The gavel falls, and the room erupts in applause, signaling the exchange of millions for a canvas painted yesterday. It is a spectacle of wealth, certainly, but is it a display of lasting value? In the high-stakes world of art collection, a quiet divergence exists between those who chase the heat of the contemporary market and those who anchor their wealth in the bedrock of history.
Torkom Demirjian, founder of Ariadne Galleries, views the landscape not through the lens of quarterly trends, but through the telescope of centuries. The distinction he draws is sharp. On one side lies the volatile world of “new art”-impressionist, contemporary, modern-where values are often driven by hype, gallery marketing, and the social cachet of the moment. On the other side stands the realm of antiquities, a sector he likens to “gold bars.”
The International Currency of Culture
Financial instruments vary wildly across borders; a stock hot in New York might be meaningless in Tokyo. Art, usually, suffers similar localization issues. A regional contemporary star may have zero liquidity overseas. However, true antiquity possesses a universal language. An Egyptian bust, a Greek vase, or a Roman marble fragment carries weight that transcends language and currency.
Demirjian notes that antiquities are “truly the only one internationally transactable from one part of the world to another.” Whether in South America, Japan, or Europe, the history of human civilization holds a recognized value. It is a tangible asset class that does not rely on the career trajectory of a living artist. The artist has been dead for two thousand years; their reputation is not going to crash because of a bad exhibition next month.
The Volatility of the New
There is a necessary correction that history imposes on art. The market for contemporary work often behaves like a speculative bubble. Prices skyrocket based on novelty, only to collapse when the next sensation arrives. Demirjian predicts a significant downward adjustment for these modern categories. The disparity between the price of a splash of paint from the 1950s and a masterpiece of craftsmanship from 500 BC is, in the eyes of traditionalists, unsustainable.
Torkom Demirjian standing in his Ariadne Galleries filled with ancient art
This skepticism toward the new is not merely about money; it is about the foundation of creativity itself. Antiquities are not just old objects; they are the “basis of art.” They represent the roots from which all subsequent aesthetics grew. To ignore them in favor of the avant-garde is to invest in the leaves while neglecting the trunk.
A Stability Beyond Economics
Investing in the ancient world offers a dividend that does not appear on a spreadsheet. There is a profound grounding effect in possessing an object that has witnessed the rise and fall of empires. It provides a sense of scale. A contemporary piece might scream for attention with shock value or bright colors, but an ancient artifact commands the room with silence.
The collector of antiquities acts as a custodian. You do not simply own the object; you preserve it for the next generation, much like the gold to which Demirjian compares it. The market fluctuates, noise surrounds the auction houses, and trends evaporate like morning mist. Yet, the stone remains. The bronze endures. In a portfolio filled with paper promises, the weight of history offers the ultimate security.
Torkom Demirjian standing in his Ariadne Galleries filled with ancient art
