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The principal buyers of colonial furniture are American businessmen. But dealer Donald Sack, grandson of the firm's founder, believes that "if any more pieces break the $1 million mark, the Japanese may well get interested." As prices have risen, the buyers' profile has changed. "Doctors used to be our customers, but they can't afford the furniture anymore," says Harold. "Now our customers are educated Americans who don't survive on an income; rather, they have large sums of capital from the sale of a company or real estate." The most celebrated collector is Bill Cosby, who includes reproductions of Early American furniture on the set of his television show.
Less wealthy furniture buyers have developed a fancy for Early American pieces as well, which has spurred a market for machine-made reproductions. Since the sale of the Newport desk, Kindel Furniture of Grand Rapids has booked orders for 110 replicas at $19,000 each. Buyers who prefer the real thing can choose pieces from a second tier of expertly designed antiques selling for $50,000 to $200,000.
Collecting does have its hazards. Newcomers can be burned by disreputable dealers circulating fakes. Often a piece that is selling at a slight discount is actually a restoration or, worse, a conversion doctored up with carving or different feet to pass for a more desirable design.
The Sacks boast that just about all the pieces they have sold have later appreciated handsomely in value. "Over the years, we've built collections for families with other sources of income who lose it, and the furniture becomes their savior," says Harold Sack. But, he adds, "American furniture is not a speculative market. It is a long-term equity investment. People who plan to turn it over in ten years might well be disappointed." While prices could falter if the U.S. economy runs out of steam, most investors are bullish on Early American masterpieces. "When you get a few billionaires competing," says Harold Sack, "$12 million will seem like a bargain."