American Way - American Airlines Magazine - July 15, 2000

From Swamp to Swank
Increased awareness, record prices, and a bonanza of buyers are making antique waterfowl decoys a hot new collectible.
By Kathleen M. Mangan

They were originally crafted to lure birds with-in shooting range; now they're luring investors with record prices. They were once set in swamps and stuck into mud flats; now they're prominently displayed in museums and art collections. Antique waterfowl decoys are gaining status as a valuable art form and hot collectible.

Witness the bidding frenzy at a recent New York auction of a major decoy collection handled by Sotheby's and Guyette & Schmidt Inc., the leading decoy auction firm. At the last crack of the gavel, the 641 lots of hand-carved decoys and related hunting items yielded $11 million, more than double the estimated $5 million. In fact, a new world-record price was set at $684,500 for a 1917 sleeping Canada goose by Elmer Crowell, beating the previous record of $335,500 set three years ago for a running curlew circa 1890.

Until recently, antique decoys were acquired primarily by nostalgic outdoorsmen, but the quality of this sale attracted big-money investors and collectors from the folk art and fine art worlds. "Waterfowl decoys are the earliest form of American folk art," says Nancy Druckman, Sotheby's senior VP; "They were created as functional objects, but the form and abstractions in the design have an aesthetic integrity that can be appreciated from an artistic point of view."

According to Gary Guyette, co-owner of Guyette & Schmidt, the auction will have a lasting impact on the antique waterfowl decoy market. He estimates that prior to this auction, decoy prices had been rising an average of eight to ten percent a year for the last dozen years. Now, the combination of record prices, in- creased awareness, and the number of new buyers in the market will result in higher prices and more price stability.

Still, the market has a lot of potential for new collectors, and you don't have to pay six- figure prices to get started. "There are plenty of investment-quality decoys in the $500 to $1,000 range," says Guyette, who advises: "Study the market, attend auctions, and talk to people. Buy the best examples of what you decide to collect, purchase from a reputable source, and be sure to acquire what you like. That way, you'll have an investment you can enjoy much more than a stock portfolio."