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Yeager’s Poured Silver Bars – Investing in a YPS Grab Bag

Yeager's Poured Silver Bars - Investing in a YPS Grab Bag
Here is a luscious spread of 999 fine Yeager’s Poured Silver bars with sizes ranging from 0.5 troy ounces to 5 troy ounces.  The meticulous attention to detail on these hand-cast silver bars is truly breathtaking, underscoring their superb quality.  These were purchased as a 1000 gram YPS grab bag in March of 2017.

I was checking the tangible asset allocation of my investment portfolio the other day when I discovered something alarming.  I was underweight silver bullion.  A situation like this can sometimes creep up on me because I regularly buy art and antiques for investment purposes.  But this investing strategy also requires me to “balance” my tangibles portfolio with occasional bullion purchases.

“Easy enough to fix”, I thought to myself.  I’ll just fire up my computer and head over to one of the major bullion dealer websites like Kitco, Apmex or JM Bullion.  They all offer competitive pricing on a wide range of silver products, including government issued coins, private mint rounds and bullion bars.

But I’m always looking to get the most for my investment dollar.  To be specific, I’m usually searching for an investment characteristic known as optionality.  Optionality is any aspect of an investment that costs little money upfront, but can return big rewards later.  Most assets that deliver huge, multi-decade returns, including real estate and stocks, operate on the principal of optionality.

That is when I stumbled upon the website of Yeager’s Poured Silver.  Yeager’s Poured Silver, also known by the acronym YPS, is a company that has been making and selling hand-poured silver bullion bars since 2012.  Now, I love vintage poured silver bars, but I have been undecided about the investment merits of new poured silver bars.

At least, I was undecided until I researched Yeager’s Poured Silver.  David Yeager, the founder and owner of the business, has spent years perfecting the art of hand-casting some of the most beautiful silver bars I have ever seen.  He sells a variety of traditional .999 fine silver bars ranging in size from a diminutive 1/2 troy ounce “nugget” to a substantial 1 kilogram specimen.  However, he also offers imaginative 3-D art bars cast in the shape of skulls, pyramids and lion heads, among other things.  He even offers Halloween, Christmas and other holiday themed poured silver bars.

 

Yeager’s Poured Silver Bars for Sale on eBay

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Although he charges fairly high premiums over the spot price of silver, YPS bars aren’t simply bullion.  They are art.  Or, to be more precise, they ride the fine line between bullion and art in much the same way that government issued bullion coins like Chinese Silver Pandas, Canadian Maple Leaves or American Silver Eagles have both precious metal value and collector’s value simultaneously.

Because of the high premiums Yeager’s Poured Silver bars typically command over spot, the item that really caught my eye was the 1000 gram YPS grab bag of silver bars.  As the name implies, this is a full kilogram (32.15 troy ounces) of YPS silver bars of varying sizes and types.  They are all chosen from excess inventory, so the buyer cannot request any specific kind of silver bar.  The upside of the 1000 gram YPS grab bag, however, is that the cost per ounce is significantly lower than if you were to order items individually.

When I placed my order, the 1000 gram YPS grab bag was selling for $634 while silver was trading at $17.26 a troy ounce.  This means the YPS grab bag contained approximately $555 worth of fine silver.  The difference between the purchase price of $634 and the bullion value of $555 constituted the premium I paid above spot.  In this case the premium was about $79 or 14.3%.

In contrast, you can currently buy 100 troy ounce silver bars for about 75 to 85 cents over spot.  This translates into a premium of between 4% and 5%.  So generic silver bars in large sizes are certainly the cheaper option if all you want is raw silver for the lowest possible price.

But those cheap silver bars have some drawbacks.  For one, they are much, much larger than the 1/2 to 10 troy ounce poured bars you’ll get in a YPS grab bag.  Those 100 troy ounce behemoths are also likely to be generic bars from lesser known refineries.  And, finally, large silver bars are likely to be struck or extruded rather than poured.

This last point is important because poured silver bars have a tendency to hold their premiums on the secondary market better than other kinds of silver bars.  You simply can’t expect to sell modern struck or extruded silver bar for more than spot.  Yes, there are certain niche situations where they might command a premium over spot, like a severe physical silver shortage.  But these circumstances are unlikely; you certainly can’t count on them.

But if you want to buy silver at a premium, you also need to be able to sell it at a premium in order to come out ahead.  And that, in my opinion, is the biggest reason to buy a YPS grab bag over generic silver bars – the expected future premium upon resale.

Yeager’s Poured Silver consistently sells for a healthy premium no matter where you look.  It sells at a premium on the YPS website.  It also sells at a premium on the eBay secondary market.  YPS poured silver bars are miniature works of art and are priced as such.

 

Yeager’s Poured Silver Cubes for Sale on eBay

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More importantly, I strongly suspect YPS poured silver bars will always command meaningful premiums over spot.  But here is the really interesting thing.  The premium I paid on my YPS grab bag over comparable silver bars – if you can call generic 100 troy ounce silver bars comparable – was really quite modest.

In fact, my breakeven point versus generic silver is only around 10%.  If YPS silver bars sell for less than 10% over spot in the future, then I will make less money than I could have by purchasing generic silver bullion.  But this potential relative underperformance is actually very limited.

However, if YPS silver bars sell for a premium higher than 10% in the future, then all that upside belongs to me.  And that potential upside is uncapped.  YPS silver bars could eventually end up like vintage Engelhard or Johnson Matthey poured silver bars are today, with premiums ranging from 20% to 60% over spot, or even more.  YPS poured silver bars represent a classic example of optionality in investing.

Below is a list of the items I received in my 1000 gram YPS grab bag.  I placed the order in March of 2017 and the total weight delivered was 32.1829 troy ounces (1001 grams):

 

  • 3 – 100 gram bars
  • 2 – 100 gram cubes
  • 1 – 5 troy ounce “YPS” bar
  • 1 – 3 troy ounce “Slim” bar
  • 1 – 3 troy ounce wedge
  • 1 – 2 troy ounce cube
  • 1 – 1 troy ounce cube
  • 1 – 50 gram “Plata Muerta” (Dead Silver) round
  • 1 – 0.5 troy ounce “Nugget” bar

 

And I’m happy to say that the 1000 gram YPS grab bag I received completely exceeded my rather lofty expectations.  Even though you can’t stipulate the inclusion of any specific bar in a grab bag, I did give a general preference for traditionally-shaped bars and cubes.

Much to my delight, David Yeager went out of his way to accommodate my wishes.  This is in spite of the fact that he was under no obligation to do so whatsoever.  The choice of silver bars in any YPS grab bag is completely at his discretion.

 

Yeager’s Poured Silver 3-D Art Bars for Sale on eBay

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I was not only extremely pleased with the type of poured silver bars I received, but also with the quality of the bars.  It was obvious that they were all hand-fabricated with incredible attention to detail, including serialization (numbering) on several different bars.  They all had beautiful, bright finishes while still maintaining that classic, rugged look that poured silver is famous for.  These are all little touches that set YPS poured silver bars apart from the boring struck and extruded bars that are so common in the bullion market today.  Yeager’s Poured Silver is premium silver.

If you are interested in either bullion or coin collecting, I think a strong case can be made for investing in some poured silver bars from YPS.  Unfortunately, as of the spring of 2018, it appears that Yeager’s Poured Silver no longer sells 1000 gram grab bags.  However, he still offers 10 troy ounce grab bags of his classic bars, cubes and rounds.  And if that isn’t what you’re looking for, you can always go with the 10 troy ounce 3-D art bar grab bag.  Either way, you can’t go wrong with Yeager’s Poured Silver; it is some of the best premium silver available today.

 

Read more in-depth Antique Sage bullion & gemstone investment guides here.


Vintage Avant-Garde – Brutalist & Modernist Jewelry

Vintage Avant-Garde - Brutalist & Modernist Jewelry
This 18 karat yellow gold, diamond and moonstone pendant is a stunning example of Modernist jewelry.  The combination of textured metal with an interesting, but low value moonstone provides maximum visual impact and is typical of Modernist work.  This pendant was made in Europe, probably in the 1960s or 1970s, but possibly as late as the 1980s.

It can be argued rather convincingly that contemporary art as a movement has failed miserably.  Whether it takes the form of Surrealism, Abstract Expressionism or Post Minimalism, contemporary art is often unattractive, if not downright ugly.  These aesthetic shortcomings, combined with the movement’s intellectual inaccessibility, make contemporary art both an elitist’s dream and a practical failure.

However, in one of those little ironies of life, the principles of contemporary art which fail so miserably when applied to large works like paintings and sculptures succeed rather brilliantly when applied to miniature works like jewelry.  Modernist jewelry is one of the very few places that the ideas of contemporary art found fertile ground, blooming into an effusion of exquisite, unrivaled beauty.

Modernist jewelry stands alone as an island of elegance in a sea of humdrum contemporary art.  To say it embodies many of our modern concepts of beauty, while true, doesn’t really do Modernist jewelry justice.  Glittering precious metals gracefully fuse with countless different varieties of bewitching gemstones into a glittering mass of avant-garde style.

One piece of Modernist jewelry may have sensuously organic forms seamlessly melt into heavily textured yellow gold while another hand-wrought specimen may have gracefully sweeping lines simultaneously vie with outrageously angular spikes for visual dominance.  Modernist jewelry happily abandons all convention; the results are often breathtaking.

The Modernist movement in jewelry had its origins in the United States in the 1930s and 1940s.  At that time, Victorian, Art Nouveau and Art Deco had all been popular jewelry styles within the past 50 years.  However, some cutting-edge artists found these established traditions unreasonably constricting.  In the end, they repudiated Victorian style as being needlessly ornamental, Art Nouveau as too rigidly naturalistic and Art Deco as excessively uncompromising and austere.

Instead, Modernist jewelers envisioned themselves as peers to the great painters and sculptors of the age like Salvador Dali, Willem de Kooning and Jackson Pollock, among others.  As a result, the radically new form of jewelry known as Modernism was born.

Throwing convention to the wind, bold founding artists Sam Kramer and Art Smith fearlessly experimented with the new, unbounded Modernist ethos in their Greenwich Village studios.  Andrew Grima, another famous Modernist jeweler, created such alluring, innovative work that he was appointed Crown Jeweller to the British Royal Family in 1970.

 

Brutalist & Modernist Earrings for Sale on eBay

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Once Modernism gained mainstream popularity in the 1960s and 1970s, even illustrious luxury houses like Tiffany, Van Cleef & Arpels and Boucheron produced compelling, high quality Modernist pieces.  With its broad appeal, bold look and eclectic styling, Modernist jewelry is still widely hand crafted by fine artists all over the world today.

The Modernist style is incredibly broad and flexible, but is generally characterized by a dizzying variety of textures, shapes and colors.  One piece may show nothing but sharp angles and straight lines while another may be exclusively composed of rounded, highly organic shapes.  In any case, abstraction and asymmetry are the norm for Modernist jewelry, with the interest flowing from the juxtaposition of disparate forms, colors and finishes.

Little thought is given to the intrinsic value of items incorporated into a design.  Instead, elements are chosen based on the visual effect they will have within the overall composition of the piece.  It is not unusual to find a piece of Modernist jewelry with a simple amber cabochon next to fine diamonds or with humble mother of pearl nestled within impressively heavy 18 karat gold.  In fact, even nontraditional materials like wood and fabric are occasionally incorporated into these unique works of art.

Modernist jewelry often displays chunky, heavy forms with large expanses of gold or silver.  The use of mixed metals is also a hallmark of Modernism, with platinum, gold, silver and copper freely and commonly intermingled.  Obscure or unusual gemstones are frequently used in the pursuit of experimental, avant-garde color combinations.  Unconventionally shaped gemstones like trillion, cabochon or custom cut stones are sometimes found in Modernist pieces.  Occasionally stones are even carved or left as rough crystals for greater effect.

 

Brutalist & Modernist Rings for Sale on eBay

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One offshoot of Modernism is known as Brutalism.  The term Brutalism originally applied to a type of roughly finished, monolithic architecture originating in the mid 20th century, but has since been applied to jewelry as well.  This radical style of jewelry is typified by massive, jagged and highly abstract designs that are at once intriguing and perhaps slightly disquieting.  In a sense Brutalism is the more uncompromising, extreme little brother of Modernism.

When buying Modernist or Brutalist jewelry, the single most important element is the overall stylistic impact of the piece.  A well designed example will captivate and dazzle the observer with compellingly tactile surfaces, explosions of contrasting colors and provocative shapes.  The hallmark of Modernism is uniqueness; most exceptional pieces of Modernist jewelry are one-of-a-kind creations.  Look for pieces that feel solid, substantial and heavy.  Signed pieces will always command a premium over similar but unsigned examples.

As mentioned before, Modernist and Brutalist jewelry commonly uses a wide range of materials, including some that do not possess much intrinsic value.  However, this doesn’t mean that poor quality or shoddy materials are acceptable.  To the contrary, quality is still vitally important.

For example, if wood is incorporated into the design it should be an immaculately finished, exotic hardwood like ebony, rosewood or walnut.  If gold is used, it should be 14 karat (58.3%) gold or better.  Likewise, any precious or semi-precious stones employed should be considered good quality within their respective variety.  And while not strictly necessary, only considering examples with at least one intrinsically valuable element – either precious metals or gems – will help ensure good investment returns.

Modernism as a stylistic movement is a bit of a Rorschach test.  On the one hand, this means that a wide variety of interesting and varied looks fall within its boundaries.  However, it also means that some pieces of jewelry are peddled as Modernist when they don’t actually conform to any of the style’s characteristics.

 

Brutalist & Modernist Necklaces & Pendants for Sale on eBay

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Some mass produced jewelry from the 1960s through the present has attempted to imitate the Modernist look.  But these cheap pieces lack any notable presence and only vaguely resemble true Modernist work.  Avoiding these flimsy and mundane pseudo-Modernist specimens is paramount in order to achieve acceptable future investment performance.  In any case, jewelry that is boring, clumsy or poorly executed should be rejected outright, regardless of whether it was mass produced or not.

Modernist jewelry is a garden of earthly delights for the savvy investor.  Because it is not as well known as some of the other, older jewelry movements like Art Deco or Edwardian, prices are often still surprisingly affordable.  This effect is enhanced by the fact that some materials used in the movement have modest intrinsic value.  Simple, but still desirable investment grade examples of Modernist jewelry start at around $400 each.  However, truly breathtaking specimens that incorporate large, expensive gemstones or extensive amounts of heavy, high karat gold can easily exceed several thousand dollars.  Pieces by well known artists are also, predictably, rather expensive.

For decades Modernist artists have striven to create a style of jewelry that is both cutting edge and completely new.  Luckily for both investors and collectors alike, they not only succeeded, but did so magnificently.

 

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


Arabian Delight – Medieval Gold Dinars of the Islamic Caliphates

Arabian Delight - Medieval Gold Dinars of the Islamic Caliphates
Pictured is a fine example of the iconic “bullseye” type Islamic medieval gold dinars struck by the Egyptian Fatimid dynasty during the 10th and 11th centuries AD.  Fatimid Egypt was quite wealthy due to its strategic position on the busy trade routes between India and Europe.

Our daily lives can be monotonous affairs.  We drag ourselves out of bed every morning, suffer a punishing commute, grind it out at work all day and then trudge home.  Then we are expected to repeat this routine daily for the next 40 years straight.  One possible way to avert this disagreeable lifestyle is to become a connoisseur of the fine arts.  Pursing such a rewarding avocation allows the aspiring art aficionado to experience splendidly fascinating items in his daily life.

And there are few kinds of art more alluring, exotic and accessible than the medieval gold dinar coins of the early Islamic caliphates.  They are glittering pieces of the distant past – tangible reminders of a bygone era of shimmering oases, ancient cities and dazzling palaces in faraway lands.

Unlike Europe, which fell into the Dark Ages after the collapse of the Western Roman Empire, Islam experienced a centuries long cultural flowering.  The Islamic golden age spanned from circa 650 AD to 1258 AD, when Baghdad was sacked by the Mongols.  This enlightened period featured religious toleration as well as significant advances in the fields of philosophy, science, mathematics and medicine.

A major intellectual center for the Islamic world called the House of Wisdom was founded in Baghdad during this time.  Muslims also established the world’s first degree granting universities in the 9th and 10th centuries.  Countless ancient Greek and Roman texts were translated into Arabic during Islam’s golden age, preserving the priceless knowledge of those classical civilizations.  Muslim mathematicians developed advanced maths such as algebra and algorithms.  Innovative Muslim chemists of the 8th century even invented the distillation process that made hard liquors possible!

The Islamic dinar, a nearly pure gold coin of about 4 grams, was a high denomination piece widely used in medieval international trade.  Europe, in contrast to the Muslim world, was an impoverished backwater in this era, with little trade outside the Byzantine Empire.  As a consequence, almost none of the European nations struck gold coins during this time, with the exception of the Byzantines.

The early Islamic caliphates, on the other hand, were obscenely wealthy due to their extensive trade relations with sub-Saharan Africa, India and even China.   Because of this robust commerce, gold dinar coins of the early Islamic Caliphates had relatively high mintages and thus survived in reasonable quantities to the present.  In addition to the dinar, fractional gold coins were also sometimes struck in quarter and half units.

Islam has a general prohibition on displaying images in art – human or otherwise.  Most Islamic art is therefore non-representational in nature, instead consisting of intricate, geometric patterns or elaborate, ornamental calligraphy.  Consequently, the coinage of Muslim kingdoms was struck with highly stylized Arabic (or Persian) calligraphy on both sides.

This style of Islamic coinage was a distinctive break from the ancient Greek and Roman tradition of placing rulers, gods or animals on coins.  This resulted in a breathtakingly beautiful, as well as tantalizingly exotic Islamic-style coinage that was minted for hundreds of years across dozens of Muslim dynasties.

 

Medieval Gold Dinars of Minor Islamic Dynasties for Sale on eBay

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Muslims use their own unique dating system known as the Hijri calendar which is based on a lunar calendar of approximately 354 days.  This Islamic calendar commenced in the year 622 AD (on the Western calendar) when Muhammad and his followers fled from Mecca to Medina in the event known as the Hijra.  This event also gives the Hijri calendar its name.  The abbreviation for the Hijri calendar is “AH” and will oftentimes be found in date descriptions of Islamic coins put up for sale online or in dealer catalogues.

Islamic coins were some of the first coins to be struck with dates, something that didn’t regularly happen on European coinage for almost another 800 years.  Mint names are also often encountered on medieval Islamic coinage, allowing a collector to identify the city where a coin was struck.

The Umayyad Caliphate (661-750 AD) was the second great Islamic state after the death of the prophet Muhammad and controlled a massive territory, stretching from Spain in the west to Afghanistan in the east.  The ancient metropolis of Damascus was the Umayyad Caliphate’s capital city.  The first uniquely Islamic coinage, stylistically speaking, was minted starting in 696 AD during the reign of the 5th Umayyad Caliph, Abd al-Malik ibn Marwan.

During the Abbasid Caliphate (750-1258 AD), Islamic civilization reached the pinnacle of its golden age.  Extending from Tunisia in the west to Pakistan in the east, the Abbasid Caliphate’s capital was Baghdad.  The greatest ruler of the dynasty, Harun al-Rashid (reigned 786-809 AD), not only founded The House of Wisdom but also featured prominently in the classic Arabic literary work “One Thousand and One Nights”.  Gold dinar coins of the famous Harun al-Rashid were struck in substantial numbers and can frequently be found today at reasonable prices.

 

Abbasid Medieval Gold Dinars for Sale on eBay

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The Fatimid Caliphate (909-1171 AD) was a splinter dynasty from the Abbasid Caliphate that ruled from Morocco in the west to Syria in the east.  The Fatimid’s center of power was in Egypt.  This led them to found the city of Cairo specifically to be their capital.

Most gold dinar coins of the Fatimid Caliphate, although adhering to the canonical Muslim tradition of Arabic script on both sides, have a style of calligraphy that is readily identifiable as uniquely Egyptian.  The calligraphy of Fatimid coinage is often strongly reminiscent of ancient Egyptian hieroglyphics, even though it is in Kufic (medieval Arabic) script.  The iconic Fatimid “bullseye” type gold dinar coins are especially coveted by discerning collectors for their attractive appearance.

A desirable specimen of an early Islamic gold dinar should have modest wear; aim for a grade of Very Fine (VF) or better.  In addition, a crisp strike, good centering and fine style are all highly desirable.  Examples that have been bent, holed or excessively clipped should be avoided.

Clipping was an ancient form of fraud in which shears were use to shave off very thin strips of metal around the edge of the coin.  If done properly, the coin was almost imperceptibly smaller in diameter and could be easily passed back into circulation at full face value.  The coin clipper kept the metal shavings from the coin and eventually, after clipping many coins, would have pilfered a substantial amount of gold.

 

Fatimid Medieval Gold Dinars for Sale on eBay

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Coin collecting has been called “The Hobby of Kings” because it was once the exclusive domain of royalty and other wealthy nobles.  If coin collecting truly is the hobby of kings, then gold coins are surely its zenith.  Islamic medieval gold dinars are among the most advantageous ways to invest in the burgeoning Islamic art market.  Prices range from about $250 for common, but still desirable, pieces to well over $1,000 for pristine or rare examples.

Keep in mind that there are countless other Islamic dynasties beyond the three major caliphates that have been highlighted in this article.  Many of these smaller kingdoms also struck gold coins that are very collectible.  While gold coins from these minor dynasties are especially undervalued in today’s marketplace, all medieval gold dinars represent a beguiling, exotic gateway to the refined and profitable world of the hobby of kings.

 

Read more in-depth Antique Sage rare coin investment guides here.

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Read more in-depth Antique Sage medieval art investment guides here.


Weird and Wonderful – Edo & Meiji Era Japanese Netsuke

Weird and Wonderful - Edo & Meiji Era Japanese Netsuke
This antique Japanese netsuke sculpture depicts a smaller rat playfully piggybacking on a larger rat.  Although it looks like ivory, this example is probably made from either bone or antler.  Given the relative crudeness of this piece, it could be a 20th century copy made for the tourist trade.

Americans like things big.  We live in a country the size of a continent.  We drive SUVs that can seat 8 or, alternatively, accommodate a pygmy hippo.  We pioneered the concept of the 6 bedroom, 3500 square foot McMansion, complete with in-ground swimming pool.  Hell, the unofficial motto of the state of Texas – which, incidentally, is comfortably larger than the nation of France – is “Everything’s bigger in Texas!”  But sometimes our obsession with super-sizing everything can blind us to the subtle, understated charms of small things.  And rarely are all the finest elements of small design more fully realized than in Edo and Meiji era Japanese Netsuke carvings.

The Japanese people have traditionally been – and still are today – masters of the miniature.  This artistic gift is perhaps most evident in their incredibly skilled Netsuke sculpture.  Netsuke are diminutive Japanese carvings that emphasize the wonderful plasticity of their constituent natural materials.  They were an integral part of the traditional Japanese wardrobe during the Edo and early Meiji periods, from the mid 17th century to the end of the 19th century.

The primary Japanese garment during this time was the silk kimono, which was worn by both men and women.  However, kimonos have no pockets.  As a result, the Japanese used a pouch or purse to carry around money or other small items.  A netsuke secured a traveler’s money pouch to his kimono sash and was used by everyone from samurai to peasants to courtesans.

Over the course of the Edo period netsuke evolved from purely functional items into increasingly elaborate works of art meant to display the wearer’s wealth, sophistication or even political views.  Edo era Japan was a highly stratified society.  The shogun (ruler) and his subordinate daimyo (lords) were at the top of the social pyramid followed by samurai, farmers, craftsmen and finally merchants.  However, centuries of peace during the prosperous Tokugawa shogunate meant that the samurai class – near the top of the social order – became increasingly impoverished while merchants and craftsmen – at the bottom of society – became progressively wealthier.

The shoguns attempted to preserve Japan’s feudal social order by promulgating strict sumptuary laws.  These laws prevented people in the lower classes from openly flaunting their wealth by building lavish houses or wearing fine clothing.  Newly rich craftsmen and merchants responded to this repression, in part, by purchasing luxurious and fanciful netsuke for their personal use.

In 1853, a naval expedition under U.S. commodore Matthew Perry entered Edo (Tokyo) bay and demanded that the previously isolationist Japanese open up trade relations with the West.  This event threw the shogunate into a crisis that eventually precipitated its downfall.  After the collapse of the Tokugawa shogunate in the late 1860s, the Japanese increasingly adopted Western style clothing.

As a result, netsuke gradually became unnecessary, falling into disuse during the Meiji era in the late 19th century.  Even after becoming anachronisms, devoted artists from Japan – as well as other countries – have continued to craft lavish, whimsical netsuke sculptures to the present day.  This validates the netsuke’s legitimacy as an objet d’art par excellence.

 

Edo and Meiji Era Japanese Netsuke for Sale on eBay

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Antique Japanese netsuke come in a variety of different forms.  The most common are katabori or figural designs.  Popular themes for katabori netsuke were plants, animals, everyday scenes, holy men and gods.  Round, flattened shapes that resemble large buttons or discs are known as manju netsuke.  Mennetsuke (mask netsuke) were also extremely popular, imitating either noh, bugaku or kyogen masks from the Japanese theatre.

Japanese netsuke were made from myriad different materials, but preeminent among them was ivory.  It is estimated that up to half of all netsuke were made from ivory.  Although ivory is a compellingly tactile, durable and beautiful material, its sale has been banned in most developed nations to combat poaching.  This, unfortunately, renders buying or selling elephant ivory netsuke technically illegal in many jurisdictions.  Luckily, the Japanese also produced netsuke in a variety of remarkably attractive materials other than ivory, including boar tusk, horn, bone, lacquer and metal.

Wood is the most frequently encountered netsuke material besides ivory.  Species such as boxwood, cherry, cypress, yew and cedar were commonly used while exotic, imported woods like ebony and rosewood were employed less often.  All of these woods possess exceptionally dense, compact grains that resist wear and are well-suited to finely detailed carving work.  The warm, dark patina of a fine boxwood netsuke from the age of the samurai is both distinctively mellow and unmistakably alluring.

 

Edo and Meiji Era Wooden Japanese Netsuke for Sale on eBay

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The single greatest factor in determining a netsuke’s value is the execution and skill of the carving itself.  This criterion overshadows every other consideration when evaluating a netsuke’s desirability and future return potential.

Condition is another major factor in determining the value of a Japanese netsuke.  Genuine examples – all over a century old – will invariably possess an attractive, even and undisturbed patina.  Due to their age, small chips, cracks or minor blemishes are acceptable on original netsuke.  Major damage, however, is undesirable and renders a piece uninvestable.

Although uncommon, some netsuke makers signed their miniature sculptures just as any other artist would sign his work.  The presence of a signature does not significantly affect a netsuke’s price unless it belongs to one of the most famous masters.  A netsuke’s material, likewise, rarely impacts its value.

 

High-End Edo and Meiji Era Japanese Netsuke for Sale on eBay

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Beware of crude “netsuke-like” carvings when acquiring specimens.  These were produced in vast quantities in 20th century Japan for the Western tourist trade.  These pieces were not meant to be fakes per se, but more like imitations.  They lack the delicacy and refinement of genuine netsuke carvings.  Consequently, they have no collector’s value and should be avoided.  Verifying that a netsuke has two holes placed near each other (originally for the cords attaching it to a kimono sash) should help weed out some of the clumsier reproductions.

Their sweeping, delicate lines and bold, organic forms infuse netsuke sculpture with an unmistakable aura of Eastern sophistication.  Simple, yet original, 19th century netsuke are available from around $175. More complex, intricately crafted examples of these overlooked investments readily trade for several hundred dollars.  Truly exquisite netsuke start at around $1,000, escalating quickly into the thousands of dollars for museum quality pieces.

Few things exemplify the pure artistry of the diminutive better than authentic Edo and Meiji era Japanese netsuke.  As some of the world’s finest works of miniature sculpture, netsuke prove that while sometimes bigger is better, other times small is the best of all.

 

Read more in-depth Antique Sage Japanese antiques investment guides here.