Ivory has been prized by humans for millennia for its beauty, rarity, and workability. But the ivory trade has also been drenched in blood, with poachers bringing elephant species to the brink of extinction to feed market demand. As an antique collector and expert, I‘ve watched with dismay as this "white gold" has become increasingly regulated and socially taboo in recent decades. But what are the actual economics behind ivory in 2023? I took a deep dive into the data and consulted with other experts to get a clearer picture.
The Tumultuous History of the Ivory Trade
Ivory artifacts have been found in some of humanity‘s earliest civilizations, from Paleolithic tribes to ancient Egypt, Greece, and China. The material was particularly revered in Asia, where intricate ivory carvings were seen as status symbols.
The colonial era saw an explosion in the ivory trade as European powers exploited Africa‘s elephant populations. The British East India Company alone exported an average of 220 metric tons of ivory per year in the early 1700s. Ivory prices at the London docks quadrupled between 1840 and 1900 as demand skyrocketed for piano keys, billiard balls, combs, and other ivory items.
Hunting decimated Africa‘s elephant population from an estimated 26 million in the 15th century to just 1.3 million by 1979. A watershed moment came in 1989 when the Convention on International Trade in Endangered Species (CITES) banned the international ivory trade. However, a one-off sale of 152 tons of stockpiled ivory to China and Japan in 2008 reinvigorated demand.
The U.S. implemented a near-total domestic ivory ban in 2016, with China following suit in 2017. The UK‘s 2018 Ivory Act is now one of the world‘s toughest, with narrow exemptions for antiques and museum pieces. But many other countries like Japan still have legal domestic markets, and the illegal trade continues to thrive.
What Drives Ivory‘s Value?
Several key factors make ivory so highly valued:
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Rarity: Elephant ivory can only be obtained from dead elephants, and most trade is now illegal. Asian elephants, which have much smaller tusks, are even scarcer than their African cousins.
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Beauty: Ivory has a distinctive smooth texture and pale, creamy color that polishes to a high shine. Unlike other white materials, it maintains its color over time.
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Workability: Elephant ivory is simultaneously hard and easy to carve, making it ideal for ornate artworks. Its fine grain allows for both smooth and textured finishes.
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Durability: Ivory is denser and more resilient than materials like wood or bone, giving it longevity. Piano keys were traditionally made of ivory for its ability to withstand heavy use.
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Cultural symbolism: Many cultures have imbued ivory with special significance. In China, ivory is associated with nobility, purity, and spirituality. Thai royal regalia heavily features carved ivory.
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Collector demand: The art world has long put a premium on ivory carvings and inlaid antiques. Collecting rare and valuable ivories conveys wealth and taste.
These attributes have combined to make ivory one of the world‘s most precious commodities, with prices sometimes rivaling gold. But the dynamics are shifting as more countries ban the trade and public opinion turns against ivory.
Ivory Values on the Black Market
With legal options dwindling, the black market is now the primary arena for ivory sales. Gauging exact prices is tricky, but here are some benchmarks from the last decade:
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Raw ivory tusks peaked around $2,100 per kilogram ($952 per pound) in China in 2014, before falling to roughly $730 per kg after the 2017 domestic trade ban.
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Poachers in Africa currently earn about $90-100 per kg ($41-45 per lb) for raw ivory, down from $200-300 per kg in the early 2010s.
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Retail prices for worked ivory vary hugely based on artistry and provenance. A small trinket might sell for under $100, while a top-quality carved tusk can fetch over $500,000 at auction.
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Estimates peg the global illegal ivory trade at $400 million to $1 billion per year, making it a top black market alongside drugs, weapons, and human trafficking.
Criminal syndicates and terrorist groups are major players in the illicit ivory trade. But as crackdowns spread, prices have trended downward since 2014. Some fear this lower price point could drive even more poaching to make up the difference.
Key Variables in Ivory Values
Not all ivory is created equal. Here are some of the main value determinants for a particular piece:
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Size: Larger tusks command exponentially more per pound than smaller ones. The heaviest tusk on record weighed 226 kg (498 lbs).
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Age: Freshly harvested "hot" ivory is more lustrous and less prone to cracks than older, dried-out ivory. But documented antiques hold their own appeal.
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Color: The purest white ivory is most highly valued generally, though some collectors prize the aged patina that can develop into golden or caramel hues.
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Density: Hard, fine-grained ivory from mature elephants is preferable to the porous "baby ivory" from immature tusks. Discerning traders can tell them apart by weight and resonance.
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Origin: Elephant species and geographic source affect value, with Asian ivory the rarest. Forest elephants in certain African regions are known for denser tusks. Mammoth and walrus ivory are also traded.
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Worked artistry: The most valuable ivory has been intricately carved or inlaid by skilled artisans. Religious figures, intricate landscapes, and decorative motifs are sought-after.
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Provenance: Documented history of ownership by prominent figures or collections substantially boosts an ivory‘s market value and prestige.
The interplay of these variables means prices for ivory items are far from standardized. The appraisal process requires expert examination and authentication.
Antique Ivory Classifications and Prices
Most ivory regulation includes exemptions for documented antiques as cultural heritage objects. Let‘s break down some of the key categories and see real examples of their value ranges.
Inlaid furniture: Ivory was often used as inlay in fine furniture like cabinets, chests, and chairs. A 19th century Anglo-Indian ivory-inlaid rosewood settee sold at Sotheby‘s for $60,000 in 2021.
Figurines and netsukes: Carved ivory figurines depicting humans, animals, and mythical beings have been popular in both Western and Eastern art. A 17-18th century German ivory figural group realized $32,000 at Christie‘s in 2016. Japanese netsukes often fetch $1,000-30,000 each.
Tusks and horns: Polished, carved elephant tusks were prestigious gifts and hunting trophies. A massive 16th century ivory oliphant horn with gold mounts brought $447,000 at a 2012 Sotheby‘s auction.
Boxes and containers: Ivory was used both all-over and as inlay for trinket boxes, tea caddies, snuff bottles, and the like. A French 18th century rectangular ivory box sold for around $30,000 at Christie‘s in 2017.
Cutlery handles: Ivory was a popular material for flatware and cutlery handles among the well-to-do. An assembled set of Georgian ivory handled table knives went for $2,700 at Sotheby‘s in 2022.
Scientific instruments: Ivory was used in precision tools like draftsman‘s scales, slide rules, and surgical equipment. An antique French ivory drawing set in a case fetched around $600 at auction recently.
Fan sticks and handles: Folding fans with carved ivory sticks and handles were fashionable ladies‘ accessories in centuries past. A Louis XVI-era ivory fan with a genre scene was estimated at $2,000-2,500 by Hindman Auctions.
Jewelry and accessories: Ivory beads, brooches, hair combs, and other jewelry items were common across cultures. A Chinese carved ivory bangle bracelet realized $325 at Bonhams in 2021.
Piano keys: Many pre-plastic era pianos had ivory keys, which remain prized by restorers and collectors. A vintage Steinway grand piano with ivory keys appraised around $40,000-50,000 on Antiques Roadshow in 2015.
These values are just benchmarks, as pieces with exceptional provenance or artistry can reach much higher prices. But on the flip side, many antique ivory pieces are declining in value as collectors avoid the headache of documentation. An estimated $1.5 billion in antique ivory now sits unsellable in British homes due to the UK‘s ivory ban.
Identifying Genuine Elephant Ivory
With its high value by weight, ivory is frequently imitated, both in antiques and on the black market. Some key clues to authenticate real elephant ivory:
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Crosshatched "Schreger lines" on cross-sections. These engine turnings are unique to elephant dentine.
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Defined grain lines from the tusk‘s growth, rather than the rings of similar materials like bone or antler.
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Small surface pores that darken over time, compared to the completely smooth finishes of ivories like plastics or resins.
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Greater weight and density than most substitutes, with a sharp "click" rather than a dull thud when pieces are tapped together.
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Subtle striations that develop into cracks in very old ivory as it dries out and shrinks over decades.
The most definitive test is professional examination by an expert with Schreger lines and UV fluorescence. Provenance papers are also vital for establishing age and legality.
Debates Around the Ethics of Collecting
The devastating ecological impact of the ivory trade is undeniable. Africa‘s elephant population has plummeted from millions to around 400,000 today, with poachers killing an estimated 30,000 per year. Elephants are highly intelligent, social creatures who mourn their dead, so the trade‘s costs ripple beyond numbers.
Even antique ivory carries this legacy of cruelty and exploitation. And many argue that allowing any legal trade provides laundering avenues and stimulates further poaching.
Yet for some, ivory remains a vital cultural material and historical resource. Museums rely on ivory artifacts to educate about past civilizations. Some indigenous peoples still carve ivory as part of their identity and livelihoods.
Limited trade does provide conservation funding in some places. Namibia and other African nations sell their ivory stockpiles to fund anti-poaching efforts, with mixed success. Destroying stockpiles can also send the counterproductive message of scarcity driving up prices.
There are no easy answers. Navigating the ethics requires weighing ivory‘s past against its future, and balancing conservation with preservation. But at this juncture, sharply curbing demand to protect remaining elephants should take precedence.
The Way Forward for Ivory Values
As an antiques specialist, it pains me to say it—but the outlook for ivory prices is grim. With each new ban or restriction, the pool of potential buyers shrinks. Many collectors now see ivory as a liability to be divested, not an asset to be acquired.
Numerous auction houses have stopped selling ivory under pressure, from industry giants like Christie‘s to regional players. Some collectors are even opting to donate dubious ivories rather than risk seizure.
This trend will likely gain steam as the messaging sinks in, especially among younger generations. A 2021 survey found 68% of Chinese consumers would reject ivory, up from 33% in 2017. As demand dries up, values will continue to fall.
The one possible exception is the true cream of the crop—museum-quality ivories with rock-solid paperwork. Just as with art categories like antiquities, provenance is becoming all-important for ivory to hold its worth.
Barring an unlikely cultural shift, elephant ivory‘s days as a coveted commodity are probably numbered. But those of us committed to preservation must find ways to protect the world‘s most significant ivory heritage objects as this bloody chapter comes to a close. Only then can we reckon with this material‘s complicated legacy and lasting allure.
