Why Are Nihonto Not On This Level?

[Guest Rayhan]

I came across this interesting lot on Christies:

 

https://www.christies.com/lotfinder/arms-armor/a-north-italian-medieval-broadsword-from-the-6153918-details.aspx?from=salesummery&intobjectid=6153918&sid=47c8a39a-8569-4714-922d-22a6cbd19593

 

Just a thought on how we have seen older swords in Japanese sword collecting (with far less provenance albeit) and still we don't reach these estimates, reasoning?

 

Is it the simple availability or lack of in this case?

[Katsujinken]

I think buyers looking at this level know that auctions are not the place to buy the best stuff for a fair price (and there’s plenty of it out there... in Japan).

 

The top level dealers simply offer a better option – for sellers and buyers.

[Guest Rayhan]

Availability yes, but with some swords like Ko-xyz (Bizen, Hoki, Aoe) that are 500 years this swords senior, what explains the market value? And in fact is it just a matter of the client market? Is the Nihonto area forced to trade lower? Is it supply?

 

My question is not about the purchase price but what determined the valuation in this case?

 

I know I'm asking for a straight line to a very twisted hypothesis but... it's only from the 15th century ...

[paulb]

Ray

As always the auction value is based on what someone was willing to pay for a similar work before.

There are two points here. Firslty the potential market for the European swords is larger than that for Japanese blades (we are more of a niche market) secondly good examples of early European work are rarer. Although not in the same price league as this you regularly see Northern European swords (viking) priced at many thousand dollars even though they are little more than a rusty iron bar. 

On one hand we are very lucky that so many fine examples of Japanese work are extant and in good condition but this does have an effect on price.

At the very top end I have seen Japanese work priced well above this level. However Western Auctions are generally not seen as the best way to bring such piecs to market. They are more generally handled through the Japanes dealer network and dont often appear on open sale.

[Jussi Ekholm]

Just few thoughts, even though I am not as well versed in European medieval swords I still know a bit about them. That sword is one of really famous group as I recognized it immidiately, the Alexandria Arsenal XVIIIc's.

 

I think this will explain the estimate bit more as another Alexandria Arsenal sword sold for 380,000£ few years ago. https://www.christies.com/lotfinder/arms-armor/a-fine-rare-italian-medieval-broadsword-5967645-details.aspx?from=salesummary&intObjectID=5967645&sid=6ee1f107-256f-4ed5-ae99-f6e31b77b540

 

So I'd say the Alexandria Arsenal XVIIIc's are something like Tokubetsu Jūyō or Jūyō Bunkasai. There are only a small number of them remaining, and it is very rare for European swords as I believe they can be accurately be dated to have been added to the arsenal from 1414 to 1419.

 

I found a good portion for quote from the lot information as it describes just how rare similar swords are.

 

 

Around 21 swords conforming to the type of the present example are believed to be in existence, at least ten of which are still in the collection of the Askeri Müze. Of this distinct group, three are held in the collection of The Metropolitan Museum of Art in New York, the Philadelphia Museum of Art and the Royal Armouries in Leeds. The remainder are privately owned or have been identified through old photographs. Thus, these rare swords are seldom offered for sale. Only four of this type having appeared in the last 45 years, a total which includes the appearance of the present example for sale in 1973 as well as the “Harriet Dean” sword sold at Christie’s, South Kensington, 17 December 2015, lot 335.

 

[Gakusee]

Well, you do have stuff like that of course:

 

https://www.christies.com/lotfinder/Lot/an-important-ko-bizen-tomonari-tachi-with-nasu-1043399-details.aspx

 

But more importantly, Masamune changes hands in Japan in more clandestine circumstances. They do not go on open auction sites like that.

 

The moment a blade goes on a public site, it loses some of its lustre and exclusivity. And becomes subject to scrutiny, fault-finding, tracking of price paid etc etc. Traits and features unpalpable in Japan and elsewhere.

Darcy had called it something like “toxic” or “radioactive” eye-balling in some of his posts years ago and I agree - for top blades, one wants exclusivity and discretion.

Might not fit in everyone’s democratic desire to be inclusive and all-informed and all-transparent but so it is.