Could it go lower than this?
Just like with fashion and any other trend, the market for antique rugs changes too. The value and pricing of antiques are constantly changing and with 35 years of experience in the industry Jason Nazmiyal says that he has never seen prices this low. He refers to this as a “cyclical sweet spot”.
According to Nazmiyal, this means that now is the best time to purchase an antique rug. Going through three embargos and holding one of the world’s largest antique rug collections, Nazmiyal has years of expertise in this industry. Since 1980, he has seen fine, new, antique and decorative art. But he has never seen the market quite like this.
Twenty years ago, Nazmiyal was purchasing antique rugs for anywhere between $10,000 to $20,000. Now, because of the antique rug business not being in trend and the prices being so depressed, these rugs can be purchased for nearly half that price. His father always taught him to, “Buy low, sell high” which makes sense for a business like this. In between the years of 1870-1920 the main production of rugs occurred in places like Iran, India, Turkey, and the Caucasus region. They produced not only for their own usage but for export. Their production methods have characteristics that buyers, dealers and collectors are now always on the look for. These rugs were produced with natural vegetable dye and were handspun with wool. You can get a small glimpse of a rug’s story based on how it was woven.
After the 1920s, rugs like this were no longer produced and things became more modern. Today most modern rugs are machine woven and chemically dyed. Dealers are not interested in these rugs because once they are in a home, they lose the majority of their value. While some places like this may sell rugs claiming to be, “vintage”, a true collector will always be able spot the difference. These rugs have escalating prices due to labor, taxes, and paying manufacturers.
While you can never put a price on the history of an antique rug, the prices are lower than they have ever been before due to the depressed market. Because of this, it opens up an opportunity for collectors to purchase these intricate and colorful pieces that each hold their own unique story.
Nazmiyal explains that the current trend for rugs are greys and silvers. But in ten years, when the trend converts to colorful and saturated rugs, this is when the antiques will be truly appreciated and prices will increase. So if you are in the market for an antique rug for interior design purposes, or if you’re a collector looking for an investment, now has never been a better time!