47-463: The Viotti; ex-Bruce Stradivarius of 1709 is an antique violin constructed by luthier Antonio Stradivari of Cremona (1644–1737). It is one of only 700 known extant Stradivari instruments. The violin receives its name from its first known owner, violinist Giovanni Battista Viotti , who is said to have received it as a love token from Catherine the Great . Viotti is thought to have commissioned
94-507: A 1929 high of $ 1.3 billion to just $ 390 million during 1932, and US exports to Europe decreased from $ 2.3 billion in 1929 to $ 784 million in 1932. Overall, world trade decreased by some 66% between 1929 and 1934. Unemployment was 8% in 1930 when the Smoot–Hawley Act was passed but the new law failed to lower it. The rate jumped to 16% in 1931 and 25% in 1932–1933. There is some contention about whether this can necessarily be attributed to
141-620: A confederation of art and antique associations across 21 countries that represents 5,000 dealers. The common definition of antique is a collectible object such as a piece of furniture or work of art that has an enhanced value because of its considerable age, but it varies depending on the item, its source, the year of its creation, etc. The customary definition of antique requires that an item should be at least 100 years old and in original condition. (Motor vehicles are an exception to this rule, with some definitions requiring an automobile to be as little as 25 years old to qualify as an antique. ) In
188-516: A majority, rather than as a treaty requiring a two-thirds vote. This was one of the core components of the trade negotiating framework that developed after World War II. After World War II, that understanding supported a push towards multilateral trading agreements that would prevent similar situations in the future. While the Bretton Woods Agreement of 1944 focused on foreign exchange and did not directly address tariffs, those involved wanted
235-801: A piece of red sealing wax that bears the government chop to verify the date of the antique. The government of the People's Republic of China has its own definitions of what it considers antique . As of the Cultural Revolution and China's opening trade to other countries, the government has tried to protect the definition of a Chinese antique. Antiquing is the act of shopping, identifying, negotiating, or bargaining for antiques. People buy items for personal use, gifts, or profit. Sources for antiquing include garage sales and yard sales, estate sales , resort towns, antique districts, collectives , and international auction houses. Note that antiquing also means
282-621: A similar framework for international trade . President Harry S. Truman launched this process in November 1945 with negotiations for the creation of a proposed International Trade Organization (ITO). As it happened, separate negotiations on the General Agreement on Tariffs and Trade (GATT) moved more quickly, with an agreement signed in October 1947; in the end, the United States never signed
329-743: A speech, she referred to the Smoot–Hawley Tariff as "the Hoot–Smalley Act", misattributed its signing to Franklin D. Roosevelt , and blamed it for the Great Depression . The act has been compared to the 2010 Foreign Account Tax Compliance Act (FATCA), with Andrew Quinlan from the Center for Freedom and Prosperity calling FATCA "the worst economic idea to come out of Congress since Smoot–Hawley". The act received attention as Donald Trump pledged tariffs during his 2024 campaign . Prior to 2016,
376-418: A vote of 222 to 153, with the support of 208 Republicans and 14 Democrats. In May 1930, a petition was signed by 1,028 economists in the United States asking President Hoover to veto the legislation, organized by Paul Douglas , Irving Fisher , James T. F. G. Wood, Frank Graham , Ernest Patterson, Henry Seager , Frank Taussig , and Clair Wilcox . Automobile executive Henry Ford also spent an evening at
423-537: Is a popular area of antiques because furniture has obvious practical uses as well as collector value. Many collectors use antique furniture pieces in their homes, and care for them with the hope that the value of these items will remain same or appreciate. This is in contrast to buying new furniture, which typically depreciates from the moment of purchase. Antique furniture includes dining tables, chairs, bureaus, chests etc. The most common woods are mahogany , oak, pine , walnut , and rosewood . Chinese antique furniture
470-414: Is an item perceived as having value because of its aesthetic or historical significance, and often defined as at least 100 years old (or some other limit), although the term is often used loosely to describe any object that is old. An antique is usually an item that is collected or desirable because of its age, beauty, rarity, condition, utility, personal emotional connection, and/or other unique features. It
517-582: Is an object that represents a previous era or time period in human history. Vintage and collectible are used to describe items that are old, but do not meet the 100-year criterion. Antiques are usually objects of the decorative arts that show some degree of craftsmanship, collectability, or an attention to design, such as a desk or an early automobile. They are bought at antiques shops , estate sales, auction houses, online auctions, and other venues, or estate inherited. Antiques dealers often belong to national trade associations , many of which belong to CINOA ,
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#1733086214125564-422: Is antique which was made after 1830, although the barrier has been broken down in recent years by the enthusiasm of collectors for Art Nouveau and Art Deco . The alternative term, antiquities , commonly refers to the remains of ancient art and everyday items from antiquity , which themselves are often archaeological artifacts . An antiquarian is a person who collects and studies antiquities or things of
611-471: Is its hardware fittings, the style of which varies from one period to another. For example, Victorian era hardware is different from other period hardware and is perceived to be aesthetically defined; this is the reason for its popularity. Smoot-Hawley Tariff Act The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4 ), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff ,
658-497: Is often made with elm, a wood common to many regions in Asia. Each wood has a distinctive grain and color. Many modern pieces of furniture use laminate or wood veneer to achieve the same effect. There are a number of different styles of antique furniture depending on when and where it was made. Some examples of stylistic periods are: Arts & Crafts , Georgian , Regency , and Victorian . An important part of some antique furniture
705-462: The Great Depression in the United States . The 1932 Democratic campaign platform pledged to lower tariffs. After winning the election, President Franklin D. Roosevelt and the now-Democratic Congress passed Reciprocal Trade Agreements Act of 1934. This act allowed the President to negotiate tariff reductions on a bilateral basis and treated such a tariff agreement as regular legislation, requiring
752-696: The Tariff of 1828 . The Act prompted retaliatory tariffs by many other countries. The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Great Depression . Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression. The League of Nations ' World Economic Conference met at Geneva in 1927, concluding in its final report that "the time has come to put an end to tariffs , and to move in
799-459: The White House trying to convince Hoover to veto the bill, calling it "an economic stupidity", while J. P. Morgan 's Chief Executive Thomas W. Lamont said he "almost went down on [his] knees to beg Herbert Hoover to veto the asinine Hawley–Smoot tariff". While Hoover joined the economists in opposing the bill, calling it "vicious, extortionate, and obnoxious" because he felt it would undermine
846-613: The World War and for its failure to adjust purchasing power to productive capacity during the industrial revolution of the decade following the war ." Smoot was a Republican from Utah and chairman of the Senate Finance Committee . Willis C. Hawley , a Republican from Oregon , was chairman of the House Committee on Ways and Means . During the 1928 United States presidential election , one of Herbert Hoover 's promises
893-539: The York Gate Collections , the Academy's free museum and research centre. The Viotti ex-Bruce will be heard as well as seen: the instrument will be played sparingly, under very controlled circumstances, at research events and occasional performances elsewhere. As one of the greatest virtuoso violinists of his day, Viotti was very influential in the field of instrumental technique. His advocacy of Stradivarius violins
940-555: The House of Representatives passed it in May 1929, boycotts broke out, and foreign governments moved to increase rates against American products, although rates could be increased or decreased by the Senate or by the conference committee. By September 1929, Hoover's administration had received protest notes from 23 trading partners, but the threats of retaliatory actions were ignored. In May 1930, Canada,
987-587: The ITO agreement. Adding a multilateral "most-favored-nation" component to that of reciprocity, the GATT served as a framework for the gradual reduction of tariffs over the subsequent half century. Postwar changes to the Smoot–Hawley tariffs reflected a general tendency of the United States to reduce its tariff levels unilaterally while its trading partners retained their high levels. The American Tariff League Study of 1951 compared
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#17330862141251034-523: The Tariff Act provided that "[a]ll goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions shall not be entitled to entry at any of the ports of the United States" with a specific exception known as the "consumptive demand exception", which allowed forced labor-based imports of goods where United States domestic production
1081-558: The United States reduced its own. In the discussion leading up to the passage of the North American Free Trade Agreement (NAFTA), then-Vice President Al Gore mentioned the Smoot–Hawley Tariff as a response to NAFTA objections voiced by Ross Perot during a debate in 1993 they had on The Larry King Show . He gave Perot a framed picture of Smoot and Hawley shaking hands after its passage. In April 2009, then-Representative Michele Bachmann made news when, during
1128-415: The United States, Colonial Times to 1970, Bicentennial Edition", tariff rates have been represented in two forms. The dutiable tariff rate peak of 1932 was 59.1%, second only to the 61.7% rate of 1830. However, 63% of all imports in 1933 were not taxed, which the dutiable tariff rate does not reflect. The free and dutiable rate in 1929 was 13.5% and peaked under Smoot–Hawley in 1933 at 19.8%, one-third below
1175-499: The United States, the Smoot-Hawley Tariff Act (para.1811) exempted "...works of art (except rugs and carpets made after the year 1700), collections in illustration of the progress of the arts, works in bronze , marble , terra cotta , parian , pottery, or porcelain , artistic antiquities and objects of ornamental character or educational value which shall have been produced prior to the year 1830" (emphasis added) . 1830
1222-428: The average 29.7% "free and dutiable rate" in the United States from 1821 to 1900. The average tariff rate, which was applied on dutiable imports, increased from 40.1% in 1929 to 59.1% in 1932 (+19%). At first, the tariff seemed to be a success. According to historian Robert Sobel , "Factory payrolls, construction contracts, and industrial production all increased sharply." However, larger economic problems loomed in
1269-403: The bill. The Senate debated its bill until March 1930, with many members trading votes based on their states' industries. The Senate bill passed on a vote of 44 to 42, with 39 Republicans and 5 Democrats voting in favor of the bill. The conference committee then unified the two versions, largely by raising tariffs to the higher levels passed by the House. The House passed the conference bill on
1316-424: The commitment he had pledged to international cooperation, he eventually signed the bill after he yielded to influence from his own party, his Cabinet (who had threatened to resign), and business leaders. In retaliation, Canada and other countries raised their own tariffs on American goods after the bill had become law. Franklin D. Roosevelt spoke against the act during his campaign for President in 1932. Most of
1363-428: The construction of at least one replica of this violin. Subsequent owners include Mr. Menessier, 1824; Mr Brochant de Villiers; Mr Meunié, 1860; Jean-Baptiste Vuillaume ; Pierre Silvestre, on behalf of William E. Hill & Sons, 1897; Baron Knoop, 1897; Mr R. C. Baker, 1905; Lewis Bruce; and J. F. L. Bruce , after whom it is also named. The Viotti; ex-Bruce Stradivarius , considered in very good condition, and free of
1410-710: The country's most loyal trading partner, retaliated by imposing new tariffs on 16 products that accounted altogether for around 30% of US exports to Canada. Canada later also forged closer economic links with the British Empire via the British Empire Economic Conference of 1932, while France and Britain protested and developed new trade partners, and Germany developed a system of trade via clearing. The depression worsened for workers and farmers despite Smoot and Hawley's promises of prosperity from high tariffs; consequently, Hawley lost re-nomination, while Smoot
1457-412: The craft of making an object appear antique through distressing or using the antique-looking paint applications. Often, individuals get confused between these handmade distressed vintage or modern items and true antiques. Would-be antique collectors who are unaware of the differences may find themselves paying a high amount of money for something that would have little value if re-sold. Antique furniture
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1504-542: The decline in trade was due to a plunge in GDP in the US and worldwide. However, beyond that was additional decline. Some countries protested and others also retaliated with trade restrictions and tariffs. American exports to the protesters fell 18% and exports to those who retaliated fell 31%. Threats of retaliation by other countries began long before the bill was enacted into law in June 1930. As
1551-495: The free and dutiable tariff rates of 43 countries. It found that only seven nations had a lower tariff level than the United States (5.1%), and eleven nations had free and dutiable tariff rates higher than the Smoot–Hawley peak of 19.8% including the United Kingdom (25.6%). The 43-country average was 14.4%, which was 0.9% higher than the U.S. level of 1929, demonstrating that few nations were reciprocating in reducing their levels as
1598-476: The global economy entered the first stages of the Great Depression in late 1929, the main goal of the US was to protect its jobs and farmers from foreign competition. Smoot championed another tariff increase within the United States in 1929, which became the Smoot–Hawley Tariff Bill. In his memoirs, Smoot made it abundantly clear: "The world is paying for its ruthless destruction of life and property in
1645-478: The guise of weak banks. When the Creditanstalt of Austria failed in 1931, the global deficiencies of the Smoot–Hawley Tariff became apparent. US imports decreased 66% from $ 4.4 billion (1929) to $ 1.5 billion (1933), and exports decreased 61% from $ 5.4 billion to $ 2.1 billion. GNP fell from $ 103.1 billion in 1929 to $ 75.8 billion in 1931 and bottomed out at $ 55.6 billion in 1933. Imports from Europe decreased from
1692-415: The opposite direction". Vast debts and reparations could be repaid only through gold, services, or goods, but the only items available on that scale were goods; however, many of the delegates' governments did the opposite; in 1928, France was the first by passing a new tariff law and quota system. By the late 1920s, the US economy had made exceptional gains in productivity because of electrification , which
1739-411: The past. Traditionally, Chinese antiques are marked by a red seal , known as a 'chop', placed there by an owner. Experts can identify previous owners of an antique by reading the chops. The pre-revolution Chinese government tried to assist collectors of Chinese antiques by requiring their Department of Antiquities to provide a governmental chop on the bottom of a Chinese antique. This chop is visible as
1786-402: The tariff on imports would alleviate the overproduction problem, but the United States had actually been running a trade account surplus , and although manufactured goods imports were rising, manufactured exports were rising even faster. Food exports had been falling and were in trade account deficit, but the value of food imports were a little over half of the value of manufactured imports. As
1833-516: The tariff. It was only during World War II , when "the American economy expanded at an unprecedented rate", that unemployment fell below 1930s levels. Imports during 1929 were only 4.2% of the US GNP, and exports were only 5.0%. Monetarists , such as Milton Friedman , who emphasized the central role of the money supply in causing the depression, considered the Smoot–Hawley Act to be only a minor cause for
1880-695: The wear and repairs evinced by many other instruments of the period, was last purchased by the Royal Academy of Music , for GB£ 3.5 million in September 2005. Its provenance was also a major factor in the violin's valuation. Funding was provided by HM Government in lieu of Inheritance Tax , and by the National Art Collections Fund , the National Heritage Memorial Fund and many private donors. The instrument will be displayed in
1927-439: Was a critical factor in mass production . Another contributing factor to economic growth was motorcars, trucks, and tractors replacing horses and mules. One sixth to one quarter of farmland, which had been devoted to feeding horses and mules, was freed up, contributing to a surplus in farm produce. Although nominal and real wages had increased, they did not keep up with the productivity gains. Senator Smoot contended that raising
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1974-399: Was a law that implemented protectionist trade policies in the United States. Sponsored by Senator Reed Smoot and Representative Willis C. Hawley , it was signed by President Herbert Hoover on June 17, 1930. The act raised US tariffs on over 20,000 imported goods. The tariffs under the act, excluding duty-free imports, were the second highest in United States history, exceeded by only
2021-642: Was also key to the recognition of their maker as the foremost of all luthiers. Viotti owned two Stradivari violins of 1709. The other instrument, which was subsequently owned by Marie Hall , is now owned by the Chi-Mei Collection. He also owned a Stradivari violin of 1712, which became part of the Henry Hottinger Collection . Since 1965, it has been owned by Isaac Hurwitz. See List of Stradivarius instruments Antique An antique (from Latin antiquus 'old, ancient')
2068-531: Was not sufficient to meet consumer demand. The exception was removed under Wisconsin Representative Ron Kind 's amendment bill, which was incorporated into the Trade Facilitation and Trade Enforcement Act of 2015, signed by President Barack Obama on February 24, 2016. In the 1986 film, Ferris Bueller's Day Off , Ben Stein , playing a high school economics teacher, references the tariff in
2115-527: Was one of 12 Republican Senators who lost their seats in the 1932 elections , with the swing being the largest in Senate history (being equaled in 1958 and 1980 ). Nations other than Canada that enacted retaliatory tariffs included: Cuba, Mexico, France, Italy, Spain, Argentina, Australia, New Zealand, and Switzerland. In the two-volume series published by the US Bureau of the Census, "The Historical Statistics of
2162-454: Was the approximate beginning of mass production in the United States; at the time, 1930, it also marked an age of at least 100 years. These definitions were intended to allow people of that time to distinguish between genuine antique pieces, vintage items, and collectible objects. In 1979, the British art critic Edward Lucie-Smith wrote that "Antique-dealers ... sometimes insist that nothing
2209-404: Was to help beleaguered farmers by increasing tariffs on agricultural products. Hoover won, and Republicans maintained comfortable majorities in the House and the Senate during 1928. The House passed a version of the act in May 1929, increasing tariffs on agricultural and industrial goods alike. The House bill passed on a vote of 264 to 147, with 244 Republicans and 20 Democrats voting in favor of
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