QUESTION OF THE WEEK June 9, 2020.
This is a new and occasional (maybe even weekly!) blog where I answer questions submitted by the random people of the World Wide Web. Do you have a question and want to possibly be featured? E-mail me here and I’ll do my best to answer some. Be sure to include QUESTION OF THE WEEK as the subject line. Keep in mind, my answers here are mostly general and should not take the place of a more in-depth and precise valuation.
Question: “How do you establish an antique’s value?” Raymond from Kenilworth, Illinois.
Answer: First and foremost, value is an opinion. How do you form that opinion? By looking at the facts, in this case the asking or sales prices for comparable pieces. And asking and sales prices are controlled by the same principles that determine the value of everything: supply and demand. Rarity or age alone does not determine value. There also has to be demand. If there’s no demand, an item’s age or rarity is immaterial.
Example: Antique Eastlake end tables vs. vintage mid century modern end tables. There’s roughly similar supply of both styles in the Tampa area. Like most vintage or antique items, they’re not entirely rare, but they’re also not entirely common. Eastlake style predates mid-century modern by at least 50 years, it’s definitely older.
But for every Eastlake piece you might have four or five interested buyers. For every mid century modern piece you might have 20 interested buyers. That means it’s a seller’s market for the mid century modern piece, inflating both asking and selling prices while keeping Eastlake prices lower. And these prices are what appraisers use to guide their opinions of value. Other factors certainly come in to play: Condition, provenance, materials, marks etc. But the real meat and potatoes are supply and demand.
Tastes are unpredictable, what’s in style this decade may not be in style the next decade. The demand for mid century modern has been high for at least 10 years now, I’m curious how much energy it has left.
Have more questions? E-mail me at grantmiller@grantmillerappraisals.com. In Illinois and looking for an antiques appraisal? Call me at 813-240-4586 (Chicago and elsewhere).