The other day, I purchased a large lot of ceramics at auction. I wanted a few items, and the rest I packed away to let my daughters figure out what if anything they wanted. As I was sorting things out, I found a note attached to a partial English Staffordshire tea service. It noted that the set had been purchased at a New England antique shop back in the early 1970s. The writer with great pride gave the history of the china and ended by saying that the reader should hold onto it as it would be a hedge against inflation. Of course, the irony was that the owner had paid around $70 for the set, which I purchased at auction with a number of other more desirable items for around $50. So much for being a hedge; however, the note did get me to thinking about how we view antiques. For decades, antiques were seen by nearly everyone as a hedge against inflation. They were solid, valuable commodities like gold and silver that always appreciated regardless of what was happening outside. Then came the 2008/09 recession, and the world came unglued. Since then, the great prices that began to be paid starting in the 1970s suddenly went the opposite way. Hedge against inflation? Sure doesnt seem that way. I have repeatedly written that I do not think the prices in the antiques marketplace reflect anything more than normalizing of prices. We have been in an upward push that was unsustainable, and now the market is righting itself. In time, prices will rise, provided there is demand. But what about the question of the liquidity of antiques. There is not a collector or dealer alive who seriously believes they could liquidate their collection on any given day and double their investment. Why? Because you need a buyer as much as you need a seller. Recently, I have watched several world class collections of antiques assembled by major collectors over the span of their lives get sold for next to no money. Why? Because the buyers at the moment they sold were not there. I have also seen collections come onto the market, having never been seen, and watched collectors swarm to pay crazy prices. It is the fickle and odd nature of collections. So while I still believe that good antiques will hold some value, I no longer believe that they are a hedge against inflation or that you can double your money if you are smart. Born to collect should be the motto of Peter Seiberts family. Raised in Central Pennsylvania, Seibert has been collecting and writing about antiques for more than three decades. By day, he is a museum director and has worked in Pennsylvania, Wyoming, Virginia and New Mexico. In addition, he advises and consults with auction houses throughout the Mid-Atlantic region, particularly about American furniture and decorative arts. Seiberts writings include books on photography, American fraternal societies and paintings. He and his family are restoring a 1905 arts and crafts house filled with years worth of antique treasures found in shops, co-ops and at auctions.