"Money is less at hand," suggested Jean-David Cahn, an antiquities dealer from Basel. "But the interest is absolutely the same. The will to collect is very strong."
A few dealers actually could report robust early sales.
"We were a bit afraid, and then we worked very, very well," confided Luc Van Mulders of the Belgian Zen Gallery, specialists in Asian antiquities. "Against expectation, we sold our most important pieces — above $100,000."
"We had a very good evening," added François Graff, managing director of the jewelry house founded by his father. "The stock markets are nervous and the interest rates are so low you can’t leave your money in the bank."
"There are not as many visitors, but they come to buy," said Robert Lauwers, who manned the stand of TEFAF stalwart Axel Vervoordt. "We’re constantly on a treasure hunt — a real treasure hunt. Every dealer here has the best in his field."
That precise claim — of TEFAF’s unmatched quality — was a topic of constant discussion. Last year, Otto Nauman wowed the fair with a $40 million Rembrandt mythological scene, "Minerva in her Study," that was the last such work in private hands. This year, the Salander/O’Reilly Galleries nearly met the ante with a $10 million Bernini sculpture. But overall, the assessments of this year’s offerings ranged from pleasantly surprised — given the circumstances — to vaguely disappointed.
"Expectations were not high," admitted John Leighton, director of the Van Gogh Museum in Amsterdam and a member of the notoriously tough vetting committee. "My impression of the painting section is there are interesting things, and the quality is there. That said, I haven’t seen many things to set the pulse racing."
Perhaps that’s because collectors and dealers aren’t willing to test a delicate market with the real heavyweight works. Apart from the Bernini sculpture, the one indisputed superstar was Graff’s 100-carat D-flawless diamond, the Star of America, priced at $20 million. More modest rarities on the floor included a collection of 17th- and 18th-century coral from the charming young Georg Laue that sold like hotcakes. And though Laue’s early 18th-century amber cabinet — one of a handful extant that were given as diplomatic gifts among ruling princes — didn’t find any early takers, it won many admirers.