07/06/2025 General News
You don’t need me to tell you that the past few years have been challenging economically, writes Tim Blyth. You might expect this to have translated into something of a slump in demand in the rarefied world of top-end antique and fine art auctions, but you would be wrong.
The fact is that notwithstanding the financial squeeze which many of us are experiencing, those at the more affluent end of the scale have not been impacted anywhere near as much, and they are still spending their money.
Keys’ thrice-yearly Fine Sales, which as the name suggests feature the most select and highest-quality items, have seen buoyant demand from bidders around the world, with very high sale rates and extremely healthy hammer prices. In fact, demand is outstripping supply at this end of the market.
We perhaps shouldn’t be surprised about this. At the time of writing, there are 319 properties for sale for £1 million or more in Norfolk alone; that is a lot of people who have money to spend not just on their homes, but on their interiors too.
And that is just in Norfolk; but the power of the internet, combined with Keys’ national and international reputation (we were called ‘top tier’ by the industry bible ‘Antiques Trade Gazette’) means that bidders for our Fine Sales in particular come from all over the world – we ship sold items to literally dozens of countries every year.
So what is particularly in demand amongst our Fine Sale bidders? The answer to that is essentially anything of quality. People who are lucky enough to be insulated from the prevailing economic climate want the best of everything, and they are prepared to pay for it.
Included in this are good quality pictures from all eras, including 20th century and contemporary art. This doesn’t necessarily mean the most trendy artists, it’s more about the absolute quality of the painting. It’s a bit like buying quality cloth rather than fashionable labels when shopping for clothes: as the saying goes, fashion is transitory, but style is permanent.
One of the reasons international bidders focus on Keys’ Fine Sales is that they include the renowned East Anglian Art Sale each time. We are fortunate indeed to live in a region which has been home to so many quality artists with global reputations.
It’s not just art, though. After several years in the doldrums, the market for antique furniture is now very much on the up, especially at the top end. People buying large, expensive homes need large, quality pieces. It is noticeable how the demand for good quality furniture has increased, even for mahogany other dark woods which were very much out of fashion not so many years ago.
Traditionally in times of economic strife, people look to put their money into gold and precious metals, and this time is no different. Our jewellery sales are booming, with prices for top-end pieces – both antique and modern – are very robust.
Other areas where there is plenty of demand at the quality end of the market include ceramics (especially big names such as Meissen, Sevres, Royal Worcester, Moorcroft and Lowestoft, as well as good oriental porcelain); glassware (there is particular demand for Lalique and Bohemian glass); and designer watches, both vintage and modern.
Whilst international bidders will always be attending online, our last few Fine Sales have seen the room full, both for individual collectors and dealers, including as good number who travel up specially to Norfolk from the capital. With brisk bidding and strong hammer prices, it is clear that there are plenty of people who feel sufficiently financially confident to continue spending.
Keys Summer Fine Sale takes place on Wednesday 23rd and Thursday 24th, with the East Anglian Art Sale on Friday 25th July. Items can still be consigned for the Sale; for more information, visit www.keysauctions.co.uk.