Antique Dealers Hang on Hope in Recession

By William Sherman

An A.D. 100 Roman torso of Hercules: $1.2 million; Abraham Lincoln's letter chastising a Civil War general: $675,000; an American chest of drawers, circa 1785: $495,000. The items are among more than $300 million worth of rare art, jewelry and antiquities for sale at the 55th annual Winter Antiques Show - the year's first acid test of the state of the highest-end economy.

Running now through Feb. 1 at the Park Ave. and 67th St. Armory, the sale is a barometer of how the superwealthy are faring in the meltdown - and whether they're willing to buy big as usual. "I have some clients who have suffered from Madoff," said fine jewelry dealer Peter Schaffer, referring to the $50 billion lost to financier Bernard Madoff's Ponzi scheme. Schaffer is one of 75 dealers with booths at the show, which features a stunning variety of thousands of items including American folk art, Oriental carpets, early photographs, even a 1555 suit of German armor for $100,000.

Most dealers are cautiously optimistic about their prospects, knowing that even the superrich come down with fear of spending during recessions. "Everyone has their fingers crossed, because there's no question that the economy is a factor whether you're a dealer or a buyer," said show chairman Arie Kopelman. "I don't know that I'll make any major sales at this show because of the atmosphere of uncertainty," said antiquities dealer - and Hercules owner - Alan Safani. "At the same time, people who have a lot of money see this as an opportunity to acquire objects at prices they haven't been able to buy in a long time." Safani added that antiquities and art are "not going to fall 50% in value like a 401(k) plan or a stock."

Sensitive to the climate, Japanese art dealer Joan Mirviss said she was "covering all the bases," offering $500 prints in addition to a scroll for $225,000. "This is my 29th year at the show and I've been here through some difficult times, as well as 9/11," she said. Still, hundreds of the well-heeled - and very well-dressed - paid up to $2,500 per ticket to attend Thursday's opening night at the show, with proceeds going to the East Side Settlement House charity.

Mayor Bloomberg stopped by, though the billionaire didn't buy. Others did, however, and within minutes, someone committed to a $950,000 1926 portrait by artist Robert Henri at the Adelson Gallery booth. That was indicated by a red dot on the wall next to the oil on canvas, a universal sign of purchase. But at the end of opening night, the walls of many booths were not festooned with red dots.

"It's too early to tell," said Benjamin Macklowe, of the Macklowe Gallery, the world's largest dealer of Tiffany lamps, standing in front of a hanging light, circa 1905, offered at $250,000. "Everyone's affected by the economy, but this is a high-end show and people come here from all over the world," he said. "We'll know at the end of the week."