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The History of a Lost Art – Mercury Gilding

The History of a Lost Art - Mercury Gilding

Throughout history, mankind has lusted after the incomparably rich color of gold.  But gold’s high value has traditionally limited gold jewelry, tableware and decorations to the very wealthiest members of society.  During ancient times though, ingenious alchemists developed a way around this problem – gold plating.  Gold plating, also called gilding, is a process where gold is either mechanically or chemically adhered to another substance, usually a less expensive metal.

One very special kind of gilding process, however, was far superior to all the others.  It was called mercury gilding and it produced the most beautiful gilt objects known to man.  Mercury gilding, as the name implies, involved mixing pure gold together with liquid mercury to form a paste-like amalgam.  This gold-mercury amalgam was then brushed onto the surface of a silver, copper, brass or bronze object.

Once the item had been covered with the amalgam, it was heated in a furnace until the mercury vaporized.  Because mercury’s boiling point is so low (674°F or 357°C), the mercury is driven off by the heat, leaving the gold from the amalgam strongly bonded to the surface of the object.  As a final step, the freshly gilt item was burnished or polished using an agate tool.  This gave a bright, high purity gold finish that was both beautiful and durable.

Mercury gilding, also known as fire gilding, has been known since ancient times.  The ancient Greek, Roman, Persian and Chinese civilizations all used mercury gilding extensively for jewelry, statues and other objet d’art.  But there was an alternative ancient gilding method that used gold leaf.  In this process sheets of gold leaf were carefully adhered to a clean metal surface and then burnished, permanently bonding the gold leaf to the underlying metal.  However, gold leaf gilding was very thin compared to mercury gilding and also inferior in other ways.

For example, mercury gilding gave a very even, uniform coating of gold over an entire object.  In addition, the heating process in fire gilding actually diffused gold into the surface of the underlying metal, making the gold layer particularly tough and long wearing.  Finally, mercury gilding left a much thicker layer of gold versus gold leaf.  If desired, the fire gilding process could be repeated several times, increasing the gold thickness even more.

Due to these advantages, mercury gilding was the preferred method of gilding for over 2000 years.  The process of fire gilding was steadily refined over the centuries until it had evolved into a high art form in Europe by the Italian Renaissance.  Later, the French aristocracy’s love of opulent gold decoration, along with the rise of the lavish, baroque-inspired Louis XIV style, naturally propelled France into a commanding position in the art of fire gilding.

In fact, the French loved gilding so much that they bequeathed two different terms for it to the English language: vermeil and ormolu.  Vermeil refers to gold-plating over a solid silver alloy base while ormolu is fire gilding over a copper alloy object.  The term vermeil is still in popular usage today, usually in reference to jewelry.

As dazzling as mercury gilding was, it had one major drawback.  Mercury is a toxic heavy metal that causes terrible neurological symptoms after prolonged exposure, followed by death.  In fact, the Victorian saying “mad as a hatter” specifically referred to mercury poisoning.  This is because hat makers were routinely exposed to mercury nitrate in the hat making process until the late 19th century.

Gilders suffered a similar occupational hazard, with few surviving much beyond the age of 40.  Although poisoning from liquid mercury at room temperature was unlikely, the fire gilding process required that the gold-infused amalgam be heated until the mercury evaporated.  The resulting mercury vapor was easily inhaled, leading to chronic and debilitating health problems for gilders.

Eventually a more technologically advanced type of gold plating, called electroplating, was discovered. The concept of electroplating was first published by an Italian scientist, Luigi Brugnatelli, in 1805.  However, it was not commercially viable until an improved process was developed in Britain by George and Henry Elkington in 1840.

This new electroplating method of gilding was much cheaper, easier and safer than the old mercury gilding process, even if the results were somewhat inferior.  As a result, gold electroplating rapidly displaced the superior fire gilding process starting in the 1840s.  By the end of France’s 2nd Empire in 1870, the traditional method of mercury gilding was effectively obsolete.

Amazingly enough, it is still possible for antique collectors and investors to purchase exquisite mercury gilt antiques from the 18th and early 19th century for relatively modest sums.  Even antiques made in the mid 19th century, between 1840 and 1870, have a fair chance of being fire gilt, especially if French in origin.  The fact that these glittering works of art have so effortlessly survived the centuries is a testament to the considerable craftsmanship and fortitude that went into their production.

Sterling Silverware – The Original Savings Account

Sterling Silverware - The Original Savings Account

Silver is a fascinating substance.  It is a highly reflective white metal that is wonderfully malleable and ductile.  It is also an excellent conductor of both heat and electricity.  In many ways, silver is the quintessential metal, possessing all the beneficial attributes common to metals without the undesirable propensity to oxide or corrode found in base metals.

So it isn’t surprising that silver has been used as money for thousands of years by mankind.  However, pure silver is too soft for coinage, silverware or jewelry.  Therefore, it is usually alloyed with other metals to improve its strength and hardness.  The most famous of these silver alloys is sterling silver, an alloy of 92.5% silver and 7.5% base metal – usually copper.

I’m going to use the term sterling silver in this article as a catchall for solid silver, even though other silver alloys have also been used.  In silverware, these other alloys have varied from German 12 loth silver, which is 75% fine, up to French 1st quality, an alloy of 95% silver that is purer than sterling.  In any case, the differences between these various silver alloys are largely academic.  They all look and behave very much alike in practice.

Although coins are the best known form of silver as money, sterling silverware gradually developed into a monetary alternative in medieval Europe.  For many centuries, sterling flatware and hollowware were effectively used as a primitive savings account.  This tradition began with the European aristocracy and was eventually adopted by the wealthy merchant class.

Sterling silverware was faithfully passed down from parent to child within rich households over successive generations.  As a secure, tangible form of wealth in a very uncertain world, it is no surprise the wealthy favored sterling silverware.  But it also served a very important second purpose.  Silver possesses bactericidal properties – the ability to kill many harmful microbes on contact – that made it ideal for tableware.

This is where sayings like “born with a silver spoon in his mouth” originated.  The wealthy and powerful naturally gravitated towards sterling silverware because it afforded a degree of protection against disease.  In contrast, the lower classes had to use cheaper wooden tableware that conferred no such benefit.

This European preference for sterling silverware was also passed down to their American colonists.  Most colonists in the 18th century considered a well-appointed silver cabinet to be an absolute necessity for a well-to-do household.  This was particularly the case because silver and gold coins were often in short supply in colonial America.  Consequently, sterling silverware was widely viewed as an alternative savings account.

Sterling silver’s reign as another form of savings persisted until the 1860s.  That is the decade when Nevada’s famous Comstock Lode was commercially exploited, flooding the global market with cheap silver.  As a result, most European governments reacted by officially demonetizing silver.  This meant an individual could no longer bring raw silver (or silverware) to a national mint and have it converted directly into money.

The final step in silver’s demonetization occurred about 100 years later, in the 1960s.  From the 1860s until the 1960s, many nations had continued to use silver in their fiduciary coinage.  Fiduciary coinage is when the bullion value of the metal used in a coin is less than its face value.  Fiduciary coinage is, in other words, token coinage.

As the spot price of silver began to rise in the 1960s, many countries found that the bullion value of their fiduciary silver coins began to exceed their stated face value, thus leading to widespread hoarding.  Most countries quickly removed silver from their coinage, replacing it with base metal.  For example, the U.S. changed over in 1964 while Switzerland and Canada followed suit in 1967.

This global demonetization had a devastating effect on sterling silverware.  Once considered a surrogate for money, silver soon became just another commodity.  This, in conjunction with changing lifestyles, led to a broad decline in the use of silver flatware.  Sterling silverware is now widely viewed as completely out of step with today’s informal living and appropriate only for formal occasions.  This is a complete falsehood, but it does grant intelligent collectors, investors and average people a rarely seen investment opportunity.

Right now it is possible to acquire fine antique sterling silverware for unbelievably low prices.  For example, I recently came across a beautiful set of six French silver-gilt teaspoons that were made in Paris during the Belle Époque era, circa 1900.  They are classically styled and eminently usable, even though they are more than a century old.

And the asking price is only $200, not much more than the average monthly cell phone or cable bill.  This heirloom quality sterling silverware will not only last for hundreds of years to come, but will almost certainly appreciate in value as well.  Sterling silverware, the original savings account, is still a great place to stash your extra cash.

Today’s Growing Scarcity of Luxury Raw Materials

Today's Growing Scarcity of Luxury Raw Materials

We are quickly hurtling towards a crisis in the global luxury goods market.  The cause of this future crisis will be scarcity, or, to be more precise, growing scarcity.  The luxury goods market has traditionally used the finest luxury raw materials available, including gold and silver, precious gemstones and exotic hardwoods.  However, a subtle, yet growing shortage of these vital materials has slowly been developing.

This is a surprising and unwelcome challenge for mankind in the modern age.  During the 19th and most of the 20th centuries, the global supply of luxury raw materials rapidly increased as new mining or harvesting technologies were first developed and then perfected.  This massive increase in the prevalence of high-end materials coupled nicely with the phenomenal growth of the middle class in Europe and America during the same period.  Any new supply was quickly absorbed by burgeoning middle class consumers with either no or limited impact on pricing.

However, this seemingly endless cornucopia of ever increasing luxury raw materials has begun to diminish.  In some cases, production has merely stagnated for the last decade or two.  In other, more extreme instances, some of nature’s finest substances, which elegantly graced the fingers and wrists of our parents and grandparents, are now practically unobtainable.

Let’s start by analyzing the king of luxury materials – gold.  For most of human history global gold production was extremely small.  From the days of the Roman Empire until the 15th century, anywhere between 1 and 10 metric tonnes of gold were mined every year.  Then, as technological innovation accelerated, production rose.  By the mid 1850s, the Californian and Australian gold rushes had driven mine supply to 300 tonnes per annum.

But this was nothing compared to the tremendous mining innovations of the 20th century.  By 1970, world gold production was 1,475 metric tonnes.  In the 1980s, heap leaching techniques came online, driving gold production even higher.  In the year 2000, global mine production was around 2,575 metric tonnes.

But then a funny thing happened.  The growth of total mine output slowed considerably after the turn of the millennium.  2016 mine supply was estimated to be only 3,236 tonnes.  This represents an anemic 1.4% growth rate over the past 16 years.  This low growth rate isn’t the entire story however.  Future mine supply is expected to decline in the 2020s due to relatively low gold prices over the last several years suppressing new mine construction.

Gold is only one of many luxury raw materials with a supply problem, though.  The global mine output of diamonds increased dramatically during the 20th century, from just a few million carats per annum in 1900 to a peak of 177 million carats in 2005.  However, total diamond production has since collapsed to only about 125 million carats a year, a level that has remained stagnate for the past 8 years.

Although future diamond output is expected to climb to around 141 million carats by 2025, this is still well below the record levels of 2005 and only represents a 1.1% compound annual growth rate from 2016.  This estimated growth rate declines to a mere 0.6% if we use 2010 as our starting year and plummets to -1.1% if we measure from the peak of diamond production in 2005.

Both gold and diamond mines have been negatively impacted by many of the same economic pressures.  The easily accessible, rich deposits were mined out long ago and are now nothing but fond, distant memories.  This has caused prospectors to scour the ends of the earth looking for viable deposits.  As a consequence, most new gold and diamond mines have opened in some of the least hospitable places on earth, including the frozen wastes of northern Canada and the baking savannahs of sub-Saharan Africa.

Located in rugged, geo-political hotspots, these mines also tend to have far lower ore grades than the average mine from just a few decades ago.  For example, open pit gold mines operating today often yield less than one gram of gold for every ton of ore mined.  Modern diamond mining is even more brutal than gold mining, if such a thing is possible.  A hundred tons of ore is usually needed to yield a few scant carats of gem quality stones.

But the incipient supply issues with the luxury raw material mainstays of gold and diamonds are just the tip of the iceberg.  Many other traditional luxury raw materials are facing even greater supply constraints.  Mahogany, a tropical hardwood renowned for its rich, reddish-brown color and great woodworking characteristics, is another prime example.

For hundreds of years mahogany was the wood of choice for master cabinetmakers and woodworkers throughout Europe and the Americas.  But the resulting over-logging took its toll on mahogany supplies.  By the early 20th century, the type of mahogany traditionally used in antique furniture and other antique luxury goods – Cuban Mahogany – was commercially extinct.

Luckily, another variety of true mahogany – Honduran Mahogany, which had very similar physical qualities to Cuban Mahogany – was available in quantity.  Unfortunately, we exploited this new timber resource just as mercilessly.  Now Honduran Mahogany is endangered as well.

Less than 15 years ago, in 2003, Honduran Mahogany came under CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) trade restrictions.  This means that all Honduran Mahogany imported into the West must be either plantation grown or otherwise sustainably harvested.

Predictably, the price of Honduran mahogany has soared since these import certifications were implemented.  And, unfortunately, there are no other commercially viable species of true mahogany left in the world.  The price of this fine cabinet wood is certainly not coming down again in our lifetime, and perhaps never.

Once again, mahogany is just an example of a larger trend.  As the amount of virgin rain forest has inexorably declined over the last 50 years, a wide range of exotic tropical hardwoods have also decreased in availability.  Native peoples have not only harvested these valuable trees for timber, but they also clear-cut the forest to create farm land and grazing land.  As a direct result, supplies of exotic hardwoods have declined while prices have simultaneously risen.

Gold, diamonds and mahogany are not exceptional.  The same story of growing scarcity applies to a variety of other luxury raw materials as well.  For instance, organic gems such as natural pearls, tortoiseshell, precious coral and ivory have all become increasingly rare due to widespread environmental pressures.  Rising populations have encroached on formerly pristine natural areas while expanding cities have released massive amounts of pollution into nearby oceans and wilderness.  Both of these activities destroy large swaths of natural habitat and reduce extant populations.

It might not be obvious yet because of the lingering effects of the Great Recession, but luxury raw materials have already entered an era of relative scarcity.  This is one of the reasons I like high quality antiques as investments.  They are often crafted from the finest raw materials known to man – luxury raw materials that will only become rarer as time goes on.

The Importance of Patina When Investing in Antiques

The Importance of Patina When Investing in Antiques

It is impossible to talk about investing in antiques without mentioning patina.  Patina is defined as a toned or darkened surface layer that naturally forms on an item over very long periods of time, typically decades or even centuries.  Almost all materials, including metal, wood, paper and stone, will acquire a patina eventually.  Therefore, almost anything genuinely old – effectively any antique – will possess a patina of one type or another.

The appearance of patina can vary widely from material to material, but those that develop on metals are some of the most distinctive.  For example, the velvety, almost powder green verdigris of copper is perhaps one of the most widely recognized looks in the world.  But bronze, with its deep, glistening metallic brown and brass with its soft, golden aura, are also renowned by artists and connoisseurs alike.

Precious metals, surprisingly, also have their own enchanting patinas.  For instance, sterling silver forms a pleasingly mellow, tarnish resistant coating after decades of polishing and handling.  Even karat gold, which is typically highly oxidation resistant, will acquire a very subtle, softly glowing bloom over time.

Although metals have some of the most unmistakable patinas, they are not the only materials to form them.  Wood also tends to develop wonderfully rich and inviting patinas over long periods of time.  This is best exemplified by fine antique furniture, where mahogany, walnut, rosewood and other fine hardwoods gradually darken and take on a richer, deeper tone over time.  But smaller art and antiques, like Japanese netsuke carvings, objet d’art and picture frames often incorporate beautifully patinaed wood too.

Antique prints, manuscripts and paintings will often develop a unique look, called foxing.  Foxing is the formation of brown, reddish-brown or yellowish spots that occurs on old paper.  Although the reason behind foxing is not well understood, it might be caused by either fungal growths or the oxidation of certain elements in the paper pulp, ink or paints.  Unlike other patinas, foxing on old documents or art is undesirable, but also often unavoidable.  Therefore, as long as it isn’t too severe, the price impact is usually very limited.

Why should antique collectors and investors care about any of this?  The answer is fairly straightforward; patina is a primary indicator of genuineness.  An even, natural patina indicates that an item’s surface has been undisturbed for many decades, if not a century or more.  It means that an item is completely original – without repairs, modifications or alteration.

Any repair or alteration made to an antique will, by necessity, disturb any pre-existing patina, rendering it obvious to the careful observer.  And patina is notoriously difficult to create artificially, although forgers do try their best.  This makes an original, undisturbed surface an unofficial, but incredibly important, seal of authenticity for antiques.  In the world of antiques, original items are always the most desirable and, hence, the most valuable.

Regardless of whether you are interested in ancient Roman denarii coins, medieval illuminated manuscript leaves or mid 20th century mechanical chronograph wristwatches, patina is important.  Choosing an antique that has an even, attractive patina helps ensure you are buying a beautiful and original work of art that has the best future investment potential possible.