Antiquities trade Sale of ancient art burgeons as regulatory climate boosts buyers' comfort levels; slower flow, higher prices

By Miriam Kreinin Souccar Published in Crain's New York Business on June 13, 2005

At his tony Phoenix Ancient Art gallery on East 66th Street, antiquities dealer Hicham Aboutaam shows off stunning jewels dating back to the fourth millennium B.C. He points out the artistry of a silver drinking vessel from Greece, worth $2.3 million and coveted by several museums.

Before starting an interview, Mr. Aboutaam quickly pulls out his sales and warranty agreement--a contract given to every buyer that vouches for a work's provenance and pledges a full refund if its authenticity is undermined. "The antiquities market is becoming much more transparent," says Mr. Aboutaam. "We immediately tell our clients that there is a small risk that a work could turn out to be a stolen piece." Out of the shadows The antiquities trade, which has long occupied a mysterious place in the shadows of the art world, is coming into the light.

More and more buyers are entering the market, while dealers such as Mr. Aboutaam are benefiting from a changing regulatory environment. As part of the United States' efforts to strengthen ties with foreign nations in the war on terrorism, the government is cracking down on the trafficking of stolen pieces. Federal officials signed an agreement with Italy in 2001 to stanch the flow of Roman antiquities into the United States, and they may negotiate similar pacts with other nations. The government oversight has actually boosted sales, because collectors are more comfortable buying and selling in the regulated market. Also, as prices for modern and contemporary art have risen, more collectors looking for bargains have turned to less-expensive ancient art. ... read more