The True Cost of Underinsurance

Posted on April 7, 2026April 9, 2026 by Rachel Doerr

Underinsurance is one of the most common risks facing homeowners with jewellery, watches, silver, art, furniture and general contents. When valuations fall out of date, you may not have enough cover in place to replace what you own.

Failing to review valuations regularly can lead to serious financial and practical consequences. Around 89% of people we see show some level of underinsurance across their current sums insured. In many cases, the gap has grown over years without them realising.

Jewellery is particularly vulnerable to underinsurance. Diamonds, gold and branded pieces have seen strong value increases, often linked to how long the item has been owned. An engagement ring bought for £4,000 in 2016, for example, may now cost around £25,000 to replace. That increase alone can push the piece beyond your policy threshold for unspecified items, often known as the Single Article Limit.

Underinsurance becomes a problem at the point of claim. If values are outdated, insurers may only pay the amount listed on the policy or up to the single article limit, which can sit between £2,500 and £5,000 for jewellery. This may not be enough to replace or repair the item like for like. In some cases, underinsurance can even lead to reduced settlements or declined claims.

A current valuation helps avoid underinsurance and supports a claim being settled quickly and smoothly. It provides proof of ownership, accurate descriptions and photographs, all of which help insurers confirm value without delay or dispute.

Insurers often require evidence of value at the start of a policy. This includes detailed descriptions, supporting documentation and images. Without these, underinsurance risks increase and claims can become harder to validate. Insurers may need extra time to verify details, question the value being claimed or decline part of the claim if the item cannot be substantiated.

This may not feel significant when thinking about a single item. But in the event of theft, fire or water damage, underinsurance can affect multiple possessions at once. Claims can run into thousands of pounds and require proof of ownership and value for each item. Many people rely on old receipts, which may not clearly describe what was purchased or may no longer be readable.

A valuation report reduces the risk of underinsurance by acting as formal evidence. It confirms the item existed, that you owned it and what it would cost to replace. It also ensures your sums insured reflect the current market, which is vital when making a claim.

Without this, underinsurance can create additional stress at an already difficult time. Claims may be challenged, delayed or settled at a lower figure than expected, leaving you financially exposed.

Real experiences highlight the impact of underinsurance. One client lost a diamond tennis bracelet originally purchased for £21,850. It had never been added to the policy as a specified item. By the time it was lost, the replacement cost had risen to £68,000. Underinsurance meant the item was not covered at the level needed, resulting in financial loss alongside the emotional impact.

Insurance professionals see the effects of underinsurance regularly. Steve Moores, Risk Management Director at Howden Private Clients, explains: “Underinsurance caused by out-of-date valuations continues to be one of the key challenges our claims team faces when handling jewellery and watch claims. Obtaining proof of value after a loss can be a slow and difficult process. With a current valuation in place, claims can be settled much more quickly, in some cases even on the same day.”

Reviewing valuations is one of the simplest ways to reduce underinsurance and protect what you own. Accurate, up-to-date values help ensure your policy reflects the real cost of replacement and gives you confidence that, if the worst happens, you are properly covered.

Get in touch today to book a valuation of your items on 01883 722736 or email us at [email protected].

Beyond the Wrapper: The Story Behind Easter Eggs

Posted on March 31, 2026March 31, 2026 by Rachel Doerr

After extensive, but not wholly onerous research, I have found that the must have luxury chocolate Easter egg for 2024 is the Grande Easter Egg from Betty’s in Yorkshire. Your £395 will allow you to acquire over five kilos of Grand Cru Swiss chocolate made from Venezuelan criollo cocoa beans. Your egg will be applied with iced Spring flowers including narcissi, primroses, pansies and lily of the valley all with hand piped stems. Betty’s have been producing these hand crafted edible masterpieces for over a hundred years.

However, the history of eggs at Easter goes back many centuries. In the 1290 household accounts of Edward I ‘one shilling and sixpence for the decoration and distribution of pace eggs.’ ( Pace being a dialectical term for pashe or pascal.) These were hens’ eggs which had been dyed or coloured and were distributed to members of the Royal household. These eggs would have been wrapped in onion skins and then boiled, when the onion skin was removed the eggs looked as though they had a mottled gilding. The Scandinavians had a similar tradition also using flowers and leaves to produce a pattern.

Throughout Europe eggs were dyed and painted; and eggs were in plentiful supply. Although Shrove Tuesday saw the using up of eggs to make pancakes prior to Lent, no-one told the chickens that eggs were off the menu for the next forty days, so they continued to produce them, resulting in a glut of eggs by Easter. Throughout Europe and beyond the decorating and distributing of eggs has been part of Easter celebrations for hundreds of years.

The White House has a traditional Easter Egg Roll. In 1878 the President Rutherford B Hayes allowed the White House Grounds to be opened on Easter Monday and children were allowed to bring along Easter eggs and roll them on the lawn with a long handled spoon. Today it is a huge event and children can enter a public ballot to attend.

The ultimate Easter egg tradition is that of the Fabergé eggs. Jewelled eggs had been gifted at Easter before 1885. However, Grand Duke Vladimir Alexandrovich, brother to Tsar Alexander III suggested that Peter Carl Fabergé be commissioned to create a Royal egg. The egg, known as the ‘Hen Egg’ was given to the Tsarina, who was thrilled with it. It opened to reveal a golden hen sitting on golden straw and inside the hen was a replica of the Imperial Crown and a ruby pendant. Fabergé had triumphed and Alexander named him ‘goldsmith by special appointment to the Imperial Crown’, placing an order for another egg the following year. The eggs became more ornate and elaborate year after year. The designs did not have to have Royal approval, the only prerequisites were that each should be unique and contain a surprise. The eggs made for the Russian Royal family are known as the Imperial eggs.

A few notable figures, including the Rothschilds commissioned eggs of their own, but these were not numerous. The revolution in 1918, inevitably saw an end to this tradition, although Fabergé in its more recent incarnation still produces egg themed jewellery. Should you wish to purchase your own Fabergé egg pendant this Easter, the 18 carat gold, diamond and enamel Palais Tsarkoye Selo turquoise egg containing an enamel and diamond locket, can be yours for £13.920.

The popularity of gold and silver eggs with novelty surprises may have begun with Fabergé but has been taken up by others. In the 1960’s and 70’s the English silversmith Stuart Devlin acquired a large following for his eggs. They are still popular today and one sold at auction in 2024 with Dreweatts at a hammer price of £1,100.

A longchain suspending numerous French, Austrian and Hungarian egg pendants sold in 2022, as seen in the adjacent images. The finesse of the manufacture, the frequent use of colourful guilloché enamel and the cute novelty surprises inside, helped Bonhams reach a hammer price of £28,000.

If this all seem a little overwhelming perhaps it’s time to consider the more modest Cadbury’s creme egg. Initially sold as the Frys’s creme egg, it became part of the Cadbury family in 1971. They are still only available from New Year’s Day until Easter Sunday and in recent YouGov poll they were ranked as the UK’s most famous confectionery.

We hope that the Easter bunny will bring you your egg of choice and Doerr Dallas wishes you a very happy Easter.

The Risks of Unspecified Jewellery

Posted on February 12, 2026February 12, 2026 by Rachel Doerr

Unspecified Jewellery is becoming more of a concern when we are conducting valuations as it is mostly overlooked by people in their jewellery boxes and forgotten about when it comes to their insurance policies.

With the rise of laboratory grown diamonds found on the market, political uncertainty and sanctions applied by and on various countries, the prices of natural diamonds have taken a tumble. However, it would be naïve to consider that the price tag of these precious gems has not increased in the last 5, 10 or 20 years. From bread and milk to diamonds and gold, no product has escaped from an increased price tag.

If you were lucky enough to get engaged some ten years ago, you may have purchased a diamond three-stone ring, such as the below ring mounted in platinum and totalling 2.50 carats of diamond, for a price tag of £4,000. Having slowly climbed to £6,500 in 2020, in today’s market, that same ring would cost £25,000 to replace.

With many insurance policies requiring items over £20,000 to be itemised you probably don’t realise the cost today of the ring that is on your finger but would be very disappointed if you couldn’t replace it in the event of a loss.

Equally this diamond line bracelet by Tiffany & Co., set with a total of 5 carats, would have retailed for £5,000 in 2010.

Today, Its equivalent from the Tiffany Victoria range, set with 4.25 carats of diamonds, retails for £30,700 – again over the single item on your insurance policy.

Whether you own a pair of diamond earstuds, a bracelet or a ring, and have had the opportunity to wear theses for the last few years but haven’t thought to update your insurance valuations, you could be at risk of being under insured as the prices of precious materials continues to rise as a reaction to geo-politics. In the worst-case scenario, you could find you are not insured atall.

The gold price is currently £3,456.49 (02.02.2026) a troy ounce in 2015 this was £716.37 – so it doesn’t take a genius to work out the prices of jewellery in the last 10 years has increased in value.

At Doerr Dallas Valuations, we are currently recommending clients update their valuations if they haven’t been valued in the last 12-18 months with the gold price being at its highest level in years and if you have never had a valuation please call us to find out more – it doesn’t cost anything for us to send you a proposal but count the pieces in your jewellery box first!

Sir Winston Churchill (1874-1965) – Painting as a Pastime

Posted on January 22, 2026January 22, 2026 by Rachel Doerr

Following on the announcement from The Wallace Collection of it 2026 exhibition ‘The Wallace Collection at War’ we take a look at the life and art of Sir Winston Churchill.

It’s 1915 and the First World War is raging. Winston Churchill, now aged forty, was in the thick of the fighting, leading his men at Ypres. It was while resting behind enemy lines at Ploegsteert, nicknamed ‘Plug Street’ by the Tommies, that he first picked up a brush to paint for the first time. His reasons for doing so are most eloquently expressed by Churchill himself in the introduction to his book ‘Painting as a Pastime’ first published in 1947.

“Happy are the painters, for they shall not be lonely. Light and colour, peace and hope, will keep them company to the end, or almost to the end, of the day. To have reached the age of forty without ever handling a brush or fiddling with a pencil, to have regarded with mature eye the painting of pictures of any kind as a mystery, to have stood agape before the chalk of the pavement artist, and then suddenly to find oneself plunged in the middle of a new and intense form of interest and action with paints and palettes and canvases, and not to be discouraged by results, is an astonishing and enriching experience. I hope it may be shared by others. I should be glad if these lines induced others to try the experiment which I have tried, and if some at least were to find themselves dowered with an absorbing new amusement delightful to themselves, and at any rate not violently harmful to man or beast.”

THE LOUP RIVER, ALPES MARITIMES, 1930. Oil on canvas. 20 1/8×24 (51·5×61). Presented by the artist 1955. Exh: R.A., 1947 (174); R.A. Diploma Gallery, March–August 1959. The picture was painted in 1930, and the site lies about five hundred yards from where the main Cagnes to Grasse road crosses the river. It was one of the two pictures Churchill exhibited at the R.A. in 1947 and were submitted to the Selection Committee under the name ‘David Winter’.

Churchill soon found that watercolours were not his ideal medium, and instead switched to the more robust medium of oil paint – as ‘you can more easily paint over your mistakes’. Early encouragement came from an amateur prize he won for “Winter Sunshine, Chartwell,” a bright reflection of his Kentish home. Also, under the pseudonym Charles Morin, he sent five paintings to be exhibited at the Paris Salon in the 1920s, where four were sold for £30 each. However, making money was not the incentive, then or ever. It was simply the sheer delight of painting that accounted for Churchill’s devotion.

He readily received tuition and guidance from some of the leading artists of the day such as Sir John Lavery, Sir William Nicholson and Walter Richard Sickert. This led, in 1947, to the then president of the Royal Academy, Sir Alfred Munnings, suggesting Churchill submit two works to the annual Summer Exhibition. Churchill was eventually persuaded, on the proviso that they be submitted under the pseudonym of David Winter. Both pictures were accepted, with one being acquired later for the National Collection by the Tate. A few years later during the first post-war Royal Academy Dinner in 1949, Churchill was made an Honorary Academician (Hon, R.A), the first and so far, only person to be awarded this honour.

Churchill had a true craftsman’s dedication to his art and readily accepted the advice to visit Avignon and later the Cote d’Azur where he discovered artists who worshipped at the throne of Cezanne. He also acknowledged the inspiration he derived from his many visits to Marrakech, Morocco.

Churchill sought and found tranquillity in his art. His much-quoted words, summing up his expectations of celestial bliss; “When I get to heaven, I mean to spend a considerable portion of my first million years in painting, and so get to the bottom of the subject…”

By far the best and most enjoyable way to get to know the man and his art is to visit his beloved Chartwell in Kent. Now owned and run by the National Trust, Churchill’s paintings and artefacts are all around the house, but for me the revelation is the Garden studio which is full of Churchill’s paintings, hung corner to corner almost, with his paints, brushes and easel all set out as if he were returning shortly… not to be missed!

What’s Really Going On in the Whisky Market?

Posted on May 15, 2025May 16, 2025 by Rachel Doerr

Whisky…. What on earth is going on!!

While this grand title may suggest some clairvoyant insight, sadly, I can’t promise that. However, I hope to offer some common sense, which seems to have been a bit lost over the last decade (or more, depending on who you ask) in the ever-popular area of whisky investment and collecting.

Whisky has rarely been out of the news in the last ten years, with bottle prices surging, being redefined as an asset class, and various million-pound-plus casks (including the £16m Ardbeg cask) delivering remarkable returns for sellers.

As with any market, this upward trend could not last forever (although it seemed never to slow!), and for some, it has ended very badly. However, this current downturn in cask prices is not just due to a shift in demand for the drink but also stems from a far more sinister cause.

As with many markets that have boomed in the past, unscrupulous dealers, so-called experts, and brokers have flooded in, seeking a quick profit (and it seems they are getting it!). Sadly, it appears that casks of whisky were the asset they had been waiting for.

It should also be remembered and clearly stated that this market has existed for decades, even centuries, before these issues arose. There are many fine, honest, and trustworthy sellers of casks who have weathered the ups and downs of the market and will continue to thrive.

The recent BBC documentary, Disclosure: Hunting the Whisky Bandits, aired in late March and exposed to a wide audience the practices that now appear to have been prevalent in certain parts of the market.

The tactics used seem, at best, misleading (though they could be considered fraudulent) and, at worst, criminal. People are now facing the loss of life savings and pensions, with little chance of recouping their investment, let alone the vast profits that were, essentially, promised.

So how could this happen? Frankly, there are too many factors to cover here, but two stand out to me.

Firstly, the genuine returns some casks have brought since their purchase in the mid to late 1990s are enormous. Stories of Macallan casks bought for £2,000, forgotten until a dusty receipt is found, then sold for over £1m, are true – though rare, but true. Scammers can use genuine past data to project a forecast for the future, but no market’s past performance is a reliable guide to its future. This has allowed for gross overselling.

The market then and now are completely different worlds, and the stocks available back then are no longer available today. The market crashed in the 90s due to the whisky loch of oversupply, followed by a boom from the early 2000s onwards, driven by a new generation of drinkers and a scarcity of stock.

But the key is that these overpriced casks are not genuine ‘greats’. A Swatch wristwatch is not a Rolex, a D-flawless natural diamond is not a D-flawless lab-grown diamond, and while some may consider them investments, they exist on entirely different planes.

Secondly, and perhaps where the real criminal activity lies, is in investing in a physical asset you never actually take delivery of or even see.

These casks must be stored in HMRC-controlled and licensed warehouses, many of which don’t deal with the public, meaning you never take physical possession of the goods. In some cases, your certificate of ownership is no more valuable than a diamond grading certificate from the Peckham branch of the Trotters Independent Trading Co. School of Diamond Grading (an odd reference, not meant to make light of the situation, but you get the point). This has led to casks that never existed being sold to people or, in some cases, casks that do exist being sold more than once. Often, this occurs alongside inflated prices, creating a double whammy.

I don’t want to dwell on what has happened or how it occurred, as there is plenty in the documentary to watch and other articles offering more in-depth coverage. But what can we learn from this, and what should you do if you’re concerned you might be caught in one of these traps?

Firstly, we must always remember that investing in anything carries risks, even buying a cask for personal consumption. There are risks involved – always drink responsibly. Don’t get caught up in the hype of promised returns; nothing is guaranteed. Only buy from a broker with proven provenance, which is a key term in any field we value. And, of course, ensure your paperwork is in order.

The best and most official guidelines for buying a personal cask come from the Scotch Whisky Association and can be found here: Personal Investment in a Scotch Whisky Cask.

But also get your cask valued on a semi regular basis. Ask for samples and regauge figures – the measure of what volume and strength is in the cask which will ultimately determine return.

If you’re concerned about a cask you own, speak to the seller and request a Delivery Order in your name. If that cannot be supplied due to warehouse restrictions, consider having the cask moved to a different warehouse. Any cost involved will be well worth the peace of mind. After all, this is your cask; you should have clear ownership and be actively involved in its journey.

I’ve been asked recently how prices have been affected. The truth is, we don’t know yet. However, it’s fair to say that the hot market of 3-4 years ago has cooled, and prices have compressed. I don’t think this is directly in reaction to the recent news, but if a glut of casks comes onto the market as a result, it could have a worsening effect.

And finally, a question I was asked only today: “If I want to buy a cask, what do I do?” Firstly, understand the risks involved by speaking to a reputable broker or distillery directly (there are only a few that sell casks). Buying a blue-chip whisky will always offer the best return and/or protection, but these casks are rare and still highly sought after.

The point many private buyers seem to miss is crucial: know your exit strategy. Are you buying to bottle for a special occasion like a family wedding, birthday, or anniversary, or are you looking to sell? Those are all very different opportunities.

As I said to one would-be investor who had it all wrong: buy a few bottles, look at them until you’re bored, and if you can afford to, enjoy them with friends. After all, whisky was made to be drunk and enjoyed!

Who Inspires Us? The Women Who Drive Our Passion

Posted on March 6, 2025March 20, 2025 by Rachel Doerr

Rachel Doerr, Managing Director

“For me, it starts with my mum. She always encouraged me and pushed me forward. Her influence extended to the music she played, like Joni Mitchell, Diana Ross and Barbra Streisand. Their voices of strength left a lasting impression.
In my career, I have been lucky to have strong women believe in me, like Ann Coad and Christel Goldthorpe. Now, I am surrounded by an incredible team, from jewellery and silver specialists to our brilliant admin and marketing teams. On this special day, I want to thank them all.”

Aurélia Turrall, Jewellery Specialist

“The women who inspire me in my industry are my Doerr Dallas Valuations colleagues. Each and every one of these extraordinary women has a wealth of knowledge that is only fictionalised in most books and films. Each one excels in one specific area and everyday I try to better myself by learning from them all, whether it be knowledge on instruments and kit to purchase to perfect valuations, or knowledge about a specific jewellery brand, gemstone or period in time. The rise of AI means nothing when you work with such splendid minds!”

Stephanie Connell, Senior Valuer & Collectibles Specialist

“On International Women’s Day it is important to me to consider all of the female designers and artists whose work has been pivotal but whose names have been overlooked or forgotten. One such designer is Clara Driscoll. Clara was one of the most important glass designers of the late 19th and early 20th centuries. Her work was produced for Tiffany Studios – so if you can imagine the famous Tiffany lamps – the design you’re thinking of was likely created by Clara Driscoll.”

Francesca Orme, Jewellery Specialist

“My grandmother Maria Valentini is who I’d like to recognise for International Women’s Day. An inspiration not only as a woman but my reason for loving working with jewellery and appreciating all aspects of it.”

Kristin Panagiotou, Administration Manager

“The former Vice-President, Kamala Harris, is someone who I find inspirational. As the first woman to hold the position of Vice-President, as well as the first South Asian American and first Black American, she tirelessly worked and continues to break boundaries by striving to improve immigration policy, women’s rights and gun violence to name a few. Through her perseverance, activism and commitment to fighting injustice she is an inspiration to all women, young and old.”

Fiona Hamilton, Silver Specialist

“Miranda Leslie née Grant is also from the Highlands of Scotland and came to Bonhams Edinburgh in 2002 as Head of Jewellery and Silver, becoming Managing Director in 2008. Miranda was charismatic, generous with her expansive knowledge, and supportive and I feel privileged to have had her as a mentor.”

Jenny Knott, Silver & Jewellery Specialist

“International Women’s day gives us an opportunity to remember the pioneering women upon whose shoulders we stand. I am inspired by women, who against the odds, and often in the face of personal loss and economic imperative, forged careers as silversmiths and businesswomen; most famously, but by no means uniquely, Hester Bateman. A few years ago, I came across the work of Rauni Higson. I love the naturalist flow to her work. Since seeing and valuing some of her pieces, I have followed her career. I love her sentiment that silver is ‘a magical material that responds to light like nothing else except perhaps the moon. It has entranced humans forever, and it is extraordinary malleability means that almost any form that can be imagined can be realised, with enough time, skill and patience’. Having been tutored herself by master craftsmen, she now mentors up and coming silversmiths. She lives and works in Snowdonia, and her connection to the landscape is self-eident in her work. For silversmithing to continue as a craft we need craftspeople like Rauni with her integrity, skill and innovation.”

Jenny Serra, Marketing Manager

“This year, my inspiration for International Women’s Day is the iconic Iris Apfel, who passed away last year at the age of 102. The recent auction of her clothes and jewellery highlighted just how remarkable she was. She secured her first modelling contract at 97 and lived boldly, unapologetically, and entirely on her own terms. Her fearless approach to life is something to aspire to. If I can make it to 100 while embracing even a fraction of that spirit, I would consider it an incredible achievement.”

Jane Vann, Private Client Services Administrator

“Anne, The Princess Royal, is a very inspirational, hard working & brave woman.
Her no nonsense approach has stood her in good stead for many years, enabling her to become a top level event rider and the first Royal to compete in the Olympic Games. She also had to endure an attempt in her life & failed kidnapping in 1974. She is probably the hardest working member of the Royal family & I really admire her dedication, determination & no fuss attitude – she is very inspirational!”

Ashley Crawford, Asian Art Expert

“One of my favorite female artists is Akiko Higashimura, an author of josei manga, or “women’s comics”. Higashamura has achieved wide success in what otherwise remains a male-dominated field, with her books translated into many languages and frequently adapted to anime and live-action TV series and films. Her plots feature imperfect heroines navigating their way through issues that women face in modern-day Japan. It goes without saying that Higashimura’s novels pass the Bechdel test! Higashimura and her heroines are admirable role models to celebrate this International Women’s Day and I’m looking forward to reading what she publishes next!”

Liz Bailey, Jewellery, Silver & Watch Specialist

“Doerr Dallas is host to a wonderful selection of women who I absolutely admire! From the wonderful MD Rachel, the team in marketing and administration to our selection of specialists. This group of women is immensely dedicated, knowledgeable and supportive of one another. The breadth and depth of knowledge of the team is something that I really appreciate and admire. The six of us jewellery girls have combined decades of experience – between us the amount of jewellery and watches we will have valued collectively is staggering! It is always a great pleasure to talk with and learn from the other specialists we have in the team, covering silver, collectables, Asian art, fashion and Russian works of art to name a few!”

To arrange a valuation for your items please call us on 01883 722736 or email us on [email protected]

Under the Tree: What our team are hoping for this Christmas

Posted on December 18, 2024December 2, 2025 by Rachel Doerr

We’ve asked our fabulous team of valuers and admin staff, what they would like to find under the christmas tree if money were no object. Find out what they picked below…

Rachel Doerr, Managing Director

“After a visit to Boodles in Knightsbridge, I couldn’t stop thinking about this Knot White Gold Diamond Ring – it really caught my eye. The design is just stunning, and the diamonds have such a gorgeous sparkle. It’s the kind of piece that feels timeless, and I’d love to find it under the tree. Another thing I’d be happy with is a pair of single-stone diamond earrings. They’re simple, classic, and would go with pretty much anything. And if I’m being really wishful, I’d also be thrilled with two black labrador puppies. They’d bring so much joy and energy to the house – definitely the best kind of Christmas surprise!”

David Dallas, Old Master Specialist

“I have taken this question rather literally! Dressing the Christmas tree with the children and now grandchildren is a seasonal tradition not only in the Dallas household, but almost everywhere in the Christian world.
Whenever I am in New York in December, I go to the Metropolitan Museum of Art, where there is a 20ft Christmas tree underneath which is grouped a nativity scene made of beautiful 18th Century Neapolitan Creche Figures and animals, which have been loaned by Loretta Howard and her family since 1957.
I’m not sure if one could ever find figures the quality of Loretta Howard’s, but even 19th Century Crib Figures can be in excess of £600 each, so they would cost a small fortune. Please be generous Santa!”

Alastair Meiklejon, Senior Valuer

‘When Christmas comes each year it is a time for not only giving presents, but writing cards and getting in touch with people that you may not have spoken to throughout the year – whilst modern times dictate that you can email, or message – there is still something special about receiving a letter from a loved one, and what better way to do it than with a Montblanc pen. Whilst many people look at the ultra valuable fountain pens that they are well known for – I would opt for the entry level roller ball. With all the style and class of the bigger relations, but with a fraction of the cost”

Ben Hanly, Impressionist, Post-War & Contemporary Art Specialist

Alas, what I really, really want under the tree this Christmas is not going to happen…
Although I am a picture man through and through, what people might not know, is that I adore antiquities and early sculpture…. I suppose as dark secrets go, it’s not that bad!
What I saw in an auction in November was a superb Khmer stone figure of a standing Goddess from Cambodia, dated to the 11th-12th AD – estimated at £5,000-8,000. I know this is not a small amount of money (it’s Christmas so who cares about reality!) – but the sculpture was amazing, and a perfect example of art from this period when the Cambodian civilisation was at its peak (anyone been to Angkor Wat?).
The sculpture is so simple and elegant, and the condition is excellent – discounting the missing arms and head! Unfortunately, I was not the only one with good taste – the work was bought by someone else with more money than myself for £8,000 plus fees. All I can hope for is that the buyer was in fact my wife who bought it as my surprise Christmas treat! Fingers crossed!

Jonathan Horwich, Modern & Contemporary Art Specialist

“I would like to see a watercolour or two by Eric Ravilious (British, 1903-1942) under the tree, his work is sublime and uniquely English, his skill with watercolour is second to none and he faithfully follows in the footsteps of the great Masters of 19th Century watercolour painting tradition such as JMW Turner – Around £80 to 120,000 for something like this…”

Jenny Knott, Silver & Jewellery Specialist

“I have always loved Christmas and all the traditions that go with it. When I first worked at Bonhams Knightsbridge fresh out of university and earned a pittance, I would cross the road to Harrods once a week and buy a single decoration from their Christmas shop. Since then, I have bought Christmas tree decorations from all over the world and clever Father Christmas has given my children a decoration every year since they were born, so that they now have enough to decorate Christmas trees of their own. I would love therefore to have another decoration to add to my collection, perhaps something from the Georg Jensen range, always stylish and classy. The Scandinavians really do know how to do Christmas. However, if I am really allowed to indulge myself, I would love a delicate Edwardian natural pearl and diamond necklace. Something that could be worn everyday or with evening dress. This would give me great joy, transcend the vagaries of passing fashion and be something to pass on to my daughter in due course. I’ll have to wait and see if I’ve been naughty or nice and what Father Christmas has in store for me!”

Annabell Parry, Jewellery Specialist

“They are a variation on the classic chandelier earrings but were popular in the 1800’s and often have rose cut, old mine cut and old European cut diamonds which were cut for candlelight and worn by beautiful wealthy women who had daytime and nighttime versions. Nowadays I would happily settle with a pair glittering in the winter evenings at a snug private dinner.
Surviving pairs of these earrings are rare as they were so decadent they have often been broken down during tough times. Therefore, because of their rarity, the value of a good pair is considerable so should any ever come up at auction there is always fierce international bidding and could be argued to be a savvy purchase and investment. I’ve sourced my ball gown, carriage and Prince just waiting for the finishing touch …..at a rough guess £80 – £100k”

Aurélia Turrall, Jewellery Specialist

“I’d like to find a diamond-set Trinity ring by Cartier. Cartier’s reputation needs no explaining. Their craftmanship remains unique, stylish and guarantees longevity. The Trinity ring is the perfect gift as it comprises the three gold colours, ready to suit any skin tone, and the diamonds add sparkle which is what Christmas is all about when it comes to the ladies’ gifts! It is ingenious of the brand to offer this ring in so many different options. The ring that I would like only has one band pavé-set with diamonds, and can be small or classic.”

Francesca Orme, Jewellery Specialist

“I would love to see a small wrapped parcel with a red box!!! And inside this striking incredible ring by Cartier. It’s not very old- 1970’s but I just love the design and how wearable it is! It makes a real statement but the fact that it’s made up of lots of small graduated pieces, with lapis lazuli floral top and diamond highlights, makes it delicate at the same time. £25,000- a steal!!!!

Richard Fattorini, Rare Books & Manuscripts, Historical Photographs and Maps Consultant Specialist

“Under the Christmas tree I’d be thrilled to discover a signed or inscribed copy of Ian Fleming’s novel Casino Royale which introduced the world to the now legendary British spy James Bond. The book was first published in 1953 with a dust-jacket devised by the author, and with a modest first print run of 4,728 copies. The book was an enormous success and Ian Fleming went on to write a further 13 novels in the series, which have sold more than 100 million copies to date. A first edition in a dust-jacket will cost from £10,000-30,000 depending on condition, and a signed or inscribed copy from £30,000-125,000 depending on the inscription.”

Stephanie Connell, Senior Valuer & Collectors Specialist

“If i were to find one special piece under the Christmas tree it would be a Cecil Beaton design for the stage production of ‘Coco’ starring Katherine Hepburn. These designs are a combination of three 20th century legends – Cecil Beaton was at the height of his powers as an artist and costume designer. The musical starred the all time leading multi Academy Award winning actress Katherine Hepburn as Coco Chanel. Chanel in turn is the most influential fashion designer of the 20th century! Bonhams recently sold a very good example created for the 1969 production which would be a very special gift.”

Liz Bailey, Jewellery, Silver & Watch Specialist

“I would just love to receive some vintage Elsa Peretti under the tree! This year has really shone a light on her wonderful designs in the fashion world, I have well and truly been ‘influenced,’ seeing celebrities such as Rosie Huntington-Whiteley stacking up their Peretti bone cuffs over simple and stylised outfits. I personally could see myself wearing one of her lovely vase pendants, a vintage one of course would be preferable but I would be thrilled with this one currently retailing at £4,100.
… If Santa is feeling flush this year, I would definitely love to add to my watch collection! A Jaeger-LeCoultre calibre 101 collection wristwatch would be a dream Christmas present! This 1970s example was set throughout with nine carats of baguette cut diamonds – the perfect blend of fine jewellery and watchmaking innovation – the 101 movement was created in 1929 and is renowned for being, still to this day, the world’s smallest mechanical movement ever made – weighing just one gram!

Fiona Hamilton, Silver Specialist

“Chinchillas normally cost between £80 and £200 and make excellent pets! Originating from the rocky slopes of The Andes they live together in large colonies, so cute!

Or I’d also love to see an Art Deco Day and Night ring from the 1920s, multiple rings in one! £3,315.51- 1st Dibs”

Ashley Crawford, Asian Art Specialist

“If I could receive any gift this holiday season, I would choose this terracotta figure of a court lady from the Tang Dynasty that I was fortunate enough to view in person at Sotheby’s New York during Asia Week this year. The Tang Dynasty has always been one of my favorite periods of Chinese history, not only from an art historical standpoint, but also because of the freedoms that court women enjoyed compared to in the surrounding dynasties. Terracotta sculptures of such women shed insight into their daily lives and interests, such as riding horses, playing music or dancing in women-only ensembles, or displaying the latest fashion trends. Tang court ladies are either portrayed as very thin or round, with the latter shown here in this 8th-century example. Her large zhuimaji (“falling off the horse”) hairstyle is modeled after the concubine Yang Guifei and is characteristic of the period, as are her long sleeves extending well beyond her hands.There is no shortage of Tang ladies in the Asian art market, meaning that unusual or high-quality examples perform significantly better at auction. This Tang lady is notable for her size, condition, and provenance.”

Jane Vann, Valuations & Private Client Services Administrator

“A few years ago, 2016 to be precise, Adele headlined on the Pyramid stage at Glastonbury. As always, her performance was exceptional in her typically down-to-earth way, complete with her ‘potty’ mouth as she calls it! But apart from her singing and language, another thing stood out for me – her bracelet! Her outfit that night was a lovely Boho style dress, complemented with this lovely bracelet that I had to Google to find out what it was, as I’d never seen one before! Since then, everyone is wearing them, including Queen Camilla, who can regularly be seen wearing her turquoise example! I’m quite sure that Queen Camilla’s will not be fake, which probably can’t be said for all the women and girls I see wearing them now! It is of course the Vintage Alhambra bracelet with 5 motifs.”

Kristin Panagiotou, Administration Manager

“As a massive Prince fan, I would love to receive a copy of the new book Prince: Icon. Prince: Icon is a photography book curated by Steve Parke, former art director at Paisley Park, and contributions from those close to him, with new and rarely seen images of the artist, from album covers, performances, candid snapshots and portraits to name a few. I was fortunate to attend a Prince concert when I was in high school and his music, art and creativity has continued to inspire me since then. This book would be a perfect addition to my Prince music and memorabilia collection. ”

Jenny Serra, Marketing Manager

“I am a big kid at heart and love the magic of Christmas each year. What I would really love is to visit Lapland and pretend for a few days that it’s all real – completely immerse myself in all the Christmassy goodness. I would visit Father Christmas, feed the reindeer, travel by sleigh, play in the snow and drink cocoa by a roaring fire. I can’t think of anything I’d enjoy more!”

A fine art: dealing with art and chattels on divorce

Posted on November 11, 2024March 20, 2025 by Rachel Doerr

It is often claimed that London is the ‘divorce capital’ of the world. The city also plays an important role in the global art market, being home to world-famous auction houses and galleries.

It is not surprising therefore that the division of art collections increasingly crops up within the context of divorce proceedings. Over the last 10 years, diverse investment portfolios are more likely to include tangible assets such as art, wines, watches and jewellery. The valuation of such items can be difficult however and the division between a couple in the event of their divorce can be contentious.

Valuation

Valuation is a central issue in most divorce cases. The family courts need to calculate the assets in the case and categorise them as ‘matrimonial’ or ‘nonmatrimonial’. Only once the valuation exercise is complete can the parties (and the judge) turn their minds to considering the division of the matrimonial assets between the couple (and if necessary invading the ‘non-matrimonial’ property) to effect a fair financial outcome.

The court can sanction the instruction of an expert within matrimonial proceedings under Part 25 of the Family Procedure Rules. The benefits of expert valuations are that they can:

Provide a clear understanding of value and can prevent heartache, arguments and expensive legal wrangling.
Support compliance with the financial disclosure required by Form E and each party’s duty to give full and frank disclosure of their worldwide assets.
Help to minimize conflict, so all parties are using the same figures when entering into negotiations.
Help both parties find a fair and informed division of the assets once values are understood.

The expert owes a duty to the court to help on matters within their expertise. This duty supersedes their obligations to the paying party so their report can be truly independent and reliable.

The letter of instruction to an expert is a vital document. It needs to clearly set out the relevant background and to ask the right questions. Key considerations for instructing an art expert include:

Individual pieces vs a collection

Valuing a single piece of art may be easy. But what of a collection? The expert needs to know if they are valuing the collection as a whole or the individual pieces. A well curated collection may be worth more than the sum of its parts, and this value needs to be accurately recorded. In the case of a large collection being sold, the total price achieved can often far exceed presale price expectations. Factors in this are varied but with art, the price achieved is linked to the quality, breadth and date of the works in the collection and also the profile of the owner in the art world. A good example is the recent sale in New York of the Macklowe collection of contemporary art. The sale came about as a result of a very high profile, acrimonious and long running divorce battle in the courts between Harry and Linda Macklowe. The disagreement reached a stalemate, which was ended by a judge declaring that the art must be valued and then sold by public auction. The works were spread over two major auctions in New York in November 2021 and May 2022. Every single lot sold and the total of $922 million became the highest total ever achieved for a private collection at auction.

Purpose of Valuation

The purpose of the valuation can also impact the value. A valuation which assumes a fire sale may differ markedly from a considered sale over time. This may differ again from a value for tax purposes, insurance or probate. For the purpose of valuation for matrimonial proceedings, the value level required is referred to by the courts as ‘fair market value’ and is defined as:

‘the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts’. ‘the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts’.

The Court’s Approach

The court starts with an assumption that assets generated during the marriage, which are considered ‘matrimonial’, should be shared equally. These sharing claims are cross checked against the parties’ financial needs, which are assessed in the context of the couple’s standard of living during their relationship and all the available resources. If required to meet their respective income and housing needs (and those of any children), one spouse may be awarded more than 50% of the ‘matrimonial’ assets, or potentially even a share of the other spouse’s ‘non-matrimonial’ assets.

The categorisation of assets as ‘matrimonial’ or ‘non-matrimonial’ is not straightforward. An artwork purchased during the marriage by the couple together using their joint funds is almost certainly ‘matrimonial’ whereas an inherited piece kept in storage paid for by one party from their own funds is most likely ‘non-matrimonial’. But the court will also have to grapple with the less clear scenarios – perhaps a piece purchased by one party with their sole funds during the marriage, or an inherited work declared to have been gifted from one spouse to the other.

The division of chattels, particularly artworks, between the couple on divorce can be particularly challenging. One spouse may connect with a certain piece, regardless of when it was purchased and by whom. It is not necessarily the case that the art purchased during the marriage will be physically shared item by item, to be displayed in either party’s home, but it is essential to capture its value in the calculation of the marital pot. The parties can agree whatever terms they feel achieve fairness, failing which the court has a wide discretion to divide the assets (or order their sale) to achieve overall fairness in the circumstances of the case. For items of particular sentimental value, it is common for parties to want to impose a condition that the receiving party leave by will to their children. The court does not have the power to order this as English law allows for testamentary freedom but, if the parties can agree, their settlement can provide, for example, that one party enter into an irrevocable deed to leave certain items to the parties’ children upon their death.

Protecting Artwork on Divorce

Ultimately, to protect any asset from sharing in the event of a divorce, it is prudent to enter into a pre/post-nuptial agreement setting out how their assets should be divided in the event of a divorce. Nuptial agreements are becoming increasingly popular with couples who wish to agree the division of their assets and avoid a potentially contentious divorce in the event of marital breakdown. Spouses should also ensure that the purchase and ownership of the art is clearly documented and consider where it should be stored or displayed. Disputes about gifts are also common in divorce cases – one spouse may argue that a piece was gifted to them individually, whilst the other claims that it was gifted to them both. Care should be taken to ensure that gifts are evidenced and insurance policies are in the right name. Open and honest communication, whether in negotiations surrounding a nuptial agreement or otherwise, can help to avoid disputes on separation. Early professional advice is crucial in identifying and valuing artwork to achieve an overall fair settlement in divorce proceedings.

Frederick Tatham, Partner, Farrer & Co

Elizabeth Biggs, Associate, Farrer & Co

Rachel Doerr, Founder & Managing Director, Doerr Dallas Valuations

Visit the Farrer & Co website here: www.farrer.co.uk

Visit the Doerr Dallas Valuations website here: www.doerrvaluations.co.uk

Think Pink – The allure and rarity of pink diamonds

Posted on September 3, 2024March 20, 2025 by Rachel Doerr

I had the privilege of getting my hands on a pink diamond, though a very brief encounter, it was certainly an enjoyable one. Having valued jewellery for almost fifteen years now, the opportunity to observe and inspect them is still a rare occasion. Let alone one from the Argyle mine in Australia.

Since their discovery in the early 17th century in India, they have also been mined in Brazil, South Africa, Tanzania, Canada, Australia and Russia. It is believed that around 80% of the world’s pink diamonds now originate from the Argyle mine in Kimberley, Western Australia, which sadly closed in 2020. From the mine’s 20 million carat annual output, only 0.1% are classified as pink ones. In 2018, the GIA selected a sample of 1,000 of these diamonds graded between 2008 and 2016 and found that 83% weighed less than one carat.

Why are pink diamonds so special?

Unlike blue or yellow diamonds, who get their colour from trace elements such as boron or nitrogen, pink diamonds are pink due to crystal distortion. When nitrogen is contained in one of these diamonds, it is generally concentrated along the glide planes of the diamonds.

Other aspects of deformation are involved to create the colour pink and is often the cause for high colour saturation making these diamonds the most expensive diamonds to be sold at auction.

In 1999, De Beers found a 132.5 carat rough diamond, which took two years to cut and polish. This resulted in a 59.60 carat Internally Flawless Fancy Vivid Pink diamond, the largest the Gemological Institute of America (GIA) has ever graded with the highest colour and clarity grades from the GIA for pink diamonds.

The Pink Star was sold in Hong Kong in 2017 for HK$553 million, £56 million. That’s almost £1 million per carat.

As with other coloured diamonds, pink diamonds are graded on their colour by the GIA using the classing: Faint, Very Light, Light, Fancy Light, Fancy, Fancy Intense, Fancy Vivid. Similarly, to other coloured diamonds, Fancy Vivid is the most sought-after colour. In a GIA study conducted in 2022, it was determined that only 2% of pink Type IIa diamonds were graded as Fancy Vivid Pink.

Similar in hue to the Fancy Vivid Purplish Pink diamond I had the pleasure of handling is the spectacular ‘The Spirit of the Rose’. The diamond got its name from Vaslav Nijinky’s legendary ballet, Le Spectre de la rose. The 14.83 carat Fancy Vivid Purple-Pink, Internally Flawless, Type IIa diamond was mined and cut from a 27.85-carat clear pink rough diamond, Russia’s largest pink crystal ever mined and was known as the ‘Nijinksy’.

When one understands all these factors impacting the rarity of such coloured diamonds, it becomes more comprehensible to attribute price tags for such exceptional stones. Nature overwhelms us with its beauty, and sometimes we are lucky enough to spend time observing it.

To find out more about getting a jewellery valuation, contact us here today!

The rise of the ‘Divorce ring’

Posted on August 23, 2024August 29, 2024 by Rachel Doerr

A new phenomenon?

A huge jewellery trend of 2024 has been the rise of the ‘divorce rings,’ propelled into the spotlight by none other than supermodel Emily Ratajkowski. Following her divorce from Sebastian Bear-McClard in 2022, she revealed that she had remodelled her ‘toi et moi’ diamond engagement ring into two separate rings via an Instagram post in March of 2024. The images of these two rings were simply captioned “divorce rings,” signalling and representing a transformation in her jewellery to coincide with the transformation taking place in her life. She explained to Vogue, “The rings represent my own personal evolution… I don’t think a woman should be stripped of her diamonds just because she’s losing a man.”

From the original engagement ring, set with pear cut and princess cut diamonds, Emily commissioned designer Alison Lou to create two separate pieces. Firstly, a single stone ring in a yellow gold setting for the pear to be worn on the little finger, and secondly a three stone ring from the princess cut, with additional trapezoid cut diamonds either side in a bi-colour setting. From one original engagement ring, these two complementary dress rings mark a transformational and empowering moment in her life, as she explained to Vogue “Somehow, these rings feel like a reminder that I can make myself happy in ways I never imagined.”

Although a seemingly fresh and somewhat viral idea of 2024 thanks to Emrata’s Instagram post, the repurposing of sentimental jewellery is nothing new. Throughout the early 20th century, wedding bands themselves were altered by jewellers both in America and the United Kingdom to signify a divorce.

It was Chicago-born Mrs Marina Parke who purportedly invented the notion of the ‘divorce ring’ in 1911, when she had her wedding ring from her husband Fred sized down to wear on the little finger of her right hand – she has been quoted to say that as a result “new acquaintances no longer enquire about your husband, and old friends who have not yet heard of the divorce, perceiving the ring, are saved from embarrassing themselves and you by asking awkward questions”.

In the UK, women were recorded as having their wedding bands altered variously – with zigzags cut through, resizing and worn on the little finger. Designs specifically for the little finger followed, including black enamel sections added to former wedding rings, the addition of a broken Cupid’s bow, or simply the word ‘FREE’ inscribed to the inside of the band. Moving into the 1930s, the divorce ring was “quite glamorous, shaped as a circle of diamonds or pearls, interrupted by a coloured gemstone. The breaking of the circle symbolised the severed marriage union.” (The Times).

The act of repurposing and re-wearing sentimental jewellery in this way does certainly add a degree of autonomy and transformation to a piece. There are of course instances in which remodelling jewellery can decrease value – especially when removed from a designer’s setting, altering an antique jewel, or when the heat of the jeweller’s torch poses far too much of a risk to the gem material encased within. In any case, it is highly recommended to seek advice from a specialist, and of course up-to-date valuations for any items to guarantee sufficient cover for your jewellery both before and after any alterations are made.