AS the DJIA and Nikkei are plummeting almost daily to new lows, with the dollar and yen surging as the Euro drops the question of the year seems to be…”How will this affect the antiques market? and in particular the Asian antiques market”, after all the middle market for Americana impaled itself 5 years ago, after all the now broke pinheads bought houses they couldn’t really afford and now are in even worse shape. After paying those mortgages little is left after making the monthly Wide Screen Payment and Car Lease for much else. Will the Fed cut interest rates to ZERO? or close to it?
I digress, So forget about people loosing their houses and jobs, pensions being wiped out, health insurance being cancelled. The people in our industry want to know…”Will the Asian Market remain STRONG!!!”. The answer is in a word…”Are you kidding? NO! is the short answer for now.”.
Less money means just that, less jobs means less money, collapsing stock markets and failed bank credit means less money. Don;t you remember the lost decade…? in Japan?? So….try and follow me on this, when there is less money people prioritize spending much more carefully. Here is the order:
- Clothes for the family
- Car payments
- Insurance payments
- Basic home maintenance
- Minimum Credit Card payment.
- Retirement (at age 90)
- School tuition
and antiques….well its down here someplace…
So, keep reading about that Kangxi vase, the Qianlong jade animal, maybe go to http://www.Abebooks.com once in a while and find a bargain. This too shall pass!
So do I really think things are that bad? NO…not really, Its just good once in a while to get some perspective. I think values for the very best things will continue to rise, the middle market will level off and collectors will collect. Go to a good museum, enjoy the Asian Art, European Art and whatever else there gets your attention.
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