Auctioneers in the Cotswolds are pointing the finger at gold to explain the high prices being achieved by antiques this year.
After the last sale at Moore Allen & Innocent in Cirencester on Friday, March 18, the cumulative total made by the sale of antiques in 2011stood at £50,000 ahead of the same time last year – equivalent to an extra sale.
Hammer prices have been boosted by the scrap value of gold and silver, as demand for precious metals in China skyrockets. On Friday, 9ct gold was valued at £309 an ounce and silver at £17.74 an ounce – an all time high.
“Gold and silver is going through the roof,” said auctioneer and valuer Philip Allwood after the sale, which saw two gold watch chains clinch the top and second-highest lot prices of the day.
“I would urge anyone who has unwanted gold or silver items to bring them to auction.”
Philip said that although many precious metal antiques were selling for their scrap value alone, good antique pieces continues to command top prices. “No-one is going to melt down a George III silver tea set – good antiques will always achieve more than their scrap value.”
The next sale at Moore Allen & Innocent is the Antiques and General sale on Friday, April 1. For a catalogue, log on to www.mooreallen.co.uk/furniturefinearts