Browsing Category

Trends

The Vintage Costume Jewelry Collecting Fad

The Vintage Costume Jewelry Collecting Fad
Photo Credit: Housing Works Thrift Shop

Vintage costume jewelry is a hot trend right now.  A quick search on eBay will reveal over half a million examples for sale, ranging from the 1930s to the 1980s.  And it sells too.  Almost 200,000 pieces of vintage costume jewelry have sold on the online auction giant over the past six months.

Although inexpensive jewelry has been with us since the time of the Roman Empire, modern costume jewelry really came about in the 1920s.  This was a period of incredible prosperity and loosening social mores for women.  Newly independent women began looking for ways to experiment with jewelry as a fashion accessory.  Unfortunately, traditional jewelry made from precious metals and gemstones was far too expensive to wear casually or haphazardly.

This was the pivotal moment in history when the renowned French fashion designer, Coco Chanel, spawned an industry.  In the late 1920s she released a line of costume jewelry that allowed women to indulge in their wildest jewelry fantasies without breaking the bank.  She was soon followed by other well-recognized vintage costume jewelry brands, such as Trifari, Coro, Christian Dior, Miriam Haskell, and Napier.

The nascent costume jewelry industry soon received an unexpected boost from the advent of World War II.  This global conflict restricted access to traditional precious materials.  Suddenly gold and platinum from South Africa no longer reached Nazi-occupied Europe.  Likewise, rubies and sapphires from Burma were cut off from the West by the Japanese occupation of Southeast Asia.

This meant that costume jewelry was often the only game in town.  It was made from inexpensive and readily available materials like gilt-brass, silver, plastic and glass rhinestones.  However, considerable effort went into its design and marketing to ensure a high quality product that appealed to a broad range of women.

In spite of its storied history and interesting designs, there is something about vintage costume jewelry that really bothers me.  Specifically, I’m worried about the extreme prices that some people are willing to pay for what amounts to faux jewelry.  To be blunt, costume jewelry – even brand-name vintage pieces – shouldn’t be reaching the exceptionally high prices that it is.

The vintage costume jewelry market has all the hallmarks of a fad.

For example, almost 600 eBay listings of vintage costume jewelry from major makers sold within the past 6 months (as of May 2019) for more than $200.  Fully 49 examples even sold for more than $1,000.  And there are undoubtedly many other high value sales of lesser known makers as well.

Now many people might argue that it isn’t possible to buy “fine” jewelry – vintage or otherwise – for only a few hundred dollars.  So what is wrong with paying a couple C-notes for a very nice (and sometimes historically significant) piece of vintage costume jewelry?

My complaint is that vintage costume jewelry is not (and never will be) investment grade.  Sure, if you love it, buy it.  Just be aware that you are collecting, not investing.  Vintage costume jewelry will never reliably appreciate in value like a piece of fine vintage jewelry.

Let’s examine a real life comparison between a piece of vintage costume jewelry and a piece of fine, albeit modern, jewelry:

 

The Vintage Costume Jewelry Collecting Fad - comparison

Photo Credit: Floridas-Ultimate-Treasures & Cutterstone

The piece on the left is a late 1940s Jewels of Tanjore brooch by Trifari.  It is made from vermeil (gold plated sterling silver) and set with glass stones.  The design was inspired by the Indian jewelry of the British Maharajas.  It sold on eBay on November 11, 2018 for $359.95 (plus $6.00 shipping).

The contemporary Modernist piece on the right is a sterling silver and 14 karat gold pendant by Cutterstone, a small artisan jeweler based in Calimesa, California.  The piece was cast using a hand-carved cuttlebone mold, which is destroyed in the production process.  It was then laboriously hand-finished and set with a natural, 1.27 carat purple-pink, marquise-cut sapphire and a smaller, 0.24 carat beryllium-diffused, round-cut orange sapphire.  I purchased it on Etsy in 2016 for $365 (plus $3.50 shipping).

The Trifari Jewels of Tanjore brooch was mass-produced in a factory by the thousands.  It is likely that hundreds of them are still extant today.  I (generously) estimate the scrap value of the sterling silver used in it at $10 to $12.

In contrast, the Cutterstone pendant was individually designed and hand-made by an experienced craftsman.  And due to the cuttlebone casting, there will only ever be one in existence.  I estimate the intrinsic value of this piece to conservatively be around $300.  As an FYI, I featured a pair of luscious Cutterstone sterling silver earrings in one of my recent Spotlight posts.

The vintage Trifari piece cost $365.95, delivered; the Modernist Cutterstone piece cost $368.50, delivered.  They were effectively the same price.

 

Affordable Vintage Karat Gold Jewelry for Sale on eBay

(This is an affiliate link for which I may be compensated)

 

And yet the Cutterstone pendant is a one-of-a-kind work of art that will undoubtedly age into a fine antique over time.  Its organic lines and superb sense of proportions are truly stunning.  The very real, very enticing, very high quality sapphires merely sweeten the deal.  It is a consummate investment grade piece of jewelry.

On the other hand, this is as good as it’s ever going to get for the Trifari piece.  It is a mass-produced brooch with very little intrinsic value.  Its design is solid, but not particularly original or groundbreaking (there was a lot of Indian-style jewelry being released in the 1940s and 1950s).  Yes, it does have a famous brand name attached to it, but it is a name intimately associated with costume jewelry.  Trifari is no Tiffany & Co. or Cartier.  This is not an investment-oriented piece of jewelry, despite the fact that price trends have been quite favorable for vintage costume jewelry over the past decade.

One of these pieces is a great buy at $370 and one is not.  The worst part is that both pieces use the same primary medium – sterling silver.  Yet there is still a world of difference between them.

In my opinion it would be wise for jewelry collectors and connoisseurs to avoid buying vintage costume pieces at anywhere above $100 or possibly $200.  It is simply too easy to find compelling examples of real jewelry at the latter price point to fool around with fake or junk jewelry, vintage or not.

 

Cutterstone Hand-Crafted Jewelry for Sale on Etsy

(These are affiliate links for which I may be compensated)

 

Read more thought-provoking Antique Sage gems & jewelry articles here.

-or-

Read in-depth Antique Sage vintage jewelry investment guides here.


The Antiques in Your Attic (Probably) Aren’t Worth Anything

The Antiques in Your Attic (Probably) Aren't Worth Anything

A lot of people (falsely) believe that the hoard of antiques or vintage items they have stashed in their basement, closet or attic is worth a fortune.  They might especially feel that way after coming to the Antique Sage website and reading that I tout antiques as a superior investment vehicle.

But the sad truth is that only a fraction of the antiques out there are investment grade, and they probably aren’t sitting in your attic.  There are broad swaths of the antique market that are simply not – and never will be – investments.  Even the very finest items in many vintage categories do not meet the strict requirements for investment-oriented pieces.

I examine this topic in greater detail in an article I wrote titled “Your Hopalong Cassidy Collectibles Are a Bad Investment“.

In spite of this, many people see the words “investment” and “antiques” close to each other in a sentence and assume that the antiques piled in their musty attic must be worth a lot of money.  Nothing could be further from the truth.  Age, by itself, does not confer desirability on an object.

But in order to understand the attributes prized in today’s antique market, it is important to grasp the trends that have shaped it.

The antiques industry has undergone a radical transformation over the last 20 years.  From the end of World War II until the year 2000, antiques, collectibles and vintage items of all sorts appreciated in value more or less non-stop.  The only exception to this rule was recessions, when the prices of many collecting categories would pause or pull-back slightly.  But the overall trend was always up.

This was due to a couple factors.

Post-war America (and Western Europe too) was incredibly prosperous, with average wages rising both predictably and robustly.  Increased discretionary spending power inevitably filtered into the antiques trade, lifting the prices for almost all collectibles.

Another contributing cause was that many members of the Greatest Generation, Silent Generation and Boomer Generation were quite materially acquisitive, although they all had different reasons for doing so.  The Greatest Generation had lived through the Great Depression – often as children or young adults – and was loath to throw anything out, fearing it might be needed again someday.  The Silent and Boomer Generations grew up in an era when physical goods were still somewhat scarce.  Consequently, accumulating large amounts of stuff, including antiques and collectibles, was often considered a mark of wealth and social status for these generations.

Then the wheels came off the global economy.  First there was the Dot Com crash of 2001, followed all too quickly by the disastrous 2008 Mortgage Meltdown and capped by a tepid, decade-long recovery.  These economic catastrophes gutted the middle class, destroying their ability to casually collect antiques or vintage goods.  Younger people, like Generation Xers and Millennials, struggled under crushing student loans and stagnant wages.  Millennials, in particular, were forced to abandon material desires for cheaper and more attainable spiritual aspirations.

The internet also did its wickedly efficient work by allowing buyers and sellers to aggregate on huge sales platforms like eBay, Etsy and Ruby Lane.  Unfortunately, many antiques were far more common than previously believed – a situation that online marketplaces fully revealed for better or for worse.

The effect of these trends on the antique market has been devastating.  Collecting categories that had reliably appreciated for decade after decade suddenly collapsed in value, often with little warning.  Haviland Porcelain, bisque dolls, Waterford crystal and baseball cards are just a sample of the antiques/collectibles sitting in peoples’ attics that have cratered in price by up to 90% since the mid 2000s.

Even redoubtable antique furniture has been on the losing end of this trend.  Old furniture is interesting because so many people (incorrectly) treat it as a proxy for the general antiques market, even though it is really its own category (filled with dozens of sub-categories of course).  Everything from 18th century Georgian furniture to early 20th century Golden Oak furniture has plummeted in value over the past 15 years.  Only those pieces with clean lines, like Art Deco and Mid-Century Modern styles, have avoided the worst of the damage.

Now I don’t want to be doom and gloom all the time.  After all, my website is about investing in antiques.  And there are plenty of great antiques out there that possess marvelous investment potential.  In fact, this is probably one of the best times in history to shop for high end antiques.

But I feel it is imperative that you stick to items that are small and precious.

I favor compact antiques made from gold, silver, gemstones and exotic woods.  Things like vintage fine jewelry, antique silver, ancient coins, classic mechanical watches and old fountain pens are at the top of my wish list.

Sure, I believe some items not made with precious materials can make the grade too.  Vintage Japanese prints are a favorite of mine.  I also just featured a wonderful Mid-Century Modern enameled panel that is almost preternaturally alluring.

In any case, you should stick to the Antique Sage’s 5 rules of investment grade antiques for the best results.  An item must be portable, durable, scarce and of high quality.  In addition, it should reflect the zeitgeist or dominant style of the era in which it was made.

I suppose what I’m trying to say is that you shouldn’t be surprised when you don’t find any investment grade antiques when cleaning out your great aunt Emma’s estate.  The good stuff is pretty rare.  And while it is natural for everyone to believe that their stuff is special, in all likelihood, the random accumulation of old junk that your relatives have stashed in their attics and basements almost certainly isn’t.

 

Read more thought-provoking Antique Sage editorial articles here.

-or-

Read in-depth Antique Sage investment guides here.

Are Antiques Dead to Millennials?

Are Antiques Dead to Millennials?

Are antiques dead to Millennials?  Do they prize the ephemera of yesterday or are they too busy chasing today’s once-in-a-lifetime adventures to care?

The common wisdom is that Millennials (loosely defined as the generation born between 1980 and 2000) do not value physical objects the same way older generations do.  Instead, the common wisdom is that Millennials pursue satisfaction through experiences – fine dining, exotic vacations and unique entertainment.

This bent towards a more spiritual and less material existence leads to real questions about the future viability of the antiques industry.  After all, if an entire generation has opted out of buying vintage items, it does not bode well for the average antique shop.

And yet everything is not as it might first appear in this story.  In order to truly figure out if antiques are dead, we must first understand one simple truth.

Millennials are broke.

Not just sort of broke.  Not just kind of broke.  Millennials as a generation are totally and completely flat broke, at least statistically speaking.

In 2016 (the most recent year that I could find data), the median net worth (including primary residence) of 30 to 34 year old households in the U.S. was a piddling $29,125.  Fully 66% of younger Millennials have absolutely no retirement savings whatsoever.  And like most Americans, Millennials’ wages have stayed stubbornly low for decades.

The big culprit here is student loans, with over $1.5 trillion worth outstanding at the end of 2018.  A massive chunk of this crushing debt is owed by Millennials.  Student loans act as an economic millstone, dragging the young into financial misery while denying them the ability to buy a house, start a family or effectively save money.

Unsurprisingly, Millennials’ lack of discretionary funds has naturally impacted the way they view physical stuff, including antiques.  If you can’t afford a house, a car or to save for retirement, then a Victorian mahogany secretary will not be high on your list of items to purchase.

Having been largely priced out of the American Dream, Millennials have been forced to sublimate their material desires into spiritual desires.  In other words, Millennials have made a virtue of necessity, substituting relatively cheap experiences in place of relatively expensive physical goods.

So are antiques dead?  In my opinion, the answer is no.  But they have been caught in the crossfire of a brutal economic war that has been waged against younger generations.

Allow me to explain.

Because the incomes of younger workers have been suppressed, they are often living in smaller spaces than they would otherwise.  For example, Millennials will often have roommates to save on costs, or they will sometimes move back in with their parents after college.  Even when they do get their own place, it is often a small apartment or condo.

None of these living arrangements is conducive to collecting antiques (or most other things, for that matter).  This is particularly the case with antique furniture, which is hopelessly oversized for most Millennial dwellings.  And when the time comes to move, no one wants to have to drag around hundreds of pounds of delicate antique furniture or vintage kitsch.

Another issue that handicaps Millennials’ relationship to antiques is the fact that so many young people are overworked these days.  It is common for fresh-faced college graduates to practically indenture themselves to large corporations for a modest salary of $30k, $40k or $50k a year.  This is usually enough to put food on the table and a roof other their heads, but rarely enough for much more.

More importantly, antiques require knowledge to be properly appreciated.  Sure, anyone can walk into an antique store and pick out a few things that they instinctively like.  But this does a great disservice to vintage items, which are far more valued and loved when their stories and history are known.

Unfortunately, learning about antiques takes time.  It is not a topic that can be mastered in an hour or two.  And this is time that the average Millennial simply does not have.  They are too busy working 10 to 12 hours a day, running somewhere to grab dinner, rushing to get chores done and then crashing exhausted into their bed in the hopes of squeezing out 6 or 7 hours of sleep.

Antiques, regardless of how intriguing they might be, simply do not factor into a work-life schedule as unbalanced as this.

Now this might sound like a pretty bleak scenario for the antiques trade, but there are a few mitigating factors.

As regular readers of the Antique Sage website already know, I concentrate exclusively on small antiques.  I advocate the purchase of high quality vintage wristwatches, rare coins, old jewelry and other compact antiques.  These investment grade antiques are not only valuable and desirable, but also exceedingly portable, an attribute that can’t be overlooked in our space-constrained modern world.

More importantly, our financial system is hurtling towards a very ugly date with destiny.  We are in the early stages of a global monetary reset – a terrifyingly obvious fact when one examines the inexorable tide of historical U.S. dollar debasement.  Traditional financial assets like stocks, bonds and cash will perform very poorly in this scenario.  In contrast, fine art, antiques and bullion will be some of the only effective ways to preserve your wealth.

Finally, I don’t actually believe that Millennials collectively hate antiques or view them as anachronisms.  I simply think they are making do with what they were given by their elders, which wasn’t much.  Some Millennials really are interested in vintage things of all kinds, albeit different antiques than their grandparents liked.

Many young people frequent thrift shops, garage sales and secondhand stores in the hopes of finding a vintage bargain to brighten up their apartment, condo or townhouse.  Get some money into their hands and their love of sleek Art Deco lines, avant-garde Mid-Century Modern themes and elegant Edwardian whimsy will quickly bloom.

Now, this is where I’ve got some good news and some bad news.

The good news is that I think the U.S. Government/Federal Reserve will be forced to print money and hand it out to ordinary people during the next recession.  Think of this as a bail-out for the common people, unlike the bailout for the too-big-to-fail banks that we got last time around in 2008-2009.

If this comes to pass, even the hard-up Millennial Generation will get a sizable check from Uncle Sam.

The bad news is that everyone else will simultaneously get a government check too.  This means that the prices for most consumer goods (including antiques) will skyrocket in short order.  Given this probability, I contend that everyone – especially Millennials – should invest in some high quality antiques now, before prices spiral upwards.

Antiques aren’t dead; they’re just sleeping, waiting for the right moment to come back to life.

 

Read more thought-provoking Antique Sage trend articles here.

-or-

Read in-depth Antique Sage investment guides here.

Celebrity Provenance – Why Antiques and Fame Don’t Mix

Celebrity Provenance - Why Antiques and Fame Don't Mix
Photo Credit (CC 2.0 license): Insomnia Cured Here

I was recently thinking about the importance of celebrity provenance when valuing or collecting antiques.  This was prompted, in part, by the research I did for my recent article titled “Your Hopalong Cassidy Collectibles Are a Bad Investment“.

Although Hopalong Cassidy was the genesis of this idea, I wanted to more broadly examine how fame impacts a vintage item’s desirability.  In this case, I define a celebrity as any politician (kings, queens and dictators count too), entertainer (including movie stars and musical artists), writer or sports star.  While celebrity provenance can take many different forms when applied to antiques, there are two primary categories.

The first is autographed photos, items or other ephemera.  The second is objects that can be definitely attributed to the ownership of a famous individual, usually via an inscription on the item or photos of the famous person in question using the item.

In any case, a fundamental question about celebrity provenance occurred to me.  How famous does a person have to be in order to render a personal effect or autograph desirable?

In my opinion, the answer to this query is fairly simple.  A person is famous enough when his or her name is familiar to the average person on the street.  But there is a catch.  It only counts once a century has passed from the peak of that celebrity’s fame.

Unfortunately, as we will soon discover, lasting fame is brutally difficult to achieve.  There are precious few 19th or early 20th century celebrities who remain household names today.  However, by examining those who make the cut (and those who don’t), we can make an educated guess at which antiques with celebrity provenance to purchase and which to avoid.

Let’s take a look at a few examples, starting with politicians, kings and other rulers.

How many 19th century rulers are still well-known by the average person today?  I would argue that the answer is not many.  Perhaps the French Emperor Napoleon, U.S. President Abraham Lincoln and British Queen Victoria pass this grueling test.

I also think the Russian Czar Nicholas II slips onto this list, but only because he and his doomed royal family were murdered by the Bolsheviks during the Russian Revolution.  After all, nobody today remembers Nicholas’ father, the Czar Alexander III.  Only the last of the Romanovs passed into legend as martyrs.

And then there are the 19th century political also rans.  These were rulers who were undoubtedly household names in their time, but whose fame inevitably faded over the decades.

I would include the French Emperor Napoleon III in this category.  Now this is where most people say, “What!  There was another Napoleon?” The answer is yes.  The original Napoleon had a nephew who resurrected the glorious French Empire 50 years after his death, but few people beyond history buffs (or Frenchmen) know it.

I also think that the Chancellor of the German Empire, Otto Von Bismarck, is another politician who doesn’t quite make the grade.  Although he was an incredibly influential man during the late 19th century, my guess is that only 1 in 10 people (or fewer) would have any inkling who he was today.

Celebrity provenance is just as vitally important when considering antiques and autographs from movie stars, musicians and other entertainers.  However, we tend to run into the same durability issues as with rulers and politicians; few entertainers remain famous a century after their time in the sun.

For instance, I feel that early 20th century celebrities Charlie Chaplin and Harry Houdini are fairly safe bets.  Even today most people know who these superstars were.

Silent film star Rudolph Valentino is a distinct maybe.  Although he was wildly popular in the 1920s, Valentino’s continued name recognition today is most likely due to his untimely and tragic death in 1926.  Nothing preserves a star’s memory better than dying young and at the height of his (or her) fame.

But many of the silent film era’s biggest stars remain on the cusp in the modern age.  Clara Bow (the original “It Girl”), Buster Keaton, Greta Garbo and Douglas Fairbanks might be familiar to early film aficionados, but few Millennials will recognize the names.  It is a fair bet that in another 50 years, the Millennials’ grandkids will have absolutely no clue who these people were.

So here is our grand question.  If you are interested in collecting antiques with celebrity provenance, which famous people from the last 70 or 80 years are a good investment?

I think the list is pretty short – probably shorter than a lot of collectors would like to acknowledge.

World War II leaders like, Winston Churchill, Joseph Stalin, FDR and Adolph Hitler, are unlikely to be forgotten anytime soon.  U.S. President John F. Kennedy is also well-placed for eternal popularity.

But second tier 20th century rulers such as Ronald Reagan, Mikhail Gorbachev and Margaret Thatcher are riding the bubble.  They may or may not ultimately be household names in another 100 years.

Lasting fame for movies stars is a tough sell in today’s “flavor-of-the-month” entertainment world.  But I think that Humphrey Bogart, James Dean, Elizabeth Taylor and Arnold Schwarzenegger could be good enough.

As an aside, I’m under no illusions that Arnold Schwarzenegger was a great actor, but he did become both a pre-internet meme (I’ll be back!) and a successful politician (elected governor of California).  Sometimes it isn’t the truly great ones who are remembered.  As they say in Hollywood, fame is a bitch.

When it comes to musicians and desirable celebrity provenance, I believe the 20th century will bequeath the future with only 3 giants: Elvis, the Beatles and Michael Jackson.  Every other musical artist of the 20th century, regardless of talent, will be an afterthought compared to these colossi.

The trend in the world of sports will probably be very similar to those in music.  Maybe a handful of great 20th century players from every major sport will be remembered.  I nominate Babe Ruth (most people know the name even if they’ve never watched a baseball game in their life), Pelé (I hate soccer and I still know about Pelé), Mario Andretti (I don’t know a thing about racing, but the name Mario Andretti is synonymous with speed) and Arnold Palmer (a great golfer and all-round likable guy who has a drink named after him).

But the flip side of these predictions is that most vintage items with celebrity provenance from lesser known or second tier famous people will either stagnate or drop in value over the decades.

This is because people naturally have a recency bias when evaluating celebrities.  In other words, if a person was famous during your lifetime – and especially within the past 5 or 10 years – there is the tendency to believe that people in the distant future will also fondly remember this star.

But that isn’t the way the world works.  As every new generation is born, they begin life with a celebrity blank slate, so to speak.  Yes, some parents may pass their love for a certain famous singer or actor down to their children, but this is very much the exception and not the rule.

The rules of celebrity provenance are clear.  If you are interested in collecting autographs or celebrity-linked antiques, stick to those figures you firmly believe will continue to be household names 50 or 100 years from today.  Just be aware that the list will probably be a lot shorter than you hope.

 

Read more thought-provoking Antique Sage editorial articles here.

-or-

Read in-depth Antique Sage investment guides here.