Market lingers on a rising note
Financial Times - December 6 2000
A carefully chosen violin can make a worthwhile investment, says Clare Gascoigne
When a violin in the Ashmolean museum was recently declared a Stradivarius, the Oxford curators had cause for quiet celebration. Although there are no plans to sell it, estimates of the violins value have reached £10m.
Few of those who discover a Stradivarius will be so lucky. The whereabouts of the 600 or so still in existence are well known…
There are, however, plenty of imposters since violinmakers in the 19th century were lax about their labeling. Indeed, there was a thriving trade in fakes. Victorians keen on style rather than substance would happily buy a violin for the label, knowing it was fake, much as consumers today buy watches described as "Rolex" from street vendors. So the discovery of a Stradivarius label on a violin in the attic is unlikely to lead to untold riches. But do violins make a good investment?
If your children fancy themselves as the next Vanessa Mae or Nigel Kennedy, should you fork out for a decent instrument in the hope that it will appreciate in value even if the youngsters' musical aspirations evaporate?
"A violin is different to almost any other work of art because it is also a tool of the trade," says Simon Morris, managing director of violin experts and dealers J&A Beare. "It is a necessity for some people and a luxury for others."
Anyone who bought a Strad in the past 20 or so years will do very nicely. You could pick one up for a couple of hundred thousand pounds in the early 1980s, but you would now have to pay around £1m. The reason is simple: supply and demand.
"The number of old instruments has diminished, but the market has expanded," says Morris. "There is now a big market in Japan and Korea as western music has become more popular. Whereas an English parent might spend £10,000 on a violin for their child, a Korean will spend £100,000."
Violin making has been dominated by the Italians for 300 years. Increased demand for fine old instruments from Italy has meant a 10 to 12 percent rise in price over the past 20 years, bringing the price tag to around £70,000-£80,000.
Condition is crucial. Even a Stradivarius can slump in value to a few hundred thousand pounds if it has suffered a lot of repairs and the ravages of woodworm…
The rise in prices puts the most beautiful instruments out of reach of all but wealthy collectors and institutions, although some will loan an instrument to a world-class player.
But prices for lesser violins can be reasonable. Just as well, given most musicians do not get huge salaries. Moreover, prices do not fluctuate, since violins do not go in and out of fashion. Unlike some other musical instruments, such as a flute, the design of the violin has not changed in 300 years and an antique is as useful to a player as a new instrument…
The best example of a lesser maker is better than a poor Stradivarius. Italian makers command the best prices. You might pay about £40,000 for a violin by Fanola, who was working in the 1920s, but a third of that for the finest French maker of the same period.
Stradivari's contemporaries, such as Guarneri or Amati, produced instruments that will go for anything from $200,000 (£140,000) to $500,000. Although violins are made around the world, those from Italian craftsmen are the most sought after.
