my assessment with you this year because it can help you take advantage of the summer lull and actually strengthen your collection.

From my July 3 analysis, the trend lines coming out of 2005 and into the spring of 2006 are clear. The market continues to move aggressively higher. Objects with superbly documented provenance and/or objects from established "provenanceable dealers" have led the charge.  (Fragments of Time is proud to be one of roughly two dozen active international dealers who can be found as a published provenance in Christie's and Sotheby's catalogues!)  Here is my personal assessment of the antiquities market looking ahead to the busy Fall buying season.

Supply.  Thanks to better enforcement in source countries against clandestine looting, supply is as it should be -- relatively fixed.  There are only so many objects legally on the market.  I see no drivers on the horizon to change this dynamic.  Though there is some discussion about source countries creating a legal de-accessioning program of secondary material to help fund conservation, we do not believe that any of the countries evaluating this idea can execute such a program in 2006 or even 2007. Prognosis: No change.

Demand.  The top end of the market is extremely tight. Well provenanced objects continue to trickle slowly out of established European and North American collections, but these are few and far between and almost always touch off a feeding frenzy. In the middle of the market ($1,000 - $100,000), there are more objects to choose from, and I expect demand to be flat to moderately higher. But selectivity is key.  The web has made it easy for "virtual dealers" to market objects aggressively which they must generally do for cash-flow reasons.  This constant marketing and re-marketing of the same objects can dilute the perceived value of an object for an unsuspecting buyer. The best objects in this range may well be found in the inventories of established dealers with broad inventories. Again, for the best objects, expect to pay a premium. Like this past spring, I expect few bargains to be available in this segment of the market. Prognosis: Continued strong to increasing demand.

Antiquities Market News.  Expect a continued torrent of popular news coverage on the Getty trial in Italy, the James Ossuary Trial in Israel (assuming the war coverage abates), and the St Louis Museum's fight against Egypt over the return of an important mummy mask. I also believe we have not seen the last of these high-profile repatriation battles, which means more scandal-mongering ink in the popular press. While it creates an unfortunate negative stigma for the field overall, all the publicity actually fuels demand and drives prices even higher.  The more that Newsweek, 60 Minutes and other popular outlets publicize these cases, the more we see new collectors emerging who were never aware that a fully legal market for antiquities exists. Prognosis: more news means more collectors and greater demand.

Exchange Rates. One Euro currently costs $1.27, a major decrease in U.S. buying power compared to the 80-cent range Euro just a few years ago. While many had wanted to see the Euro cool and the dollar regain equilibrium, this has not happened. US monetary policy seems to be favoring a weak US dollar to make American goods more appealing abroad and help close the widening trade gap. I see no drivers to change this within the current administration. This means an under-current of higher prices this fall simply due to exchange rate realities.  The other affect of the weak dollar is that the increased buying power for European collectors means objects in the American market look like bargains!  This increases demand and means that US collectors must snap up objects they like quickly to avoid disappointment. Prognosis: Weak US dollar keeps prices high and increases competition among American collectors.

Macro-economic Issues.  While it has backed off from its frenzied pace, the art market in general continues to push higher. New world records are being set literally every week in all areas including paintings, photography, furniture, and even baseball collectibles. Many articles have been written over the past two years analyzing the art market and have lent credence to art as a dependable asset class that can potentially outperform real estate, stocks and inflation. A study by Barclay's bank last year concluded that art can be successful in a diversified portfolio. With a frustrating stock market, I expect many people to continue to look for additional areas to invest. Besides, you can enjoy a beautiful object indefinitely, whereas the same can not be said for most stock certificates. Should inflation rear its head this fall, which I put at a 20-30% probability, you will see an even stronger push into tangible goods as a hedge. This has been the pattern through almost every prior recession. Prognosis: A stymied stock market means art continues to look attractive; signs of inflation mean an acceleration of prices and demand.

Global Politics. A protracted conflict in Lebanon would be a negative driver for antiquities. The Middle East plays an important role in the legal antiquities market and a healthy, vibrant economy there is good for the antiquities market. Events of the past week bear watching but I am personally optimistic that a more stable situation and period of relative prosperity is possible if the conflict is contained and results in a stronger democratic Lebanon.  Prognosis: The sooner the conflict ends, the better for the market in general and the antiquities market in particular.

Summary.  Antiquities collectors should continue to pay attention to all these factors and consider them in their buying strategies. The best deals going into the fall may well be in U.S. dealers' existing inventories, especially objects purchased between 2002-2004 with much stronger US dollar exchange rates. The holiday season is traditionally one of the periods of highest demand. Don't wait til last minute to buy as you can expect even higher prices and less selection.

- John Ambrose, Founder & Director, Fragments of Time, Inc.

New Catalogue Features More than 50 Museum-Quality Antiquities

We are proud to announce the availability of our newest catalogue of fine antiquities from the ancient Mediterranean. More than 50 objects are fully described and illustrated in color.

The catalogue contains objects ranging from a variety of fine Hyksos Period (1650-1550 BC)  Egyptian scarabs starting at less than $75 to a variety of ancient pottery vessels, glass bottles, bronze objects and terracotta sculptures.

Our catalogues appeal to both novice and intermediate/advanced collectors.  New collectors will find our catalogues extremely informative and an excellent guide to the market. More advanced collectors look forward to our every catalogue for the ever-interesting selection of museum-quality objects that we offer.

Some rarities in the catalogue that literally come on the market only once or twice per decade or more include: a spectacular intact Roman Arretine signed bowl dating from to the Julio-Claudian era 15 BC-40 AD;  two rare Legionary (14th Legion) bricks from the Roman City of Carnuntum;  rare Etruscan bronze tripod bowl with pedigree provenance; and a painted wooden Egyptian coffin fragment (1070 -712 BC) from the Temple of Edfu on the Upper Nile.

For a free PDF of our catalogue, click here.

Sothebys NY Auction Proves Antiquities Market is Red Hot; Research Yields Remarkable Find

Tuesday's antiquities sale at Sotheby’s proved a tremendous success with 85% of the 157 lots sold for a total of $4.58-million. This represented an average sell price per lot of an astounding $34,467!!  As jaw-dropping as the auction was, it proved more than simlpy that the antiquities market continues to be red hot for well provenanced antiquities. The subtext for the sale proved that a keen eye and good research can bring new surprises to old objects.

In an extraordinary achievement in scholarship, an ancient Roman Figure of Aphrodite was reunited with her Head after the two elements had been separated for at least 50 years. The figure was purchased at Tuesday's auction for $968,000 by the Michael C. Carlos Museum at Emory University. Immediately following the fall of the hammer, the Museum also purchased the head by private sale. This remarkable achievement was made possible by extensive research done by Sotheby’s Antiquities experts. Today’s auction totalled $4,584,172, above a high estimate of $4.1 million.

Richard M. Keresey, Worldwide Director of Sotheby’s Antiquities Department commented, “This is a great moment for the world of Antiquities and one we will always remember. Because of my colleague Florent Heintz’s research skills astonishing visual memory, Aphrodite has regained not only her head, but also her history. We are particularly thrilled that this outstanding piece, in her entirety, will be on view to the public at such a wonderful institution.”

Jasper Gaunt, Curator of Greek and Roman Art at the Michael C. Carlos Museum at Emory University, said, “This is an incredibly exciting moment for our institution. We are actively building a collection of Ancient Art of peerless quality and this piece is without question the finest Aphrodite in the United States. The opportunity to own a piece of this importance in its entirety was irresistible and she will assume a position of prominence in our collection. We are grateful that Sotheby’s was able to assist in consummating a private sale of the figure’s head.”

Nearly three months ago, Mrs. Lawrence Copley Thaw, Sr. of New York, consigned a Marble Figure of Aphrodite, Roman Imperial, dating to circa late 1st century/early 2nd Century A.D., to Sotheby’s June 2006 sale of Antiquities. As is not uncommon with Antiquities, the figure was missing elements, in this case, her head and one arm. After in-depth research, Sotheby’s experts discovered an engraving of the complete figure, published in 1836 when it was part of a private collection in Paris. The rendering of the head in the engraving immediately struck Mr. Heintz as familiar; he remembered that Sotheby's had sold a similar head on December 11, 2002 (lot 12), possibly the one belonging to Mrs. Thaw’s headless figure.

Sotheby’s then contacted the private collector from Houston, Texas who had purchased the head in 2002; and she graciously offered to bring it to New York to see if Mr. Heintz’s theory proved correct. When the head arrived in New York, Mr. Keresey and Mr. Heintz realized that, based on the dimensions of the neck, grain of the marble, weathering of both pieces, style of carving, tilt and turn of the head, combined with the existence of the engraving, the head did in fact belong with the body. The owner of the head then agreed to make the piece available for private sale exclusively to the successful purchaser of the body in today’s auction.