News-Antique.com - Feb 28,2009 - Just when you thought you'd heard it all, along comes something to knock you back on your heels.
Apparently, we're in a recession... but not according to those in the high-end antique and art market! This 90-year-old armchair (called Dragons— yes, it even has its own name!) made of leather and wood, sold at Christie's Paris auction this past week for far more than its estimated $3.8 million - a lot more - a Christie’s rep was so flabbergasted at the price ($28.3 million), that he apparently had to check his numbers twice before reporting the figure!
Titled the "AUCTION OF THE CENTURY," the total receipts brought in by the sale were $484 million - almost $60 million more than was previously estimated! Which to some, is proof that antique and art enthusiasts are still spending wildly - even during a recession. Many analysts said that this sale would be a good indicator of how things might progress for the antique and art market for the next 5 to 10 years.
If this is indeed the case, and with chairs selling for $28 million a piece, then perhaps this really is the time to jump into the antique and appraisal business with both feet... after all, you wouldn't want to get caught sitting on a chair that might be worth millions... would you?
For those interested in learning more about antiques and appraisal education, you can contact the Asheford Institute of Antiques at: toll free 877 444-4508 or visit: their website at: www.asheford.com