Business Notes COLLECTIBLES

The beauty of handmade duck decoys has long been appreciated by many, if not by ducks. Now collectors are discovering another variety of folk art: fish decoys. They have traditionally been used by ice fishers to lure prey within - spearing range. Last month a 9-in. hand-carved trout with glass eyes and metal fins snared $18,700 at Sotheby's in New York City.

The first major exhibit of fish decoys opened last week at the Museum of American Folk Art in Manhattan. The decoys range from unadorned wooden designs to the elaborately painted "ghost fish" of Michigan carver Hans Janner Sr. "The most highly valued fish decoys are charming, but they are also fabulous at doing their jobs as tools," says Ben Apfelbaum, curator of the exhibition. Not all decoys are expensive. Contemporary Native American wooden fish can be bought for $50 to $250.