Antique Collectors as Canaries – Welcome to the Coal Mine

In the world of business, from my tiny perch as a communications consultant, nothing surprises me any more. In the world of antiques, from my tiny perch as a collector and sometime dealer, nothing surprises me anymore.

If you have a job that you go to every day and have the luxury of knowing that scenario is going to continue for the foreseeable future. Count yourself lucky. You’re one of the fortunate ones. You have some occupational certainty in your life.

It seems to me, antique collectors, not to mention communication consultants, are like the canary in the coal mine. The first subtle frisson of gas in a mine and the canary does a swan dive to the bottom of the cage. 

OK it's not a canary but the closest I had in the photo archive!

Collectors like to collect. Passionately. And I don’t care what you collect. If you’re passionate, hooked, you’re going to act on that passion, poor economy or not.   

But a key point here is the degree to which collectors continue to collect and at what cost?  Should you spend that $10,000 on a very good cupboard? Pull the trigger on that $4,000 folk art painting? Is the time right for that $2,500 top-notch bucket stand? How about shelling out $3,000 for a stellar piece of decorated stoneware? Or, does one keep the money liquid in a cashable GIC – even if it’s earning next to nothing in interest? Some collectors will buy. Some will not.  There are lots of good things to collect for less than $1,000 – maybe that’s where everyone has gone to play.

A point to make here is that collectors like a good deal as much as the next person. Once armed with knowledge and experience, collectors put their noses to the ground and start searching for antiques and collectables – especially ones that can be had for a bargain or for prices at below market value. The majority of collectors also dabble on the sell side of the market and making a tidy profit on a flea market find is a bonus that can occur frequently.  Again, in this economy, for most of us extra dollars are welcome.

I think it’s obvious that there aren’t as many collectors now as they’re used to be. Maybe the new collectors are all off searching for and collecting “mid century modern” items, advertising and nostalgia or whatever, thus leaving the country furniture domain populated mostly with dotty seniors, including myself, wandering about their houses noting inventories on their smart phones facing the uncomfortable prospect of what to do with these prized collections in their declining years. 

Of course if you’re sitting on heaps of money, enough to make you and your family financially secure, then all these points and counter points I’m making are irrelevant. Those with bags of moola are free to indulge in their collecting passion without constraint.  Still, folks with the deepest pockets are often the ones that don’t like taking a loss, ever. And, they also like a bargain as much as anyone.

However, if you are on a budget, like most of us, you’re going to face the balancing act - to buy or not to buy. Not surprisingly even in the face of uncertainty, collectors will often opt to purchase. The urge to own a particular piece is often too strong to ignore and damn the consequences.

Leaving the economy and financial circumstances aside, collectors desire objects that have character, colour, uniqueness, rarity, strong graphics, visual appeal, good design, form, age and provenance, none of that should surprise anyone. It’s what we all look for in antiques. Good things sell. Very good things sell quickly. And excellent things sell instantly. It’s the price at which they sell that is the moving target.

Of course when objects that meet that criteria, in whatever category, appear on the market they usually sell. What that leaves behind is the inferior objects and lots of them. There is more and more of the below average on the market. Those are objects that prove difficult to sell especially in a sluggish economy. So, there they sit taking up space in shops, stores, flea markets and anywhere else where marginal antiques and collectables are stored, frustrating the advanced collector and confusing the beginner. Heck, in this market even pretty good items languish in the shops and booths of the dealers.

Where is this all going to end? I certainly don’t know. I like most collectors, continue to pursue the hunt, spending what available dollars I have on antiques and folk art.  The thrill of the hunt, the discovery and the acquisition is the equation I love to solve, over and over again. 

The economy may be doubtful. Harsh events may be just around the corner. I don’t want to think about things at that level. I can’t do anything about it.  What I can do is enjoy the simple yet exciting pleasure of discovering more of this great country’s material history and adding these items to a small collection which brings joy and satisfaction on a daily basis.

Perhaps in preserving items of the past, I am doing some good at a minute level. That’s the philosophy I am going with and I think it’s a pretty solid one given all the other nonsense that’s happening around us.

Further, at the risk of extending this notion too far, I’d suggest that if we all spent more time studying and enjoying art and antiquities that our world would be a better, saner, more peaceful place in which to live. Not that that's going to happen, regrettably, any time soon.

Starting from Scratch - Building The Successful Folk Art Collection

When I started this blog, I jumped in with posts based on themes that occurred to me at the time. It wasn't exactly a strategic approach!  Now, some 22 posts later, I was thinking that perhaps it might be a good idea to go back to the basics.
I thought to devote this post to a closer look at some of the considerations involved in actually starting and expanding a folk art collection. (I'm assuming of course if you're reading this blog that you actually want to start a collection.)
First of all let's quickly table a definition of folk art so that we are all reasonably clear about what it is we're discussing. Here's a definition from the Chicago Art Institute as contained in a most impressive book titled: For Kith and Kin, The Folk Art Collection of the Art Institute of Chicago (Published by The Institute and Yale University Press, 2012, Judith A. Barter and Monica Obniski).
"Usually  from the vernacular and rural traditions, folk art at its best implies work produced by those with a singular vision, often highly skilled craftsmen, perhaps unsophisticated by academic standards, but with a sense of composition, decoration and design that is superb."

Hooked Rug by Aurore Benoit c. 1965

Define Success
What is the definition of a successful folk art collection? Well, that depends on the objectives of the collector. If your objective is to search out and acquire a limited number of Canadian folk art items but of the highest quality, you might accomplish that objective with as little as half a dozen to ten pieces.  And, it might take you several years to find those items.
In my consulting business, especially with longer term projects, I make a habit of sitting down with a client to review our "success" every few months. I want to know that they feel that the work has been successful.  This keeps both of us on track and their is no misunderstanding, over time, about what constitutes progress and success.  As a collector, you should review your items and collection over time. Make sure that you are fulfilling the original objectives you set for yourself.
Making Choices
Folk art is created in a variety of mediums such as paintings, drawings, sculpture and textiles. Early on you might decide to focus on a particular medium like textiles or paintings.  Or, as most collectors do, you might decide to include all of those mediums in your search.  Collecting across the board, so to speak, expands the potential for possible discoveries but it also increases the frequency of the "finds" which can be difficult on your cheque book and on your available display space.
Setting parameters on your collection helps define and clarify your search.  With guidelines in place, you can confidently sift through and dismiss literally mountains of material because it all falls outside your area of collecting. And, believe me, there is an Everest like volume of material out there! There is something quite liberating about strolling through an antique store or a market and confidently rejecting everything therein. That's not to say, many of the objects are of inferior quality. They are. They simply don't meet your collecting criteria.
You may, as many collectors do, succumb to the temptation of adding more examples of a particular type of folk art to the collection, needle point samplers, for example.  As a result, you may arrive at a point where you have a "collection within the collection". There's nothing wrong with that as long as you realize the shift in direction. Or, you may decide that vintage samplers are going to be the heart and soul of your collection from there on in. That's fine too. Just make sure it's a conscious decision and not something that just happens.
Enduring long periods of time in between acquisitions is a difficult for a collector. Often that's the reason for an acquisition of a second or third or fourth item in a category. You can't find that carving from Quebec but you do find a terrific painting and you opt to buy that instead.

By John William Waterhouse c. 1900

I recall a story from a few years ago about a Canadian collector who focused on Pre-Raphaelite drawings.  (The Pre-Raphaelite Brotherhood was a group of British artists who objected to the art of their time,1848, and banded together in an effort to advance their type of painting which they felt was more sincere.) Not surprisingly, oil paintings from that same period were beyond this collectors' budget, hence the concentration on drawings which were somewhat less desirable and more affordable. He also knew, and this rule is so true, that a drawing by a great artist is most often still a great work.  It may lack colour, it may be small in size but it is still by the same hand, by the same artist. Some of his finds were truly spectacular. Over time, he put together one of the most impressive collections in the world and I am sure he thoroughly enjoyed doing so. The collection as a whole was unique. That's the beauty of "focused collecting". Because you are so targeted in your search, you can take it deeper and deeper and find objects, sometimes, that no one even knew existed; objects that had been forgotten, neglected, buried in the back of a store or a flea market. Now that's when collecting is at its spine-tingling best! When he was finished, this collector donated the bulk of his collection to the National Gallery of Canada who, I am sure, were more than happy to receive it. So, not only did he have the joy and the satisfaction of building his collection, now he knows that it will remain together in a safe place where the public, researchers and scholars can have access to it in perpetuity. And, his name will always be associated with it. That's a pretty nice way to wrap up a collecting career. I relate this story because it is a perfect example of a collector that was sharply focused and never wavered.* 

Detail from folk art painting. c. 1960

Budget
Let's briefly touch on budget. Like most collectors, I never identified a budget or specific amounts to spend on antiques and folk art. When I bought an affordable item, I simply found the required amount in our account to make the purchase. An alternative would have been to set aside a specific amount of money from each salary cheque and tag it for antiques and folk art purchases. So, with that arrangement in place, I could have bought items on a monthly basis or held off for several months and made a larger purchase.  Taking the time to understand what it is you want in your collection and the criteria that defines quality in those items brings some discipline and important background research to your collecting. Putting some time between purchases heightens the enjoyment of the acquisition when it does occur. It's easy to talk about budgeting but very difficult for some of us to put it into action. For the majority of collectors, all thoughts about budget, restraint and fiscal prudence can go out the window when they find is a unique item that would be perfect for the collection.
Physical Space
Display space is not a factor when you begin to collect but it can become an issue fairly quickly. Most collectors I know fall into two groups. One group is careful about the way they display their collection, always making sure that they don't overdo it. Their antiques and folk art items are given pride of place and displayed in a well thought out manner. The other group is not overly concerned about the display only about discovery and acquisition. I know many collectors who when they ran out of room in their homes simply started filling barns and sheds on their properties. I know other collectors who rent storage space for their collections.  I've read about American collectors who rent industrial warehouses just to display their collections of modern art. You may have a very small space but that does not mean you can't collect. Recognize the limitation and adjust your search accordingly. Often the best examples of folk art, of any antique for that matter, are the smallest ones! A collection of miniature portraits, for example, takes up very little space on a wall or in a showcase but will give you years of enjoyment searching them out.

Painted relief carving on wood panel. 1995.

Conclusion
As I noted in the introduction, with this blog post I wanted to return to basics in an effort to record what I think are important factors about collecting. I hope these observations and opinions have been helpful.
Hope you find something great this weekend!
Shaun
*(Strictly speaking,Waterhouse was not a pre-Raphaelite artist, rather he painted in that style and did so many years afterwards. However, I thought the above drawing of a young woman was so exquisite, I wanted to use it herein.)

If Warren Buffet Collected Antiques and Folk Art

I am currently reading a biography of Warren Buffet, the gazillionaire Oracle of Omaha who bought his first "stock" at the age of 11 and went on to amass one of the great fortunes in the world.
Mr. Buffet is legendary for his meticulous research. His goal was to find shares of companies that were inexpensive in relation to the value of various assets within the company.  To do this he often had to read through annual reports, consult various industry directories and peruse countless  research papers.
He was not above burning through some shoe leather by visiting a targeted company's operations and talking to customers, suppliers and employees. Later, he added "qualitative" analysis to his "quantative" approach and was equally successful.
He knew instinctively that the strength of a company's "brand" gave it additional value and impact in the market place and would continue to do so over time.
Mr. Buffet made his investments most often for the "long haul".  Jumping in and out of the market and flipping stock was not the way he invested. To him, every single dollar was important. The smallest transactions received the same scrutiny as the largest regardless if it was $5 or $5 million.
So, how is Mr. Buffet's approach to investing relevant to the search and acquisition of antiques and folk art?

First of all let's look at the point about research.
In the antiques and folk art field, at any given time, there is huge amount of material on offer.  Despite a lagging economy, there are still antiques shows in all parts of the country.  Group shops and flea markets are seemingly everywhere.  Antique auctions are promoted and held every weekend. In the on line "virtual" world, there are thousands and thousands of antiques and art being offered.  The "categories" of collecting also continue to expand. Items that were once ignored regularly come into vogue as a new trend in collecting to say nothing about fakes, forgeries and reproductions that routinely flood the market.
Imagine then the beginning collector approaching the antiques and folk art market today without doing research.  Yes, it's certainly possible and many collectors do just that, overcome by the sense of anticipation that comes with buying your first few antiques.  But to my mind it's the equivalent of drinking from a fire hose. Yes, you'll satisfy your thirst but you'll get soaked in the process!
Compare that to the collector who does some research before buying. One who decides beforehand to search for a specific antique or folk art.  This collector knows the market prices for particular pieces and specific folk artists. A la Mr. Buffet, the prepared collector looks at many items before making a buying decision.  The Buffet-like collector is looking to add objects to the collection that will remain there for a long time; likely appreciating in price as time goes on. Over the years I've sought out and purchased works by specific folk artists; a practice which has strengthened my collection and will also, if I ever decide to sell them, return many times my purchase price of these works.
Mr. Buffett made a point of investing at times when others were shunning the market or traditional investment vehicles. In a sluggish economy, the price of antiques can and do suffer.  If you can afford to so so, this is a good time to buy. For example, antique furniture prices are down sharply from a few years ago. It is an opportune time to buy superior examples - if you are prepared to have those pieces in your collection and to do so for the long haul.
Consistent with Mr. Buffet, the savvy collector has a plan and an objective. If a piece does not meet their criteria, then it is not acquired!  Similarly, Mr. Buffet resisted fads sticking with his regime year after year. When the competition for value stocks became too intense, he opted to fold his tent rather than change his practices.  The studious collector should also resist fads. Decide beforehand what it is you like, what you are prepared to pay and when.  After that, stick to your plan and your objectives. Adding an item to your folk art collection should be a major event; one that you celebrate quietly every time you walk by the object in your home.  Know too that the more refined your collecting becomes, especially folk art, fewer people will be able to relate to it.  For reinforcement you must have faith in your own research, your own convictions. Seek out other collectors that share that same spirit and conviction.  The trend setters often thought Mr. Buffet was out of touch with the times.  He didn't care.  He was supremely confident in his beliefs because he had done all the research. He knew the answers. If he needed reinforcement, he had a circle of colleagues and investment professionals to which he could and did refer on a regular basis.
So, my fellow collectors. That's what I've learned about collecting folk art from Warren Buffet. The skills are transferable. By any standard, he is a remarkable and extraordinary individual. I can only imagine what he would have done, if he'd turned his attention to art and antiques!
By the way the book is titled: The Making of an American Capitalist by Roger Lowenstein. I highly recommend it.
Best wishes for the holiday season. Hope someone gifts you with a good reference book on antiques and folk art!