How Much! (or the price of Wine Labels).

‘A Buyers Market’……………………..

There are times when I am guilty of perhaps being politically incorrect and if the following remarks cause any offence I apologise! To generalise I have always thought that the further north you travel the more likely the inhabitants value the pound in their pocket. Now by the time you get to Yorkshire there are many who would agree that in this county extravagance is not tolerated – so when I was on holiday some years ago I met a couple from Barnsley who assured me that the Yorkshire battle-cry was “How Much”! Hence the title of this blog.

The Wine Label Circle journal recently published an article written by Robin Butler, a dealer who specialises in wine antiques. The following paragraph perhaps is the essence of his narrative.

‘Recent weeks and months have shown some disturbing trends brought about by the one inevitability of a human life; it comes to an end. Several prominent members of your Circle, each with substantial collections have died recently and not surprisingly, the outcome of those very sad occurrences has been that those collections are being broken up and sections of them appearing on the market, mainly at auction. Of course, auctioneers are mindful of the market and are very aware that too many of one type of object can ‘flood’ it, which can spark dire consequences for a niche market. It is as well to remember that prices of antiques are all a question of supply and demand. They can go down as well as up; they are not about the cost of manufacture, which differentiates the pricing of them very considerably from the sale of new goods.

Reflecting upon his words I thought it useful to search through past copies of the WLC journal and have picked out the following.

Editorial by John Beecroft, June 1967;

‘Of late, wine labels have been appearing in the sale rooms

in quantities greater than usual. Prices show no signs of

flagging. There is an account, in this issue, of a sale

where 111 wine labels (eleven plated) and 33 sauce labels

commanded a total of £1,083.

At the Fairs and in the shops, labels of quality seldom

appear. When the only desirable pair seen in months is

offered at £60 (Scrolls with raised shield by Hester Bateman)

one despairs of ever adding another specimen to the collection.

Then, as it always has done, the windfall begins again and four

fine labels appear including a shell and an unusual star - and

all at the right price.

Secretary’s jottings 1965; Rising Prices

About two years ago I acquired a very nice quality Vine and Tendril

type label, roughly oval in shape. It is surmounted by a leopard's head

mask, with a shell motif at the base. I thought that I had paid plenty,

£4, for the label, although I appreciated its quality and charm. Studying

a London catalogue recently, I was interested to see an exactly similar

label on offer. My interest turned to astonishment when I saw that the

specimen was priced at £22. Four pounds in 1963 and twenty-two pounds in

1965! Now I agree that £22 is really rather ridiculous, but the fact

remains that prices have rocketed and continue to rise.

What is the reason for this continuing trend? There is, I think,

no simple, clear-cut answer. Various factors contribute to this state of

affairs. A good many of our best labels have gone abroad, notably to

America. Indeed, the American market must take the blame for the inflated

prices, and over-generous assessment of the quality of labels made by the

Bateman family. There are, too, several thousand labels locked up permanently

in Museums, never again to be circulated among dealers and

collectors. I suppose, though, that the chief factor is that too many folk

are chasing too few labels. In the 'golden days' twenty years ago, when

all sorts and kinds were to be had for very few shillings, few collectors

were active; dealers usually had plenty to offer, and indeed, were more than

glad to find buyers, even if the profits were modest. Those days are over.

Editorial by John Beecroft June 1962;

‘Some members have expressed the view that we tend to publish too many

references to the ever-increasing prices being asked for wine labels and that these reports add impetus to the upward trend. This may well be the case if the Journal were made available to members of the silver trade, who would thereby glean much valuable information regarding coveted designs, makers and rare names. When the rules were drawn up, dealers were specifically excluded from membership. It is felt that members should give careful consideration to the possible consequences of allowing their copies of the Journal to circulate among members of the trade.’

Contribution from a new member, K. Escott 1962.

I heard of the Circle, joined, and became engrossed in as many of the back numbers of the Journal that Mr. Pratt could let me have. At the outset I bought almost every label that I saw, within a limit of 30/-d. As a beginner, I now realise it is a big mistake to stick rigidly to such a limit and so miss a fine specimen for the sake of a few shillings and then go on kicking yourself for a long time afterwards. I remember refusing an early unusual shaped escutcheon priced at £2 in a West End furniture shop. Three months later I changed my mind and hurried back; to my relief it still lay in a dark corner and this time I was only asked 30/-d. for it. It turned out to be a c.1737 John Harvey and I wonder if it is similar to those mentioned on page 122 of Vol. II. On the debit side I declined to pay £2 for an octagonal Rum label fully marked at the Exeter hall, and have since regretted it. Labels of merit become increasingly scarce and I refuse to pay the £6 to £7 asked for a Hester Bateman. I began to despair of ever owning one, then in February this year I tried a silversmith a stone's throw from Leicester Square. He apologetically handed me his last two antique labels and I tried to conceal my delight on finding them to be both by Hester). Two pounds exchanged hands and I carried them off triumphantly.

June 1979, Secretary’s Notes;

FEW NEW MEMBERS. This is, so far, the quietest year I have experienced as Honorary Secretary of the Circle. Since the last A.G.M. we have had only four new members, and these joined us before February of this year. I have supplied several application forms to enquirers since then, but these have come to nothing. Furthermore, there has been very little correspondence with members and others; indeed, less than twenty letters.

WHY ? I may be mistaken, but I feel that the prevailing prices discourage those who may wish to start to collect labels, as a very considerable outlay is needed to form even a modest representative collection. Only recently I was asked £38 for rather a miserable "Architectural" specimen of 1846, and a similar price is not unusual for very ordinary run-of-the- mill specimens. I have heard of 'inflation' but sums of £20 and upwards (usually upwards) asked for items which cost not more than £2 a dozen years ago, must deter even the

bravest hearts of those who wish to collect in a modest way.

I do not anticipate much increase in membership of the Circle until some sanity returns to the label market.

December 1979. Report of the Secretary;  ‘I don't know whether members agreed with my comments in the June 1979 Journal as to a possible reason for a standstill in growth in membership, but the cost of labels must be a discouragement to anyone considering the start of a collection. No doubt there are still bargains to be found, but I think you need the nose of A bloodhound, the sleuth-like abilities of a Sherlock Holmes, and a good deal of luck, to discover them. Whether, in view of the inflation of the last few years, labels are over-priced, I don't really know; but much small silver, such as vinaigrettes, certainly is. However, there's nothing we can do about that.

So, we are all now aware that the long upward trend in prices has come to a halt and at present wine label prices have declined considerably. We need to remind ourselves that the simple fact is that recently, (and sadly) some collectors have passed away. Some were generous with their research and generously shared their accumulated knowledge through contributions to the WLC Journal.

Now their extensive wine-label collections have been sold at auction, it is worth mentioning that at least two of these collectors were prepared to pay very high prices for what they considered ‘Trophy’ labels. As one of the auctioneers from a sale-room told me that if the two collectors referred to above were competing for a particular label then the sky might be the limit.

This situation I have compared to the ranking of the Bordeaux classed growth clarets, the first growth wines being compared to ‘Trophy’ wine labels. Hence the situation had arisen that by the time you were down to looking at Fifth growth and the bourgeois wines the price of simple ‘run of the mill’ silver labels were becoming relatively expensive. Recently, however, there have been so many labels flooding the market that good quality, but simple labels by reputable makers have been available at 50-60% their previous price range.

Without doubt for existing collectors, (and dealers), this scenario is a mixed blessing. Dealers will be looking at stock purchased when prices were higher – do they sit on this stock and hope/anticipate that prices will return to previous levels?

Some collectors will also look at their collection and realise they have ‘invested’ a considerable amount of money in buying labels at what now may seem rather inflated prices. If they have thought of their label collection as an investment those labels were not sold like stock market funds which carry a statuary warning that prices can fall as well as rise.

Perhaps there must be a fundamental re-assessment of whether there should be  a return to the ‘Good Old Days’ of ever-rising prices, making wine labels one of the most expensive ways of acquiring silver.

If gerontologists and actuaries were to look at the profile of the existing Wine Label Circle members, they would probably conclude that within the next decade there will be more collections appearing in the sale-rooms.

Members of the Wine Label Circle often comment on the need for younger people to be encouraged to collect and hopefully to join the WLC. I have also been told by members that their own children are not particularly interested in their wine-label collection. But if wine-label prices do start to spiral up to previous levels, will this put off younger aspirant collectors?  If young people are leaving university with enormous debts, then struggling to save the 10% deposit for a home, will the luxury of collecting wine labels ever be on their agenda? I must add that I am sure that the passion for collecting amongst the younger generation does exist – music, essential technical gadgetry, tattoos, etc but will it ever be wine labels?  

I certainly believe that the reason for collecting wine labels is quite valid, their design and various names reflect the both the aesthetic and social changes during the 18th & 19th century; they certainly are a visual record of social history.

So, is it a dilemma, to buy or not to buy? Using stock market investment terms, I think of my collecting as being contrarian. I am generally looking for the undervalued, unloved, slightly quirky and perhaps the incorrectly catalogued and I am certainly in a buying mood.

Perhaps to illustrate how prices have changed I recently acquired a label by Sebastian Crespell (2nd), Old Mountain for £185.00. Significantly the last time this label changed hands was at Bonham’s on November 8^th, 2005. A collection of labels was put up for auction, (not unsurprising named Mountain and formed by a Mrs Joyce Mountain). The Wine Label journal carried the following report by the late Billy Buck who attended the sale.

"As regards the Mountain collection, this was a good honest group of predictably mainly 18th century labels by the usual makers and typical designs. We say "predictably 18th century" because Mountain was particularly popular at that time and was supplanted by Sherry as from the last quarter of the 18th century. The most expensive label in the group, and indeed the sale, was a small gadrooned rectangle with the surprisingly late date of 1841 by Sebastian Crespel for OLD MOUNTAIN which made £494.”

The final note of advice from Robin Butler is a philosophy that I share;

“It is becoming, or already has become a buyers’ market, so perhaps the more cogent advice is to find some fine quality labels in excellent condition before everyone else catches on and sneaks them away from under your nose!”

AUCTIONS.

At this point it is worth reminding readers that in my last blog I mentioned the following sale later this month:  Woolley and Wallis at Salisbury are holding a silver sale on the 30th October, Rupert Slingsby, the silver specialist at W. & W. has told me that there are 74 lots including bin labels. (Most of the lots consist of 3 or more labels). It will be very interesting to see what prices are paid for the wine labels.

To view the lots click here;

It might be worth noting that at Lawrence’s of Crewkerne, their silver sale on the 9^th October had two notable wine lots. The most collectable item, (for me?), is below, a set of 10 labels, with an estimate of £2000-£3000, the sale price of £1800 was £200 less than the estimate.

A RARE SET OF TEN GEORGE III BACCHANALIAN WINE LABELS

To view the lot click here;

The other lot, a rare ‘Horticultural’ label exceeded the auctioneers estimate;

A GEORGE III SCOTTISH CAST BACCHANALIAN "PRIXE" WINE LABEL: To view the lot click here;

Ebay auctions; You can see prices below but for an example of falling prices click on this pair of labels, (you will need to scroll down the new page).

Silver Sauce Labels; click here;

Enamel Wine Labels; click here;

Silver Wine Labels; click here.

You might like to see three early American labels; click here;

Finally, another story of the price of wine labels and their valuation. In 1935 Major Herbert Dent, a noted wine label collector, sold his collection of some 500 labels for £ 250.00. The money was to be used towards the cost of educating his grandchildren. In 1933 Herbert Dent wrote and privately published probably the first book about collecting wine labels. Only 250 copies were produced, all personally signed by the author and below is part of the cover and illustration.

If £250 does not seem to be a great deal of money for 500 labels I have used the website 'Measuring Worth'

to bring that value up-to-date. You can see below in the table the various means of interpreting the sum.

Before closing I will suggest to any readers who are looking at this blog and have an interest in wine labels, you should seriously consider joining the Wine Label Circle, it is only a thirty-pound annual subscription. There is a useful website, http://winelabelcircle.org/, here you can access all the *digitized journals of the Wine Label Circle, (these date back to 1952), and perhaps best of all, there are two meetings where you can meet others with similar interests.

Of course, in addition to the above there are regular emailed newsletter and an annual printed copy of the Wine Label Circle Journal.

Happy collecting!

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