|
Recent changes in the world economy have brought changes to the
micro-economy of the string instrument world. The sudden volatility in the
stock market has left fine string instruments looking considerably better
as financial havens than they did a year ago, despite their relative
illiquidity. Many collectors can now pat themselves on the back for their
acumen at having diversified
their portfolios into high end collectibles such as string instruments,
thus having avoided some of the battering that so many have taken in the
stock market.
Consequently the string instrument economy has
appeared to heat up even as the U.S. and world economies have begun to
slump. Retailers are reporting particularly strong sales in most
categories: the string instrument business appears to be shifting towards
a seller’s market. The auction results in 2001 have demonstrated the
strength of the market where the most desired pieces are concerned. At
Phillips in London a Pressenda violin fetched nearly $260,000.00 after
commissions. A Fagnola at Christies brought nearly $70,000.00 after
commissions. Prices for fine bows were strong as well and dealers report
being frequently priced out of the auction market. The two-tiered trend in
the string instrument market, with inflation for the desired pieces
contrasting the stagnation for less desirable pieces continues, as
indicated by the number of unsold lots in London.
What this will mean for the spring auctions in the
United States remains
to be seen but one might anticipate lively bidding from many dealers flush
with cash and low on inventory. And the ever growing retail sector of
auction bidders may be potent as well. The question will be whether or not
the lots offered live up to the expectations of potential bidders.
In the last few decades, escalating prices have brought increasing
scrutiny on issues of authenticity in this market. Today, contemporary
expertise is nearly always sought in a high end instrument
transaction. So it is surprising to see some of the high flyers among
Christie's New York May 4 auction offerings to be relying on the
attributions and certificates of the Rudolph Wurlitzer and William Lewis
firms, long regarded as outdated among string instrument aficionados. Will
the attributions hold up? Or will those lots go unsold: often an indicator
of the public's unwillingness to accept old attributions which are at
variance with current opinions. The upper range of the instrument market
will be tested at Christie's by a Francesco Ruggieri estimated at
$150,000.00- $220,000.00 which ought to draw some interest. A small
Nicolo Amati at $250,000.00-$350,000.00 seems less likely to find a buyer.
Judging from the catalogue the Christie's sale does offer some excellent
value opportunities: Their Georges Chanot, 1825 is the less desirable,
Stradivari model from this maker but the estimate of $12,000.00-
$14,000.00 is extremely conservative. One can expect a number of
interesting 'cellos to shatter their ultra conservative estimates. There
are also a fair number of unnamed speculative lots which in some cases may
draw out rival dealers bidding on the basis of a future attribution. Bows
seem relatively less conservatively estimated at Christie's and the
selection includes a number of big name pieces. Two early bows in the sale
may bring bids from period instrument performers.
Skinner in Boston is also staging a sale with their usual
conservative estimates. Skinner is offering several lots with the
currently less desirable expertise of Dario D'Attili, Jacques Français
and Harry Duffy. As with Christies, it will be interesting to see if the
attributions of the old guard will hold up. Skinner's Grancino 'cello is
reasonably estimated at $160,000-$180,000.00 A small Montagnana violin
might find interest at $200,000.00-$250,000.00 The rarely met with
Venetian maker, Marco Antonio Cerin is represented with a violin estimated
at $70,000.00-$90,000.00. Skinner appears to have delivered relatively
little advance notice of the auction. If the lack of promotional efforts
hurts Skinner Inc. and it's vendors, the narrow competition for
desirable lots will certainly be a boon to potential bidders.
Meanwhile the upstart Tarisio Auctions seems to have opted for the
opposite path from Skinner. Private individuals and trade professionals
alike have been bombarded with Tarisio's publicity material. A boisterous
advertising campaign in the trade publications has trumpeted Tarisio's
successes. If Tarisio's promotional efforts seem shrill, their low
commissions, excellent expertise, and heavy market penetration, make them
a tough act to beat. But their upcoming sale is thin on the high flyers
which have helped to put Tarisio on the map. When Tarisio sold their Amati
Viola for the record price of $775,500.00 it advised the musical
instrument world that Tarisio was a contender. It is a testament to the
rarity of such objects that there is no lot in this sale to help Tarisio
sustain the high rolling image. Nonetheless Tarisio is solid in the sub
100K category. Their Nicolo Amati with the estimate of
$200,000.00-$300,000.00 appears lovely in the photographs and may draw
bids despite the lack of an original head. The G.B. Ceruti could be a
good buy for someone if the bidding ends within the estimated range of
$60,000.00-$100,00.00. Tarisio's Fagnola violin seems ambitiously
estimated at $55,000.00-$75,000.00 even notwithstanding the recent result
for a Fagnola at Christie's in London.
#
Stefan Hersh
|
|