Antiquities are usually a passion for their collectors. But for some, they are also darn good business
R.K. Moorthy
Location: Mumbai
Dealing In: Furniture
Since:1977
In a world obsessed with the new and the high-tech, the bright and the shiny, some people see great value — monetary, yes, but also something more intangible — in items from bygone eras.
Some are small collectors, others expend minor fortune on their obsessions. Many collect for their own pleasure, or, quite simply, as an investment, but an increasing number also do so because they see it as the thing to do to be seen as cool.
Whatever their stripe, as collecting antiquities becomes more viable, it gets more difficult to source them. More and more collectors, as a result, turn to specialists to help them with their quests. Enter the antiquities agents and dealers.
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Around 1640, there were 5,500 workers making furniture for the Dutch in South India. Today these pieces are among the most valuable antiques in India.
The business functions through a vast army of middlemen that supply big city dealers like R.K. Moorthy. He used to be in the construction business, and had to deal with people in the furniture trade. As he grew skilled in identifying wood, he got more interested in antique furniture. He noticed that the awareness of their value was increasing, which seemed like a good business opportunity to him.
In any given month, he receives offers from people who scour furniture bazaars in small towns across India. (Over the years, dealers have built niches in Tamil Nadu, West Bengal and Gujarat, three states where old pieces of furniture are easy to get.) His main skill lies in making a call on whether the piece is genuine. With the number of reproductions in the market, protecting credibility is one of his most important aims. “It’s a skill you develop over time,” he says, and refuses to elaborate. Today, antique furniture is harder to come by and, naturally, prices have shot through the roof. Three years ago a 10-seater dining table could be had for Rs. 50,000–60,000 but now you’d be lucky if you paid thrice that.
Almost always the furniture he gets is damaged. Restoration is, perforce, an art he has honed over the years. There are globally accepted restoration norms, he says. First, any signs of wear and tear — chipped sides or burn marks — must be kept intact. Second, polishing and varnishing must make a piece of furniture look like it would have when it was first made, without changing the colour. Most dealers, he says, spend a lot of money making furniture look like it was in its original state, which is not the aim of restoration. He points out to how he never polishes drawers from the inside. Still, some items like dining table chairs and locks have to be remade. “There’s no getting around that.”
Even after 33 years in the trade, he never ceases to be fascinated by antiques. “In 1983 I was in Coimbatore and I bought an American-made coin-operated toy for Rs. 350. This was made anywhere between the 1910s and 1930s. Later, while going through the British Antique Gazette I realised the toy was worth Rs. 85,000! Those are the twists and turns this business can bring.”
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Madhu Kapparath for Forbes India
Then, one hot summer afternoon in 2006, he found himself in Kolkata’s Malik Bazaar, asking his usual questions. A paanwalla told him that he knew of a house in Chandanagore that had several old cars. Gupta got the address and soon found himself at the door of a large bungalow belonging to a Marwari family. They were suspicious, naturally, and wouldn’t even show him the cars. But then, that evening, they called him and told him they wanted to sell a Morris 1000. They had tried to sell it to local scrap dealers, and all they were offered was Rs. 6,000. Would he offer more? Gupta knew well how big the demand for vintage cars was; he knew he could get a much higher price. He struck a deal with the family for Rs. 18,000.
Raj Kumar Sukhani
(This story appears in the 03 December, 2010 issue of Forbes India. To visit our Archives, click here.)