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Moaning about how money rules in the world of art and antiques is, I know, tantamount to being a traitor to the cause. Of course we want to get good returns on our money--that's the whole point! Getting a good return on an item is joyful, but from my point of view, I would like to feel that I have priced something fairly. What's fair when something is unique? Should there be a set ratio--if you buy something in auction and a potential client researches the item and sees that you paid x for it and now want 10x--is that fair? And what about items that you paid over the market for? The money conversation quickly bogs down on what "fair" means. The one thing I want is for my clients to feel that I am a source that they can come to again and again for furnishing or collecting. If I paid very little, I will be far more generous in negotiating than if I paid a lot--that is my rule. Charm and wit on the client's part always plays into any conversation about money, as well. It is, in the end, about earning a living.
On the collector side, money is, of course, necessary, but it is not a guarantee of a great collection. There are tangents that can distract the collector when their funds are unlimited. For example, I remember when there were thought to be only a few examples of the chairs that were made by Samuel Gragg. When Gragg chairs came to auction, the desire to own something that was thought to be so rare, was overwhelming to some collectors. Hence, two monied collectors could wreak havoc on the market. (I'm not certain it actually happened, but I do remember Gragg chairs making sizable sums in auction for what they were--chairs to be taken out on Boston Common on nice days.) Every dealer knows that they must be circumspect about prices no matter how rare an item may be as they may want to buy it back some day. As nice as the Gragg chairs are, there are more in existence than anyone knows and hence the collector and/or dealer who banks on a high price due to rarity is acting on limited knowledge.
What might constitute a clever use of funds? The truly great example was the Prince Charles's loan to The Art Fund to stop the sale of the contents (house and grounds) of Dumfries House on the Scottish Borders in July, 2007. It was a unique situation, of course as the Prince had a privileged position and was able to step into the breach to save what many saw as a (Scottish) national treasure, something few other people had the clout to do. The furniture in Dumfries House is a Chippendale commission and so it would have been a great chance for serious English furniture collectors. I can assure you that had the sale happened, the prices would have been extraordinary. The opportunity to use money cleverly in collecting, however, is based on knowledge. Almost every great collector I have met visits every dealer they can to learn about what they are collecting and will buy unique items. With time, however, the sharp eyed collector will feel emboldened and take a chance. With a little luck, they might get something great. With the help of a grounded and experienced dealer, they will get something great.
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