As an antique investor, I’m constantly on the lookout for the next big thing. Well, I think I’ve found it. I’ve already written an article about investing like the Russian Gokhran. But if that doesn’t interest you, maybe you should invest like a Russian Czar instead!
Imperial Russian antiques are tangible reminders of a glorious, but doomed empire that had a population of 170 million subjects and covered almost 1/6 of the world’s landmass. Fine antiques from the Russian Empire have always been popular among collectors, but the recent 100th anniversary of the collapse of Czarist Russia has sparked renewed interest.
Pre-revolutionary Russia is a fascinating place and time in human history. The Russian Empire was headed by the glamorous Romanov Dynasty during this period – a family that has entered into popular mythology over the past century. The personal triumphs and tragedies of the Russian royal family have been recounted countless times in books, movies and television since the overthrow of the monarchy in 1917.
The history of the Romanovs reads like a fiction novel. The dynasty first came to power in 1613, after the tumultuous Time of Troubles – a period in Russian history punctuated by famine, political infighting and foreign invasion. However, the establishment of the Romanov bloodline put an end to this chaos, ushering in their 300 year reign as the nation’s autocratic rulers.
The Romanov Dynasty ruled over a Russia that was still largely medieval in its administration and outlook, even into the 19th century. For instance, the Russian Empire only emancipated its serfs (peasants tied to land owned by the aristocracy) in 1861. Unlike Great Britain and other Western European nations, Russia’s aristocracy lacked the counterbalance of a rich and powerful industrial or mercantile elite. As a result, the aristocracy’s power was only effectively checked by the authority of the Czar and his administrators.
The end of the Russian Empire is all too familiar to students of history. Imperial institutions, while originally dynamic and vital, gradually became ossified and ineffective over the centuries. The Romanov monarchs systematically resisted any attempt to meaningfully curb their power or reform the government. The Russian State Duma, a rudimentary parliament of sorts, was belatedly established in 1905. But the Russian old guard could not abide sharing power, rendering it a token institution.
World War I was the final nail in the coffin for the vast, but teetering empire. Widespread food shortages and a series of military setbacks strained the Russian people to their breaking point. The Romanovs sat secluded and unaware in their lavish palaces while political and social chaos swirled around them. Finally, the last Czar, Nicholas II, was forced to abdicate on March 15, 1917.
For anyone interested in investing in Imperial Russian antiques, I have good news. There is a multitude of aesthetically pleasing objets d’art for the savvy connoisseur to choose from, many of them rendered in gold, silver and precious gemstones. And while prices are usually somewhat higher than for comparable antiques from Western Europe, given the Russian Empire’s romance and history, they are well worth the cost.
The first Imperial Russian antiques I want to showcase are Czarist era silver and gold coins. The Russian Empire’s main currency unit was the rouble, with kopeks acting as the equivalent of cents. Denominations from the tiny 5 kopek coin to the substantial 1 rouble coin were all struck in silver. Gold coins were struck in 3 rouble, 5 rouble, 7.5 rouble, 10 rouble and 15 rouble denominations.
These attractive coins feature the head of the reigning Czar on the obverse and the iconic double-headed Romanov eagle on the reverse. Alternatively, some coins have the denomination surrounded by a legend or wreath in place of the Czar’s bust.
If you are interested in collecting these compelling Imperial Russian antiques, I suggest that you stick to the higher denomination silver coins or the gold coins. The larger silver coins like the half-rouble and rouble are impressive mementos of Czarist Russia and are the most likely (among the silver coins) to appreciate in value. Any Imperial Russian gold coins are highly desirable and there is always strong demand in the market for these covetable pieces.
Imperial Russia even struck platinum coins for a brief period from the late 1820s to the mid 1840s. These unusual pieces were the only platinum coins ever intended for general circulation in history. Unfortunately, they were not popular with the Russian people, who were not familiar with platinum as a precious metal. As a result, few of these platinum coins were minted and they are very scarce and expensive today.
One caveat when buying high value Imperial Russian coins is to watch out for fakes. Because they are in perpetual demand, a significant number of counterfeit specimens have been produced over the decades. In order to avoid this pitfall, I strongly recommend that any Czarist Russian coin you consider purchasing with a value of more than $100 be certified by a third-party grading service, either NGC or PCGS. This advice applies doubly for gold and platinum pieces, which are the most often counterfeited.
Jewelry is another category of Imperial Russian antiques that is well loved by collectors and investors alike. Even though it was heavily influenced by contemporary Victorian and Edwardian stylistic trends, Czarist jewelry has a uniquely Russian look.
For example, Imperial Russian jewelry often incorporates native Russian gemstones from the Urals or Siberia. This includes fabled gems such as green demantoid garnet, reddish-purple Siberian amethyst, glowing Baltic amber and vibrant nephrite jade.
Imperial Russian jewelry also often employs fantastic enamel-work, especially guilloche enamel. This is the translucent, luminous enamel that the renowned Faberge workshops were famous for. Cloisonné enamel – opaque enamel where different colors are partitioned by thin metal strips – was also a specialty of 19th and early 20th century Russian jewelers.
Like most Imperial Russian antiques, Czarist jewelry is in very high demand. This has driven prices up considerably over the last few decades. At this point, it is difficult to find anything worthwhile for less than about $1,000. And the sky’s the limit on the high-end of pre-revolution Russian jewelry.
Any overview of Imperial Russian antiques would be incomplete without mentioning Czarist silverware. It is some of the most beautiful antique silver produced in pre-World War I Europe. A fine silver flatware or tea set was de rigueur for any respectable pre-revolutionary Russian noble family.
Antique Russian silver is normally found in two different finenesses: 84 zolotniks and 88 zolotniks. The zolotnik fineness standard originated in medieval Russia and was gradually phased out after the Russian revolution. 96 zolotniks is pure silver, meaning 84 zolotniks is equivalent to .875 fine silver while 88 zolotniks is .917 fine silver. Occasionally high end antique Russian silver was made from 91 zolotnik silver, which is 94.8% fine – purer than sterling silver.
Imperial Russian silver often relies on a handful of characteristic silversmithing techniques. The first of these is bright-cut engraving, where a design or scene is shallowly cut into the otherwise plain surface of a silver object. The second technique commonly encountered is cloisonné enamel, something Imperial Russian silver has in common with Czarist jewelry. Finally, niello, a blackened alloy of sulfur, silver, copper and lead, was often inlaid into antique Russian silver as a contrasting decorative element.
Czarist era Russian silver is highly desirable and almost always sells for a premium versus other antique Continental European silver. Very little good material can be found for less than around $200. Nonetheless, pre-revolution Russian silver represents a superlative way to invest in Imperial Russian antiques.
Czarist Russia represents a lost, almost legendary, way of life in which nobility and royalty lived carefree lives of sumptuous excess while factory workers, peasants and soldiers wrestled with the drudgery of everyday life. We might not have wanted to live there ourselves, but it sure is amazing to be able to peek inside their world. Luckily, Imperial Russian antiques give you that rare (and lucrative) opportunity.
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