In the Art Scene, a Glimmer of Hope and Metal

With the economy struggling as it is, it’s no surprise to hear that the market for art is down as well. But one segment of the art scene is actually thriving . Believe it or not, medieval armor is big business:

Thanks to shifting tastes and fortunes, armor is again migrating from the foyers of European nobility and the descendants of American robber barons to newcomers in South America, India, Russia and the Middle East who want status symbols with values that won’t evaporate in the market downturn.

Last month at a Palm Beach, Fla., art fair, a private collector from Brazil paid Finer just under $100,000 for a 1640 Flemish armor made for a cavalry soldier. Elsewhere, chivalrous types are even ordering new armors from modern-day blacksmiths. New York sculptor Jeff Wasson has hammered out nine custom armors for clients over the past decade, with prices up to $20,000. Wasson says men typically ask for ornate styles from the 15th century, while a woman once requested the plainer Joan of Arc style. His armors are among the new crop suitable for real-life jousting . . . .

Unlike modern or contemporary art, armor prices rose but rarely soared during the recent boom. Speculative investors largely stayed away because they didn’t like the slimmer profit margins or the history lessons required to collect well in this smaller category. As a result, the marketplace for arms and armor is holding ­steady even as values for some living artists like Damien Hirst plummet by as much as a third. Auctioneer Thomas Del Mar says his December 10 armor auction in London, conducted in association with Sotheby’s, sold 95 percent of its offered lots, exceeding its high estimate and bringing in $1.3 million.

Huh. Go Figure.