1. January, 2011
APPRAISER
WORKSHOPS
Appraiser
425 South Washington St
Alexandria, VA 22314
Workshops
703-836-1020
Fine and
Decorative Arts
Market Confidence
Survey
www.appraiserworkshops.com
www.appraiserworkshops.blogspot.com

2. Page 2 Fine and Decorative Arts Market Confidence Survey
Fine and Decorative Arts Market Confidence Survey
Jan 2011
The January 2011 Appraiser Workshops Fine and Decorative Arts Market Confidence Survey results have
been tabulated. There were 139 responses to the survey this quarter. Although this is a respectable number
when compared to some other reports, (the RICS Arts and Antiques survey typically gets between 35-60
responses) we hope to increase the number of responses in the future by contacting more appraisers,
dealers and specialists directly. The more responses the survey has, the higher the significance and reliability
of the data and results. The data collected is based upon the market experiences of appraisers, dealers, and
auction house specialists and their confidence level in the various market sectors. It is still anecdotal and not
based upon actual sales results, yet the results are based upon information from a very focused, reliable and
knowledgeable universe of respondents.
I hope to introduce new quantitative data with future reports. The October report was the first, containing
only basic information and data reporting. With the second survey results, trending comes into focus, and
with future indicators we will soon compare and graph each trend for each market sector surveyed over
longer periods of time. The possibility of creating an index is also possible and a viable option.
For this report, I have introduced the All Sectors indicator for both present and future expectation survey
results. This computation is based upon the average of the all of the sectors responses, 14 for the present
indicators and 4 for future expectations. The future plan for the survey and report is to become more
comprehensive in our analytical developments, yet still remain user friendly and easy to follow.
The results should prove beneficial to appraisers when analyzing and documenting market conditions and
trends. Please reference the Appraiser Workshops Fine and Decorative Arts Market Confidence Survey
results in appraisal reports. If you have questions about the Appraiser Workshops Fine and Decorative Arts
Market Confidence Survey and reports, please feel free to contact me at toddsig01@gmail.com
Todd W. Sigety, ISA CAPP
Jane C. Brennom, ISA CAPP
Appraiser Workshops
425 South Washington St
Alexandria, VA 22314

3. Fine and Decorative Arts Market Confidence Survey Page 3
SURVEY RESULTS - Present
All Sectors
The new All Sectors indicator is an average of the 14 individual present confidence level market sectors.
The results for January show that 44.49% of those surveyed have positive confidence in the overall fine and
decorative art markets. This is up from 41.55% in October of 2010. The negative confidence level fell from
26.35% in October to 20.53% in January. The results appear to be a positive for the market as a whole,
given that positive confidence levels increased and negatives decreased.
Although the trending is positive, keep in mind some of the very high performing sectors may skew the
overall results, such as the very strong positive responses from the upper markets of both the Asian Art
and silver market sectors.

4. Page 4 Fine and Decorative Arts Market Confidence Survey
Fine Art Middle Market
The Fine Art Middle Market sector is
showing some positive signs and
trends. The positive confidence
levels increased from a very low
9.77% in October of 2010 to 22.22%
in January of 2011. The negative
impressions also dropped by nearly
half, from 43.61% to 23.81%.
Fine Art Upper Market
The Fine Art Upper Market remains
very strong, with a positive
confidence level of over 85%, and
overall remaining nearly unchanged
from the positive confidence levels
of October 2010.

5. Fine and Decorative Arts Market Confidence Survey Page 5
Asian Middle Market
The Asian Middle Market is showing
signs of growth, with positives
confidence levels increasing and
negatives decreasing. Many remain
neutral on this market sector, but
with such strength showing in the
Asian Upper Market Sector, there
will typically be a trickledown effect
with increasing confidence and
demand in the lower sector.
Asian Art – Upper Market
Like the Fine Art Upper Market, the
Asian Art Upper Market sector is
extremely strong, and is still
advancing. The strong positives
confidence levels in October of 2010
at 81.9% increased to 86.92% in
January, while the negatives
decreased from 8.57% to a very low
1.87%. It is a positive market
indicator when positive confidence
levels increase while the negatives
decline. The question for the Asian
Market investors and collectors, is
this a bubble?

6. Page 6 Fine and Decorative Arts Market Confidence Survey
Furniture and Decorative Arts – Middle Market
The confidence level of the furniture
and decorative arts middle market
sector remains firmly seated within
the negative, and perhaps represents
most of the negative issues found
within many sectors today. I believe
there is an oversupply and a lack of
demand for this particular sector, and
in economic terms, the sector is out
of equilibrium. The negative
confidence levels dropped only a
small amount over the past three
months from a high of 63.2% to
59.38%. To offset that minor
positive, the positive results also
dropped from 10.4% to 7.81%. This is most definitely a sector that is showing very low market confidence
from the valuation community.
Furniture and Dec Arts Upper Market
The Furniture and Decorative Arts
Upper Market remains strong,
especially when compared to the
middle market. Positive confidence
level responses increased and
negative dropped. The upper market
of the Furniture and Decorative Arts
remains strong.

7. Fine and Decorative Arts Market Confidence Survey Page 7
Luxury Goods
The Luxury Goods sector saw its
positive response move from 43.59%
to 60%, a very impressive increase
over a period of only three months.
The negatives of the sector also
dropped from 17.95% to under 10%.
Recent news reports confirm that
many luxury goods retailers had an
excellent fourth quarter. Momentum
appears strong, but will it last
throughout the new year now that
the holiday season is over?
Household Contents
The Household contents sectors
remains firmly in negative territory.
With negative responses remaining
almost unchanged from 59.68 to
58.73, and positive responses
declining by nearly half, from
14.42% to 7.94%. Not a good sign
for this market sector.

8. Page 8 Fine and Decoartive Arts Market Confidence Survey
Ancient and Ethnographic Middle Market
The survey results are showing signs
of negative overtones, although the
market is sector is not strongly
positive, the trend appears to be
upward, with positives increasing
and negatives falling. The sector
shows over 60% of respondents
being neutral.
Ancient and Ethnographic Upper Market
The upper market of Ancient and
Ethnographic art remains strong,
with an upward trend revealing
positives increasing from 53.95% to
over 60% and negatives falling from
13.16% to 8.14%. A good sign for
the market sectors continued
strength.

9. Fine and Decorative Arts Market Confidence Survey Page 9
Textiles Middle Market
The middle market survey results of
textiles continues to reveal a lack of
confidence. The negatives grew
slightly over the quarter from
45.16% to 48.98, and unfortunately
the positive responses declined
significantly from 16.13%, down to a
mere 3.06%. The trending for this
sector is not at all positive.
Textiles Upper Market
The upper market of textiles is
showing some signs of declining
confidence. Positives fell from
48.35% to 36.08% and negative
increased slightly from 8.79% to
9.28%. The number of neutral
responses also increased.
Unfortunately, of the 14 present
condition sectors the Fine and
Decorative Arts Market Confidence
survey tracks, this is the only upper
market sector that has shown a
decrease in positive confidence
responses.

10. Page 10 Fine and Decorative Arts Market Confidence Survey
Silver Middle Market
Driven by the high cost of silver on
the spot market, both the middle
and upper markets of silver are
performing well. The middle
market sector has shown increased
positive responses and a decrease
in negative responses, with neutral
responses staying nearly the same.
Silver Upper Market
The silver upper market sector is
strong, with increasing positive
responses of over 77% and negative
responses falling from over 10% to
below 4%. A strong sector.

11. Fine and Decorative Arts Market Confidnece Survey Page 11
SURVEY RESULTS Future Expectations
All Sectors
The all sectors report for future expectations in the fine and decorative arts market shows much more
balance than the individual present situation indicators. The positives and neutral responses are strong, the
negatives are surprisingly low. Although many responding are neutral in their expectations, the high positives
and low negatives is a good indicator for the overall market in the future.

12. Page 12 Fine and Decorative Arts Market Confidence Survey
Future Exceptions Fine Art Middle
Future expectations for the fine and
middle market are neutral to
positive. The negatives remain low
and decreased over the past three
months, while the positives also saw
a decline, the neutral responses
increased, either meaning more
balance in the sector, or perhaps
valuers are just not sure how it will
trend in the future.
Future Expectations Fine Art Upper
The Fine Art upper market sector
remains strong, with positives above
70%, although this level did fall
slightly, the negatives for January are
at 0, which is certainly a strong
indicator of the strength of this
market sector for the future.

13. Fine and Decoartive Arts Makret Confidnece Survey Page 13
Future Expectations Furniture and Dec Arts Middle Market
The future expectations of the
Furniture and Decorative Arts
Middle Market is rather blurred.
The positives are not overly low
(especially when considering the
present sector results), and the
trend is positive, while negatives of
this sector also increased from 11%
to over 17%. Neutral responses fell.
From the results, the future of this
sector probably could move in just
about any direction. given the mixed
results, and the poor state of the
present market sector indicators, it
will probably be a while before any
significant judgments can be made
about the future.
Future Expectations Furniture and Dec Arts Upper Market
The future expectations remain
strong for furniture and decorative
arts upper market, with positives
remaining about the same, negatives
falling from 9.52% to a mere 1.79%
and a strong neutral response.