The ACC attribute the two per cent decline to the stagnation of trade, which has persisted since September 11, 2001. Hopes that there would be a recovery in 2002 have not been fulfilled, although there is evidence of business rallying at some of the first fairs of the year.
For 2002, there were small gains in the oak, walnut and country furniture categories, but the early and late mahogany, Regency and Victorian Index categories fell by up to seven per cent.
The Index noted that house prices in south east England excluding London rose by 23 per cent over 2001, from 3174 to 3896, in comparison with a value of 100 in 1968. Share prices, as tracked by the FT250 Index, fell by over 30 per cent.
The ACC Antique Furniture Index is based on a typical selection of pieces of furniture from seven periods taken from the book British Antique Furniture: Price Guide and Reasons for Values by John Andrews, covering over 1000 illustrated pieces.
The ACC also publishes a Victorian and Edwardian Furniture Index starting from 1973, taken from the book Victorian and Edwardian Furniture by John Andrews, covering 1000 pieces from the 1837 to 1910 period. This also fell by four per cent from its value in 2001.
Both books cover a range of good quality period pieces available to collectors from shop, fair, market and auction sources. They do not cover museum-quality or specially promoted spectacular country-house sales, which tend to engender higher prices.
House prices outstrip furniture for first time in 34 years, says ACC Index
HOUSE price gains have outstripped furniture price increases in the south east of England for the first time in 34 years, according to the Antique Collectors’ Club Antique Furniture Index. It is the first time property has taken the lead since the Index started at 100 in 1968. Furniture recorded a slight drop at the end of 2002, falling from 3575 to 3492.
