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| Passion Investments: Antiques | |||||||
| Masterpieces Underfoot
Debra Ryono 09/01/2004 |
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According to legend, the mighty King Solomon owned a green silk flying carpet large enough to hold his throne and coterie. While none of today’s Oriental rug collectors, merchants or experts claim to have encountered a carpet with magical powers, they have found that finely made antique rugs can be enchanting investments.
The rugs inspire his wife, who is an artist, and inform the sensibilities of their two young children. “It’s wonderful art for children,” he explains. “The rugs are the highest art form on the planet. If you take a very great painting, there are still a few thousand people who could do a knockoff, and only people with skill can tell the difference,” Jon says. “But a rug you can’t copy. It’s like a Stradivarius violin.” Jon is clearly not alone in his enthusiasm. Jan David Winitz, founder and president of Claremont Rug in Oakland and Berkeley, Calif., and an avid collector himself, boasts a clientele that includes approximately 45 aficionados who have spent between $1.2 million and $7.5 million each on Oriental carpets. “We have about 350 rugs in our vault that people have purchased for investment purposes and left there to appreciate,” he says. The individual prices vary from $40,000 to $250,000. “In a 20-year period—with all economic cycles—a rare antique rug can bring in 8 to 12 percent per year,” Winitz notes. “As far as good antique rugs—not rare—appreciation is 5 to 8 percent per year for a quality rug that is 100 years old or more.”
Woven History When classifying rugs, the broad term “Oriental” refers to those made in a region stretching from present-day Iran to western China, and south into India. The Persian rug, made in what is modern-day Iran and the best known of the Orientals, proffers heavily embellished and deeply colored designs. A Caucasian rug (woven by the inhabitants of the Caucasus Mountain region), by contrast, appears coarser, with geometric patterns. “In Persia the eye was for silky and soft, ostentatious and a reflection of success,” explains Raymond Benardout, a Los Angeles-based dealer who has traded in rugs for nearly half a century. “Entertaining was a major part of social life, and a carpet reflected its owner’s success.” Experts refer to pieces larger than 35 square feet as carpets; smaller sections are rugs. The best examples can take years of hand-racking work to complete; a family might labor for 10 years on a single large carpet. The coarser rugs have about 80 knots per square inch, while the most intricate Oriental rugs, made for the Mughal rulers of India in the 16th and 17th centuries, are comprised of more than 2,000 knots per inch. Patterns and colors vary by region, and even by tribe or town. Typically, an artist fashioned the design, which workers then labored to bring to fruition. Although rugs produced in a particular region may be similar in appearance, each has its own idiosyncracies—notably, in design or colors. Even within a particular rug, colors may vary slightly from one line of knots to the next. This variation, or abrash, is a natural result of the dyeing process. Wool at the top of the lot may have dried more quickly than wool at the bottom. Abrash is perfectly normal and acceptable. “The saying is that only Allah is perfect,” muses Benardout. Oriental carpets began making their way into Europe as early as the 14th century, but most of the oldest pieces are now only fragments, often behind museum glass. When trade between Europe and the Ottoman Empire became commonplace in the 1870s—and when Oriental rugs became de rigueur in Victorian homes—the rug industry began to shift. Artisans began to create carpets to suit European tastes, utilizing lighter colors and often an overall pattern rather than centered medallions. The rugs were initially sent to London, then shipped around the world. Among the most sought-after rugs from the late
1800s are those that were made for Ziegler, a German company based in
Manchester, England. The company took traditional Persian designs and altered
them for less-flamboyant Western predilections. A Ziegler Mahal rug sold at
Sotheby’s in April for $275,185, well above the estimate of $73,000 to
$92,000.
Such spectacular valuations are not common, however.
Rosalie Rudnick, a collector from Boston, became enamored with the textiles when
a water pipe broke in her home. The flooding ruined her carpet, and her search
for new flooring brought her into the world of Oriental rugs. “The intellectual
part of the rug world is intriguing,” she says. “There is so much history that
goes into the rug, and generations of design.” Although she has profited from
her collection, she cautions that this field is not for someone seeking
spectacular returns. “If you’re lucky, you make money, but nobody gets rich.
Rare, unusual rugs are where you make the money, and even then it does not
always work out. Many times you overpay for the product.” Additional Information |