Business Economic Notes 12
Antiques and Fine Art Dealers
These notes are issued to Inspectors of Taxes to assist them in examining accounts. They are intended to provide a general background to the trade, with some explanation of its most important features. Business Economic Notes are not intended to provide an exhaustive or definitive picture of any particular trade or profession.
Contents
- The knocker
- The runner
- Antique fair dealer
- Permanent market sites
- Street markets
- Indoor markets
- Stalls
- Antique shops
- The warehouse dealer
4. Antique dealers' organisations
- An auctioneer's function
- Conditions of sale
- Sales under hammer
- Reserve bidCommission bid
- Auction charges
- VAT implications
- Pros and cons of auction dealing
6. Economics of antique trading
- Mark-up and profitability
- Collection of sets
- Cornering the market
- Bidding up at auctions
- Gentlemen's agreements
7. Maintenance of antiques and works of art
- Insurance
- Upkeep
- Display
Appendix 4 Books, manuscripts and antique jewellery
Appendix 5 Pottery and porcelain
Appendix 7 Other areas of specialisation.
Useful reference works, periodicals, and other sources of information.
1. General |
These notes are intended to cover the broad range of dealers and traders in antiques, fine arts and collectibles.
To a large extent the definition of antique is somewhat blurred today and many so-called antique dealers will merely be trading in old and second-hand goods or items with collectible or nostalgic value and either new or second-hand reproduction goods.
Strictly speaking an article can only be termed an antique if it is at least 100 years old, although purists will only consider anything pre-1830 as being a true antique. (1830 being the end of the Regency period and the reign of George IV.)
Appendix 1 sets out details of periods.
Whatever their specialism or method of operation, antique dealers all have one common goal - they are in business to earn a profit and make a living.
As in all businesses some are more successful than others and also in common with other businesses, the antique trade is not without its failures.
To a large extent the myths surrounding the antique dealer are untrue, a common one being that they are all wealthy and make large profits for little or no work.
Like most specialised professions, the reality is that a great deal of knowledge, expertise and hard work are required in order to run a successful business.
Antique dealers do have on advantage, in that their stocks are usually appreciating assets. But they still have the problem of selling the asset in order to make a profit and stay in business. Unless dealers are extremely fortunate, and well established, they will need to travel fairly extensively and regularly in order to buy and sell stock.
Antique dealing covers a whole range of antique artefacts including furniture, glass and chinaware, brass and silverware, fine arts, books, prints and a whole host of collectible memorabilia.
Most general dealers will have one or two areas of specialism, but will also deal with a varying range of assorted goods. A dealer say who specialises in Queen Anne and Georgian furniture, will also perhaps display and sell a range of other decorative and novel goods such as brass and silverware, paintings, prints, curios, crystal, chinaware and so on.
Adding such items to their specialist stock has a two-fold purpose. They can be used to tastefully enhance the furniture, creating a more interesting display. They also provide a useful source of additional and steady cash flow, from the casual or impulse buyer. Efficient dealers will therefore ensure that every inch of their available display space is productive and laid out in such a way as to stir interest and invite inspection.
Dealers of fine arts, books and prints will normally concentrate exclusively on their specialism, relying for their trade on the serious buyer (collector or investor) and other dealers.
Buyers of collectible items normally rely on a varied source of supply including dealers, auctions, fairs, market stalls, specialist magazines, second-hand and bric-a-brac shops.
2. The dealer network |
Antique trading is carried on at various levels, usually directly relative to the merchandise being traded and the expertise of the trader, from the market trader who will be selling interesting trinkets and other inexpensive artefacts, to the large dealers, with extensive showrooms and their own refurbishing workshops, dealing in high value antique goods.
On the periphery of the trade, there are an assortment of individuals, usually with no personal interest or expertise in the trade, but purely in the business for financial gain.
The knocker
The name "knocker" arises because of the style of trading which quite literally involved knocking on doors to purchase their stock.
Generally "knockers" are unregistered traders with little or no knowledge and with no fixed business premises. Transactions will be almost entirely in cash, with a minimum of records.
In their search for stock, knockers will be "cold calling" and will therefore need to be fairly skilful at persuading people to part with their goods, using a variety of ploys, often at unrealistic prices.
The runner
The runner is essentially a mobile dealer, working from a home base, either on a part-time or full-time basis, travelling with stock in a van or large estate car.
Runners will usually work regular circuits, attending auctions, house content sales, antiques and market fairs, for their sources of supply. These will then usually be hawked around known contacts within the trade.
Runners will also assist dealers in their purchases and sales, usually working on a commission basis. Commission rates will vary depending on the dealer and the type of goods involved, but as a general rule, a commission rate of ten percent on goods to the value of £1,000 will be fairly normal, with a scaling down for higher priced goods.
Antique fair dealer
The range of antique fairs or specialised one-off sale meetings is wide, from the collectors' fair to the more prestigious major fairs, where the quality of goods will be high.
At the lower end of the scale are the local antiques' and collectors' fairs held in village/town halls, public houses or hotels, a few times a year. At this level trade in the main will be retail and many of the stall-holders will be amateur dealers and collectors, hiring a table for the day. Then there are the major fairs, akin to trade exhibitions at which established dealers may exhibit for a week or a fortnight of each year, for example:
- Grosvenor Hose
- Olympia (June)
- Harrogate (September)
- Solihull (March)
- Bath (September)
- Cheltenham (December and May)
Permanent market sites
- Street markets
Street markets are specialist markets which take place on a regular weekly basis, such as the Portobello Road market in London.
Some dealers have no other premises, and others with permanent retail outlets, use the market to keep in touch with retail prices, as well as making new or renewing old trade contacts.
The markets can also be a valuable source of supply for dealers, who usually visit the stalls before they are open to the public and buy up any worthwhile merchandise.
- Indoor markets
Indoor markets are housed in large shops or warehouses converted to accommodate a number of small lock-up shops which are let to dealers, usually on fairly short leases.
- Stalls
Stalls are quite often shared or sub-let, sometimes displaying other dealers stock on a sale or return basis.
Overheads are lower compared with antique shops, but rents are naturally higher than for outdoor markets.
Antique shops
Antique shops come in a variety of shapes and sizes, each one selling a variety of goods, usually reflecting the owner's interest or expertise in a particular field.
At one end of the scale are the successful shops run by knowledgeable people with sufficient business acumen to turn their often considerable knowledge and expertise into a successful business venture.
Their shops will be tastefully laid out with a good selection of saleable merchandise, with every square inch of space utilised to maximum selling capacity.
They will have the right contacts, know how to buy stock at the best possible prices and will gear prices to achieve a quick turnover of stock.
At the other end of the scale, there is the small or medium sized antique shop, cluttered with an assortment of antique furniture, artefacts and bric-a-brac, run by the amateur dealer, with a general interest and knowledge of antiques but with not necessarily much business acumen. There will not be any clear pricing structure and stock will normally be slow moving.
The warehouse dealer
The warehouse dealer is purely interested in dealing with a high volume, high turnover, low profit margin business rather than in individual high value items. The trade will be mainly in genuine antique items, but may also include pseudo antiques, old and reproduction articles, with supplies obtained from a variety of sources, such as house clearances, auctions and dealers.
Sales will normally be in job lots, with a substantial part of the trade involving shipping goods by the container load to America or other overseas destinations, even as far afield as Japan.
Seldom, if ever, will individual items be retailed and their doors will normally be closed to the public.
3. Location |
Antique shops unlike other retail outlets, positively thrive from being close together. The convergence of shops in one area creates a centre of interest to which people are more likely to be attracted. Another factor is that a large proportion of trade, in some cases as much as 75 percent will be inter-trade business, both from home and overseas. Buyers with limited time available will be more likely to visit a centre where they can see, for instance, seven or eight dealers, rather than spend their time visiting out of the way dealers.
4. Antique dealers organisations |
There are two main trade bodies that represent a proportion of the established dealers. The sign of either in a dealer's window usually inspires confidence, as it means that the dealer is established and respectable and a customer can, if necessary, appeal to the trade organisations, in cases of an insoluble dispute.
The organisations are:
- British Antique Dealers Association (BADA), representing some 400 members
- London and Provincial Antique Dealers Association (LAPADA), representing some 700 members.
and
To become a member, a dealer must be knowledgeable, have been operating honestly for three years or more, at a fixed place of business and be vouched for by established dealers, who are themselves members.
Both BADA and LAPADA realise, as do most dealers, that it is important to regulate their business and maintain codes of conduct that are more than merely cosmetic.
5. Salesroom and auctions |
Auctions are a valuable source of supply and also a sales avenue for dealers. The auction room also provides a valuable gauge of 'market' prices and current trends and dealers will often attend auctions, whether or not they are buying or selling, in order to feel the market and keep in touch with price changes.
An auctioneer's function
Auctioneers are agents, who are not directly responsible to the buyers, except in the general terms of auction room procedure. Their sole function is to raise as much money as they can for the seller, from whom a commission will be earned.
Conditions of sale
Each auction house has its own conditions of sale and these are usually printed in the sale catalogues, together with any disclaimer notices.
Disclaimers are usually very comprehensive and aimed at absolving the auctioneer from any responsibility concerning such factors as authenticity, origin, age, condition or quality of any lot.
Sales under hammer
Once the auctioneer has obtained a final bid, signified by banging his hammer, the lost is taken as sold to the final bidder at the "hammer price".
In addition to paying the hammer price, the buyer may have to pay a buyer's premium. Where applicable such payments can amount to something in the region of ten percent plus VAT over the hammer price.
The buyer then has the responsibility of removing the goods from the auctioneer's premises. Auctioneers can, if there is a delay, charge the buyer for storage and in extreme cases of delay or default, will have the right to sell items again to defray their costs.
Reserve bid
A reserve bid is the minimum the seller is prepared to accept and if the bidding does not reach the reserve the auctioneer is obliged to withdraw the lot from the sale.
The reserve bid cannot be disclosed before or during the sale, but the auctioneer is free to do so after the sale has ended. Buyers can if they wish, offer to buy the lot at the reserve price by private treaty. The auctioneer is of course not obliged to accept the offer.
A reserve bid is the minimum price placed on the lot. It should not be confused with an auctioneer's estimate, which is given to assist a prospective vendor and is a personal estimate of the value of any particular item or lot.
Commission bid
Auctioneers may in some cases be commissioned to bid on behalf of buyers who for whatever reason are unable to attend the actual sale.
During the bidding of any lot for which commission bids may have been received, auctioneers will at the appropriate price level introduce the additional bids, giving the impression that they have accepted a bid from the far end of the room. For instance, a lot has an estimate of say £70 on the auctioneer's list. The bidding opens at £10 and goes to £50, the auctioneer adds an invisible bid of £60. Further bids in the sales room take it up to £90. The auctioneer adds another invisible bid of £100 and there being no further bids from the sales room, knocks the lot down to the "invisible buyer".
In this instance the auctioneer had two commission bids from absent buyers, one for £60 and one for £100. The lot was sold to the absent buyer who instructed the £100 bid.
Auction charges
Nowadays the main auction houses charge a buyers premium in addition to the auctioneer's commission and these are detailed below:
Company |
Buyers premium |
Auctioneer's commission |
| Sothebys |
10 |
10 (lots over £500) |
|
Nil |
15 (lots under (£500) |
|
| wines, coins and medals
stamps |
Nil 10 |
15 15 |
| Christies (King St) |
10 |
10 (lots of £1000 and over) |
|
12.5 (lots under £1000) |
||
| wines, coins and stamps |
Nil |
15 |
| Christies (South Kensington) |
Nil |
15 |
| Phillips |
10 |
10 (or as agreed with vendor) |
| stamps |
Negotiable |
10 |
| Bonhams |
10 |
10 |
| furs, coins, medals |
10 |
15 |
The auctioneer's commission in provincial and one-off auctions is fairly variable although most normally follow the lead set by the major auction houses. Some provincial houses have now also begun to charge a buyer's premium.
The example below illustrates the position from the vendor's and buyer's point of view on a sale item that goes for a hammer price of £1,000. The auction house charges a buyer's and seller's premium of ten percent and it is assumed, for convenience, that the vendor and buyer are non-taxable persons for VAT purposes.
Vendor bid price - £1000
Less auctioneer's commission £100
VAT £ 15 £ 115
net to vendor £ 885
Buyer bid price - £1000
Add auctioneer's commission £100
VAT £ 15 £ 115
cost to buyer £1115
In addition the auctioneers will charge to catalogue, and for insurance, storage and any carriage costs.
VAT implications
If the vendor is a registered person and does not operate the special margin scheme arrangements (tax to be charge don margin of profit only), VAT is chargeable on the full supply, if such supply is not otherwise exempt. The bid price being taken as exclusive of VAT.
If the goods are eligible for and are being sold under the margin scheme arrangements, the bid price is normally regarded as tax inclusive and the registered vendor calculates tax at the appropriate tax inclusive fraction of the margin.
Pros and cons of auction dealing
From the point of view of the customer, there are pros and cons in buying at auction, in the same way as there are in buying from dealers.
With dealers, the customer has to bear in mind that the price he is paying includes the dealer's profit margin and overheads, in addition to the question of choice. A reputable dealer can offer a good service, but it is difficult for novices for pick out the wheat from the chaff. In this however they can be guided by only dealing with a member of either the BADA or LAPADA. Both organisations issue lists of their members and require members to abide by a code of conduct.
In addition, customers will, of course, be protected by the consumer Fair Trading legislation, which gives them rights which do not extend to auction rooms.
Supports of the auction system will contend that the buyer will pay a fairer price using this method, as there are no additional costs such as dealers profits, commission or overheads, apart from perhaps a buyer's premium.
Whilst it is true that on occasion bargains can be picked up at auctions, generally competition is fairly stiff and the private buyer will have to contend with professional traders with more skill in auction room bidding or come up against various forms of self bidding arrangements designed to artificially inflate bid prices, The auction room is therefore not without its risk for the novice dealer or amateur buyer.
6. Economics of antique trading |
The value of antiques and works of art are generally governed by:
- aesthetic beauty
- authenticity, originality and quality
- age and rarity
- creator
All these factors create the demand, whether it be for investment or collection and this demand directly affects the value of the article.
Antique dealers, like other traders, normally endeavour to operate on the basis of achieving a fixed minimum return. Unlike other traders, however, they do from time to time have the opportunity, whether it be from skill or luck, to secure a deal which produces a return vastly in excess of their normal expectations. Alternatively they may have the misfortune to make a bad buy and then barely succeed in covering their costs, let alone make a profit.
Then there is the other situation when a dealer may decide at an auspicious moment to sell an item which has been put away for a number of years and produces a profit margin vastly in excess of the norm.
Factors such as these, can of course create fluctuations in a dealers gross profit rate, taking one year against the next, depending into which year such fortuitous events fall.
Mark-up and profitability
Antique dealing is a trade where by its very nature it is difficult for guidelines to be drawn up as to value of goods and profit margins. Dealers buy on the strength of their own expertise and judgement and always run the risk that any faulty attributions or changing trends may transform an anticipated profit into a loss.
In common with normal business principles a dealer will set mark-ups and prices at a level such that after allowing for overheads, will achieve a desired level of profit. To a large extent, of course, selling prices will be governed by market trends, in that, there is a limit to the price that can be charged on a particular article, if a sale is to be achieved. For example, a high backed Regency chair may only realistically fetch £100. At the buying stage, the dealer needs to ensure, if say, he wants to achieve a 100 percent mark-up, that no more than £50 is paid for the article. In certain circumstances the dealer may be prepared to go higher, if it is felt that there is a potential upward trend in value and that in six months the chair could well fetch a higher price.
Making value judgements such as these are an every day part of the dealer's life, the principle consideration being to ensure a flow of "bread and butter" transactions, whilst including a selection of more speculative purchases based on the dealer's judgement of longer-term trends and demands.
To summarise the position, the dealer has to make the following considerations:
- identify article
- evaluate condition and probable cost of any renovation
- evaluate potential market, and possible current or future demand
- estimate retail value bearing in mind required profit margin on the basis of either current or future sale.
There are of course various ways by which a dealer can legitimately increase demand and influence both purchase and sale prices. A few examples of how this can be done are given below:
Collection of sets
A dealer may create sets of furniture or other fine art objects, buying the articles singly from various sources, for example, a set of six Regency chairs may fetch perhaps, £900-£1,000, as again being sold singly for say £100 each or a pair of matching candelabras would fetch a higher price than if they had been sold singly.
Apart from matching sets there are also Harlequin sets, which although not identical, have some common theme or are complimentary to each other.
Cornering the market
To corner the market an astute dealer may buy up all the available paintings of say a minor artist, creating a scarcity in the market and then slowly releasing his own stock, establishing an artificial demand and higher level of price.
Bidding-up at auctions
Dealers can quite legitimately bid for goods they have entered in an auction, if interest is flagging or there is a lack of initial interest.
Gentlemen's agreements
Two dealers with perhaps non-similar interests, may agree not to bid against each other on particular auction items, for example, "I shan't bid for the 17th century candelabra, if you don't bid for the Georgian armchair."
There is, of course, a fine line between such bidding and other deliberate attempts at rigging auction prices. Bidding through auction rings or other deliberate arrangements to deflate or inflate prices, in association with other bidders, may be considered illegal and could lead to criminal prosecution. Bidding by genuine dealer syndicates is normally allowed where this is done with the auctioneer's permission.
7. Maintenance of antiques and works of art |
The incidental costs of maintaining pictures, prints, furniture, silver, books and similar art and antique objects can be substantial.
Insurance
A fairly substantial number of dealers may not have insurance cover for the full value of all stock on hand, as the cost of such comprehensive cover can be prohibitive. Normally insurance cover will be restricted to minor damage or loss or total destruction up to a specified limit.
There is seldom any co-relation between the amount of cover purchased and the actual value of stock a dealer may have at any given time during the year.
Upkeep
The cost of upkeep ranges widely from books, paintings, prints, manuscripts and furniture, to ceramics, metals and glassware. Books, paintings, prints and manuscripts require a fine balance of heat, light, air and humidity. Providing such controlled "glasshouse" conditions can be expensive in terms of capital outlay and running costs.
The extent to which some form of controlled storage conditions will be required will depend on the condition, delicacy and, or course, value of the object. Normally it will be sufficient to ensure that light and damp sensitive articles are stored in dry and cool conditions away from direct sunlight. Prints and manuscripts can normally be adequately stored in near airtight glass display cases, in cool conditions and away from direct light.
Antique furniture not only requires polish and surface treatments but also a delicate balance between warmth and humidity. Old furniture stored or displayed in a centrally heated environment will deteriorate rapidly and will require expensive restoration to bring it back to pristine condition.
Paintings may require professional cleaning and minor restoration which, depending on the work required, can cost anything from £50 to a few hundred pounds. Costs will normally be recouped as value will normally be enhanced.
Metals and glassware, on the other hand, will only require fairly inexpensive cleaning and polishing and maintenance costs will be minimal.
Display
If they are to be sold, art objects, however sensitive they may be to the environment, need to be displayed. In order to do so without causing damage it may therefore be necessary to construct special display cases or to create a special gallery. Lighting and heating facilities may require extensive alteration. From a point of view of security and safety considerations, anti-burglary devices and fire extinguisher systems will need to be installed. Additionally, public liability insurance will be required in order to protect dealers and collectors from claims by members of the public who suffer any injury on their premises.
8. Exporting of goods |
Under the provisions of the Export of Goods (Control) Order, currently in force, a licence is required for the export of any article over 50 years old, or over 60 years for any photographic material, with a value of over £400 per item.
A licence is however not required for philatelic material, personal documents, such as birth and marriage certificates or written material, being material either written by or to the exporter or spouse.
Large of regular exporters can export under an open general licence, reducing the need to obtain individual licences. Most categories of antiques and other collectors' items can be exported under a general licence, if the value per article or matching set is less than £16,000.
The following items are expressly excluded from an open licence:
- hand produced documents, manuscripts and archive material including architectural, scientific and engineering drawings
- articles recovered from the soil or sea-bed of the United Kingdom, other than coins or articles recovered after burial or concealment, less than 50 years before the date of exportation
- any other goods listed in Group 1 Schedule 1 of the Goods (Control) Order, between 50 and 100 years old and under £16,000 in value.
Other items which cannot be covered by an open licence are the exportation of any representation of British historical personages, with a value over £4,000, unless the work has a certificate from either the Director of the National Portrait Gallery or the Keeper of the Scottish National Portrait Gallery, stating that the article concerned, is not a work of national importance.
Regular exporters can obtain a bulk licence for the exportation of documentary material with a value under £16,000 and where the material is not considered to be of national importance.
Appendix 1 - Antique furniture |
Generally as far as the antique trade is concerned there would not be a significant amount of dealing in antique furniture earlier than Queen Anne, in view of the relative rarity and high value attached to such articles.
Periods
· Stuart 1603 - 1714
- Queen Anne 1702 - 1727
- In France - Louis XIV 1643 - 1715
· Georgian 1714 - 1800
- George I 1714 - 1727
- George II 1727 - 1760
- George III 1760 - 1820
- In France - Louis XV 1715 - 1774
- Louis XVI 1774 - 1793
· Regency 1800 - 1830
- George III 1760 - 1820
- George IV 1820 - 1830
- In France - Napoleon 1799 - 1814
- Empire 1793 - 1830
· Victorian 1830 - 1837
- William IV 1830 - 1837
- Victoria 1837 - 1901
In order to be able to recognise the furniture of any period it is essential to have knowledge of the styles and influence of fashion and designers together with knowledge of construction methods and type of wood used. It is also essential for the eye to be trained to detect the all important differences in proportion and detail distinguishing original for later reproductions.
Restoration
One of the most important aspects of antique furniture is restoration and the type and quality of any restoration can have a substantial effect on the value of any article.
Good restoration carefully and sympathetically carried out with a view to making an article sound and fully serviceable without obliterating or altering the original style and age of an article will in the main enhance or maintain the value of the article.
Restoration usually covers the following aspects:
- cleaning
- joints - re-gluing or doweling of worn or loose jointing
- upholstery
- stains and dents
- stripping and re-varnishing
Dealers may have to undertake a certain amount of restoration, if only simple cleaning, and this may be done personally or sub-contracted to a professional restorer. Obviously economic considerations will have a bearing on the type and extent of restoration. A dealer will need to evaluate whether it will be more profitable or not to restore before resale.
Reference works
The following is a list of some useful reference works:
- ·"Dictionary of English Furniture" by Ralph Edwards, published by Country Life
- "Price Guide to Antique Furniture" and "Price Guide to Victorian & Edwardian & 1920s Furniture", both by John Andrews and published by Antique Collectors Club
- "The Story of English Furniture" by Bernard Price - BBC publications
- "The History of English Furniture" by Percy McQuoid - published by Wm. Collins
Appendix 2 - Glassware |
General
The development of English glass has been influenced as much by politics, as it has been by design and technological evolution.
Up to 1575 drinking glasses were mainly imported from Italy. Elizabeth I changed the trend, when she granted a patent to an expatriate Venetian, Jacopo Verzeline, thus breaking the domination of imported glassware.
Ravenscroft "1618-1681" was the first man in this country to create a successful formula for making flint glass or lead glass, resulting in an English glass of a brightness and hardness, which soon slowed foreign imports.
Soon after the Ravenscroft licence ran out, glass houses all over Britain began to make glass to his formula and the old soda glass, with the characteristic bubbles and imperfections was superseded.
Blue "zaffre" or cobalt was added to glass, producing the famous Bristol Blue, produced in glass houses in the West Midlands and the West Country. The term Bristol has been used for this glass only because of the existence of a few pieces decorated by I Jacobs around 1800 and signed "I Jacobs, Bristol".
In 1745 a swingeing tax of twenty percent by weight, was imposed on glass and it proved to be both a blow and a stimulus to the British glass industry. The tax made glass makers more innovative in producing lighter glassware. Engraving and enamelling became more popular and more use was made of coloured glass, as this was exempt from duty, at the time being used predominantly for making bottles.
The Irish glass makers had the advantage as their glass was tax free and produced more heavy deep cut glassware of all kinds. However in 1852 Ireland imposed its own tax on glass and the production of heavy glass soon petered out.
The glass excise taxes were finally removed in 1845 freeing the manufacturer from control and the designers from limitations.
Glass making entered a new era and fine craftsmen made objects flourished side by side with the mass produced machine cut glassware of the industrial age.
Machine cutting reduced costs and increased the popularity of crystal glass, although designs now had become less imaginative.
Dating and authenticity of glassware
Dating and authenticity of glassware by identification of certain features such as stem, bowl, shape and so on, is an enormously complex task and although there are some general guidelines, there are numerous variations which bear witness to the individuality of the craftsman.
Style, weight, colour and workmanship are the best criteria for identification and expert knowledge is essential, more especially in view of the substantial amount of excellent copying done by the Victorians, of 17th and 18th century pieces.
The most common general identification mark is the pontil. The pontil was not part of the piece being blow, but was later attached to the blown but still molten piece, enabling the mouth of the glass to be cut and smoothed. It was therefore a sort of handle attached to the bottom of the glass which once the mouth was cut and finished, was then broken off. In order that the uneven break point of the pontil did not affect stability, a raised foot was formed by folding or doming the foot, in order to contain the pontil and up to 1750 the pontil mark was left unground. Between 1750 and 1830 there was a tendency to grind off the jagged pontil of finer pieces whilst leaving lower grad glasses unsmoothed in order to save production time and costs. As the 19th century progressed most glasses lost their pontil mark but confusingly copies of older styles faithfully retained the unground pontil mark.
Reference works
The following is a list of some useful reference works:
- "History of English and Irish Glass" by W A Thorpe
- "Glass - Its Makers and its Public" by Ada Polak
- "Illustrated Guide to 18th Century English Drinking Glasses" by Bickerton
Appendix 3 - Collectibles |
General
Collecting apparently worthless articles of a particular type, subject or theme, has become increasingly popular in the last two decades, whether it be for fun or profit.
In general, a collectible field only becomes part of the collecting "establishment", when its performance has been catalogued and books have been written on the subject.
At the moment, some of the main-stream collectible items are:
- coins
- playing and tarot cards
- stamps
- matches, matchboxes and labels
- medals
- cigarette cards
- paper money
- phonographs and gramophone records
- old cheques
- typewriters
- cancelled bonds
- autographs
- stevengraphs
- netsuke
Stevengraph
A Stevengraph is a picture woven in multi-coloured silks developed in the 19th century by Thomas Stevens of Coventry. It was made in the form of a ribbon and inserted into a rectangular cardboard mount printed with the title of the scene or subject of the portrait.
Stevens also made bookmarkers using a similar technique of weaving, but they were not mounted.
The first Stevengraph was manufactured in 1870 and production continued until the factory was destroyed in 1940.
Netsuke
Netsuke (pronounced netskie) is the art of carving minute figures, usually of flowers, birds, animals, men or masks, principally in ivory, wood or stone.
The art was pioneered in Japan around the 17th century and rose to its peak around 1930.
Before they became collectors items, netsuke were used as pendants or toggles, which were tucked into the waist bands of kimonos and money or tobacco pouches or medicine boxes hung from them by cords. The conception and attention to intricate detail puts these minute figurines on a part with sculpture of a grander scale.
Netsuke collections are usually specifically attributable to the carver and are classified according to school, date or period, subject matter and other features.
Netsuke started to flow into Europe and America in the 1870s and today a fine example can command high prices at auctions and is generally an expensive collector's item.
Appendix 4 - Books and manuscripts |
Book collecting is a fairly fast growing form of alternative investment, but it is a complex and confusing market and definitely not for amateurs unless they have expert assistance.
The art of book collecting primarily for investment is to create a portfolio of books covering as wide a range as possible, in much the same way as a portfolio of stocks and shares is comprised.
The Antiquarian Book Monthly Review, published by ABMR Publications Ltd of 52 St Clements, Oxford, is a useful source of information on antique book selling, collecting and bibliography.
Collecting manuscripts is also a complex business and a large range of factors needs to be considered including age, condition, legibility, subject matter, rarity, length and quality of paper and these factors may create infinite permutations of value.
Generally manuscripts have risen about three-fold in value over the last twenty years in real terms and like book collecting, is another fast growing alternative investment.
Whilst an individual item may at times command dramatic prices, the main method employed to increase value is the creation of a set of similar items, either focusing on a particular theme, historical event, person and so on.
Individual items may be picked up relatively cheaply and the value of the whole collection will normally far exceed the combined value of individual components. The most successful collectors are those who concentrate their collection on a subject with which they have acquired detailed personal knowledge and quite often they can pick up valuable material from auctions relatively cheaply, because no one else is aware of the true worth. More often than not priceless items are usually acquired in this manner.
Antique jewellery
Antique jewellery is a relatively new field of study and both interest and prices have been rapidly increasing as more and more is discovered about the jewellers and the pieces they produced.
Appendix 5 - Pottery and porcelain |
As far as the antique dealer or collector is concerned, their interest in pottery and porcelain will not usually extend earlier than the 16th century, around the time of the introduction of delftware, a form of enamelled, tin-glazed, earthenware, from the Netherlands.
Whilst appearing to be sold and robust, delftware was in fact extremely brittle and therefore good examples are now rare and comparatively expensive.
Delftware was followed by the introduction of slipware which became the most common form of pottery during the 17th century. Slipware was basically earthenware pottery coated with a solution of clay and water (the slip) to protect and decorate the article. Delft style ware was popular as a poor man's porcelain until at lest the 1770s.
During the late 17th century, the Dutch and East India companies imported vast quantities of Chinese porcelain and this spurred European manufacturers to develop a similar product. Early attempts were however far inferior to the Chinese porcelain, which was light and translucent, yet amazingly strong and often beautifully decorated.
English chinaware was a fine soft glazed translucent mix resistant to hot liquids (unlike delftware and slipware) and was produced by a number of manufacturers from about 1745 at various centres such as London, Worcester, Derby and so on.
The pressure to create and develop fine china pottery was further spurred on at the time by the increasing fashion for drinking tea and coffee. The use of coarse pottery, pewter or wooden plates and mugs, became increasingly unacceptable.
The fine china clay of Devon and Cornwall was used for production of fine pottery. The discovery that firing stoneware at a lower temperature (750C) than that previously used (1200C), creating a very adaptable crewmate, was further developed by Joseph Wedgwood, who called his cream-coloured earthenware - Queensware.
Basic definitions
- China
China is a generic term used originally to distinguish Chinese porcelain from European pottery. Gradually and confusingly the term became applied to all porcelain and fine pottery without distinction.
- Porcelain
Porcelain is a word properly applied to
- Hard-paste porcelain, also known as true porcelain. It is made by
combining kaolin (china clay) and felspar (silicates of alumina).
The paste is formed and first fired at 900C, it is then glazed and
fired again at 1,300C. The strength of the component clays and the
vitrifying effect of the high firing temperatures producing toughness
combined with lightness and transparency. The secret of the manufacturing
process of hard-paste porcelain used by the Chinese for some 1,200
years was eventually discovered by the Meissen factory near Dresden
in 1708.
- Soft-paste porcelain - This was manufactured in Europe in the 17th century and since, out of various components, including clays, lime, sand and animal and mineral ingredients, originally in an attempt to imitate the Chinese product. Unlike hard-paste porcelain, soft-paste is susceptible to staining and crumbles when broken.
It is useful to note that the terms hard-paste and soft-paste do not refer to the degree of hardness or softness, but to the degree of firing needed in the kiln.
- Bone china
Bone china is made by mixing bone ash with china clay, china stone and a small proportion of alkalis. The technique was perfected by Josiah Spode II about 1800. Most modern porcelain is of this variety.
- Pottery
Pottery is literally anything made out of clay by a potter with a wheel, but commonly used for all ware that is opaque as opposed to porcelain which is translucent. It covers
- earthenware - clay objects fired at temperatures of between 800C and
1,200C. They do not vitrify and may be glazed.
- stoneware - earthenware fired at a temperature higher than 1,250C.
It is vitrified and does not need glazing. Wedgwood was probably foremost
among a group of notable potters who were continually developing new
forms of stoneware such as redware, brownware and saltglazed stoneware
which was an alternative to porcelain in the 18th century.
- wedgwood noted for black basalte, jasperware and caneware, whilst the pottery company Masons marketed its patented ironstone china dating from around 1813, similar to the stoneware manufactured by Spode.
Reference works
There are approximately some 2,000 pottery and porcelain manufacturers and more information can be obtained from the following useful reference works
- "The Encyclopaedia of British Pottery and Porcelain Marks"
by Geoffrey Godden, published by Barrie and Jenkins
- "The illustrated Encyclopaedia of British Pottery and Porcelain"
by Geoffrey Godden, published by Barrie and Jenkins
- "The Price Guide to 18th Century English Porcelain" by
Simon Spero, published by Antique Collectors Club
- "The Price Guide to 19th Century English Porcelain" by
David Battie, published by Antique Collectors Club
- "The Price Guide to 19th Century Pottery" by David Battie, published by Antique Collectors Club
The address of the Antique Collectors Club is 5 Church Street, Woodbridge, Suffolk.
Appendix 6 - Silverware |
English silver or sterling silver is an alloy of pure silver and copper. The standard proportions of silver to alloy are 925 to 75.
During 1697-1719 a higher standard consisting of 950 parts silver to 50 parts copper was in force and known as new or Britannia standard and is still used if desired.
A large proportion of English silver made during the 16th to 18th centuries was not hallmarked, but modern silver, barring a few exceptions, will be hallmarked.
Plate silver
Plate silver was originally an old term to denote objects made in silver, there are now, more specifically, three processes variously described as plate, plating or plated. Plated ware originating in the 1740s is generally known as Sheffield plate. It was made by fusing a thin sheet of silver to a sheet of copper either by heating or rolling. Vessels made from plated ware were then coated on the inside with molten silver or tin.
By the 1770s, plate was made by fusing sheets of silver to both sides of the alloy metal sheet and was known as "double plated".
Electro-plated nickel silver
(EPNS)
The technique of using electrolysis to plate alloy or base metals with silver was first used in 1840. Many alloys and metals were subjected to electro plating, the best known being EPNS, also known as German silver.
British plate
Around 1840 another version of Sheffield plate was patented under the name of British plate. In this process the copper alloy sheet was replaced with one of much cheaper nickel alloy.
British plate was used extensively, especially in the hotel and catering trade and manufacturers copied 18th century silverware in their range of tea and coffee services, tableware and flatware and became known as "Queen Anne" ware.
Silverware is of course a very specialised subject requiring a detailed knowledge of periods and styles, manufacturing processes and individual silversmiths. Unlike furniture, silver styles do not closely follow the various periods and changes occur at much wider intervals. A particular feature of silverware is that it has often been engraved with armorial bearings surrounded by ornate decoration, which varied from period to period. The ensemble of bearings and decoration is known as cartouche. The most common identification method is by dating the cartouche.
Reference works
The following is a list of some useful reference works:
- "Bradbury's Book of Hallmarks", published by J W Northend
Ltd
- "London Goldsmiths 1697-1837" by Arthur C Grimwade, published
by Faber and Faber
- "The Collectors Dictionary of Silver and Gold of Great Britain and North America" by Michael Clayton, published by Country Life
Appendix 7 - Other areas of specialisation |
Other areas of specialisation are
- Arms and armour
- Clocks and watches
- Chinese porcelain
- Oriental rugs
Reference works
The following is a list of useful reference works
- "The World of Guns" by Richard Akehurst, published by Hamlyn
- "English Guns and Rifles" by John Nigel George, published
by Holland Press
- "International Dictionary of Clocks" edited by Alan Smith
and published by Country Life
- "Price Guide to Clocks 1840-1940" by Alan and Rita Shenton, published by Antique Collectors Club
Periodicals
The following is a useful list of periodicals
- Antique Collecting - by Antique Collectors Club
- Antique Collector - by National Magazine Ltd
- Antique Dealers & Collectors Guide - by City Magazines Ltd
- Antiques - by Antique & General Advertising Ltd
-
- Published quarterly, it is a guide to antique shops,
fairs and showrooms
Other sources of information
- Other sources of information are Lyle Publications who produce price guides in most areas of antiques. An up-to-date publications list can be obtained from Lyle Productions, Glenmayne, Galashields, Selkirkshire.
and
- The Antique Collectors Club of Woodbridge, Suffolk who also publish price guides for most areas of antiques and also a guide to the antique shops of Britain.
Produced by the Inland Revenue
July 1988
© Crown Copyright 1988
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