Collectors relieved as index rises; antiques.

Byline: Christopher Proudlove

YES, I find it hard to believe too, but I took over writing this column in 1979. That's 10 years after John Andrews of the Antique Collectors' Club started tracking furniture prices and publishing their findings in an annual price index. John and I are still going.

I spoke to him this week after the ACC magazine, Antique Collecting, published its findings for 2007.

The Index is based on retail prices from antique shops, fairs, and market and auction records across the country, many of them now easier to establish due to comprehensive Internet statistics. The base line in 1968 - the first year tracked - stood at 100.

J ohn had good news: after falling steadily from a peak of 3575 in 2001, the ACC Index, which stabilised at 2966 in 2006, moved slightly upwards to 2982 at the end of 2007.

He writes in the February edition of the magazine: "This was something of a relief after a sustained decline and, despite further falls in some categories, it represents a rise of half of one percent on the previous year".

"It may not keep up with inflation or cause shouts of triumph but this fractional improvement will, nevertheless, bring hopes that the corner has finally been turned.

"2007 was a testing year for antique furniture dealers. Despite glowing reports by fairs organisers, results only came with the application of hard work. There is, however, some evidence that buyers, including younger ones, are alerting themselves to the many opportunities currently available.

"The shortage of really high quality pieces, probably held back by prospective vendors until prices improve, has started to affect the price of those that do come on to the market."

The Index does not reflect volume of sales, which in 2007 was still low, driving some more dealers out of business and causing them to load their stock on to a cautious market.

The value of dining chairs and some carcass furniture had fallen in 2007 along with Victorian and lower quality pieces, but this was balanced out by the price movement of earlier, 18th century, better quality and decorative pieces.

In a still selective market, collectors and furnishers led something of a mild recovery in traditional purchasing and there was, as always, some high profile auction sales at which the upward effect of provenance was marked.

However, John emphasised that most movements either way were relatively small.

He said general auctions had not yet exhibited any return to enthusiasm for run-of-the-mill "antique" furniture, especially the late 19th century and old reproductions that so often filled the "brown" category, but anything with a decorative appeal was sought after regardless of period.

"The market demands pieces in good condition despite the many excellent restorers this country contains, so things in need of attention often lack buyers," John said.

But he said there were still many bargains to be had at auction. His magazine had already remarked on the difficulty of selling late, plain, slope-front bureaux, which were now excluded from many auctions due to lack of demand.

Changes in social habits had affected sets of period dining chairs, once a staple of the trade, so that prices were still weak and sets of less than six often went unsold.

The fashion for Modernism in furnishing was also still having an effect, with 20th century designs prominent at antiques fairs, particularly in London.

Despite these negative aspects, however, regional demand for oak, country and walnut furniture was still sturdy. Even mahogany furniture, as long as it was genuine period furniture of quality, was showing signs of rising demand due to scarcity.

Indices of both early and late mahogany remained unchanged along with the Regency period.

A separate index of Victorian and Edwardian furniture, started in 1973, fell very slightly from 1283 to 1254, a change of 2%, while the index for period oak rose by 1% to 3628.

Fewer auctions of early oak in London reflected the big auctioneers' falling interest, but John reported a continued strong following in the provinces, although single chairs of the backstool type and wainscot chairs declined unless possessed of interesting provenance or carving.

He said the "buffet" kind of court cupboard was not attracting buyers, and refectory tables often showed price weakness, perhaps due to suspicions about originality.

On the other hand, good early dressers, side tables and coffers with interesting carving moved slightly upwards.

Paradoxically, side tables of the oak period but made in other woods such as yew, elm or fruitwood had been getting higher prices, a feature reflected in the country section of the Index.

Moulded front chests were subject to the decorative factor now required of furniture. Plainer versions tended to go at much lower prices than those with good geometric mouldings, inlays and panels of lighter woods.

Size was also a factor; the larger chests, over 3ft 6in wide and sometimes quite high, could be difficult to sell.

Interestingly, walnut had seen the strongest upward movement (Index 2880, up 5%) mainly due to scarcity of original pieces, John said.

"After years of absorbing dodgy examples, this category seems to have recovered its confidence in the safeguards now protecting buyers, who must be wellheeled", he said.

Single chairs and armchairs suffered the same decline as the other categories but card tables and chests of drawers, including chests on chests, showed gains.

Uniquely, good slope front walnut bureaux with stepped and attractive interiors showed slight gains, whereas plain ones and those with straight interiors did not.

Fall front secretaires, not a common item, gained modestly, whereas there had been little or no change for lowboys, tripod tables and kneehole desks.

Early mahogany (Index 3062, no significant change) was hard hit between 2002 and 2005, but recovered a little in 2006 and stabilised last year.

Falls affected chairs, card tables and bureaux, but dining tables, tripod tables and bureau bookcases showed modest gains.

The night table with tray top and tambour shutter also recovered despite many less traditional forms selling very cheaply at provincial auctions, while pairs of night tables of quality were more expensive than in 2006.

Early Victorian furniture (Index 2330, down by 7%) had fallen yet again. Most affected were chairs, either single or "short sets" of say four dining chairs of the balloon-back type, but even sets of six or more were not the target of eager buyers.

Incidental items like Canterburies, teapoys and plain Wellington chests were affected, but not severely. Work-tables of mass manufacture did not prosper either.

The Index does not include furniture by celebrated designers, which would produce strong upward effects since names such as Pugin, Godwin, Talbert, Eastlake and Surges are still a separate category from general Victorian output, with collectors and museums in avid pursuit.

Outside London, the enthusiasm for country furniture remained firm (Index 3875, up 2%). This category was one of the least affected by the post-2001 slump and, after a couple of years of mild decline, its prices had stabilised.

Big gateleg tables and country lowboys, were sought after and the dresser remained a popular piece.

Chests of drawers needed decorative appeal; plain oak chests fall into the lower, "dull" and declining price brackets.

This will bring hopes that the corner has been turned

CAPTION(S):

The traytop night table with tambour shutter was preferred to other types, pairs fetching relatively higher prices; Although demand for country furniture was robust, the market for spindleback chairs remained weak; Dining chairs of all styles were in decline, perhaps due to social changes. Shield back 'Hepplewhite' chairs like these were not exempt; Moulded front oak chests, above, needed to be decorative and not too large to attract good prices while walnut furniture of genuine quality did quite well, the bureau bookcase, right, being preferred to the plain bureau which, unless fitted with an interesting interior, was difficult to sell; Kneehole desks have been showing little or no change; The Pembroke table, unless those with decorative Adam-style inlays like this mahogany example, has languished for quite a long time