Not all that glitters is gold in 2012

Well the great Olympic year of 2012 is upon us, and from the politicians and economists, few crumbs of optimism. Plenty of grumbles too from the small-to-medium sized dealers I talk to, who look back on 2011 with little fondness and view prospects for business in the year ahead with, if anything, even less enthusiasm.

It is clear that last year saw plenty of challenges for the trade, but also opportunities for growth and expansion. While some established firms went out of business, others consolidated, adapted to changing trends by increased specialization, or invested in the future. Witness the impressive Richard Green gallery re-development on Bond Street.

Provincial auctioneers reported buoyant revenues for 2011 – boosted by record levels of consignments across all categories as owners rushed to turn their illiquid assets into cash. Low interest rates and high market values in gold and silver contributed.

It seems that buyers across the board, including now those with the deepest pockets, are increasingly selective about what they wish to pursue. Most of us in the trade, sadly, cannot count the international super-rich as regular clients. And as for the “squeezed middle”, I suspect that the generally gloomy economic outlook is, if only psychologically, forcing your average collector on a modest income to reign in his or her acquisitions.

So it is up to people like me, now more than ever, to make the case for traditional British-based collecting categories – like antique prints (to take a random example!), or oak furniture. Commodities which change hands away from the market vagaries and vicissitudes of the glamorous contemporary art scene or the great Chinese boom may yet weather the storms by navigating calmer waters.

I have to believe that the printed record of our past – be it in pictorial or in text form, or in combination of the two – will never become irrelevant. And hope that there are enough collectors out there with the imagination to appreciate and invest in it.

A very Happy New Year to all readers.

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