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Author | Topic: DeMatteo and the crazy silver market |
chicagosilver Posts: 227 |
![]() ![]() ![]() ![]() There are several nice things about being collectors and dealers of a precious metal like silver rather than wood, fabric, or ceramics. The main attraction is that we all feel these metal objects are beautiful (a sentiment unfortunately not universally shared). Another is that if you drop a Newcomb vase you end up with a bunch of shards, but if you let go of a silver bowl the worst that will happen is that you get someone to press out the dent. However, in this crazy economy, there's another benefit -- with so many experts saying that inflation may result from projected trillion dollar deficits, metals like silver and gold, which have traditionally held their value, may become more desirable. It's shocking to us that handmade pieces by highly-regarded silversmiths like Lebolt or Randahl still sometimes sell for around their melt value. If you were to commission these pieces today you'd end up paying a whole lot more. Perhaps this is about to change. There was a story today on Bloomberg.com that said gold prices had passed $1000/ounce, and that silver was approaching $17/ounce. Those heavy sterling bowls and trays in our vaults are not only lovely objects, but these days may be a potential hedge against inflation. There's a big difference between a silver bar and piece of holloware, and nobody can predict the future, but it's nice to know that the lovely metal we all revere for its dense, shimmering, solid beauty is also a potentially great way to weather monetary storms. It may also help jump-start the market for silver objects. Here's an example -- we bought this DeMatteo handwrought tea set many years ago: A lot of makers produced such blossom-inspired sets, and this is a particularly well done example, heavy and beautifully made. But the work of William G. DeMatteo (the father) is extremely undervalued. The silver content in this set is now around $x,000, an eyebrow-raising sum. And if inflation pushes metal prices higher, who knows what it will be worth. It would be an absolute crime against culture to melt this down. But perhaps in these troubled times, high silver values will encourage more people to collect it. IP: Logged |
Polly Posts: 1970 |
![]() ![]() ![]() ![]() Aren't you worried that high silver values will instead encourage more people to melt it? Isn't that what happened last time silver values were very high? [This message has been edited by Polly (edited 09-09-2009).] IP: Logged |
adelapt Posts: 418 |
![]() ![]() ![]() ![]() Yes Polly, that is exactly what happened during the "Bunker Hunt era". A lot of debris and damaged silver went west, but so did some very fine pieces, for which we are much the poorer. At the time the collector market slowed down, and there was increased concern about theft (and once it's in the melting pot, who's to say what the object was?). IP: Logged |
chicagosilver Posts: 227 |
![]() ![]() ![]() ![]() Yes, good point. But I have to think that smelters are smart enough to know that some of the silver turned in is valuable to collectors. I know of a few people who regularly visit smelters and pawn shops to cull through the pile and pick out the best stuff. When the price of silver rises so does the volume of silver extracted from closets and china cabinets and put on eBay or left with the local consignment shop. Those annoying "send us your gold" TV ads probably encourage this too. It's terrible when nice pieces get melted down. But in this age when anyone can look up a mark on Google and then post a blurry photo on eBay, I imagine that a lot of silver avoids the melting pot and ends up in appreciative hands. [This message has been edited by chicagosilver (edited 09-09-2009).] IP: Logged |
Polly Posts: 1970 |
![]() ![]() ![]() ![]() I hope you're right! IP: Logged |
Ulysses Dietz Moderator Posts: 1265 |
![]() ![]() ![]() ![]() I saw just such a set at Christie's East once, back when it existed; the marks were not a full deMatteo set, but it had several of his marks...the typical calla lily finial replacing the Jensen design finials. This set is a museum piece, but only for a museum that really is interested in the history of silver (rather than the history of famous silversmiths). I've purchased pieces of deMatteo over the years that echoed pieces of Jensen we acquired for the Museum in the 1920s--my fantasy has always been that deMatteo, from Bergenfield, NJ, saw his first Jensen in the Newark Museum in 1922! IP: Logged |
Marc Posts: 414 |
![]() ![]() ![]() ![]() Hi there All, 1st.. "Chicago Silver". Lovely service... I just sold a 4 pce Demateo set, same design, 2 pots + cream & Sugar, and although you and I really respect the maker, the public would rather have Jensen, and pay for Jensen. And for some stupid, unknown reason, Randal and Lebolt play second fiddle to KALO (all Chi town silversmiths). 2nd... As one who makes his living in the precious metals market (mostly silver), I can tell you what happens to 99% of the silver sold for scrap (melt). Two things.. As for homeowners who worry that their silver will be stolen, yes, it will happen more often because times are hard. If you have silver at home, get a written appraisal, and if you need an insurance rider, pay for it. Keep a copy + photos in a safe place (a bank lock box), so if , god forbid, the house burns down, you have records. And concerning silver value vs. art value, if you love it, you keep it, if you need to eat, you sell it, and you deal with the big gray area in between on an individual basis. Always a pleasure. Marc IP: Logged |
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