Is British silver making a comeback? It’s never really been away, but over the last few years this most traditional of collecting categories has been at best steady, at worst depressed.
Silver, the elder statesman, was a distinguished and reliable old gent but he seemed to have no new moves and had lost the element of surprise. But with silver bullion prices on an upward trajectory in 2024 the market has gathered pace.
Industrial and investment demand have pushed metal prices from the year low of £17.29 per ozt (troy ounce) to a recent high of around £25 per ozt (May 2024) and an average price of around £20. The last time silver prices were at this level was in April 2011, when the metal reached its all-time high of around £30 per ozt.
The increase in bullion prices can influence antique silver prices in several ways. It can make owning silver appear more attractive as an investment, it can create a sense of urgency among collectors and enthusiasts as prices rise and lastly it can raise awareness of the craftsmanship, beauty, and historical significance of antique silver over other tangible assets.
The sell-through rate at auction has certainly risen across the board, with many standard items (such as Edwardian tea services and condiment sets) frequently achieving mid-estimate or higher sums. There are positive signs, too, that a new cohort of younger collectors and dealers is emerging, an essential requirement if the market is to prosper long term.
As Cliona Kilroy, director of The Canterbury Auction Galleries, told ATG: “The market does respond to changing silver prices and hence from our perspective we are finding that silver is selling consistently well.”
Thomas Jenner-Fust, the owner of Chorley’s in Gloucestershire concurs: “The silver market has seen an uptick in interest and while the silver price is high, we are achieving well in excess of scrap prices for the rare and interesting.”
Pitch it right
Watching a silver auction at the present time is, for the most part, an extremely positive experience - as long as it is pitched at the right level, it will sell. However, while metal prices can influence the market for antique silver, other factors such as rarity, condition, provenance, and aesthetic appeal still play the key role in determining value.
Victorian silver four-piece tea and coffee set by Charles Fox II, London 1838, Cotswold Auction Company, Cirencester, June 25-26, £3000 (estimate £800-1200).
Buyers who spent freely on Georgian and Victorian domestic silver in the 1980s-90s are doubtless now aware that silver has not proved a great investment.
Instead, the market is very focused on the better examples: crisp hallmarks, good weight, a quality maker, provenance, provincial rarities and novelties - especially animals.
