Investing in the Past
Young collectors
“The client has to feel relaxed and at ease when he’s at home, and not as if he’s a house guest. True, it’s not me who’s going to be living in the client’s home, but does that mean I have to make all sorts of inappropriate concessions? Certainly not. Our role as designers is to put the client on guard against lapses of taste, and our duty is to refuse anything that might be, let’s say, compromising.” — Jean Royère
In recent years furniture and lighting by such twentieth-century luminaries as Jean Royère (1902-1981), Pierre Jeanneret (1896-1967) and brothers Alberto (1901-1966) and Diego Giacometti (1902-1985) has, across the board, from amateur aficionados to big blue-chip spenders, become everyone’s new old favourite aesthetic. The downside is that the majority of us mere mortals have been priced out of collecting. According to a recent report, the global luxury furniture market was valued at around US$ 25.4 Billion in 2020, with a predicted annual growth of 5% over the next five years, even taking account of what the Bank of England describes as a “very uncertain” economic outlook. The phrase “luxury furniture” is defined in the report as “movable pieces … made by skilled craftsmen using the best quality material and designed with zero margin for error”, which, essentially, encompasses the very best from any given century or stylistic genre, ergo those pieces which set trends and fashions as a result of their inherent style and innovation. In terms of the really silly stuff, Yves Saint Laurent’s prized Fauteuil aux Dragons (1917-1919), designed by avant-garde Irish architect Eileen Gray (1878-1976), sold in February 2009 at Christie’s Paris for €21,905,000 against a pre-sale estimate of €2-3 million, establishing a new record for a piece of twentieth-century decorative art. Despite the illustrious, almost mythical nature of Saint Laurent’s collection, such a sensational hammer price had as much to do with provenance as the unique and remarkable nature of the piece in question. Gray’s “Dragons” armchair is a masterpiece of invention and execution, its exotic, symbolist character placing it firmly within the first, intimately expressive phase of the architect’s career. Apropos her complete oeuvre, it has an altogether different spirit to her later, reductionist works — such as the “brick” wall panelling and screens for the apartment of Madame Mathieu Lévy on rue on Rue de Lota, or even her own austerely modernist, and now iconic Villa E-1027 (1926-1927) in Roquebrune-Cap-Martin. Similarly, though poles apart vis-à-vis design, Marc Newson’s (b. 1963) riveted aluminium and fibreglass Lockheed Lounge (1990) is still the world’s most expensive design object, selling in April 2015 at Phillips for £2,434,500. One of the designer’s most famous early works, the anonymous telephone bidder turned out to be none other than pop progenitor Madonna (b. 1958) who, after “trying it out” in her 1993 music video for Rain, apparently decided she could no longer live without its voluptuous metallic curves. Coming back down to earth, there are of course myriad reasons for growth in the luxury furniture market, but above all, in recent years the way we look at design has changed; icons and classics are no longer seen only as museum pieces, but as products to live with every day. People en masse are becoming ever more design-savvy and, for that matter, eco-conscious. In the spirit of “buy less buy better”, younger generations are looking to invest in classic, well-made furniture that will stand the test of time; turning away from the plethora of low-quality, ubiquitous furniture pieces seen swamping the high street, that will, inevitably, end up in landfills. An “investment piece” is exactly that, an item of furniture or objet d’art that transcends fads and fashions, embracing longevity and provenance, and whilst it won’t carry the cheapest price tag, it will invariably gain in value over time. That’s not to suggest such items won’t be en vogue, as demonstrated by the perennial popularity of Pierre Jeanneret’s (1896-1967) “Committee” chairs and “pigeon hole” desks — which have, sadly, had their aesthetic appeal severely dented by their inclusion across the spectrum of celebrity homes; with everyone from Kourtney Kardashian (b. 1979) to Rosie Huntington-Whiteley (b. 1987) seen sprawling across the franco-swiss architect’s utopian-inspired cane-back creations (resulting, perhaps inevitably, in numerous fakes and “approximations”, with even high street behemoths like Zara, Anthropologie and West Elm cashing in on the trend for all things Chandigarh).
The “GJ” chair, hand-made in limed oak and upholstered in linen, by French designer Léo Sentou, part of a new capsule collection inspired by the history of luxury craftsmanship from the eighteenth century to the present day
A selection of twentieth-century works from Galerie Maxime Flatry, Saint Germain, Paris, including a tripod table and day bed, both by Jean-Michel Frank
It was writer and art historian Cara Greenberg who first coined the phrase “Mid-Century Modern” in 1984 as the title for her seminal book, Mid-Century Modern: Furniture of the 1950s, about an offspring of modernism that has since become a global and iconic design movement. Something of a difficult period to pin down, it broadly describes a movement in architecture, interior and graphic design from the middle of the twentieth century, roughly speaking, from 1933 to 1965 (though some of a more pedantic disposition would argue the period is specifically limited to 1947-1957). It took notions of functionality, simplicity and elegance as espoused by such avant-garde luminaries as Walter Gropius (1883-1969), Marcel Breuer (1902-1981) and Le Corbusier (1887-1965) — whose famously austere modernist edict was “a house is a machine for living in” — and made it more palatable to a wider audience, by softening its edges and adding a welcome layer of upholstery. It was a style that became ever more mainstream as time went by, in part due to the global success of designers like Jean Royère (1902-1981), who, after the horrors of the Second World War, injected a welcome degree of whimsy into interiors, as evidenced by his plumply upholstered Ours Polaire sofa (c. 1950) and Œuf armchair (c. 1956) — both of which were visual precursors to Pierre Paulin’s (1927-2009) hedonistically louche low-slung seating in the swinging Sixties and Seventies. The straightforward simplicity, functionality and elegance of mid-century furniture is one of the key reasons for its continued popularity. That, and the fact that with an out-of-control London property market, it’s a perfect match for the sort of bijou abodes occupied by the majority of young city dwellers. Over the past decade, pieces by Charlotte Perriand (1903-1999) and Jean Prouvé (1901-1984) have become increasingly popular and unless, like the art market crash of 1990, top-end buyers suddenly exit the mid-century market (which is highly unlikely), their value will only continue to grow. Today, an Eames fibreglass shell chair in good condition might sell for as little as £150, but an early production Eames lounge chair can easily command upwards of £7,000. “Fashion furniture with a short life could well be a thing of the past,” says Simon Alderson of furniture retailer, twentytwentyone. “Buyers are investing in twentieth-century classics, or carefully selecting future icons, because they recognise the merits of natural materials and quality craftsmanship.” Importantly, and as a general guideline (although increasingly one can perhaps question its applicability), in respect of furniture and objets d’arts, when it comes to names, unlike designer brands, you’re not just paying for the label; as works by such well-known designers as Gio Ponti (1891-1979), Alvar Aalto (1898-1976) and Axel Einar Hjorth (1888-1959), who are in greater demand, are far more likely to offer the biggest return on investment. “The average amount of our clients’ purchases is around €500,000,” explains Cécile Verdier, European Head of twentieth-Century Decorative Arts & Design at Sotheby’s. “Nineteen fifties design, including artists like Royère, Perriand and Prouvé, is in great demand as this collecting category goes well with today’s interiors and modern paintings. People want to live with their furniture. Twentieth-century design has become a real collecting category over the last ten years.” Of course, in the luxury market, attitudes to furnishings and fashion are becoming increasingly intertwined and much like a handbag or pair of shoes, certain works have become almost de rigueur for any self-respecting, high-net-worth homeowner, many of whom, shall we say, have a somewhat flexible attitude towards provenance and authenticity.
The curvaceous “Kosa” lounge chair, upholstered in Alpaca velvet, with a hardwood maple frame, by Ian Felton, photograph by Sean Davidson
A striking ceramic “Wave” table, hand made by artist and designer Floris Wubben, similar pieces currently available at The Future Perfect, photograph by Ori Harpaz
In terms of the real deal, limited-edition works at auction can range from anywhere between €20,000 to €300,000, while rare and unique pieces by sought-after designers have, of late, reached somewhat eye-watering figures. At Sotheby’s “Important Design” sale in New York (9 June 2022) a pair of Pommeaux de Canne armchairs by Diego Giacometti sold for $2,228,000, a Prouvé Refectory Table (c. 1939), in steel and Granipoli concrete, for $1,623,000 and a rare sofa and side table (c.1930) by Pierre Chareau (1883-1950) for $478,800. It’s perhaps worth keeping in mind that, unlike post-war and contemporary art, design is not a speculative area and items that have slow growth will generally keep their value in the long-term. Despite the war in Ukraine, global economic slowdown and the aftermath of the Covid-19 pandemic, the Art Market is booming, and prices have risen by as much as 25-50% for rarer pieces and those works that are particularly evocative of a designer’s signature style (e.g. Jean-Michel Frank’s (1895-1941) straw marquetry and parchment furniture and Jacques Adnet’s (1900-1984) crystal ball lamps) and by as much as 100% for some twentieth-century masterworks. In such a hotly contested market, for icons or classics (i.e pieces by known designers with a solid market and exhibition history), you can expect to pay strong prices, bearing in mind, there are no quick returns, and it’s in the mid or long term that you’ll make a profit if reselling (by and large, a piece will, on average, add value within five to ten years). As with any investment, the strength of the design market is largely dependent on the volatility of the financial market. “Twentieth Century decorative arts and furniture are interesting for collectors in many ways,” explains Elie Massaoutis, Head of Design, France and Senior International Specialist at Phillips auction house. “It offers a really wide variety of styles throughout the century. Within each decade there are between five and ten key artists who developed their own visual and distinctive style, which often represents the movement they belong to. There are also those avant-garde artists more difficult to pin to a specific movement, but who continue to influence the generations of artists that follow them. They make the transition possible between one period and the next. These are amongst the most sought-after because their vision proposes and encompasses something different and new. They’re also more ‘collectable’ because most of the time they worked for only a few patrons, whose visions were strongly attached to the present moment or the future. Their pieces will likely be more difficult to find on the market.”
In 2008, after the financial crisis, prices were down by 50%. After years of decline and with an explosion in global wealth — particularly at the high end — the market is finally rising. Indeed the 0.01% are no longer interested in run-of-the-mill works, and even for experienced gallerists it can be hard to find those pieces that will entice the crème de la crème of international mega-collectors: “Two years and a half ago [I began] to collect a bunch of pieces [that are] very rare, where there is not the serial numbers, [where there are] two pieces in the world, or three pieces, or unique pieces,” opines Nina Yashar (b. 1957) of Milan’s Nilufar gallery. “So if I would have to start now, it would be very difficult, very very difficult, so I am in a way lucky that I had the right prediction in collecting.” The work of contemporary designers is also worth investing in, especially those who don’t have the recognition they deserve; such as Gerard Kuijpers, Andy Martin, Victor Roman or Alain Jacquet. For emerging talents, it’s necessary to assess the foundations of their work, but also personality, attitude and talent — by all means ask how they are innovative and by whom they are supported, but also trust your instincts. Unlike antiques and collectables, the waters aren’t muddied by matters of provenance and condition, but quality and manufacture are still important aspects to take into consideration. There are of course numerous up-and-coming designers producing works that might very well become the antiques of tomorrow, but those to look into include Ian Felton, Léo Sentou, Hamrei and Floris Wubben, all of whom create furniture rooted in fine craftsmanship, but with a personal and unique take on creating functional, everyday objects.
With the increased appreciation of design as an investment, in recent years there has been a proliferation of galleries, e-commerce platforms and furniture retailers, all specialising in the sort of collectable works seen peppering the pages of glossy interiors magazines. Of late, in particular, the elegant simplicity of early twentieth-century Art Deco design is having a moment, finding advocates in such social-media-savvy dealers such as Formative Modern and Seventh House Gallery. If unsure where to start, or too intimidated to work with dealers and auction houses directly (though you shouldn’t, as the majority are exceptionally knowledgeable, helpful and enthusiastic) there are always platforms such as Pamono, Decorative Collective and 1stDibs, where you can peruse, unhindered from the comfort of your own home. On that note, for those of a more traditional bent, in a world where the value of equities, bonds, commodities and housing have all rocketed, “standard” antique furniture prices are trading at a fraction of their value two or three decades ago. Veteran antique dealer Clinton Howell told Bloomberg in a recent interview: “I purchased a table the other day that I would have had to pay $50,000 for twenty years ago. I bought it for $4,000.” Of course, rare pieces have fared somewhat better, as well as those with provenance, as evidenced by the recent Hubert de Givenchy Collectionneur sale at Christie’s Paris, consisting mainly of works of art, sculpture and furniture from the eighteenth century, which raised more than 114 million euros, double the presale estimate, making it the second most valuable collection ever sold by a French auction house.
In general, falling prices have brought higher quality antiques within the realm of those who like the look and, as evidenced by the great French couturier’s extraordinary homes, and indeed, by the work of numerous contemporary designers such as Alyssa Kapito (b. 1986), husband and wife duo Alexandra and Michael Misczynski of Atelier AM and Umberto Mantineo, the juxtaposition of antiques with modern art and design can work phenomenally well. Such low prices have already started to generate interest amongst those willing to speculate, and a group of US financiers and antique dealers recently founded the Tangible Assets Group, an investment fund whose aim is to buy fine antiques, holding onto them until they once again find favour with a younger audience. Ultimately, markets fluctuate, and fashions can move suddenly and in unexpected ways. “Collectors today are less attached to one genre but attached to great quality works,” explains Massaoutis. “My personal advice for someone starting a collection is to look for the best quality works from each artist they are interested in. Be curious, don’t be scared to seek professional advice and, lastly, concentrate on buying pieces in original and pristine condition.” As far as collectables are concerned, there’s always risk involved, and for the average buyer it’s far safer to ignore “trends” and buy the things you love and want around you, in the long term and on a day-to-day basis, than with the aim of making a quick buck (also, though this might perhaps seem obvious, remember to take measurements, as even professionals make mistakes, and end up with furniture far too large for its intended location — and although one might desire a panoply of imposing antiques, having guests climb over an armoire to reach the dining table can add a dampener to even the most elegant of soirées). After all, an investment piece is something that should be with you for the long run, that you’ll be able to pass down through future generations, or, if you’re particularly successful, that will be put up for auction, bringing in a tidy profit and some posthumous column inches.