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| Passion Investments: Collectibles |
Raising Eire
Richard John Pietschmann
03/01/2007
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Bog Standard
The
inimitable Irish aesthetic sensibility that emerged in its
18th-century
silver is one of the primary factors that sets it apart. "Irish
silver
has its own national style, and is almost as different from English
silver as English is from French," Martin says. "It is distinguished by
the
superiority of certain forms—the Irish made the best 18th-century
salvers—and,
probably most noticeable, by a particularly charming and
whimsical style of
chasing and embossing."Martin cites scenes depicting swains and shepherdesses in
landscapes,cottages with smoke wafting from the chimneys, and the use of
characters from Aesop and La Fontaine. "Like Irish people, Irish silver
tends to
be less formal, less stuffy and more fun than the English. If
silver were
literature, Irish silver would be Fielding and English
silver would be
Richardson."  | A TEAPOT made circa 1740 by George Hodder sold for $72,000. |
And if English silver would fill a generous bowl, Irish silver
would fill a mere thimble. Sinsteden says 18th-century Dublin goldsmith records
disclose roughly 60,000 ounces of silver assayed per year, one-tenth the amount
assayed in London. The production of provincial silver was scanter still, he
says, with 10,000 ounces assayed annually in County Cork. Today, Weldon
estimates that Irish silver is some 150 times more scarce than English silver.
"About 5 percent of silver assayed in Dublin in the 18th century appears to have
survived, and provides the foundation for the Irish silver market," Sinsteden
says. Scarcity equates with a tight market and prices at the top end
that swing from puny to stratospheric as a handful of aficionados—Martin
estimates no more than 20 individuals worldwide, with perhaps one-third of them
in the U.S.—either go into a feeding frenzy over a piece or leave it dead in the
water. "Investor-collectors are always an important factor in the silver
market," Slingsby says. "What they are prepared to pay for rare examples drives
the market." VALUE JUDGMENT
Antique Irish silver dating back 200 to 300 years draws collectors
who appreciate fine craftsmanship and this market’s heritage. Today, the most
coveted pieces from Dublin and the Irish countryside often fetch tens of
thousands of dollars. Although experts may debate the long-term stability of
this market, auction prices generally remain far below those paid for the best
English and continental silver, hinting at a potentially huge upside for
collectors. |
A 1725–1731 footed punch bowl by Hamilton created a sensation
last summer when it sold at a James D. Julia auction in Maine for nearly
$100,000 after an estimate of $10,000 to $20,000. A Bolton two-handled bowl and
cover estimated at $25,000 to $35,000 sold at Sotheby’s New York in 2005 for
nearly three times the high estimate. A silver teapot by George Hodder of Cork
sold in 2005 for $72,000, despite a presale estimate of only $7,000 to $10,000.
"It is very important because it’s provincial," says Collin Sherman, silver
department assistant vice president at Christie’s in New York.Prices continue to escalate for exceptional pieces,
particularly provincial items. Among those, items that can be traced to Galway,
Conmel and Limerick remain especially coveted among informed collectors,
according to Sinsteden, who estimates that fine provincial silver commands two
to three times the prices of Dublin silver. Dublin, of course, was the center of
the Irish silver trade, and almost every talented silversmith worked there at
some point. Small-town pieces, however, are generally perceived as more
collectible because of their greater rarity. In terms of market value, "Dublin
is great, Cork is better in many ways, and Limerick is very rare," Tierney says.
"These smaller towns were incapable of producing the quantity Dublin could
produce. It’s a pursuit of the rare by people who want local things." According
to Slingsby, a single wavy-end hash spoon made by William Clarke of Cork around
1710 recently sold for $27,000, and a fork made by John Gillett in the town of
Youghal in about 1730 sold for $3,264. Yet, interesting pieces made by great silversmiths can go
begging. A silver basket made by Hamilton in 1723 sold at Sotheby’s London last
June for less than its low estimate. A rococo creamer described as "rare" and
made by Hamilton in 1745 sold at Sotheby’s New York in 2005 for $3,600 after a
$5,000 to $7,000 estimate. "Buyers are now much more difficult to find for the
middle-of-the-road items, and those prices are, at best, steady," Sinsteden
says.
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