Definition of an "Antique"

Many people are confused about the difference between an "antique" and a "collectible." This is probably because the two terms are similar in characterizing an item by something other than its physical attributes. For example, if you were looking at a chair, you would recognize it simply because it had certain physical attributes; namely, two arms, four legs, a seat, and a back. However, not everyone would know whether this particular chair was an antique or a collectible simply by looking at its physical features. So, what makes this chair a collectible or an antique?

By definition, a collectible is an item whose value originally revolved around its utility or aesthetic attributes but has since been enhanced by widespread interest. For example, an item might become a collectible through association. To remain consistent with the chair example, John Lennon's chair is a collectible. The intrinsic value of the chair does not lie in the chair's "utilitarian purpose" rather it lies in the fact that John Lennon used to sit in it.

An antique is defined by an item's age. Although the U.S. government considers any item over 100 years old to be an antique, most collectors use 50 years as a benchmark. John Lennon's chair may or may not be an antique, but your great, great grandfather's chair is, even if he isn't famous. The value of your great, great grandfather's chair may vary based on its quality, style, craftsmanship, and several other factors. However, regardless of the chair's condition, it is still, by definition, an antique because of the year in which it was created.