Exchange value . . . . .

FACTORS AFFECTING VALUE

The problem of valuing antiques and collectables is a never-ending one, and one which we cinstantly address in producing Miller's Antiques and Collectables handbooks and price guides. A proce can be affected by many factors, for example:

CONDITION

This is always an important factor and the best way to learn about a 'perfect' piece should look like is to visit a museum. This is especially useful if one is looking to buy an expensive item of furniture, as you will see fine examples of wood, colour and patination. Perfect examples will, obviously cost more. Damage and restoration is always to be regretted and the price of that piece must reflect this.

DESIRABILITY AND RARITY

Although a piece may be extremely rare, unless it is also desirable, it will not necessarily command a high price. When a piece is extremely rare and desirable its condition is not of prime importance.

SIZE

In general, smaller pieces of furniture are favoured by the majority of buyers, with particular attention being paid to usability rather than to mere decoration. Thus small bookcases, tables and desks can fetch higher prices than a rarer but larger object that would not comfortably fit in the modern home. Although the opposite can be true when looking at porcelain and glass: larger pieces are more difficult to make and hence can be more desirable and expensive. Larger pieces of silver will also tend to be more expensive due to the weight of the material.

BUYER'S POWER

One can often be suprised at an auction by a piece selling for many times its estimated value. There can be several reasons for this. Perhaps the estimated proce was incorrect. It is also possible that two or more people bid against each other until the sale price was well above the true value of the object.

INVESTMENT VALUE

another interesting point to bear in mind when buying items for the home (furniture being a prime example) is that, once a new itme has left the shop, its value decreases dramtically. An antique should hold its value and in some cases the value of the piece will increase over time even though it is in use.

PUBLIC APPEAL

The fact that items or collections have been given exposre on television or in a specialist publication will arouse public interest, and substantially increase demand.

LOCATION

As a large percentage of sales take place from dealer to dealer, it is obvious that prices vary. It is also possible to pay more at a provincial auction than in a specialist shop in London or New york.

learn as much as you can about your subject and beware something that looks too good to be true - it probably is !

- Judith Miller's Guide to Antiques