I’m often asked about current trends in the industry and after a year to reflect, I want to share with you what the market is telling us is hot. Our office recap of 2017 revealed a few things we already knew and a few pleasant surprises. If you are downsizing, decluttering your life or just need some cash, I hope this has a few great tips for you.
Cars and Guitars lead the way. Okay, that’s two of the five, but I had to combine them, as they rhyme. And I am all about that. Vintage Cars continue to perform well though the market keeps shifting up as the Cars from the 60s and 70s begin to outperform those of their predecessors. The law of demand has overtaken this and many other markets. Rarity, supply and age does not seem to be the key. Simply demand. Guitars are my way of saying most vintage musical instruments. Their trends have been fantastic even through rough economic times. Musicians want these classics and the demand is strong. A rare Gibson Korina Flying V realized $180,000 at our auction house last year and the market continues to climb. But it’s not just guitars, vintage saxophones, trumpets, synthesizers and the like have all seen steady growth.
Modern & Contemporary Art keeps setting record prices. Although, art is all about a name, or in other words the artist, you’d have to live under a rock to not have heard about these soaring numbers. The Basquiat that sold for $110.5 Million Dollars. A Picasso recently fetched $179 Million and the list goes on. You may not have one of these in your closet, but you may have a Kenneth Noland. A meer $120,000 or so. We recently found one of those in Sun City Estate. Last Appraisal in the 90s had it valued at $17,000. That’s quite an appreciation. While other art has been in decline, for the same reasons as older vintage cars, demand, this contemporary market is climbing to record territory. So I say, sell high. Buy Low.
Mid Century Modern furniture is still holding its own. Eames chairs, Bertoia designs, Knoll and all others of the period continue to perform. The millennial with disposable income really has gravitate towards these designs and being minimalists as a generation, these keep pieces are what they are opening their wallets for.
And lastly, firearms. Even as collectors sell off their collections, there is a new group of collectors ready to sweep them up. This goes against other markets. As baby boomers off most of their collectibles and flood the market, this historically softens the market for them. Following supply and demand as expected. As large collections of similar items hit the market, with little demand, the buyer can pick and choose where to spend their money. Too much supply and no demand. But this is not the case when it comes to firearms. In many cases, entire collections are realizing retail prices and just moving from one generations to the next. If all collectibles performed like this, I would not be writing this article as I would have no internet connection on my Private Island.