Postmortem of a Legend – Why Vintage Baseball Cards Don’t Qualify as Investment Grade

Postmortem of a Legend - Why Vintage Baseball Cards Don't Qualify as Investment Grade

When I’m doing research on possible investment grade antiques, I come across a lot of marginal antiques.  In this situation a particular class of antiques comes very close to being investment grade, only to lack one or two vital attributes.  An item’s investment grade status is generally determined by five distinct elements: portability, quality of materials and construction, durability, scarcity and stylistic zeitgeist.  In a marginal class of antiques, one or more of these qualities is absent or inadequate.  This delineates items that are merely collectibles from true investment grade pieces.

Vintage baseball cards are a great example of this phenomenon.  For a long time I looked into these early to mid 20th century mementos of the great American pastime.  They have a lot going for them.  First and foremost, they celebrate that quintessentially American sport – baseball.  This gives them major cultural or zeitgeist points, especially considering that the antique market is awash in goods that are total anachronisms in the current age.  Copper coal scuttles and brass tea strainers are not only unnecessary in the modern world, but also lack any significant stylistic mojo.  In contrast, baseball cards are still culturally relevant.  That is a major win.

However, a class of antiques cannot be declared investment grade based solely on scoring well in one of the five aspects of investability.  And while baseball cards do well in two of the other categories (portability and scarcity: both good enough) they fall flat in the final two elements.  Quality and durability are the investment Achilles heel of baseball cards.

Originally used as cheap prizes that were packaged with cigarettes or candy, vintage baseball cards are made out of cardboard…and not high quality cardboard either.  Intended to be abused, lost and damaged, they were throwaway items.  Baseball cards were meant for hyperactive, grubby kids to trade amongst themselves and put in the spokes of bicycle wheels.  They were never meant to be treasures and were, consequently, never manufactured to stand the test of time.

This cheap fabrication was reflected in their mass printing and distribution.  In the 1920s through the 1960s every candy shop and corner store in the U.S. sold baseball cards (and candy or gum with them) for a few pennies each.  They were the antithesis of luxury goods.  Unfortunately, in my opinion, this is fatal to any aspirations baseball cards may have to become legitimate investment vehicles.  After all, when accidentally nicking the flimsy edge of an iconic 1932 U.S. Caramel Babe Ruth card instantaneously drops its market value by 25% or more, the importance of durability in investment grade antiques becomes obvious.

Another major factor that eliminates vintage baseball cards from contention for investment grade status is the fact that professional baseball is a largely U.S. (and Canadian) sport.  This severely limits the possible collector base, a fatal coup de grace when coupled with their less than durable cardboard construction.  Most investment grade antiques have strong international demand, reducing dependence on any one geographical area.

Of course, baseball is also big in Japan, but that doesn’t fundamentally change matters much.  It is unlikely that most Japanese baseball card collectors would be scouting for vintage U.S. cards anyway.  Instead, they would probably just stick to vintage Japanese baseball cards.  Baseball is a major sport in a few other Central and South American countries, but they are too small to impact demand in the U.S. card market significantly.

Now I don’t want anyone reading this to get the wrong idea.  I don’t dislike vintage baseball cards or think they are “bad”.  I don’t even have an opinion on their future return potential, which may or may not be good.  What I do know is that according to the five attributes of investability, vintage baseball cards come up short on two.  It doesn’t mean they can’t appreciate in the future, but it does mean that I can’t predict that possible appreciation with any certainty.  When investing my own money, I would prefer to stick with a surer thing.

The Ethics of Elephant Ivory and Art

The Ethics of Elephant Ivory and Art

Ivory is one of the world’s great unsung treasures.  Its inviting warmth and tantalizing, organic texture is innately attractive, an obvious predecessor to the finer properties of today’s plastics.  Although elephants are the most well known source of the venerable material, ivory also originates from a variety of other animals, including hippos, narwhals, walruses and sperm whale.  Even ivory tusks from extinct woolly mammoths are still found and used today by fine craftsmen around the world.

While stunningly beautiful, ivory is also one of the most controversial materials commonly encountered in antiques.  Due to the rapidly shrinking populations of wild African and Asian elephants, ivory has become a focal point of international law enforcement.  Although possession of elephant ivory is generally not banned outright, trade in ivory or ivory items is heavily regulated by the global community.  In spite of the heavy web of laws and regulations surrounding the ivory industry, the poaching of elephants for their tusks has continued unabated.  In response to this development, many nations – including those as diverse as Kenya, Gabon, the Philippines, Hong Kong, China, France, Ethiopia, the Congo and the United States – have crushed, burned or otherwise destroyed previously seized stockpiles of illegal ivory.

Over the past 30 years more than 100 tons of illegally poached elephant ivory has been destroyed in this way.  Environmentalist and conservationists applaud this policy as a way to send a powerful, “zero-tolerance” message to would be poachers and dealers in illegal ivory.  Unfortunately, like many well-intentioned policy initiatives, it may also have more negative, unintended consequences.

First, destroying national elephant ivory stockpiles does not directly impact poachers or illegal dealers.  These two illicit groups only care about one thing: is the ivory they poach today salable?  Destroying existing ivory stockpiles doesn’t change the economic calculus of the situation one iota.  If anything, severely restricting the availability of elephant ivory only serves to elevate the cream-colored material to an almost mythical status.  This enhances its desirability to amoral consumers who are driven primarily by the social status that extreme rarity imparts.  Simply put, if poachers think they can find a buyer for ivory, they will kill more elephants.  Any illegal ivory that might be seized is simply written off as a loss – an acceptable part of doing business – by those operating illicitly.  The poacher or illegal dealer doesn’t care or even know if his previously seized ivory has been destroyed.

The second issue is the unspoken future artistic sacrifice that is made when national governments destroy elephant ivory stockpiles.  Ivory has been a recurring theme in exquisite sculpture, carvings, jewelry and musical instruments – not to mention countless other tangible arts – throughout human history.  Ivory is truly a physical cornerstone of humanity’s artistic expression as a species – an inherently amazing material which has been treasured by our ancestors for thousands of years.  Destroying ivory that has already been seized by national governments constitutes a pointless cultural holocaust.  Any ivory destroyed today is ivory our grandchildren and great-grandchildren will never get the opportunity to admire in a work of fine art.  Crushing our collective cultural patrimony doesn’t, ultimately, make the world a better place.  It doesn’t even save any elephants.  Instead we become collectively poorer, both culturally and spiritually, when elephant tusks are burned upon the pyre of international pressure to “do something”.

Let’s peer 50 to 100 years into the future.  Although I sincerely hope I am wrong, in all probability both Asian and African elephants will be extinct in the wild.  National governments will have proven unable to stop the extermination of elephants because poaching is driven primarily by human poverty in elephant habitats.  In other words, as long as sub-Saharan Africa and Southeast Asia are economically poor, people there will poach to augment their incomes.  As a result, elephant ivory will have become an incredibly rare and highly coveted material.  Instead of feeding tons of seized ivory into the grinder, countries could have sequestered these precious ivory stockpiles in secure locations like Swiss underground bank vaults.

In this probable, dystopian future, poaching is no longer an issue – all the wild elephants are already gone.  Therefore, these official, state-approved elephant ivory stockpiles could be quite legally and ethically sold.  This would grant an economic boon – perhaps for further conservation of other species or elephant repopulation efforts – to the nations that once harbored these magnificent tusked beasts while also providing the art world with a ready source of a gorgeous and rare luxury material.  Instead of this more reasonable outcome, I fear all the world will end up with will be crushed ivory dust, extinct elephants and, of course, bitter regrets.

Antique French Sterling Silver Gilt Tea Spoons Set 12 pc Napoleon III c.1850

Antique French Sterling Silver Gilt Tea Spoons Set 12 pc Napoleon III c.1850
Photo Credit: Noblesse-Collection

Antique French Sterling Silver Gilt Tea Spoons Set 12 pc Napoleon III c.1850

Buy It Now Price: $650 (price as of 2016; item no longer available)

Pros:

-This is a set of 12 French silver gilt teaspoons from the period of Napoleon III (1850s or 1860s) made by the Parisian silversmith Guillaume Deniere.

-These teaspoons are executed in beautifully detailed, ornate Louis XV style, otherwise known as French Rococo.  This is consistent with their mid 19th century attribution.

-The pieces have the appropriate hallmarks for the period – the maker’s mark along with the head of Minerva, first standard.  French first standard silver is 95% fine, which is higher than sterling silver.

-The teaspoons are 5.82 inches (14.8 cm) long and weigh 26.8 grams (0.8625 troy ounces) each.  They are crafted from heavy gauge solid silver.  The total weight of the set is 322 grams (10.35 troy ounces) and its bullion value at current silver prices ($16 an ounce) is about $157.

-The set comes with its original 19th century ebonized wooden box, inlaid with decorative brass.  This is a highly desirable bonus.

-When knowledgeable connoisseurs speak of “old world craftsmanship” in hushed, reverent tones, this item is the sort of thing they are talking about.  Everything about these silver teaspoons exudes quality, from the original wooden storage box to the stunningly high relief decoration to the glittering vermeil (gold-plating).

-The workmanship of this set of silver gilt tea spoons is simply superb.  I have rarely seen silver flatware that matches the quality of these pieces.  They would make a great investment, even at the $650 asking price.

 

Cons:

-There are really very few negatives about this antique set of teaspoons.  I suppose you can argue that the asking price of $650 is a substantial premium over the intrinsic value ($157) of the set.  But that is only a reflection of its stellar artistic quality.

-The seller disclosed a crack underneath the box, so that piece isn’t in perfect condition.  All things considered, this set is in magnificent condition for being 160 years old.

Lustrous Lacquer – Antique Japanese Lacquerware

Lustrous Lacquer - Antique Japanese Lacquerware
A finely crafted Japanese lacquerware jewelry box employing raden (inlay) ornamentation.  The iridescent mother of pearl decorative inlay contrasts sharply with the coal black background, creating an interesting and visually powerful effect.

It is said that the Japanese have a distinct national character.  They are widely considered to be industrious and extremely attentive to detail, yet also staunch traditionalists.  As a result, the Japanese have traditionally excelled at repetitive, highly-skilled crafts that take many long years of training to perfect.  This unique mix of Japanese cultural attributes has given rise to one of the world’s great unsung art forms – Japanese lacquerware.

Urushi, or Japanese lacquerware, exudes the island nation’s sleek minimalist, yet still naturalistic style.  Flowers, mountains, trees and birds dance across lustrously polished lacquer surfaces as if alive.  The soft glow of antique lacquer adorned with a stately gold crest of medieval Japanese nobility evokes the prestige and glory of feudal, Edo-era Japan.  Inlaid mother of pearl decoration bursts into iridescent animation, radiating vibrantly against a smooth, burnished lacquer background.  Lacquerware is truly Japan’s most original, and perhaps finest, national craft.

While used in China as long ago as the 3rd century BC, lacquerware only spread to Japan in the 7th century AD.  Although not native to their island, the Japanese soon fully embraced this demanding handicraft.  Over the passing centuries Japanese craftsmen constantly innovated, eventually raising lacquerware to the nation’s pre-eminent art form by the time of the Tokugawa Shogunate during the 18th and 19th centuries.

As The West came into contact with Japan during the Age of Exploration, Europe became obsessed with the intricate, fanciful designs and mesmerizing luster of its fine lacquerware.  The ill-fated, late 18th century French queen Marie Antoinette was famous for her Japanese lacquerware collection.  So was the European monarch August the Strong, the early 18th century King of Poland and Grand Duke of Lithuania.  In fact, the word “Japan” itself became a synonym for Japanese lacquerware in England during the Georgian era.

 

Edo & Meiji Era Japanese Lacquerware Boxes for Sale on eBay

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The hard lacquer coating used in the production of Japanese lacquerware originates from the toxic sap of the urushi tree (Rhus verniciflua).  This sap contains the same chemical irritant found in poison ivy, poison oak and poison sumac.  Urushi sap is harvested in a very similar way to natural rubber from rubber trees.

A series of parallel grooves are cut into the urushi tree’s bark.  The sap that weeps from these wounds is collected, filtered and purified before being applied to a base object.  Once processed, urushi sap loses all its toxic characteristics and becomes completely safe.  The sap can be used on a wide range of materials including paper, plastic, metal, leather and glass, but is most often used on wood.

It takes anywhere from 5 to 40 individual layers of sap to complete a piece of Japanese lacquerware.  After each layer is applied by hand, the wet sap is hardened via a chemical process known as polymerization by subjecting it to a sauna-like environment of elevated heat and humidity.  This is followed by laborious sanding to prepare the dried lacquer to accept the next coat of sap.  This painstaking layering process continues with progressively finer sanding grit until the final layer is polished with an incredibly fine abrasive – traditionally powdered stag horn and oil.

The resulting hardened lacquer finish is incredibly durable, resisting water, salt, acid, alkali and alcohol with ease.  It can also resist temperatures up to approximately 300 degrees centigrade (572 degrees Fahrenheit)!  Lacquer’s only apparent weakness is its propensity to degrade after prolonged exposure to the harsh ultraviolet rays of strong, direct sunlight.

Japanese lacquerware is so enduring that it is common for pieces to last over a century, even with regular use.  In fact, the old Japanese saying about lacquerware is “Once you buy it, it will last through your grandchildren’s generation.”  In spite of Japanese lacquerware’s extreme toughness, using it in the microwave, dishwasher, refrigerator or oven is strongly discouraged because temperature extremes can cause the wood base to warp, thus damaging the lacquer finish.

A variety of striking decorative techniques are used in Japanese lacquer-work.  Most commonly, the lacquer itself is dyed – usually a deep cinnabar red or charcoal black.  Of course, the lacquer can also be left clear if the artist wishes to accentuate an object’s underlying wood grain.  Another technique frequently used is called “maki-e.”  In maki-e, powdered gold or silver dust is sprinkled onto the still wet lacquer in the shape of a decoration.  Once the lacquer is cured, the gold or silver dust forms a glittering, shimmering metallic design that is permanently embedded in the surface of the hardened lacquer.

The final type of decoration commonly encountered is called “raden.”  Raden is an inlaying technique where small pieces of bone, ivory or mother of pearl are inset into the surface of an item to form a design or picture.  Multiple layers of clear lacquer are then applied over the entire item and polished to a high luster.  Japanese lacquerware crafters are true artists, often using a combination of contrasting decorative technique simultaneously for maximum visual effect.

 

Traditional Japanese Lacquerware Bento (Lunch) Boxes for Sale on eBay

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Most Japanese lacquerware shares similar styles, motifs and forms regardless of its date of manufacture.  This can make date attribution difficult.  Edo and Meiji era (pre-1912) Japanese lacquerware designs often have a slightly stiffer and more formal appearance, even when portraying naturalistic scenes.  However, by the time of the Taisho and Showa eras (1912 onwards), decoration becomes very subtlety looser and freer in execution due to Western artistic influence.

Another dating hint is when a distinctly non-Japanese artistic style is employed.  For example, Art Deco design elements would suggest an early 20th century origin.  Japanese lacquerware was also produced in different forms over the decades.  For example, incense boxes and Inro (a Japanese wallet for use with kimonos) are indicative of Edo or Meiji era 19th century lacquer-work.  While still notoriously tough to date, all of these clues used together can help to properly attribute Japanese lacquerware.

When buying Japanese lacquerware for investment purposes, the foremost consideration is quality workmanship.  There is a very broad quality range of lacquerware available in the marketplace today.  Low quality lacquerware is hastily manufactured using synthetic, polymer-based lacquers instead of genuine sap from the urushi tree.

In addition, poor quality specimens will invariably use far fewer layers of lacquer than a high quality piece.  Good quality lacquerware will always possess many layers of urushi lacquer – and even more layers when richly decorated.  The delicate artistic treatment of any decoration is another hallmark of fine vintage Japanese lacquerware.  A legitimate, investment-grade specimen will possess intricately detailed designs or scenes that are precisely rendered.  Poor quality lacquerware will have sloppily or nebulously executed designs.

When looking for good investment returns, it is best to avoid Japanese lacquerware that is plain, with no decoration.  While Japanese craftsmanship naturally tends toward the stylistically uncluttered, lacquerware with no embellishment whatsoever is unlikely to ever be highly desirable.  As with all antiques, condition is also of paramount importance.  As a general rule, heavily damaged examples should be avoided.  Minor damage to lacquerware can often be repaired and thus may be acceptable in otherwise exceptional or historically important pieces.

Although lacquer can be coated on a variety of base materials, high quality Japanese lacquerware is almost always applied to wood.  Plastics are often used as the base for cheaper, lower quality pieces using synthetic lacquers.

A good way to check the quality of a vintage lacquer item is carefully balance it loosely in one hand and then tap it with your finger.  Natural lacquer over wood will tend to give a clear, resonant sound while cheap, synthetic lacquer over plastic will give a dull, lifeless thud.  It is no coincidence that fine musical instruments through the ages – ranging from 17th century Stradivarius violins to 1950s Gibson Les Paul electric guitars – have traditionally been constructed from fine tonewoods coated with many layers of natural lacquer.

 

Vintage Japanese Lacquerware Bowls & Plates for Sale on eBay

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Within a specific class of antiques, it is a general rule that the older the item, the more expensive it becomes.  This rule only marginally applies in the case of vintage Japanese lacquerware.  Even recent specimens from late in the 20th century are very desirable if they are well made.  Due to the highly-skilled and labor-intensive nature of lacquerware manufacturing, little high quality production emanates from Japan in any given year.  And because fine lacquerware crafting does not lend itself to automation, this situation is unlikely to ever change.  Therefore, there is little worry that the market will suddenly be flooded by modern, high quality lacquerware.

As with all antiques, pricing for Japanese lacquerware varies greatly with quality.  19th century Edo and Meiji era lacquerware is typically rather expensive, with prices ranging from just over $200 for simple examples to several thousand dollars for ornate, expertly crafted ones.  Taisho and early Showa era lacquerware from the first half of the 20th century is nearly as expensive as older specimens.  Japanese lacquerware of more modern vintage is usually slightly less costly, with entry-level investment-grade examples starting at a little over $150 each.

Japanese lacquerware is truly one of the greatest investment secrets of today’s art world – a glittering gem in the rough.  And it is a testament to the nature of the Japanese people that they have managed to keep this magnificent art form alive for over a thousand years.

 

Read more in-depth Antique Sage Japanese antiques investment guides here.