Archive for July, 2010
Luxury Consumer Insights – Affluent Consumers Plan Less Spending on Home Furniture and Furnishings in New Survey
A record low level of spending by affluent consumers for home furniture and furnishings is suggested by the most recent survey in a series of twice-yearly studies that began in Spring 2002.
Negative attitudes about the current economy and the economic outlook for the next 12 months are contributing to plans for spending less on home furniture and furnishings by affluent consumers during the next year, according to the Spring 2009 Affluent Market Tracking Study #15 conducted by the American Affluence Research Center.
In the Spring 2009 survey of the wealthiest 10% of all U.S. households, spending plans for home furniture and furnishings during the next 12 months, in comparison to their spending for such items during the past 12 months, are to be increased by 10% of the affluent consumers and to be reduced by 43% of the affluent consumers. The remainder (47%) expects to spend the same for home furniture and furnishings during the next year as in the past year.
The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. They also reported declines in their net worth, as a result of substantial declines in the value of their home and their investments/savings during the past two years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in all areas.
The intentions to reduce spending for home furniture and furnishings are consistent with the overall mood of the affluent market. Over 80% of the survey respondents reported that they had made a general effort to reduce or defer expenditures during the past 12 months, would make a conscious effort to do so during the next 12 months, or had both done so in the past and would continue to do so in the future.
The survey is representative of the population of the most affluent 11.2 million households in the U.S. that account for almost 40% of total personal income and two-thirds of the personal wealth of all Americans.
The 640 men and women included in the national survey have an average annual household income of $290,000, an average primary residence value of $1.2 million, an average net worth of $3.1 million, and average investable assets of $1.4 million. This survey of the affluent market has a maximum margin of error of five percentage points at the 95% confidence level.
These surveys track how affluent consumers assess current business conditions and their 12-month outlook for the economy, the stock market, personal household income, and their spending plans for different products and services that include major appliances, home computers, furniture/furnishings, home entertainment equipment, casual and upscale dining out, entertainment, recreation, domestic and international travel, designer and non-designer apparel, collectibles, fine jewelry, and political and charitable contributions.
How to Preserve the Artistic and Historical Value of Antiques
One of the most significant characteristic of any antique item is its age. Since antiques have been passed down from one generation to the next, these items easily undergo daily wear and tear. Thus, any antique item demands considerable care to preserve and protect its timeless value.
While a professional antique restorer is recommended for more intricate and detail-oriented method of antique restoration, you can also do your part to help maintain the artistic and historical value of your collection. Read on some tips on how to clean precious antique pieces.
Direct sunlight is a no-no for antique furniture. You should never display antique furniture in direct sunlight or beside air-conditioning or heating units. The heat that comes from these sources will deteriorate the fragile state of the antique piece. Place antique furniture in cool areas or better yet ask antique experts of how to properly display your piece. Note that different types of wood require different temperature to maintain its elegance.
Use soft, lint-free cloth for polishing. Soft and lint-free cloth should be used when polishing antique pieces. You should never polish antiques the way you may polish your modern pieces. Remember that antiques are old and can easily be torn, scratched or broken if mishandled.
Move antique furniture with care. Because of the furniture’s sensitive condition, you should only move antique pieces when you really have to and only with utmost care. Otherwise, let the furniture stay in one corner of your house to lessen the probability of accidental breaking.
Use your hands when dealing with antique ceramics or glass. Cleaning antique ceramics and glass is quite simple just by using lint-free cloth for regular dusting. However, unlike antique furniture pieces, wearing protective gloves in handling antique ceramic and glass is not advisable. It is more appropriate to handle antiques of this type using your clean hands. It is good to know that sunlight and humidity would not affect the condition of some antique ceramics and glass. To determine sensitive antique items, you must seek the advice of an antique expert.
Store antique ceramics or glass in sturdy shelves. The most common problem with antique ceramic or glass is breakage. Therefore, extra care must be given in its storage. You must never place antique ceramic or glass in unstable cabinets. In case of accidental breakage, place each piece even the smallest one in acid-free tissue and bring to an experienced antique restorer. You must never repair damaged antique pieces on your own to avoid devaluation.
Regularly polish antique silver and metal pieces. Antique silver and metal items are extremely delicate. Antique items made from these materials can react to natural conditions and may result to corrosion, scratches, dents and fractures. Regular and proper cleaning through polishing with soft cloth will reduce the difficulty of maintaining the items’ patina. You should use protective gloves when handling antique silver and metal to avoid tarnishing due to body sweat.
Store antique jewellery separately. Antique jewellery is extremely delicate. A piece of jewellery is possible to be made up of several types of precious stone or metal in which one would adversely affect each other through time. This is why you should not store several pieces of antique jewellery in just one box. Make sure that you have a separate box for each piece to avoid chemical reaction.
Hire the expertise of an antique jeweller. Small jewellery pieces make it almost impossible to clean, so an experienced jeweller specializing in antiques is recommended to handle these items.
Antique Appraisal and Its Importance in Antiquing
Putting value to any antique is a complex process whether to a buyer or a seller. Treasured for its age, form and rarity, an antique requires meticulous study and expert handling. While antique experts and seasoned collectors have acquired the skills to detect the authenticity and significance of antiques whether historical or artistic, first-time collectors or first-time sellers need the help of an antique appraiser.
For owners of antiques, appraisals do not necessarily mean that the items have to be sold. Having the antiques appraised will only tell the monetary value and artistic or historical importance of the items, or for insurance purposes. Insurance protects antiques but note that some home insurance policies do not cover antique collections in the home. Therefore, having an antique appraisal will help the owner decide if he or she needs to purchase a separate insurance policy for the antique collection.
The Process of Antique Appraisal
Antique appraisal is a method of determining the value of antiques. Generally, an appraisal refers to an educated opinion of a knowledgeable individual who has no interest on the value of the item. The process of antique appraisal may take about a month to provide detailed information on the item. The appraisal, which is a legal document, describes the item appraised, provides an analysis of the market, place and date of the appraisal, value of the antique, ethical laws, fee policy and an appraisal certificate.
An antique appraiser gives considerable importance on the market analysis because some item may not be as significant from one place to another. Therefore, it is important that the appraiser is aware of the different market valuation.
Looking for the Right Appraiser
Antique appraisers, are professional experts in antique appraisals. They have different areas of specialization, either to a kind of antique or a particular era. It is advisable to seek and match the right antique appraiser who specializes on the antique that requires appraisal.
To get an accurate evaluation of an antique, an appraiser must see the item first hand. A good and experienced antique appraiser should have in-depth knowledge about antiques which he or she may have acquired through education, extensive research on books or in the internet, or by direct process like the repeated and actual buying of antiques.
A trustworthy and meticulous antique appraiser would be able to provide significant details about an antique item such as its era, style or form, uses, rarity and sometimes, even the artist or maker.
Through these details, the antique appraiser would be able to identify the value of an antique. If a collector is looking for a specific antique, an antique appraiser is also a credible source of information on how to locate antique shops holding that particular item.
Nowadays, online antique appraisers are available. If an antique owner desires to have an item appraised immediately, he or she may contact online antique appraisers. Mostly, these types of appraisers rely on photos of the item and through descriptions. Online antique appraisers should have the qualified skills and knowledge on appraising antiques. However, they may provide limited information on an antique object because of the inability to see the antique personally. Hence, it is important to research for credible online antique appraisers backed with extensive experience on antique appraising.
The process of antique appraisals is expensive and lengthy. Thus, it is recommended that the antique owner should take considerable effort to search for highly experienced antique appraisers so as not to waste time and money.