It is often said that beauty is in the eye of the beholder. And nowhere is this statement repeated more often than in the world of fine art. However, upon close examination there are actually some attributes that are effectively universally desirable. And while any two individuals' opinion of the same work of art can vary wildly, just five universal characteristics ultimately determine desirability. These five qualities are: portability, quality materials and construction, durability, scarcity and stylistic zeitgeist.
Size matters, as the old saying goes, and bigger is better. This is true regardless of whether the item in question is an old mine cut diamond set in a Victorian yellow-gold ring, an ancient Egyptian Ptolemaic bronze coin or an illuminated leaf of a French medieval manuscript. Larger art works are visually impressive, more easily displayed and more readily appreciated by both connoisseurs and amateurs alike. Therefore, when two items only differ in size, the larger example will be more desirable with collectors, all else being equal. But this trend is only true as long as portability is preserved. Once an antique exceeds approximately 12 inches (30 centimeters) on any axis it loses portability and is thus no longer investment grade for our purposes. Objects above this size can certainly still be desirable - and many are - but it is no longer a given that larger automatically equates to more desirable.
Quality materials and construction are to fine antiques as top-notch ingredients prepared by a celebrated chef are to great cooking. Use of the finest materials by the best craftsmen is a trait common to all outstanding antiques. There is a reason that glittering precious metals, exotic tropical hardwoods and alluring semi-precious stones are recurring themes in the world of upscale antiques. It is because the finest materials, when skillfully assembled, produce the most stunning works of art - the sort of masterpieces that are visually impressive and widely coveted.
Another aspect inexorably bound up with material quality is durability. A well made antique will exhibit surprising durability, weathering the passing centuries with tremendous grace. It will continue to look stunning even as more mundane items crumble to dust under time's relentless assault. Simply put, the finer things in life are invariably better made and, consequently, inherently more durable. This holds true regardless of whether it's an ancient Roman hardstone intaglio or a 1950's era Omega Seamaster wristwatch.
When most of us think of expensive antiques or art, scarcity is often the first thing that comes to mind. There is a good reason for that. Truly fine art is rare. Wars, natural disasters and neglect have, over the centuries, gradually whittled down the surviving pool of quality art and antiques. Those works that remain are not only renowned for their aesthetic beauty and cultural importance, but also for their great rarity.
The final aspect that impacts desirability is what I call stylistic zeitgeist. This concept deals with how purely a work of art reflects the cultural milieu of its time period. For example, an Edwardian diamond choker that is stylistically focused will be much more desirable than a similar Edwardian diamond necklace that awkwardly incorporates transitional elements from the emerging Art Deco design language. Connoisseurs simply assign more value to art that better embodies the characteristic qualities of a movement or time period. In short, collectors wish their Georgian antiques to reflect Georgian style, their Art Nouveau works to exude Art Nouveau form and their Mid Century American art to epitomize Mid Century American design.
Antiques and fine art can be a fundamentally sound allocation decision in a sophisticated investment portfolio, but it is important to understand the elements that drive universal desirability before buying. Adhering to the five attributes of portability, quality materials and construction, durability, scarcity and stylistic zeitgeist will help ensure good returns on your art investments. Some items will have the right stuff while others won't. By using the five characteristics mentioned above you can more easily sort the good from the bad.
