Delaware Antiques Show 2009
The Delaware Antiques Show this past weekend featured some of the best antiques dealers in the Eastern US. The show, presented by Winterthur, is an annual fundraising event for The Winterthur Country Estate. Winterthur is one of the country's most extraordinary collection of American antiques and experts.
Like many antiques shows lately, buying was light, but traffic was decent. Go figure: people aren't spending much money on expensive luxury items. This has been the story over and over again with few exceptions. Buyers at this level are either serious collectors or affluent or both. The economy is certainly affecting less affluent buyers. But even those of greater means are being cautious. It's an odd thing: prices have fallen from the bubble levels of 2006, making this a great opportunity to buy. But, buyers are either not in a buying mood or are waiting for more softening in prices.
One notable dealer has come right out and acknowledged that they are stuck with inventory they bought at pre-bubble prices. They have slashed their prices to cost or below. At the show, one dealer sold a folk-art painting in the six-figure range. Another sold a five-figure cabinet. But most dealers were fairly discouraged about the results.
Dealers at this high level seem to have a balanced view of present circumstances: it's hard, but they are confident business will eventually return. Reason for the confidence? Maybe their experience with those hesitant buyers shows that they'll see that the market has hit bottom. It's time to buy? Maybe, but the mood will have to change.
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