Turkey market update
Paul Fraser Collectibles, Tuesday 27 March 2012
Strong economy: Turkey's economy has been one of the bright spots of the recent economic crisis. No bank went under, and, in contrast to neighbour Greece, the country's stock market was the world's second best performer in 2010, behind Argentina. This ensures there is a solid foundation of high-net worth individuals in Turkey looking to invest in collectibles.
Auction house presence: Sotheby's, Christie's and Bonhams all have offices in Istanbul, confirmation of the demand for antiques and collectibles in the country.
Art: Sotheby's and Christie's will be holding a week of Turkish and Islamic art sales in late April. The auctions will feature many fine pieces from the Ottoman Empire (1290-1923).
A 16th century Ottoman silver-gilt tankard sold for £285,600 in London in 2004 - and would undoubtedly be worth even more today.
Bonhams held its first modern and contemporary Turkish art sale in April 2011 in London.
"Part of the new reality of the global art market has been the dramatic emergence in the last decade of new buyers for contemporary Turkish art," Matthew Girling, Bonhams' European chairman, said ahead of the auction.
Coins: Turkish gold coins are arguably among the most undervalued areas of the numismatic market. There are not many collectors in the West, particularly for antique specimens, which before the introduction of the Latin alphabet in 1928 employed Arabic. This fact may be a barrier to many collectors, ensuring there are rewards for those willing to make the effort to grapple with the language.
Stamps: Pre-1923 Ottoman Empire stamps are highly sought-after by philatelists, with those from the first 25 years of stamp production, from 1863 to 1888, particularly in-demand.
Recent and related articles
· Ottoman Empire collectibles: the story of their auction success | 15 February 2012
· Mahatma Gandhi 'non violence' letter's '$7,000-plus' bids close tomorrow | 10 October 2011
· 'Finest ever collection' of Suffolk School paintings auctions at Bonhams | 27 September 2011
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Images: Wikimedia Commons