The small but growing and quirky market for heirlooms

Every once in a while, scions of Indian royalty or the surviving heirs of old-money families pry open their wooden chests and almirahs to get rid of objects and artefacts that belonged to their long-deceased kinsmen. The idea behind this purge is to “monetise” heirloom as surviving family members are not interested in retaining them anymore.Family heirloom, much like art and sculptures, has grown to become a category in itself. There is a growing tribe of bidders willing to spend top dollar on vintage rugs & carpets, shawls, saris, handkerchiefs, watches & time-pieces, automobiles, furniture and other aged household items. That said, antique jewellery still tops the list of heavily bid heirloom objects. “Heirloom is a growing segment within the collectible space, but it is still small when compared with the Rs 1200-crore art market,” says Tushar Sethi, CEO of Astaguru, an auction house.“The heirloom segment may remain small because several of these items can only be sold to resident Indians. Law prevents us from exporting heirloom pieces overseas,” he adds.According to ‘Antiquities & Art Treasures Act’, any article or object of historical interest, that is 100 years old (or more) cannot be shipped abroad. In case of manuscripts or records of any scientific, historical, literary or aesthetic value, the timeline set is 75 years. Over the years, this Act has helped in curbing antique thefts in the country. Last year, law enforcement agencies thwarted attempts to move out nearly half-a-dozen antique idols — valued at Rs 5.5 crore in overseas market.“In the west, old-money families move their heirloom pieces to various museums….this trend is not there in India yet. Here, it is usually sold to a collector,” says Sethi.“The seller would not want to make the sale public… He does not want to make public the provenance of the artefact he’s selling off. If he’s agrees to do that, the artefact could fetch a higher price. But most people do not want to be seen as sellers of family heirloom,” he adds.PRICEY BAUBLESThree months ago, Astaguru auctioned a five-row ‘Basra pearl necklace’ at Rs 1.9 crore. Saffronart’s recent antique book auction saw Stephen Wheeler’s ‘History of Delhi Coronation Durbar’ getting a winning bid for Rs 3.85 lakh; Samuel Bourne & Charles Shepherd’s ‘Royal photographic album of scenes and personages’ was successfully bid for Rs 13.93 lakhs. Frans Balthazar’s four-volume compilation on ‘Hindus of Calcutta’ bagged a winning bid of Rs 22.20 lakh at the Saffronart auction. An early-20th century ‘Ardabil design wool carpet from Persia’ was auctioned by Astaguru for Rs 8.53 lakh recently. (See Gfx)74041439 “The new generation is not interested in keeping these artefacts anymore,” says Farokh Todywalla of Todywalla Auctions, one of the largest auctioneers of old coins, currency notes, stamps and personal memorabilia.“We source most of auction goods from people who do not want to keep them anymore. They simply want to get money for it. Sourcing has become easier with internet,” says Farokh.A good portion of heirloom artefacts is sourced from collectors (of similar items) across the country. Many a time, collectors trim their (collectibles) portfolio by weeding out artefacts that are of lesser significance. The lure of high price also draws them out at auctions. That apart, most auction houses have sourcing agents who approach royal families and traditional households for heirloom artefacts.“If they’re not in need for money, convincing them to sell is a difficult task,” says the sourcing head of an international auction house.“Many are open to selling heirloom jewellery because these are customarily chunky, and not appropriate to be worn in the present times. So they agree to sell if we set the floor price high,” he says.In the case of vintage cars, collectors (only collectors - and not brokers or auction houses) are allowed to import models manufactured before January 1, 1950. So prices for pre-1950 car models are relatively stagnant in India while valuation of cars manufactured between 1950 and 1970 are relatively high, experts opine. “The later batch of cars are limited in supply, and they are only traded amongst a small set of vintage car collectors at high prices,” says Sethi of Astaguru.WHO ARE THE BUYERS?Collectors of heirloom artefacts are not necessarily the same as art collectors. These are mostly people who are in their middle-years, only interested in a specific heirloom artefact. According to auctioneers, there are people who only collect rugs or pashmina shawls.“Not everybody who buys canvasses buys heirloom… people who buy heirloom artefacts are culturally-inclined; they just buy because they like it,” says Vaishnavi Murali, the founder of Delhi-based Eikowa Art.“Many a time, they (collectors) also start collecting rare heirloom pieces to diversify their collectibles portfolio. The idea here is to deepen their collection and make it look more fabulous,” she adds.Heirloom collection goes beyond amassing art canvases. It’s pretty old-fashioned, and it’s simply love for anything that has a history – and is either rusty, withered, chipped or “vintaged.”

from Economic Times https://ift.tt/2UBWr7e