The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1904-03-11
INVESTING In ART.
Rugs and Other Articles Which
Steadily Increase In Value.
Revolution in American Taste shown
In Homes of Wealthy New York.
ers-FabuIous Prices for
Tapestries.

ut is O sign Of the times that contrac-
tors in New York are building houses in
recent years to sell to chance customers
at prices ranging as high as from $780,
900 to $5OO,000,' says Ralph d. Paine in
Worlds Work. In no other city or time
would contractors dare to build houses
for the general market, hoping to sell
them for more than 100000; but
whereas half century ago the furnish
Ing of the wealthiest homes was charac-
terized by monstrous ugliness single
generation has seen a revolution in
American taste. Even until decade
ago the acquisition Of costly collections
in art was confined to paintings, and the
ruling spirit was to get the most display
for the greatest outlay with few nota-
BILE exceptions. Little by little group
Of millionaires found time and inclina-
ton to appreciate or to value porcelains,
rugs tapestries and gems. 1t is common
for a plutocrat Of this era to spend
S1,O00,0O0 in furnishing his home, and
insure the highest standard of taste.
"An American millionaire paid $780,
900 for three tapestries to fit wall in
his newly erected palace. Another set
If three pieces Of tapestry was sold for
100000 to adorn an American home.
The wife of another American paid
$125, 900 for set of furniture not long
ago, and there were only four pieces.
Their value was in the tapestry uphol-
stering. In shop in Paris there are
three panels Of tapestry for which $780,
900 each is asked The dealer has an
agent In this country. who is confident
Of finding a purchaser as soon as he
finds the millionaire who wants costly
tapestries. At the sale of the Marquand
collection last winter rug was sold for
S38,000 II is supposed to have been
bought by dealer who will hold 1t un-
til he finds a purchaser willing to pay
$4,000 or even 100000 for the treasure.
Senator Clark, of Montana, has col
lection Of rugs among the furnishings
of his hone for which he paid at lowest
estimate $750.000. Unostentatious Phil
adelphia can furnish list of 81, 900 900
worth of paintings In rs frames hanging
In the private galleries of her million
aire collectors.
I'm Fifth avenue there are perhaps
dozen inconspicuous shops which deal
almost exclusively with the very rich.
The owner of one of these said recently:
There are not more than $50 men In
the United States whom can fairly
class as possible customers OF mine. II
can get two OF them as regular Gus
toners | will ask no other patronage.
1t Is true that some millionaires buy
that they may shine In the reflected
glory of their treasures. And as class
they have come to recognize the fact
that there is no safer investment from
business standpoint than fine paint
ings, rugs, tapestries, porcelains and
antiques in general when picked by ex-
perts They buy on rising market, for
the demands of American luxury are ex-
hausting the treasures OF the old world
1t Is business estimate that any collec-
tion wisely chosen and not bought for
| extortionate figures will increase in
| value at an average rate of four per cent
year. or the interest on the invest
ment. It is still characteristic of many
wealthy Americans that small objects,
even II they be priceless from the col
! lector's viewpoint, are not bought for
their own sake, because they cannot be
displayed with impressive effect. This
includes antique coins. medals. carv-
| ings, small tapestries and laces.
This is not wholly true of precious
| stones, for the American demand has
raised prices in the worlds market for
certain kinds of gems. One of the lead
ing gem collectors OF this country, who
buys to sell again, has sold to one man
in Boston more than 81 900, 900 worth OF
| precious stones, treasures that are
never seen outside his own home. For
single ruby $4,000 has been paid by
an American collector, and dealer who
asked 100000 for another ruby found a
purchaser in New York. In less than
ten years the increase In the value OF
diamonds and other precious stones i'm
ported into the United States has been
fairly phonemoneral, advancing from
$15.16S,746 In 1898 to s25, ZIG, or e6
per cent, in this brief period. during
which the population increased less
than 26 per cent. The increase last year
over these imports for 1901 was $780,
2O9."