Silver – Provenance, Provenance, Provenance and Royal Rifts

Colin T. Fraser, Consultant Specialist

So much of what we see and value day to day sadly can’t tell us much of its personal story from creation, survival and provenance. When we do come across an item which can it is plain to see, (usually with some digging and research) the rewards and interest that can result are marvellous.

We often say that provenance changes an item completely; it lifts it from being a standard piece to a ‘treasure’. In this case the understanding of an object not only elevates the story to one of exceptional Royal provenance, (by no fewer than eight reigning monarchs) but one of international legal cases and Royal rifts – the likes of which would not have been seen
until…Megxit!

These standard spoons are just that – fine examples of standard mid-18th century tablespoons which could have graced any middle or upper class British home.

However, their Royal lineage becomes clear when looking at the reverse of the handle which is engraved with an intertwined mirrored monogram GR, within a strap and buckle bearing the Motto HONI SOIT QUI MAL Y PENSE,
(meaning ‘shame on anyone who thinks evil of it’ , being the motto of the Most Excellent Order of the Garter), and surmounted by a Royal crown. They are fully London hallmarked to the lower section of stem for William Soame in 1733. This would be exciting enough to find. However, it is the addition of the tiny, later script initials above the hallmark which adds another layer of interest. Engraved ‘EA / Fs’ for Ernest Augustus Fidekommiss (entailed [to the estate of ] Ernest Augustus).

These spoons were originally part of the wide ranging British Royal silver collection and were part of the considerable amount housed in Hanover in the Palace of Herrenhausen, then part of the British territory of Hanover.
On the death of King William IV and the accession of Queen Victoria in 1837, the territory had to be split from the British crown, as under Salic law Queen Victoria was barred accession to the Hanoverian throne.

This set in motion very difficult relationships between Queen Victoria and her uncle, the now King of Hanover. His seizure of not only the palace but contents, and the considerable collection of British Royal silver and works of art within. Unthinkable at the time, these tense Royal relationships
almost ended in public lawsuit.

As part of this seizure of the Palace and contents H.R.H Ernest Augustus I Duke of Cumberland and King of Hanover added the small, discreet but very telling monogram to the silver. This really was his way of stating his right to the silver and that it now formed part of his collection.

The collection was wide and varied and included European as well as English silver. Perhaps most famously the impressive series of 72 candlesticks. They were delivered over an extended period with the first two dozen delivered on 16th September in 1744. From their original order it was intended to recycle old silver from the Royal Jewel House. To this end, for this commission and others, including the remarkable commission of five eight-light chandeliers after a design by William Kent, it is recorded that ‘a salver, a wine fountain and cistern, pastry dishes, a night lamp and stand, one hundred and twenty plates and dishes, a spittoon,  further plates and dishes, tea kettles, a chamber pot, a standish (inkstand), five keys and a warming stand’ were supplied to Behrens with close control taken over the weight and purity of the silver.

Various sets of these candlesticks and other items by Behrens for the Hanoverian Court still survive. An impressive group of table wares and one of the chandeliers can be seen in The Museum of Fine Arts in Boston. Two others of the chandeliers are within the collection of the National Trust and are displayed in situ at Anglesey Abbey, Cambridgeshire. The silver stayed at the Palace of Herrenhausen until shortly after the Seven Weeks war in 1866 and the Prussian annexation of Hanover. The plate survived intact as it has been hidden in a vault within the Royal palace, despite the palace being looted by Prussian troops. With the family’s deposition from the throne, although allowed to keep the titular title of King of Hanover, they
were also given the title of Dukes of Brunswick. They fled to Penzig, Austria and to the villa of Gmuden, where the plate would latterly be kept.

The collection descended through the family until the death of Ernest Augustus II and was sold by his son Ernest Augustus III in 1924 to the Viennese dealers Gluckselig and to Crichton Brothers of Bond Street London, arguably the most important dealers in antique silver in Europe at the time. It was then split by them with items variously being sold to collectors and institutions alike. To this day, both major institutional and private collections consider items with this provenance amongst the most
important within their collections; not only the fine quality and provenance of the items but the remarkable story they tell. This surely proves that an item as simple as a spoon – or in this case a set of six – can have a remarkable story to tell and not only be witness but be part of history as it happens.

When considered, the royal lineage of these spoons is amazing, irrefutably owned as follows:

King George II, 1727 – 1760
King George III, 1760 – 1820
King George IV, 1820 – 1830
King William IV, 1830 – 1837
H.R.H Ernest Augustus I Duke of Cumberland and King of
Hanover, 1837 – 1851
King George V of Hanover, 1851 – 1878
King Ernest Augustus II of Hanover, 1878 – 1923
King Ernest Augustus III of Hanover, 1923 – 1953

If only such items could talk!

 

Art Lending: The Beginner’s Guide

 

 

(From COIN Private Finance working in conjunction with Doerr Dallas Valuations)

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If you own a piece of fine art, it can be a financial asset as well as an object of pleasure. You can raise capital without selling your artwork, thanks to art lending.

Detail from Untitled (1982) by Jean-Michel Basquiat. Photograph: Sotheby’s/EPA

In this article we have worked together with COIN Private Finance to explain exactly what art lending is, who uses it and why, and the kinds of art that can be used for loans. We also talk you through how it works, step by step. If you have artworks and want to release capital without selling them, read on to find out how.

What is art lending?

Art lending is when a work of art is used as collateral for a loan. This form of lending is becoming increasingly popular as it allows art collectors to release liquidity from a painting or print, without having to sell it. The market for art-secured loans has grown consistently over the past decade and there are now an estimated US$24 billion of outstanding loans against art (according to the Deloitte Art & Finance Report 2019).

Art Finance is traditionally associated with ultra-wealthy collectors being offered loans by big private banks or auction houses. However, the market has expanded and diversified over recent years, and collectors at all levels are using their art as collateral. Anyone who owns a valuable work of art can raise finance through a boutique, specialised art lender.

Why use art lending? 

Detail from Untitled (1982) by Jean-Michel Basquiat. Photograph: Sotheby’s/EPA

There are two main reasons why collectors take out a loan against a work of fine art. The first is if a collector needs to raise finance quickly, whether to inject cash into a business or settle unexpected bills. Selling art can be a lengthy and complicated process, whereas art loans can be arranged in a matter of days. The second reason for choosing to borrow against art is to release capital for other investment opportunities, whether that’s another work of art, property or a business venture.

With the economic uncertainty brought about by Covid-19 and Brexit, taking out a loan against art has become an even more appealing proposition to collectors. A loan allows collectors to leverage their artwork while waiting for the optimum time to sell; it offers a fast route to capital, whether that’s needed to cope with unforeseen events, or to be strategically redeployed into higher-yield investments.

What kinds of art can be used for loans?

Any artwork that is likely to fare well at auction can be considered for a loan. Post-War and Contemporary works are particularly attractive as they have performed particularly well in auctions in the last few years.

Substantial loans have been taken out against works by superstars of the contemporary art scene, including a $10 million painting by Jean-Michel Basquiat. The New York prodigy received huge acclaim in the 80s, and has posthumously set auction records: in 2017, Untitled (1982) was sold at Sotheby’s for a staggering $110.5 million.

Works by the elusive British artist Banksy are also reliable assets for art-secured loans. The world’s most infamous graffiti artist has become an art market phenomenon, and his works regularly exceed auction estimates. Commercial works, such as editions of screen prints, can be authenticated with a certificate from “Pest Control” – the body set up by Banksy to verify genuine works.

At Coin, we consider fine art from all periods, from Old Masters to Contemporary. Our experts are qualified to appraise a range of works, including paintings and prints, sculpture and ceramics.

How does it work? 

As experienced art lenders, we ensure that our process is simple, transparent and discreet.

First, our art market specialists will appraise the work, and any accompanying documentation relating to its provenance, such as invoices and purchase histories.

Once the artwork has been valued, we’ll liaise with you to create a loan agreement that suits your needs and circumstances. Our typical Loan To Value (LTR) is 50-70% and we can offer terms to suit you, from just one month to one year. As we offer non-recourse loans, only the work of art itself is used as collateral and we do not run any credit checks. Once the terms are finalised, you will receive a secure loan agreement, laid out in clear terms with no hidden fees.

Following receipt of the signed agreement, we will arrange a convenient time for collection. Your artwork will be professionally handled at all times and stored in our climate-controlled facility for the duration of the loan.

Upon repayment of the loan, the artwork will be safely and securely returned to you.

Coin case studies

Damien Hirst artworks

Detail of Noble Path from Mandalas (2019) by Damien Hirst. Photograph: Damien Hirst and Science Ltd. DACS 2019.

We were approached by an Art Advisor whose client was looking to finance a property deal. The client had a private collection of Damien Hirst artworks, which is an ideal asset for raising capital quickly.

Our art experts valued the pieces and we offered the client a loan within 72 hours. The open market value of the collection was £400,000, and we were able to offer a loan value of £210,000. We agreed terms with the client: a 2% fee and 2% per month for a 3-month period. The loan was completed in just six days.

Thanks to the speed and simplicity of our process, the client was able to seize liquidity, make the property deal, and hold on to their precious Damien Hirst collection.

Charles Rennie Mackintosh furniture 

Willow Chair by Charles Rennie Mackintosh.

Willow Chair by Charles Rennie Mackintosh. Photograph from https://www.thereviewmag.co.uk/charles-rennie-mackintosh/.

A client approached us with a piece of vintage furniture by Scottish designer Charles Rennie Mackintosh. The item was due to be sold at a prestigious auction house – however the sale was not due to take place for another five months.

The client needed liquidity right away, which is why they came to Coin. We organised a sale advance on the item, funding 50% of the auction mid-estimate, over the five-month period until the sale. The furniture was valued at £125,000, and we offered a loan of £60,000, charging the client 1% per month and a 10% hammer fee.

The client was able to raise instant finance while waiting for the right moment to get the best price for the piece at auction.

Apply for an art loan

To apply for a secured loan against your art, please complete the online form on our website, or email [email protected]  with details and images of your assets. We’ll aim to respond within 2 hours.

 

 

 

How I met the FBI

by David Dallas, Old Master Specialist

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This article is for those of you who missed the webinar about how I met the FBI.
Twenty years ago when I worked for Johnny Van Haeften in his Duke Street, St James’s Gallery, we became friendly with one of the top guys in the Art Squad.  One day we got a call from him asking us if we could help. Two colleagues in the Danish Art squad, who had been working undercover in Eastern Europe posing as dishonest collectors, were rumbled by the thieves and murdered.  It transpired that when they were confronted with the stolen paintings, they handled them in a very timid, unconvincing way.
So we were asked to give a demonstration to about 20 members of Interpol on how to handle a painting, what to look for and how to pass oneself off as a connoisseur.  Somehow the FBI got to hear of this and asked if they could send two operatives as well. Of course we said “yes” and a husband and wife team of FBI agents duly arrived with the European contingent.
We started by showing them what sturdy things pictures really are, whether they are painted on canvas, panel or copper, they don’t need to be handled with kid gloves.  We didn’t exactly throw the pictures at them, but we let them hold them and pass them around to one another.

The agents were mildly surprised that Johnny and I started examining the pictures by looking at their reverse side first.  We pointed out that Old Master paintings (those painted before 1800), often have collection seals made of sealing wax glued to the panel or stretcher, if it is a painting on canvas.  These seals are the clue to the provenance or history of the painting.  King Charles I even branded the panels in his collection with the royal cypher CR!  In the case of 19th Century paintings, the reverse can often reveal inscriptions and signatures of the artists and 20th Century paintings are very likely to have Exhibition labels glued to the stretcher or frame and these too, can be clues to provenance and also add glamour and prestige to a painting if a label shows it has been exhibited in a major public art gallery.

We also taught them to look at the frames and try to determine what materials they are made of.  If the frame is made of carved wood and then gilded in 24 carat gold leaf, which are very expensive materials, the implication is that this is a painting that someone thought highly of in the past and you should take it seriously, too.
Finally, we turned to the front of the pictures.  We showed our pupils that before we looked at the surface under a magnifying glass, we took in the whole picture to see how well the composition works. Then came the magnifying glass.  If a criminal is watching you whilst you handle the magnifying glass, you have to wield it in a believable manner. You can’t just randomly explore the surface. Johnny and I showed them that we were looking for two things under magnification.
We would look at various different parts of the painting to see how well executed the details were and at the same time, we could determine the condition of the paint layer.  Historic restoration can leave the surface abraded, as the action of wiping a solvent on a rag or cotton wool swab across the paint causes friction and a cleaning solvent that can dissolve old varnish can dissolve paint too.  Original condition is crucial to the value of a painting and any true connoisseur would know that.
The final tool one needs to know about, especially when determining condition, is the Ultra Violet lamp. All experts carry one.  They are just as useful for examining porcelain or furniture as they are for paintings.  They only work in a darkened room.
When you bombard a painting with UV light it gives off a slightly green haze, but any later paint, such as restoration to a damage, shows up black. It gives you a very precise indication of condition.
We showed them how dirty varnish fluoresces turquoise and how to assess what proportion of the surface is new paint.  There then followed a lively session of Q and A and we and the cops parted as good friends. The FBI visited us whenever they were in London.
If you are going to pass yourself off as a connoisseur you have to be confident. So whatever you do, as an undercover cop, when handling a painting do it with brio and you might just live to tell the tale.
To show how tough paintings are I am reminded of a wonderful vignette that took place in New Bond Street one mid-July afternoon in the 1970s.

The last Old Master sale of the season had just taken place at Sotheby’s and a dealer called Raymond Romari had bought a large Flemish landscape on a piece of wavy copper. As chance would have it, New Bond Street was being re-tarmacked and when Raymond stepped out on to the sunny street, he had an idea. In those days, there was a news stand on the street outside Sotheby’s and you had to pay for the Evening Standard then.
Raymond bought two copies and flagged down the driver of the steam roller. He asked him if he would mind driving over his picture! He said he would be delighted to do so. As a small crowd gathered round, Raymond laid one open copy of the Evening Standard on the tarmac, placed the copper panel face down and the second copy of the Evening Standard on top of it. To cheers from the crowd, he waved the steamroller forward. When it had finished its manoeuvre, Raymond had a perfectly flat picture and no paint loss. I think he might have been lucky that he got away with it! Don’t try this at home!

Is The Smart Money Still In Watches?

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It’s a question that is asked of our specialists by all our high net worth clients who have wristwatch collections – whether that be a few ‘accidental’ investments or hardened collectors who purchase an item…. open the box and admire the marvel of what they have in front of them…… and then hide it away in a safe never to be seen again, that is until they need it to be valued or to provide proof to their authorised dealer that their name should be top of the list for that new GMT that us mere mortals have to wait more than a decade to get hold of.
As with most things of this nature, it is not an easy answer.
If I were to ask one of my extremely learned colleagues “Is the smart money still in art?” then the ensuing conversation could probably last hours, would definitely involve strong language, and ultimately would end with everyone having a subjectively correct answer.
Whilst we cannot predict the future, if the last decade has been anything to go by (including 18 months of complete global turbulence) the market has been strong beyond any comprehension that us watch enthusiasts could have possibly thought about 20 years ago.
Rolex, Rolex, Rolex.

The GMT MASTER II ‘Batman’
Brand new retail price – £7,750
Secondary market price – up to £17,000
Without doubt, the most recognisable brand of luxury watch in the world and probably the one that most people still aspire to own. Their marketing is exemplary, their product line is still world beating in many areas and owning one still makes you feel special…..but, the problem is actually owning one.
If you have mustered the courage to enter into one of their boutiques to actually try on some of their timepieces, you will notice that you are being visually credit scored by both the assistant and security guard making sure that you really should be in here……but when you finally see that Submariner that you have dreamt of since seeing Timothy Dalton in Licence to Kill (Insert Connery & Dr No as required) you know it was all worthwhile, but just as you reach for your wallet, the blood drains from your face and you feel like Patrick Bateman trying to book a table at Dorsia.
You cannot buy a brand new Rolex Submariner.
Really.
Seriously.

The SUBMARINER (No date 41mm)
Brand new retail price – £6,450
Secondary market price – up to £12,495
The Rolex waiting list has almost achieved a mythical status amongst watch collectors with times of 25 years quoted in some places for certain Daytona models, however with the Submariner, you may be in luck and possibly could have that watch on your wrist in under five….but should you?
Included are three examples of watches with their brand new price, and what you would have to pay – today to get hold of one on the secondary market

The DAYTONA COSMOGRAPH (40mm Oystersteel)
Brand new retail price – £10,500
Secondary market price – up to £25,000
We could talk about examples such as the ‘Pepsi’, ‘Coke’, ‘Kermit’, and ‘Starbucks’ (seriously) models and show even larger increases in value, however this should give an overview on why your clients need to have their watches valued on a regular basis, and it’s not just Rolex – Patek Phillipe and Audemars Piguet, many other high end brands command eye watering prices on the secondary market.
So is the smart money still in watches?
We shall leave you to decide!
 

The Importance of a Professional Jewellery & Watches Valuation

If you have never needed a valuation completed, the cost is not as much as one might think and the easiest way to find out is to ask for a detailed quotation. As we charge on a time basis, all we need to know is the number of pieces, briefly what they are and your location.

Why do you need a valuation?

If you find yourself in a situation whereby you suffer a loss and need to make a claim on your insurance, the first questions you need to ask yourself are;

1. Can I show what the item was and that I owned it?
2. Do I have a detailed listing or the original receipt and a photograph of the item?
3. Do I know the value of the piece?

The easiest way to protect your jewellery in the event of a loss or damage is to insure it for its true value which will require a regular and up-to-date valuation. So, in the event of a loss you can provide your insurer with all of the above details easily and with as little fuss or inconvenience as possible.
A valuation will provide you with a document giving you a detailed description of the item(s), to include details of the stone, size, metal etc… and providing a value. If the diamond is certified, the certificate number should be noted within the description, as well as the name of the grading laboratory. It should be dated and also stated exactly what type of valuation it is. For insurance purposes, you will be looking for a value that will enable you to replace your treasured piece. Our specialists will always discuss with you about how you would choose to replace the item in an event of a loss. Many insurers apply a ‘New for Old’ replacement clause to Jewellery and Watches however if your ring is antique or obsolete our valuations will reflect this within our report and base of value on either a second-hand replacement value or secondary market replacement. We also check all clasps and settings of your jewellery as many insurers have a ‘Clasps and Settings clause’ in their policies which you may not be aware of until you suffer a lost.
Image of an Asprey three stone diamond ring
Asprey. A three stone diamond ring
Value in 2005 – £26,000
Value in 2012 – £33,000
Value today – £54,500
Insurers may only ask you to provide a valuation for items over £20, £30 or £50,000 depending on the insurer – however, we always ask a client if they can provide ownership, show what the items were and values in the event of a claim. This is always a ‘no’ in most cases… so, what happens in the event of a claim?
Without a valuation, insurers often use claims management specialists to try to find the value of jewellery after it has gone – an unsatisfactory process known as a post-loss valuation. Valuing something after you have lost it often results in an under-assessment of the lost item’s true value or not having your claim paid at all. We are asked to review photographs on a regular basis of jewellery that has been stolen, asking us if we can value it post loss, unfortunately without being able to see the piece and examine the piece we cannot provide a value.
Often this is a very distressing time which could have been avoided with a professional valuation.
So, when you need your jewellery and watches appraised, you can put your trust in us to look after you.
Image of a diamond Solitaire ring
A diamond Solitaire ring
Purchased 1999: £15,000
Valued in 2010: £22,000
Algorithm calculation £23,552 (index linked value insured for!)
Correct Value: £40,750
Our valuations follow a successful method that works by being an in depth, and cost effective process; Our specialist will attend your home – all of our team have formal qualifications and substantial experience within the industry and provide a friendly and professional service. Our team of administrators will look after you from the point of contact to you receiving your report within 15-20 days of your appointment.

Patek Philippe. A Nautilus 40th Anniversary Limited Edition Flyback Chronograph watch
Value in 2016 – £ 75,000
Secondary Market value – £400,000+ (now discontinued)

Now more than ever it is so important that your jewellery values and listings are up to date with your insurance company.

Once you have a valuation completed by us, we hold this information on our secure database, so in the event of any loss we assist you with your claim and provide an up to date value, which will ensure you receive the correct compensation enabling you to replace your item.

The most important reasons for a valuation are;

• In order to be fully insured, your jewellery needs to be listed separately on your Home Contents Policy with a broker who offers a bespoke policy.

• When you need to claim the valuation will provide you with

o Proof of ownership
o A detailed description of the item
o Proof of value

Without them you may end up with an unfair settlement, and no way of proving it.

• The valuation reports will increase your chances of successful recovery by the Police and addition to any registers.

Graff. A ruby and diamond Lotus pendant and earrings
Graff. A ruby and diamond Lotus pendant and earrings
Value in 2015 – £102,740
Valued today – £135,000

Like all markets, the price of silver, gold and diamonds go up and down as do the costs of manufacturing. All diamonds are traded around the world in US dollars, so exchange rates also affect todays values.

We strongly recommend a valuation is updated every 3 years however, if you are a collector of watches you may want to review these values annually as we have seen many makers discontinue certain styles which can increase their values.

Finally, always ensure you are using a reputable company when having a valuation completed and ensure you receive a copy of their Terms and Conditions of Business and they have at least £5m Professional Indemnity Insurance which is an industry standard.

Call us today for a quotation on 01883 652402 or email [email protected] and speak with Rachel. Our specialists cover the whole of the UK and Europe.

New Appointment. Annabell Parry, Jewellery and Watches Specialist in our Birmingham Office

We are delighted to announce that Annabell Parry has joined the team at Doerr Dallas Valuations. Annabell joins us as Jewellery & Watches specialist covering the North of England and The Midlands, and will also be undertaking valuations in our Birmingham office.
Annabell has worked with international fine jewellery and watch brands for over 20 years. The daughter of an auctioneer and valuer, it was no surprise when she followed the family into the Jewellery industry after leaving University. Since 1995 she has worked with, amongst others, Boodles, Leo De Vroomen, Rolex, Patek Phillipe and Frank Muller where her work has revolved around certificated gemstones, high end watches, antique and handmade fine jewellery.
During those 25 years, she attained internationally recognised industry qualifications and affiliations and is a Registered Valuer with both valuing institutes of the United Kingdom. As an established specialist she enjoys finding forgotten gems and uncovering their family history.
MIRV – Member of the Institute of Registered Valuers / MJVA – Member of the Jewellery Valuers Association / Member of the Gemmological Association of Great Britain.
Professional Qualifications:

  • GA Cert – Gemmology Foundation from Gemmological Association of Great Britain (GEM-A)
  • PJ-Dip – Professional Jewellers’ Diploma from National Association of Jewellers (NAG)
  • CAT – Certificate of Appraisal Theory from National Institute of Registered Valuers (IRV)
  • CPAA – Certified Pearl Specialist with the Cultured Pearl Association of America (Pearls as One)

What our clients are saying already:

Mr D. Nelson – I just would like to say that your colleague Annabell did a brilliant job and we did thank her for her professionalism and dedication to get to the bottom of a few issues. Really great customer service she was brilliant please pass on our thanks.
Mr D. Boyle – I wasn’t aware of the detail that Annabell went into, my wife was so impressed.  We did look up Annabell’s qualifications and experience etc and she certainly knows her subject.  We didn’t realise how under valued/under-insured the jewellery was until we received your report.  So thank you Rachel for looking after us.

Jewellery valuations

We recommend a review of a jewellery insurance valuation at least every 3 years, due to price fluctuations in gold and diamonds.  Also, some insurance policies have a clause requirement that clasps and settings require checking every 2-3 years.  As part of our service we include a clasps and a settings check.   For collector watches we would suggest a desktop review annually to ensure prices are up to date.
Images of jewellery and a watch

New Appointment – Annabell Parry, Jewellery and Watches Specialist in our Birmingham Office

Image of Annabelle Parry

Download the article here

We are delighted to announce that Annabell Parry has joined the team at Doerr Dallas Valuations. Annabell joins us as Jewellery & Watches specialist covering the North of England and The Midlands, and will also be undertaking valuations in our Birmingham office.
Annabell has worked with international fine jewellery and watch brands for over 20 years. The daughter of an auctioneer and valuer, it was no surprise when she followed the family into the Jewellery industry after leaving University. Since 1995 she has worked with, amongst others, Boodles, Leo De Vroomen, Rolex, Patek Phillipe and Frank Muller where her work has revolved around certificated gemstones, high end watches, antique and handmade fine jewellery.
During those 25 years, she attained internationally recognised industry qualifications and affiliations and is a Registered Valuer with both valuing institutes of the United Kingdom. As an established specialist she enjoys finding forgotten gems and uncovering their family history.
MIRV – Member of the Institute of Registered Valuers / MJVA – Member of the Jewellery Valuers Association / Member of the Gemmological Association of Great Britain.
Professional Qualifications:

  • GA Cert – Gemmology Foundation from Gemmological Association of Great Britain (GEM-A)
  • PJ-Dip – Professional Jewellers’ Diploma from National Association of Jewellers (NAG)
  • CAT – Certificate of Appraisal Theory from National Institute of Registered Valuers (IRV)
  • CPAA – Certified Pearl Specialist with the Cultured Pearl Association of America (Pearls as One)

What our clients are saying already:

Mr D. Nelson – I just would like to say that your colleague Annabell did a brilliant job and we did thank her for her professionalism and dedication to get to the bottom of a few issues. Really great customer service she was brilliant please pass on our thanks. 
Mr D. Boyle – I wasn’t aware of the detail that Annabell went into, my wife was so impressed.  We did look up Annabell’s qualifications and experience etc and she certainly knows her subject.  We didn’t realise how under valued/under-insured the jewellery was until we received your report.  So thank you Rachel for looking after us.

Jewellery valuations

We recommend a review of a jewellery insurance valuation at least every 3 years, due to price fluctuations in gold and diamonds.  Also, some insurance policies have a clause requirement that clasps and settings require checking every 2-3 years.  As part of our service we include a clasps and a settings check.   For collector watches we would suggest a desktop review annually to ensure prices are up to date.
Images of jewellery and a watch
 

Japanese swords – More than just Kill Bill

I was interested to read an article from my colleague Alastair about the rise in interest in luggage and hand bags in the auction market. Not only are these bags finely made, but the rarity of their manufacture is making them both sought after and valuable pieces, increasing their prestige and elevating the status of their owners.

In the 21st century a bag or indeed a watch can mark out an individual as someone of some status and wealth.

During the 18th and 19th centuries in Japan the ruling class of the day, the Samurai, carried a sword as a symbol of power and status. The sword, even when its use was reduced with the invention of the gun, still gave the owner his warrior spirit well into the 20th century, even if the sword, like the one my grandfather liberated in the War, was poorly produced.

The Sword had almost mystical properties and when held in the hands of a Master, it was considered to be alive and have a spirit of its own. The men who made the sword were alchemists as they forged metal with fire and skill to produce objects that were both beautiful and lethal.

As you will no doubt know, the fictional character in Quentin Tarrantino’s film Kill Bill goes to Okinawa, an island famous for a type of Karate and the fact that it has a high number of Centenarians, to obtain a sword from a retired sword maker. He refuses to give her one from his collection but is obliged by his sense of honour to make a sword, which he says will take a month.

The production of a sword is a lengthy process, even in this century, so one suspects that either he has a stash of partly made swords in his shed or the film is not as accurately researched as this article. Making a sword is a rare and physical challenge, no less because blades can break in the tempering process, but also there are limited people who are skilled enough to manufacture them and the quality of steel to produce them is made in limited quantities.

A traditional Japanese sword is made from Tamahagane steel, which is made from two types of iron sand, a source of iron ore, heated to approximately 1000c in a Tatara, a type of clay furnace. The firing takes approximately 5-7 days and over this time iron sand and charcoal is sprinkled into a pre-made crucible in the middle of the pine charcoal fired furnace, and subjected to firing, until it is judged to be ready to retrieve. The furnace is broken open and a red-hot lump of precious steel is removed from the furnace, to be cooled and graded. The most important aspect of the steel is its carbon content as this will affect the durability of the blade.

Both traditional iron foundry’s and swordsmiths will work in a forge that is considered a shrine and they themselves may be honoured as national treasures. There is often a Shinto alter in the workshop and devotions are made every day to the Gods for the protection of the workers and the smith.

Image of Tamahagane steel

Tamahagane steel

The swordsmith will take delivery of a selection of pieces of steel that the foundry master has chosen. Normally these are found on the edges of the block of steel produced as they have most contact with air and carbon.

The blocks are arranged around a bar, covered in rice paper and clay slurry. The whole is heated in a furnace to 1200c and then hammered into a complete block, usually with two of the master’s apprentices. The hammering purifies the steel and the work reduces the initial weight of the ingot by 50%. The block is hammered to a plaque and the folded along its length continuously, creating a laminate of steel with multiple layers which ultimately gives the finished blade a grain.

Image of a Japanese swordsmith with his assistants

A Japanese swordsmith with his assistants

The ultimate property of the sword blade is that it is strong, but flexible. The blade must be extremely sharp and hard, but it has to have a softer centre and back to gain flexibility. This flexibility is introduced to the sword by placing a softer iron interior to the blade, which is forged into it before the sword is formed. The initial ingot of steel is created into a long U cross section, into which the soft core is introduced and then the ingot can start to be unified and lengthened into a blade form, with the bevelled edge. The smith will work the blade meticulously as his work will add to the ‘fibre’ and construction of the steel. It will be well shaped before it is ready to tempered, a process of the hardening of the metal. He will also form the tang, a tongue like piece of metal onto which the sword fittings and hilt will be mounted. This tang is often signed by the maker.

When viewing a Japanese sword blade you will note that there is a pattern to the surface called a Hamon, a sort of cloud like effect that appears along its length which is separate to the folded gain of the steel. This is created when the blade is hardened. A mixture of clay and carbon in the form of a slurry is painted over the blade, protecting the softer elements. A pattern is created in the slurry that is unique to the swordsmith and adds an artistic expression to the blade. The blade is then heated to approximately 800c and when the smith judges it to be ready and hot enough, it is plunged into cold water. The areas of the steel which receive a thinner coat of clay slurry become very hard and will take the edge of the weapon. The areas with a thicker clay coating will cool less rapidly preserving the flexibility of the sword blade. The cooling and tempering process also forms the curve and shape of the blade.

Omage of the Hamon of a Japanese sword

The Hamon of a Japanese sword

The blade is now ready to undergo polishing, which in the first instance will be done by the swordsmith to check for imperfections in the blade, but then will be sent to a master blade polisher. It will be his job to refine the surface of the blade, revealing all the smiths work, the hamon created in the tempering process and sharpening the blade to a razer like edge capable of cutting blades of hair or realistically flesh and bone. He will use various grades of stone, clays and powders to grind and polish the blade to a mirror like finish. This process is approached with some trepidation as the polisher must avoid cutting himself on the edge of the sword, but still achieve a beautiful finish.
Once the blade is made it will be stored in a protective wooden case, called a Shirasaya. This is made of two parts, one to house the blade and one to house the hilt. The hilt part is drilled with one or two holes which have corresponding holes in the tang of the sword, and wooden pegs, called Mekugi, hold the blade into the hilt piece.

There are generally five types of sword seen on the market known as katana, tsurugi, wakizashi, odachi and tanto, each with a defined length, the shortest a tanto being a dagger form.

Auction results of the Rafael Valls sale at Sotheby’s

Sectio from James Baker Pyne, 'Lyme Regis

James Baker Pyne, ‘Lyme Regis’

David Dallas, Old Master Specialist

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In mid-March I drew your attention to the upcoming sale of 100 Old Masters consigned to Sotheby’s by the West End dealer Rafael Valls. The entire sale was to be online in the first week of April. As the time drew nigh and the Corona virus started to truly bite I began to regret my final sentence which went “a sale in cyber-space could be the way forward.”

James Baker Pyne, 1800-1870 'Lyme Regis'

James Baker Pyne, 1800-1870
‘Lyme Regis’
Estimate (quite correctly in my opinion) £2,000-£3,000
Realised £30,000, which makes it the 3rd most expensive J B Pyne ever auctioned and almost three times the price of his 6ft masterpiece “The Vales of Ennerdale and Buttermere” which Sotheby’s sold in February of last year.


 
Italo-Flemish School, 17th Century 'Portrait of a Gentleman'

Italo-Flemish School, 17th Century
‘Portrait of a Gentleman’
Estimate £8,000-£12,000
Realised £275,000


 
I need not have worried. The sale was a complete and utter triumph! 98 of the 100 paintings sold, which is an extraordinary statistic and the prices achieved were also exceptional. The first lot went for five times the top estimate and this set the tone for the rest of the sale. The sale total was £1.6m.
Dutch School, circa 1640 'Portrait of a young girl'

Dutch School, Circa 1640
‘Portrait of a young girl’
Estimated at £8,000-£12,000
Realised £81,250


 
Raf, as he is universally known, has, with Simon Dickinson and Richard Knight, the greatest breadth of knowledge in paintings of anyone I know. I like his taste, the pictures were all in good state and he and Sotheby’s had estimated them at sensible levels. Nevertheless, what the auction results were an unexpected beacon of hope for the market at a desperately gloomy time.

Military Medals

This past month has seen some fantastic celebrations commemorating the 75th anniversary of VE Day, obviously the times we are currently in have dictated that those were somewhat muted however the overall event was a welcome respite from what has been a difficult few weeks for everyone, I for one enjoyed an afternoon tea in the garden whilst listening to a gramophone.

This again has brought to the fore the actions and courage of some of what could arguably be described as ‘Our greatest generation’ and that interest has brought a somewhat renewed attention on the medals and awards that they may have been awarded.

 

Medals of course have been collectible since they were introduced, with their interest intertwined with the ever-fascinating world of military history and relics. What a collector may be buying is not a round disc of metal with a ribbon, but actually a story – perhaps a pivotal moment in military history, or an honour bestowed upon a great person of ancestral interest.

The very nature of such a recondite subject means that each individual collector will have a certain punctilious approach to their field, be it a certain conflict, a certain regiment, or a search for long lost family pieces even. Conflict and war beclouds many generations and such interest can be widely spread over hundreds of years of history.

Military Medals can, and often do come with a wealth of ephemera, be it uniforms, weapons, log books, diaries and the like – the inclusion of such items really does add to the value of the collection because as mentioned before, people are buying not only the medal, but the history of a person, battle – or a combination of both.

Vice-Admiral Gordon Campbell

So when it comes to valuing medals, the task is made far more interesting by the research that needs to be done – military records are consulted and dates are researched, for example; the medals belonging to a soldier killed on the first day at The Battle of The Somme are worth substantially more then a soldier killed on any other day. These unique factors make valuing some medals more of a submersion into military narrative rather than a hands on experience.

Gordon Campbell’s Victoria Cross group made £700,000 at auction in 2017

The illustrated Victoria Cross group with triple DSO awarded to Vice-Admiral Gordon Campbell of the Royal Navy has a description that reads like something straight out of a ‘Commando’ boys comic book, with tales of “conspicuous gallantry”, and “consummate coolness”, this group made £700,000 under the hammer back in 2017 and with certain groups like this being as rare as they come its value has most likely increased substantially in the last three years as well.

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