Western antiques: the past year has seen a concerted effort by auction houses and dealers to put past troubles in the market behind them, and concentrate on well-provenanced objects of high quality

Apollo, Dec, 2004 by Heather Russell

The turbulence experienced by the antiquities market in recent years was thought at times to be severe enough to damage greatly, or even bring down, the entire trade. Riddled with criminal convictions, lootings in Iraq, cancelled art fairs, new import laws, and ever-growing restitution and provenance demands, many speculated that these issues were just too heavy for the market to bear. However, a surprising resilience and unexpected buoyancy has emerged during the past year. This upswing is due in large part to the positive, proactive stance taken by auction houses and private dealers, who have proven that they are willing and able to meet the growing demands from museums and private collectors for beautiful and legitimate objects. This transformation has slightly reduced the size of the market, which is now dominated by those objects demonstrating importance, aesthetics and excellent provenance.

Compared to the huge prices realised in the modern and contemporary markets lately, antiquities provide an excellent opportunity for the collector who seeks to purchase great art within a reasonable budget. The global market for antiquities is still much undervalued, as great objects, including ancient jewellery, can be purchased for as little as $1,000. Joanna van der Lande, director of antiquities at Bonhams in London, comments on their strategy for attracting new buyers to the market: 'We strongly believe in offering the lower value lots of 1,000 [pounds sterling] and less which enable new collectors and dealers or those with a more modest pocket to participate in this market.'

This value-based approach is certainly a much-needed balance to the many world records attained in the past year, a fact that has swayed some established antiquities collectors to let go of part or all of their collections. Great works are now regularly surfacing at sales from renowned private collections, giving the market a much-needed dose of credibility and an infusion of excitement. Hicham Aboutaam, co-founder of Phoenix Ancient Art SA in Geneva, comments on this development: 'It has been exciting to see that the upsurge in prices has tempted some individuals whose collections have been dormant for years to offer their possessions, which has led to more spectacular artworks coming to the market for the first time.'

An important new trend of 2003-2004 saw private collectors bidding for themselves for top lots at public auction. In December 2003, Christie's in New York sold an impressive Roman bronze figure of an emperor, dated to the 2nd/3rd century AD at $1,799,500, the year's highest price for any antiquity at auction. It went from a renowned collector, Asher Edelman, to another private collector. At Sotheby's sale in June 2004, six of the top ten lots sold to private collectors, including two objects--an Egyptian granite head of a king and a Syrian bronze figure of a warrior--selling to the same New York private collector bidding for himself in the room. Also in June 2004, Christie's sale in New York had private collectors from the us and Europe bidding in full force, successfully obtaining seven of the top ten lots, including a remarkable Roman marble torso of Hercules, of about the 1 st-2nd century AD, sold to an American private collector for $791,500, a world auction record price for a Roman marble torso.

This trend is due in part to the positive changes made by the auction houses, which are making efforts to publish as much of an object's known history as possible. Dealers are certainly aware of the growing demand from collectors and museums alike for verifiable provenance. Robert Haber, director of Robert Haber & Co. Ancient Art in New York, notes, 'Within the complex world of the ancient art market it is becoming more apparent that a good provenance has a very positive effect on the value of a work of ancient art.'

However, Jasper Gaunt, curator of Greek and Roman art at the Michael C. Carlos Museum in Atlanta asserts that 'provenance is a crucial aspect that must be considered, but it is not the overriding factor. Beauty and importance are also significant: by far the most important aspect to consider when acquiring an object is the object itself.' Among the works recently acquired by the Carlos Museum is arguably one of the finest Roman imperial portraits in America and certainly the finest portrait of the Julio-Claudian emperor Tiberius. Purchased by Gaunt from the us trade in 2003, with a provenance dating back to the 1960s, this monumental marble portrait is one of the most impressive acquisitions in the museum's history.

Collectors' demand for provenance has created another interesting trend. Antiquities dealers that in previous years kept an intentionally low profile, rarely opening their gallery doors to the public, have recognised that education and connoisseurship are fundamental aspects of keeping the trade alive. Last year Ward & Co. held a museum-quality show of Byzantine and medieval art at their Park Avenue gallery in New York. Phoenix Ancient Art plans to bring its Geneva exhibition 'Idols and Mediterranean cult objects' to its New York gallery this December.