My Family Silver

I’m sure the silver trade took a breather after all the sales in November. But anxiety remained about the level of business in the run-up to Christmas. As I go round the trade introducing myfamilysilver.com, many dealers tell me about their concerns about rising rents and costs. Everyone accepts the need to have a web presence but exposure is vital, especially on the all important Google search results, to reap the full reward. Silver is a perfect commodity to trade online (like books) as it is a standard material guaranteed by hallmark. In the past, however, many dealers have struggled to make an impression online as the market is fragmented. It also requires considerable energy, time and money to climb the rankings.

So, my yuletide conversations have further strengthened my conviction that together we can make a real difference to the trade of silver (as abebooks.com have revolutionised the sale of secondhand books). We have the resources to build a significent business online and the marketing skills and spend required to grab attention.

During January, I will be continuing my conversations with the trade and will start to invite dealers to join us. As more and more silver is uploaded to the site, our footprint will grow, so that when we launch our PR drive for traffic in the early summer there will be plenty of silver for a visitor to explore (and purchase).

No one can claim this will be an easy year - but together we can make it a better one.

It was great fun curating this year’s loan exhibition at the Olympia Winter Fine Art and Antiques Fair. The object I selected to show was a wonderful 18th century calculating machine invented by the eccentric Charles, 3rd Ealr Stanhope. The calculator was loaned by the Trustees of Chevening in Kent, the earl’s former home and now the cournty residence of the Foreign Secretary. The machine, and its related papers, intrigued and amazed the many visitors to the exhibition who were captivated by a film showing the calculator in operation. To a small degree, I hope that the exhibition will ressurrect interest in Earl Stanhope who is still overshadowed by his more famous daughter, the writer and traveller Lady Hester Stanhope.  

My attendance at the fair gave me ample opportunity to introduce myfamilysilver.com to the many silver exhibitors at OIympia. I was delighted with the encouraging and positive response to the business. In difficult trading environment, most saw myfamilysilver.com as a timely addition to their existing businesses and as a important means of extending their trade at low cost. Unsurprisingly, the eye-catching features of Crestfinder drew especial praise as the dealers immediately saw the great potential of marketing crested stock online to entitled families. Since the fair, I have continued these conversations with silver dealers across London, including those at the London Silver Vaults and Portobello Road. Their response has been uniformly encouraging while many of their suggestions - such as incorporating Regimental Crests into Crestfinder - will be acted upon before launch.  It cannot be stressed too highly that myfamilysilver is designed to promote the silver trade so all dealer suggestions for improving the site are taken very seriously.

November has also seen an unusually high concentration of notable silver auctions. However, it was Scottish auctioneers Lyon and Turnbull who generated most comment with their dispersal of the Chen Collection, a relatively recently formed collection of magnificent English silver interspersed with Russian works of art. In a severe test of the market, the auctioneers achieved £5.7 million (inc premium) for their client, a considerable achievement given the traditional market resistance to pieces lacking “freshness”. Unsurprisingly, the Russian items attracted the greatest competition in a market which, though falling, still rallies strength for good examples.

Silver gilt tray by Digby Scott and Benjamin Smith from the Chen Collection. £110,000 at Lyon and Turnbull

Meanwhile, Christies countered with the sale of another relatively recently formed collection, that belonging to Lord Harris of Peckham. A healthy 80% of the 272 lots found buyers, with competition clustering around a handful of exceptional Elizabethan pieces led by the Whitfield Cup, a silver mounted Ostrich egg cup and cover of 1590 which fetched £577, 250. There was equal enthusiasm for a fine group of 19th century mock-medieval Austrian rock-crystal pieces. With premium, the sale totalled £3.u7 million.

   The Whitfield Cup, London 1590.

On this occasion, Sothebys suffered by comparison with its competitors, old and new. Its sale struggled to excite a market already saturated with tempting pieces elsewhere and it limped to £1.9 million, much of which was accounted for by a large furniture section.�

This is the first monthly newsletter of My Family Silver, the new way to buy and sell silver. As launch of the site in Spring 2009 approaches, the newsletter will update visitors on our progress as well as reporting on other hot topics in the silver trade.

With six months to go, we are working flat out preparing the software that will drive the unique features of the site. Meanwhile, thousands of miles away in India, the ancient texts which are the source for Crestfinder continue to be methodically digitised. �

The recent turbalance on the financial markets and, it seems, the inevitable recession which will follow has demonstrated the urgent need of silver dealers to develop new, cost-effective and creative ways of marketing their stock. My Family Silver offers the opportunity to combine the strengths of silver dealers from around the world to broaden and develop their existing marketplace. In addition, the unique features of Crestfinder will allow dealers to fully realise the hidden value of their crested silver stock.

Silver Sales in October:

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