Collecting antique prints; part 3

In two earlier posts, I looked at a number of criteria that a collector should use in developing his/her collection. Today I will consider a final two criteria which do have a role, but not nearly as important as the criteria considered previously.

Price: Within the parameters of a collector’s resources, price should not be given too prominent a place as a criterion for deciding whether or not to acquire a print. It is often a mistake to pass over a print because of price when that print meets all the other criteria for collecting. Historical prints are too numerous in variety and too few in particular examples on the market for there to be established values for most individual prints. The market does determine a broad range of prices for many types of prints, but in most cases the place of an individual example within a given price range is determined by factors too varied to provide for a clearly “established” market value for that particular print.

It is wise to be aware of the general range of values for certain types of prints, for one should never pay an outrageous price. However, finding and comparing other examples of the same print in comparable condition can be difficult, and in most cases, if one does find a price discrepancy the cost difference will probably matter little in the long run. It is better to pay a bit more than one might prefer in order to acquire a desirable and appropriate print, for the chance to add that print to one’s collection may never occur again.

Scarcity: Scarcity can increase the value of a print. However, scarcity per se should not be of significance to a collector. A single surviving example of an inconsequential or uninteresting print is worth little even if very rare, while an important and fascinating print is desirable even if relatively common. Nevertheless, scarcity is a factor which should be taken into consideration, for if a rare print would be of value in a collection, its acquisition may be warranted even if other criteria are not fully met. For instance, it may be appropriate to acquire a rare print in less than good condition or priced at a premium, for that print might never again be available in better condition or at a lower price. (Click here to read a blog on the subject of print scarcity)

(Click here to go to part 4 of "Collecting antique prints")

Antiques as investments

“Your children will thank you. Include American Paintings and Rare Documents In your diversified portfolio.” So reads an advertisement in the latest issue of Antiques Magazine. I grimaced as I read this, for I think this is not at all the right way to approach the acquisition (or selling) of antiques, be they paintings, documents, prints, maps or whatever. Antiques should not be bought or sold primarily as investments.

There is, however, a kernel of truth in the notion of antiques as investments, for antiques generally do rather well in terms of holding their value over time. As long as one is buying an antique of quality, in good condition, and at a price that is not totally out of line, past experience has shown that that the antique will maintain its relative value over the years. Compare that with a new piece of furniture or a new work of art, where (like with a new car), the value often goes down significantly as soon as it is “driven off the lot.”

Why do antiques maintain their value so well? The main reason is that most of the value of an antique comes from factors that either do not change or change for the better over time. Antiques have a value that it time tested, that has been established over the years and is mostly not a result of a particular trend or fashion that will change with the new season.

For instance, many antiques get much of their value from their function (e.g. as a chair to sit in or table to eat off of) and a well-made piece of furniture will always have its practical value. Other antiques get much of their value from their historical context, their natures as artifacts of our past. This value, rather than diminishing over the years, actually increases as time passes. A life-time portrait of Washington or a contemporary view of the Chicago fire will only become more valuable as the subjects they depict recede further into the past.

In contrast, the value of a modern item often comes from its newness and its fashionableness, both of which factors will diminish within a short time. Of course there are antiques which can have an inflated value at a particular time because of their being “in fashion” and there can be modern furniture and art that will prove themselves over time, but generally one can be more confident that an antique will retain and possibly increase its value as the years pass than that this will happen for a new item.

If that is so, then why shouldn’t one look at antiques as good investments? There are two main reasons why this is usually a mistake. First, the value for antiques does tend to go up, but usually not in a steep curve. Whereas the fact that an antique has proved its value over time means that the value will be unlikely to steeply decline, this also means it will be unlikely to dramatically increase. There is always a cost of buying and selling, and the steady but slow increase in value of antiques means that years generally have to past before the value has gone up enough to “make a profit.”

The second reason is more important and that is the fact that antiques are not really liquid investments. They are often not easy to sell at their full value. Unlike some collectables, such as stamps, there is not a big enough market that an owner can feel confident of being able to get a reasonable percentage of an antique’s value if the item needs to be sold at a particular time. An Audubon print may be, say, reasonably valued at $60,000, but that doesn’t mean that an owner can get anything like that if she needs to sell it within the next month or so.

So, I think it is a mistake to treat antiques primarily as investments. On the other hand, if you do want a desk, rug, or picture for the wall, buying an antique can be smart financially, for the antique is likely to retain or increase its value over time. So the advertisement in Antiques may be right that your children will thank you, but just don’t think of antiques as part of your “portfolio.” They should be part of your life.

Collecting Antique Prints; part 2

In an earlier post, I explained how in order to be a collector, one needs to approach acquiring prints using criteria, and I talked about the collecting criterion of having a theme to one's collection. Today I'll talk about the criteria of publishing history and condition.

Publishing history: A collector must establish rules of acquisition concerning the publishing history of the prints under consideration. This history describes how an impression was created and what place it occupies within the universe of different versions of the print. It includes the state and edition of the print and whether it is a proof, original strike, restrike, reproduction or facsimile.

The question of edition can be quite important. Many collectors limit their collections to first editions, but each print must be judged independently, for the first edition is not always the most significant and differences between editions can be historically insignificant. In terms of print states, generally this is not of great importance for historical prints. However, unusual and rare states can have an extra value and interest to collectors.

The desirability of particular states or editions must be balanced against the likelihood of acquisition, given availability and price. Also, while first editions or rare states can be nice, sometimes the extra cost is not warranted by the purpose of the collection.

Generally, historical print collectors eschew restrikes, reproductions and facsimiles. (Read about restrikes and reproductions in earlier blogs) There is nothing wrong with such prints for some purposes, but they usually are not considered "collectible."

Condition: Condition is also a very important collecting criterion. Though the definition of “good condition” is difficult and relative, an inherently useful rule-of-thumb is to acquire only prints in good or better than good condition. This is important for the appearance and overall quality of the collection. A single print in poor condition stands out in a collection of prints in good condition, and an entire collection in poor condition in not likely to make a very handsome presentation. Most collectors enjoy exhibiting and owning a high quality collection, and prints in poor condition can tarnish that enjoyment.

Also, good condition is important for the value of the collection. Even if one pays considerably less for a damaged print than for a print in good condition, it is likely to be more difficult to recoup one’s investment through resale than it would be for a more expensive print in better condition. Damaged prints rarely rise much in value and are always harder to sell.

A collector should be somewhat flexible in his application of the criterion of condition, for some prints are so scarce that the condition of any available example is relatively unimportant, and certain prints are affordable or obtainable only in relatively poor condition.

A collector needs to consider why he or she is collecting in order to decide how strictly to apply the criterion of condition. If a collector wants to build a “museum quality” collection, or one with maximum market value, then strict application of this criterion is imperative. If, on the other hand, the collection is intended for personal enjoyment, then a more relaxed application of this criterion is appropriate. A collection intended for display can include pieces that are attractive but which fall short of being in good condition. Someone who intends to build a comprehensive collection will probably need to include prints in less than ideal condition, especially for some of the rarer prints. The time frame for collecting is also relevant. If the collection is a life-long project, then a strict application of the criterion would be appropriate, whereas if the collection is to be built within a short time, more flexibility is warranted.

As a general rule, however, one should buy prints in less than good condition only if the problems are relatively minor and examples in better condition are unobtainable due to scarcity or cost.

(Click here to go to part 3 of collecting antique prints)

Originals and restrikes

Original prints can be divided into those that are original strikes and those that are restrikes. An original strike of a print is one that was printed as part of the original publishing venture, or as part of a directly connected, subsequent publishing venture. This contrasts with a restrike, which is a print that was produced from the original hand-made matrix, but that was printed at a later time as part of new publishing venture.


This is a bit vague and it isn’t always clear when to call a print a restrike or just a later edition of the original. However, the basic idea is whether a print is-—both in time and intent—-part of a direct continuation of the original production or whether it is distant in time and intent. For instance, prints from the second edition of Mark Catesby’s Natural History (1754) are clearly just a later edition of the first edition prints (1731-43). The second edition was published by Mark Catesby’s friend, George Edwards, and they were intended simply as a reissue of the first edition. They are close in both time and intent.

Catesby's prints were issued several times after the second edition, with prints struck as late as 1815 (identifiable because of the dated watermarks). In contrast to the second edition prints, I would consider these nineteenth century prints to be restrikes, not simply later editions. These prints were issued about three-quarters of a century after the first edition and the intent of their publication then was quite different than when Catesby first issued his Natural History. When first issued, Catesby's prints were new, scientific plates of the wildlife from a distant and still relatively unknown land. By the early nineteenth century, the plates were as much, if not more, decorative as opposed to scientific prints.

But what about those prints from the third edition, issued in 1771 by Benjamin White? This is closer in time and intent to the original edition, but still the publication was many decades later and the publishing venture was done for quite different reasons than Catesby’s original intent. So an argument could be made either way. I tend to think of these as original Catesby prints, but one can also consider them as restrikes.

Of course, the term “restrike” is one we use for convenience, simply expressing a different way we can look at a print. There is no absolute parameters for the term that allows one to determine whether a print is a restrike or not. This is unlike with the notion of a reproduction (cf. earlier blog) where the definition determines absolutely whether a print is an original print or a reproduction. It is not so simple with the notion of a restrike, for a restrike is an original print because it is printed from a matrix made by hand. It is simply an original print that we consider to be separated in time and intent from the early strikes. So, what difference does it make whether a print is an original strike or a restrike?
There are a number of ways a restrike differs from an early strike that might make a difference. First, if one looks at a print as an historic artifact, an object that played a part in our history, then a restrike is quite different than an original strike. A restrike, being made later and as part of a different publishing venture, will not have the same connection with our history as an original strike. So, for instance, a print of the War of 1812 issued about 1815, is an object which played a role at the time, whereas a twentieth century restrike has meaning only as a reflection of our past, not as part of it.
Another way in which a restrike can differ materially from an original strike is in terms of quality. Over time, the matrix can become worn or damaged, and so restrike impressions will often not have the same quality as an early strike. Sometimes copper plates are steel faced, which can prevent wear, but most restrikes are of lesser quality than early strikes. This is particularly noticeable in British sporting prints, which were often printed and reprinted many times over a long period of time (some nineteenth century prints are still being printed in London today!). The restrikes are often quite worn, with texture and background detail lacking. One clue to spot a restrike is that they are often more heavily colored than early strikes, as the publisher tries to hide the plate wear by adding extra color. This can be seen in many British sporting prints and also in the early nineteenth century Catesby prints.
In terms of value, these two material differences between original strikes and restrikes (historical context and quality) mean that the latter are of considerably less value than the former. The further distant a restrike is from an early impression in either of these factors, the less will be the value of the restrike relative to the original. Quality always matters, so worn impressions will be worth considerably less than a sharp first strike. Interestingly, the distance in historical context doesn’t matter for some prints, for instance with British sporting prints, so if the quality of these prints is close to that of the early strikes, so too will be the value. For other prints, however, such as political cartoons, the historical context matters a lot, so an impression from years later, even one with no drop-off in quality, will have considerably less value than a period impression.

Intaglio prints: part 1

An intaglio print is one whose image is printed from a recessed design incised or etched into the surface of a plate. In this type of print the ink lies below the surface of the plate and is transferred to the paper under pressure. The printed lines of an intaglio print stand in relief on the paper.

An itaglio print has a platemark, which is the ridge in the paper surrounding the image, the result of the compression of the paper from the plate and press. This is one of the ways to tell an original print from a reproduction, however, some reproductions have a false or fake platemark. False platemarks have a shape that can usually be recognized (this is hard to describe, but once you have seen a number it becomes fairly obvious), and also false plate marks are often too far away from the printed image. Remember that for older prints, the copper plates used were expensive, so plates were kept as small as possible. This means that the platemarks on original print from before the mid-19th century tend to be very close around the image.

There is a large variety of different types of intaglio prints, including engravings, etchings, mezzotints, aquatints, and stipples. The two most common are engravings and etchings, and we'll look a bit more carefully at those two processes in today's blog.

Engravings

An engraving (also called a line engraving) is made by incising a design into a metal plate by applying pressure to the plate with a pointed tool called a graver or burin. The term “engraving” is sometimes used to refer in general to all intaglio prints, with the term “line engraving” used to refer to engravings per se, but this is strictly speaking an incorrect usage of the term.

Engravings were among the first of the intaglio processes to be developed. The earliest known line engravings were issued in the fifteenth century. Probably the majority of intaglio prints produced before 1900 were engravings. Strong lines and sharp definition are characteristic of engravings. A method of engraving in a steel plate, which allows for finer detail and many more impressions than does copper, was developed in the early 19th century.

Etchings

An etching (also called a line etching) is created by covering a metal plate with an acid-resistant layer of wax--called a ground-–and drawing a design through the ground using an etching needle. The plate is then dipped in acid, which bites into the exposed lines, thus etching the design into the plate. After dipping the plate in acid, sections of the design can be stopped out with varnish and the plate immersed in the acid again. This creates a deeper bite, and thus darker lines, for those areas not stopped out.

The etching process was also invented very early, first appearing around the fourteenth century as a method of making decorations on armor. The earliest known printed etching was by Urs Graf and is dated 1513. The technique was perfected in the middle of the seventeenth century by Rembrandt. Etching allows for a freer artistic hand than does engraving, but etched plates tend to wear more quickly than engraved plates.

Collecting Antique Prints

What does it mean to collect antique prints?

Collecting does not have to involve spending large sums of money; large expenditure is neither sufficient nor necessary for collecting antique prints. Though an individual unwilling to spend a reasonable amount of money when the opportunity arises cannot be thought of as a collector, he or she certainly can collect antique prints and spend less than $100 a year. Collecting does not mean buying only “important” prints; every collection has its own universe of appropriate prints and each of these is important relative to the collection even if they are not “important” in a more general sense. Finally, collecting does not mean necessarily having a large number of items in one’s collection; a collection can consist of a very few pieces or more than a thousand. Collecting is best described not by how much one spends, nor by what one acquires, nor by the number of pieces, but by the way in which the collection is developed. A collector can be distinguished from an acquirer by the approach he or she takes to collecting. There are three components to a collector’s approach: criteria, knowledge, and preservation.

CRITERIA

The most important aspect of a collector’s approach to acquiring prints is the establishment of criteria for collecting. Every buyer wants to acquire prints which appeal to him or her and to avoid those which are not pleasing. A collector, however, uses a more rigorous set of standards than simply personal appeal. Someone who purchases any print which catches his or her fancy is an acquirer. A collector selects prints using a set of criteria which include rules for choosing prints based on theme, publishing history, and condition. Today I'll discuss the collector criterion of having a collection theme.


Theme: The most important collecting criterion is that of a theme or topic for the collection. The theme of a collection is that characteristic which the prints share that turns the assemblage into a single entity, rather than simply a group of prints. A theme can consist of a single subject, such as views of Niagara Falls; a printmaker or group of printmakers, as in prints engraved by Philadelphia craftsmen or prints after Hogarth; a printmaking process, such as mezzotinting; or any other shared characteristic, such as newspaper bonus prints.


A theme can be comprehensive for the chosen subject, or limited to prints issued in a certain period, such as prints published before the nineteenth century. Pretty much any subject related to prints can be a theme; the important notion is that a theme limits the universe of prints to be collected; a theme is what ties the individual prints together into the united entity which is a collection.

Unless a collector chooses an extremely broad subject, most prints will fall outside of the thematic scope of his or her collection. Generally the collector will need to do a fair amount of looking and exploring in order to find prints which fit the chosen theme. Indeed, the search for appropriate prints is a significant component of collecting. All collectors enjoy the excitement of the hunt and the thrill of discovery. One certainly would not want to set the theme so narrowly that no prints could ever be found which fall within the range of the collection, but there should be enough of a limitation that some aspect of a search or hunt is retained.


Anyone interested in starting a collection should choose a theme carefully. It should be of interest to the collector, for exploration of the theme can be wonderful source of enjoyment. Also, the beginning collector should consider a theme for which relevant prints are both available and affordable, so it is a good idea for a beginning collector to try to learn about the cost and availability of prints which fall within its scope. One might be very interested in large, bird’s-eye views of Chicago, but these prints are both scarce and expensive, so only someone with ample resources will be able to build a meaningful collection of these prints. It might be just as interesting to collect any views of Chicago, including wood engravings from newspapers like Harper's Weekly and that would widen the field considerably, but still allow for the acquisition of a block-buster bird's eye view if one came along at an affordable price.


The theme that a collector chooses is the foundation of the collection and so the collector should spend time in selecting the subject. The theme can, of course, change over time, and the collection can be culled or expanded as the collector's interest changes. Selecting a theme, however, is not the only thing that makes a collector, and in a future blog I will discuss other criterion.

(Click here to go to part 2 of collecting antique prints)

Shadows Antique Print Mystery series

I am a big fan of mysteries and so was delighted when I found out that there was a series of mysteries that revolved around antique prints. This is the Shadows Antique Print Mystery series written by Lea Wait, an antique print dealer from Maine. Lea is a fourth generation antiques dealer who started her own business in 1977. Lea lives in Maine and does antique shows, as well a writing both her mystery series and historical novels for children.

Lea began her print series with Shadows at the Fair, which was a finalist for the prestigious Agatha Award for Best First Traditional Mystery in 2002. I have found the books, which feature an antique print dealer named Maggie Summer, to be well written, good mysteries, and a lot of fun. I especially enjoy the way that prints play a part in the stories and Lea’s accurate description of the world of antique dealers.

You can read more about Lea and her books on her web site, but she kindly agreed to be interviewed for this blog.

CWL: How did you come to start writing antique print mysteries?

LW: I've always supported myself by writing, but I for many years I wrote corporate nonfiction. I wrote my first Shadows Antique Print Mystery to prove to myself I could write a full-length novel. Then, in 1998, I took an early retirement offer, moved to Maine, and started writing (and dealing in antique prints!) full time. My first book to be published was an historical novel for young people, Stopping to Home. My editor at Simon & Schuster heard I'd also written a mystery, and she told a friend at Scribner, and my mysteries found a home there.

CWL: Where did the name the series (and of Maggie’s antique print business) come from?

LW: As it says in Shadows at the Fair, "[Maggie] named the business Shadows because that's what old prints were -- outlines of worlds to which the doors have closed; shadows of pasts that have vanished except for memories and remembrances."

CWL: You introduce each chapter with a description of an antique print. How does this tie into your stories?

LW: Each description is a clue ... if there is a print of a snake at the beginning of a chapter, watch out! The books also have themes which are reflected in the prints. For example, Shadows on the Coast of Maine features Winslow Homer wood engravings because of the Winslow Homer -- Maine connection, even though the engravings were done before Homer actually moved to Prout's Neck. And Shadows at the Spring Show is about a murder connected with an antique show benefiting an adoption agency, so most of the featured prints are by illustrators like Jessie Willcox Smith, who specialized in drawing or painting children.


CWL: Maggie Summer must to some extent be based on yourself. How are you and Maggie the same and how different?

LW: Maggie isn't really me -- she's young, and much braver! But she does have a "day job," as I did for many years. She's a widow; I was divorced very young. We both love Dry Sac Sherry. And one other major theme in the books ... Maggie is 38, and is feeling her biological clock ticking, so is considering adopting a child. I didn't wait until I was 38, but I adopted four children (ages 4-10) as a single parent when I was in my early 30s. And Maggie lives in Somerset County, New Jersey -- where I used to live. So -- we do have a lot in common. But I haven't solved even one murder, so there are a lot of differences, too! Maybe she's who I'd have liked to have been.

CWL: Are other characters in your stories based on real people?

LW: No; none of the other characters are based on specific people! In fact, I go out of my way to avoid doing that, although if you've ever been at an antique show or known many dealers, you've probably met some of the characters in my book! I do have a granddaughter who has Down Syndrome, and a recurring character in my book also has Downs. Maggie's best friend has post-polio syndrome, and I've known several people who've had that. So there are pieces of people I know in the books. But no one is there unchanged.


CWL: What is it like selling prints at antique shows?

LW: Despite the work it takes to set up antique shows, I do love doing them! I love talking with other dealers, and I love having the opportunity to educate customers, especially younger people, about antique prints. But there are some people .. one man at a major show last year spent perhaps half an hour looking through my Winslow Homer engravings. Finally he turned to me. "This guy could really draw," he said. "Did he do anything about World War II?" Some questions are best answered with a simple, "No."


CWL; What are your favorite print(s).

LW: I have a soft spot for Winslow Homer wood engravings; the ones printed in Harper's Weekly and Every Saturday and other newspapers from 1858-1874. I try to keep as many of them as I can in my inventory, although they're becoming harder to find. I have about 160 of them now. Although they've gone up in value in the past twenty years they are still affordable, and I think, as the early work of one of America's greatest artists, they will continue to be an excellent investment.

CWL Do you plan to continue with the Maggie Summer books?

LW: There are four books in the Shadows Antique Print Mystery Series and after the 4th book my editor retired, and Scribner discontinued most of the mystery series' she had contracted for, including mine. My agent has tried to find another publisher to pick up the series, but so far he hasn't been successful. So -- I've written another Maggie book, but I don't know if it will ever be published. I hope so! In the meantime, I'm continuing to sell antique prints.

I hope Lea finds a publisher and encourage fans of antique prints and mysteries to find one of the Shadows books and give it a read. You’ll enjoy it!