HOW TO VALUE AND INVEST IN ANTIQUE INDO-PERSIAN ARMS AND ARMOUR

When valuing antiques — whether sculpture, Rococo mirrors, or, in this case, Indo-Persian arms and armour — there are two main factors to consider. The first is perceived market value; the second is rarity.

Perceived market value is typically established by auction houses. For example, a tulwar (sword) with a fine gold hilt and an undeciphered inscription might be valued at £1,500–2,000. Rarity, however, adds further depth to the valuation. If the inscription could be linked to a Mughal ruler, a Sikh noble, or another high-status figure, the value would increase dramatically.

Auction house valuations should be seen as guides, reflecting what their specialists believe the sword could achieve in the current market. Demand for swords, particularly those with gold or silver work, remains consistently strong. Yet supply and demand can cause prices to fluctuate sharply on any given day. Unlike modern goods, antique arms, armour, and Oceanic tribal art cannot be reproduced; scarcity alone means values are often high and, with time, set to rise further.

In recent years, specific communities in stronger financial positions have sought to reclaim items taken from their native lands. We see this most clearly in the growing interest in artefacts linked to the Sikh and Mughal empires. With a fixed supply of antique arms and armour and a widening pool of buyers able to afford luxury items, prices are again poised to increase.

Just as one might invest in a property and undertake renovations to raise its value, so too collectors, sellers, and investors in arms and armour must devote themselves to research. Proper scholarship can transform an object’s value.

Take, for example, a tulwar entered into Bellmans Auction House on 17 September 2020. It was catalogued simply as:

“An early 19th-century Indian gold-inlaid Tulwar sword, with curved damascened blade, the gold-inlaid handle decorated with flowers and leaves, 94cm long.”

Valued at only £600–900, the listing overlooked several crucial details. Photographs revealed a watered steel blade richly decorated with gold work and multiple inscriptions. Neither the auction house nor the previous owner had translated these inscriptions. On the day, the sword sold for £10,100 — over ten times the estimate.

So what happened? The bidders understood the sword’s true value. They had translated the inscriptions and realised it most likely belonged to Emperor Jahangir. The buyer who secured it for £10,100 later consigned the same sword to Czerny’s International Auction House on 19 December 2020, this time accompanied by complete research. Czerny’s presented the following information:

dating: first quarter of the 17th Century provenance: India Moghul, Flat, curved, single-edged blade in fantastic laddered Kirk Narduban wootz damask, made not in a traditional way but with oblique scales (much more rare), some areas with pitting. A golden cartouche in the center on the right side, with inscription in Arabic ˜Shehanshah Jahangir Sunh™ and date 1012. Base of the blade engraved in oblique way ˜Bandah e Shah Wiltyat Esfahani™, other two cartouches decorated with golden floral motifs and a third cartouche on the other side. Beautiful, iron hilt, finely decorated with floral inscriptions, inlaid in yellow gold (some parts missing). Signed under one quillon ˜Sarkar Nawab Yunsen Muhammad Khan™. Important arm of a 17th-century emperor. The cartouche in the center of the blade bears the name of the famous Mughal emperor, the word Shehanshah means ˜King of Kings™ or ˜Emperor™. The date is difficult to interpret, you can read 1261 or 1012, but only the second makes sense with everything else. The inscription at the forte refers to the city of Esfahan, famous for its blades in damask. Finally, the inscription on the hilt most likely indicates the name of the ordering party. Sarkar and Nawab are important noble titles. A beautiful arm of great historical importance. length 91.5 cm.

At Czerny’s, the starting price for the sword (now recognised for its real value) was set at £38,000, with an estimate of £38,000–45,000. Although the lot was ultimately unsold on that occasion, it serves as a valuable lesson for both buyers and sellers: research is everything. Once the sword’s history was properly understood, its value had effectively tripled. The dating given by the previous auction house was incorrect, as were its valuation and description.

For auction houses and sellers alike, there is a duty to unpack an antique fully — to provide as much information as possible, not only for the benefit of the buyer but also to ensure the true worth of a sword, dagger, shield, or related piece is recognised. A lack of knowledge in this regard allows room for significant gains and illustrates the volatility of the market, where only a handful of individuals may truly appreciate an object’s real value.

At Nicholas Wells, all our Antique Indo-Persian Arms and Armour are researched and catalogued with the greatest care. Inscriptions are translated wherever possible, and items are described in the utmost detail. This ensures that you, the buyer, can make an informed decision and understand the worth of what you are acquiring.

The tulwar example is just one case study. More broadly, the market for antique arms and armour — particularly Indo-Persian pieces — is still relatively new. As such, we cannot yet measure long-term value increases across the field, but must instead assess each item individually. What is clear, however, is that the market is expanding rapidly. Online platforms and auction sites have revolutionised accessibility, allowing collectors from around the world to bid on a single day — an opportunity that simply did not exist fifteen or twenty years ago.

With a market growing quickly but a finite supply that can never increase, it should come as no surprise if we witness sharp rises in the value of particular arms and armour in the years ahead.

Don't forget looking after your collection is as important as building it.

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Persian Decorative Arts and Weaponry of the 19th Century: Cultural Fusion and Craftsmanship