Some of my Irvington neighbors sitting with me at auction were in shock. Living in one if Indy’s historic neighborhood’s has given us an appreciation for antiquity, especially furniture from the Victorian era. But as the evening progressed, it was fast becoming apparent that the majority of the others sitting at the auction with us did not share our point of view.
Down came the hammer and the auctioneer shouted ‘SOLD’ to #67 for $7.50. Had he bought a salad bowl? No. His winning bid garnered him a lovely East Lake parlor chair. We continued to watch as several other early 1900s pieces met the same fate. Suddenly there was a renewed energy in the room, and the bids were coming fast and furious, as those present went after a Mid-Century kitchen table and chairs.
The decline in interest in fine antique furniture is no shock to those of us who make our living doing speculative buying. According to recent AFI (Annual Furniture Index) numbers, the downward trend in furniture values that started in 2008 continues to see record falls of 7-8 percent per year. The marketplace that rode high in the last quarter of the 20th century is not seeing a recovery, and there seems there is no turn-around in sight.
Always a barometer of the state of the market, the Antiques Roadshow has begun to rerun some of the vintage episodes from the late 90s. At the end of each appraisal two prices appear at the bottom of the screen. One the appraised value on the original broadcast and the value of the same piece today. In the majority of cases the value has gone down.
So what are today’s shopper buying? There is no question that IKEA is hot. With their motto, “affordable solutions for comfortable living” they have definitely struck a note with apartment dwellers and first-time home buyers. Their modular and multipurpose pieces are inexpensive, easy to assemble and are great for a home with kids and animals. Gone are the days of polishing fine furniture to preserve the wood. Most of IKEA’s furniture can be cleaned with a damp cloth.
Ashley Furniture, which claims to be number one in the world for furniture sales, sells furniture that is mostly made of wood veneer over particle board and fiberboard. It looks good, it is inexpensive and it rolls off the showroom floor. The conclusion one would draw from their success is that the majority of today’s young furniture buyers have little interest in quality craftsmanship or solid wood furniture.
We have also seen a drop in the age of the average shopper. In 1999 the average buyer of home furnishings and appointments was 35-59. That has dropped to 23-39 in 2015. While a couple in their late 50s may be looking for a fine cherry dining room set to entertain their guests, a young mom in her mid-20s looks at a table as a place for finger painting and serving pizza. It must also be taken into consideration that as people approach retirement age, they are more likely to be downsizing than shopping.
To survive, many antique dealers have changed their stock. All but non- existent are the large displays of Golden Oak, formal mahogany and highly ornate furnishings from the Victorian era that filled the antique malls of early 2000. Trends have turned towards painted, repurposed, Deco and MCM furniture and decor pieces. We are still seeing some interest in Mission oak and Primitives, but these too are experiencing a decline.
How long will this last? That I cannot tell you. But, there is an upside to this, antique lovers! While this trend lasts there has never been a better time to get a good deal on quality antique furniture. So grab your debit card…and head on out to the auctions!! Until next time…Linda
Irvington resident Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the valuation and liquidation of antiques and may be reached at 317-258-7835 or lkennett@indy.rr.com