The Importance of a Professional Jewellery & Watches Valuation

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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.

End of Year Old Master London Sale Review

By David Dallas, Old Master Specialist

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Although the pandemic has had a negative impact on the way the auction rooms in London gather consignment, prices were strong and the sell-through rate was very acceptable.  Traditionally, the majority of lots tend to journey in from Continental Europe but with specialists unable to travel, all inspections have had to be done on-line. There is only so much you can determine from a jpeg and unfortunately an accurate or definitive idea of condition is almost impossible to establish.

Jan Davidsz. De Heem. A banquet still life

Jan Davidsz. De Heem. A banquet still life. Oil on canvas. 5’1” x 6’11”
Lot 10, Christie’s, 15th December 2020
Price Realized: £5,766,000 with premium

As numbers of lots are down, turnover is too. Christie’s offered 44 lots in their evening sale and Sotheby’s a meagre 27, compared to a normal year when 50+ would have been offered. The total for Christie’s, Sotheby’s and Bonhams in December was £39.2, just over 1/3 of the total for 2018.

Domenico Ghirlandaio, Salvator Mundi.

Domenico Ghirlandaio, Salvator Mundi. Tempera and oil on panel. 13 1/8” x 9 3/8”
Lot 21, Christie’s, 15th December 2020
Price Realized: £2,182,500 with premium

However, prices were strong and the sell-through rate was very acceptable. The top lots at Christie’s was a sumptuous banquet still-life by Jan Davidsz. de Heem, which sold for £4.8M (hammer), a record for the artist and a record for any still-life by an Old Master. Another record price was the £1.8m (hammer) paid for a beautiful Salvator Mundi painted by Michelangelo’s master Domenico Ghirlandaio, which was in pristine condition. Sotheby’s sold a massive canvas measuring 4’ 8” x 8’ 9” of a wine harvest by David Teniers the Younger for £3M (hammer). This picture had not been seen in public for 140 years and proves that freshness to the market adds a premium of its own.

David Teniers. The Wine Harvest.

David Teniers. The Wine Harvest. Oil on canvas. 56 x 105”
Lot 12, Sotheby’s, 10th December 2020
Price Realized: £3,645,000 with premium

This year has got off to a challenging start in the art auction world, with Old Master specialists suffering from travelling restrictions, but if 2020 is anything to go by, there will be a healthy appetite for whatever they can glean and garner.

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

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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
 

Alice in Wonderland

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Rupert Neelands, Antiquarian Book and Manuscript Specialist

Charles Lutwidge Dodgson (1832-1898), known to all by his pseudonym of Lewis Carroll, was born into a high-church Anglican family living in Cheshire, the third of eleven children. His father, also named Charles, obtained a double first in mathematics and classics at Christ Church, Oxford, and taught Mathematics at his college before marrying a cousin, Frances Jane “Fanny” Lutwidge from Hull, in 1827. Perpetual curate at Daresbury, Cheshire, from the year of his marriage, then from 1843, when his son was aged twelve, rector at Croft-on-Tees in Yorkshire, Charles Dodgson was the devout author of twenty-four books on theology and religious subjects.
The son was a humourist. He possessed the natural ability to amuse children, and first practised storytelling, versifying, and punning on his own siblings. With this comic ability came the unshakeable gravitas of excelling at mathematics. Like his father, Charles junior read and taught mathematics at Christ Church, taking first class honours in the subject in 1854 and a second in classics. His exceptional talent won him the Christ Church Mathematical Lectureship in 1855, and he remained a mathematical professor until 1881.

Alice Liddle aged 7

Alice Pleasance Liddell, aged seven, photographed by Charles Dodgson in 1860

Charles’s jokes were rather literary or donnish in nature. His pseudonym, first used in March 1856 for publication of a poem on “Solitude”, was a piece of linguistic drollery, a translation of his own name into Latin as Carolus Ludovicus. The two names cunningly inverted were then translated back into English as Lewis Carroll. He enjoyed getting pieces into print. From 1854 onwards, he published poems and prose pieces, games and puzzles, in a string of magazines which included Punch and Dickens’s All the Year Round. A bibliography of over 300 items reflects the great energy and fertility of his mind, as do the 98,721 letters which he sent and received during the last thirty-seven years of his life.

Charles Lutwidge Dodgson

Charles Lutwidge Dodgson at Christ Church 1856-60 (John Rich Album, NPG)

Charles was also an “inveterate gadgeteer” (ODNB) and problem solver. He devised a travelling chess set with holes into which the pieces could be secured. He loved prescribing or improving rules, and even suggested fairer rules for knockout tennis competitions. A spin off from the Alice books was the “The Wonderland Postage-Stamp Case” in 1889. Accompanied by the pamphlet Eight or Nine Wise Words about Letter-Writing, this was intended to promote the habit of correspondence among children. Among the games he devised was an early version of “Scrabble”.

Tom Quad, Christ Church

As lecturer in mathematics, Charles Dodgson had rooms on the first floor of Tom Quad, Christ Church

His favourite contrivance was the camera. He enjoyed considerable reputation as a collodion wet-plate photographer, acquiring his first camera and lens on 18 March 1856, very shortly before the appearance at Christ Church of a new Dean, Henry George Liddell and his family. The Dean’s habit of being consistently late for services may have made him the model for the White Rabbit. But a growing acquaintance with the three Liddell daughters, Edith, Lorina and Alice, affected Charles’s life much more deeply. On 25 April 1856, while on his way to the Deanery to photograph Christ Church Cathedral with a borrowed camera, he met the three girls together for the first time. Alice, the middle daughter, was then aged four. He noted that they “were in the garden most of the time” but “were not patient sitters”. Their family was also large, eventually numbering ten siblings watched over by their governess, Miss Prickett.
Charles first photographed the Liddell daughters with his own camera on 3 June 1856. Their heavy clothing is noticeable in many of his portraits. Like other photographers of the period, he sometimes put his young sitters in more free flowing theatrical outfits. It is a well-known and hardly surprising fact that they sometimes posed nude or semi-nude for him. His 1860 photograph of Alice as a beggar girl was greatly admired by Tennyson.

Alice Liddell as The Beggar Maid

Alice Liddell as “The Beggar Maid” by Charles Dodgson, c. 1858

The Dean’s three daughters became frequent sitters. In 1932 Alice recalled that they never resented having to sit still because of the wonderful stories Charles would tell them and even illustrate with his drawings. Alice, the prettiest, is typically seen in photographs “with short, straight dark hair cut in a fringe, large blue eyes and a strikingly gentle and innocent face” (Sally Brown, editor, Alice’s Adventures Under Ground: The Original Manuscript, British Library, 2016, pp.8-9). As his visits to the Deanery increased in frequency, “his emotional attachment to Alice grew and ripened, and for some seven years he lived the charmed life of a cherished friend and sometimes consort to the beautiful, impetuous child” (Morton N. Cohen, ODNB).
The literary Alice, the heroine of Charles’s stories, took on a definite life of her own on 4 July 1862 during a boat trip “up the river to Godstow”. Listening to him speak of her encounters with humanised animals were Lorina, Alice, and Edith, now aged from thirteen down to eight. Charles himself was thirty-three. Robinson Duckworth, another young don, was also present. The genesis of the story was recalled in the poem, “All in the Golden Afternoon”, used as a preface to Alice in Wonderland. This describes how the three girls begged to have a story from him. When he had exhausted “the wells of fancy” they demanded more. The poem confirms that construction of the characters and incidents was gradual. “Thus grew the tale of Wonderland:/Thus slowly, one by one,/ Its quaint events were hammered out — /And now the tale is done”.

Alice, Ina, Harry and Edith Liddell

Alice, Ina, Harry and Edith Liddell by Charles Dodgson, albumen print, spring 1860 (NPG)

On 6 August, a month after his inspired narration, Charles again took the “the three Liddells” upriver to Godstow. On the way, he seems to have become slightly exasperated because only one amusement would satisfy them, a continuation of the story. “I had to go on with my interminable fairy-tale of Alice’s adventures,” he confided in his diary. The story then passed from an oral to a written stage. At the insistence of his favourite child, he began “writing the fairy-tale for Alice” on 13 November 1862. The tale universally known as Alice in Wonderland was first called Alice’s Adventures under Ground; it was to be a keepsake for Alice, a showpiece in the Deanery, not for public consumption.

Decorative title-page

Decorative title-page to a treasured literary manuscript, Alice’s Adventures under Ground by Charles Dodgson (1863), now in the BL

Inscription to Alice Liddell

From oral tradition to finished manuscript: the inscription to Alice Liddell on the title verso faces the opening page of Alice’s Adventures

Charles finished copying out the story in his neat “manuscript print” hand on 10 February 1863, leaving spaces for the addition of his own drawings (he was an eager but untrained artist). The attitudes of the characters in his thirty-seven sepia ink drawings were to be carefully followed by John Tenniel, as the illustrator of Alice in Wonderland. Charles portrayed himself as the Dodo, and Lorina and Edith as the Lory and Eaglet. Alice, now ten years old, got the star part. Yet Charles would always deny that his eponymous heroine was the Alice he knew. He certainly decided that his heroine should not physically resemble his “ideal child-friend” (Letters, 561). In his manuscript her portrait with dark, bobbed hair appears at the foot of the penultimate page, copied from a photograph taken at the age of seven. Otherwise the long, fair hair of the heroine could have been modelled on Edith, Alice Liddell’s younger sister.

Pen-and-ink portrait of Alice Liddell

Pen-and-ink portrait of Alice Liddell from photograph on the penultimate page of Charles Dodgson’s manuscript

Original illustration from Alice’s Adventures Under Ground

The heroine says goodbye to her feet in one of the author’s original illustrations (Alice’s Adventures Under Ground, p.11)

The morocco-bound manuscript which Charles gave to Alice in November 1864 was a substantial part of the book that we know as Alice in Wonderland. It eventually became a book in its own right when a facsimile was published in 1886, late in Charles’s life. In 1928 Alice was forced to sell the manuscript to pay death duties. It then came into the ownership of Eldridge Johnson, and following his death in 1945 was given to the British Library by a group of American benefactors in 1948.
Charles kept his word by giving the finished story to Alice for Christmas, but he also broke an intimacy by first showing it to the family of the children’s author, George Macdonald, who insisted he publish. When Henry Kingsley, brother of Charles Kingsley, saw it on proud display at the Deanery he suggested the same thing. Instead of being a finishing point the manuscript became a stage in a continuing creative process, it needed enlarging for the public gaze. Charles took on the cost of publication and chose the Clarendon Press as printers, receiving specimen pages from them in the summer of 1863. Alexander Macmillan, co-founder of the Macmillan publishing house, agreed to distribute the book on commission.
Meanwhile Charles’s happy relationship with the Liddell family seemed to slowly ice over. In June 1863 a serious rupture occurred. The question of why he started keeping a formal distance from the family and his “ideal child-friend” has no certain answer, especially as the relevant page of his diary has been razored out. Despite Alice being only eleven, there is the possibility that he made a marriage proposal which was received unfavourably. An alternative suggestion is that Alice’s older sister, Lorina or “Ina”, became too strongly attached to him. Thereafter Alice grew up and grew away from him. By 1871, when Through the Looking Glass was published, she would be nearly twenty years old and a child no longer.
Being busy with publication must have been some compensation to Charles for the loss of Alice’s company, devastating though this was. He added more text to his manuscript version, completing the first sections by May 1864. The Cheshire cat episodes were among the fresh material, and there were two entirely new chapters, “Pig and Pepper” and “A Mad Tea Party”. The Mad Hatter and his friends, the March Hare and Dormouse, also appear in the trial of the Knave of Hearts. The title itself became the more euphonic Alice in Wonderland.

John Tenniel by Leslie Ward

“Punch”, caricature of John Tenniel by Leslie Ward (“Spy”), published in Vanity Fair, 26 October 1878

The choice of John Tenniel, the leading Punch cartoonist, as illustrator was a happy one. He imbues the characters encountered by Alice with an absurd solemnity. Less to Charles’s liking, he worked slowly and took publication well beyond the hoped-for date of Christmas 1864. Tenniel was charged with providing illustrations in all sorts of shapes and sizes, yet also given the freedom to select scenes and decide how characters should be portrayed. Many of his designs are refinements of Charles’s original drawings for the fair copy manuscript. New characters such as the Cheshire Cat and March Hare were of Tenniel’s own invention but stylistically uniform with everything else. The Punch artist was well assisted by the wood-engraving of the Dalziel brothers. The representation of the heroine is more defined in line block. A much greater air of gravity is imparted to Alice, her dress and general disposition are immaculate.

The White Rabbit scurrying into the darkness

Tenniel’s depiction of the White Rabbit scurrying into the darkness as Alice pleads for help (ch. 2)

Although Tenniel had agreed to the project on 5 April 1864, Charles only saw a first drawing, the White Rabbit scurrying away from Alice, on 12 October. A postponement until Easter 1865 was agreed with Macmillan after the death of the artist’s mother. Even so, Tenniel failed to meet the new deadline, not least because the number of illustrations rose from twelve to an eventual forty-two. Once the final drawing was received in June 1865, the Clarendon Press went quickly to print, and had 2000 copies ready by the end of the month. The binding of bright red cloth, with gilt medallions of Alice and the Cheshire Cat, was Charles’s choice (see his letter to Macmillan, 11 November 1864). The page edges were cut but not gilded.
When only about 50 copies had actually been bound in red cloth (a few copies, including Alice’s, were in white vellum), Tenniel wrote to complain of the “disgraceful” printing. Nine pages had been printed too lightly, another nine were too heavily impressed. Exception was also taken to ink bleed, widowed lines and use of mixed fonts. The relationship between author and illustrator is not well documented; both were perfectionists, wanting the best result possible, and Charles found such stinging criticism impossible to ignore. Despite costs of £497, he suppressed the entire edition and even sought to recover the presentation copies already sent out. Most were returned, and then passed on to children’s hospitals and institutions. The other bound copies and unbound sheets were sold to D. Appleton and Company, New York, who issued them as the first American edition in 1866. All told, just 23 copies of the 1865 Alice are known to have survived from the 2000 printed.

letter from Charles Dodgson to Alexander Macmillan

One-page autograph letter from Charles Dodgson to Alexander Macmillan, dated Christ Church Oxford, 11 November 1864, stating that “bright red will be the best” binding colour for Alice

Following the suppression of the first edition, another edition of 2000 copies was printed by Richard Clay of Bungay. This second edition (or first edition replacement) was published on 18 November 1865 but dated 1866. Although its paper quality and typesetting were improved, the difference of a year in the date is the key change. Copies may have light blue or dark green endpapers, the red cloth binding remains a striking feature, the page edges are now gilded.

Frontispiece and title-page to the 1865 first edition of Alice in Wonderland, Bodleian Library copy

Frontispiece and title-page to the 1865 first edition of Alice in Wonderland, Bodleian Library copy

It didn’t take long for “Lewis Carroll” to become a household name. His book reached a fifth edition in 1868 with a grand total of 13,000 copies printed, and he started on the sequel, Through the Looking Glass and What Alice found There, in 1869. Later editions of Alice in Wonderland state the number of copies printed, and 98,000 was the remarkable total reached in 1932. Macmillan’s last reprint was in 1942. When Tenniel’s illustrations were used for The Nursery Alice, a version for younger children, they were colour printed for the first time (1889-90). This was another troublesome publication, however. The original edition again had to be suppressed, the author telling Macmillan that the colouring was “far too bright and gaudy” (23 June 1889).

Image of Alice with Blonde hair

Tenniel’s illustrations were coloured by Edmund Evans for The Nursery Alice (1890). The heroine has unmistakably long blonde hair, unlike Alice Liddell’s short, dark hair at the same age

Thanks to the harsh judgement of Tenniel, the first edition of Alice in Wonderland has long been a huge prize for collectors. Charles Dodgson’s books were appearing at auction even before his death, and in 1893 a copy of the 1865 Alice made £10. Sales of the first edition flourished in the 1920s. A random example is the presentation copy to Alice Thomas, in its original red cloth binding, sold at Hodgson’s on 15 April, 1926. This had the drawback of exhibiting “those infallible signs of its popularity in the nursery, in the way of much-fingered and soiled leaves”. The prestigious firm of Bernard Quaritch bought it for £390, a relative snip, though the equivalent of £24,000 in today’s money.

The Mad Tea-Party from The Nursery Alice

The “Mad Tea-Party” from The Nursery Alice (1890), illustrated by Tenniel, colour printed by Edmund Evans

Only two years later a far higher price was achieved for a presentation copy from the author to [Dinah] Craik (author of John Halifax Gentleman). Sold by Sotheby’s on 3 April 1928, this copy in original red cloth was described as “beautifully clean and fresh”. It went to the dealer Rosenbach for £5,000 (the equivalent of £316,500 today), and passed into the hands of Eldridge R. Johnson, the American gramophone pioneer and founder of the Victor Talking Machine Company (later RCA-Victor) whose famous trademark was the fox terrier Nipper listening to a gramophone.
Despite having made £5,000 in 1928, the Dinah Craik copy could only manage $7,500 when the Eldridge Johnson collection was dispersed in 1946. This remarkable collection included the four Shakespeare folios, the original manuscript of Alice’s Adventures under Ground, and not one but two copies of the 1856 Alice, the Craik copy and the copy belonging to the banker Louis Samuel Montagu. The latter was a special attraction. Ten original pencil drawings for the illustrations by John Tenniel, signed with his monogram, were bound into the volume. The firm of Riviere had rebound it handsomely for Montagu in 1899; and it sold for the more impressive sum of $23,000.

Levant morocco binding

The levant morocco binding by Riviere on the 1865 Alice, executed for L.S. Montagu in 1899

Following the sale in 1946, both Eldridge Johnson copies of the first edition passed into the ownership of the Lebanese collector, Francis Kettaneh. When reoffered at the Kettaneh sale in Paris, 20 May 1980, they were lotted together, an extraordinary act by the auctioneers Ader Picard Tajan, who even threw in an original Tenniel drawing of Alice for good measure. The two first editions were not protected by an adequate reserve, and to his own astonishment the children’s book dealer Justin Schiller was able to buy the lot (by proxy) for FF220,000 (£22,845).
This historical low point for sales came twenty years after the auction of Lord Cross’s copy by Sotheby’s, on 15 February 1960, when bidding reached the staggering heights of £115,000 (£2,700,000 in today’s money) for a copy that was not inscribed; it had also been recased in a publisher’s binding of about 1900.

The Cheshire Cat original drawing

The Cheshire Cat (ch. 6), one of ten original drawings by John Tenniel in the Montagu-Johnson-Kettaneh copy of the 1865 Alice

The Cheshire Cat - printed

The Cheshire Cat reproduced from Tenniel’s original drawing by the use of woodcut and electrotype blocks

Schiller published a monograph on the Montagu copy in 1990, (Alice’s Adventures in Wonderland: An 1865 printing re-described), and re-offered it for sale at Christie’s New York, on 9 December 1998, with an estimate of $1.5 to 2 million. This was a hefty sum, especially considering how few books reach even the £100,000 level; a successful outcome was by no means certain. There was no presentation inscription, the 1899 binding was fine but not original. To offset this, there were the ten Tenniel drawings preserved in the volume, and the persuasive fact that it was the author’s corrected copy, with word changes and scored passages which Christie’s cataloguer ably demonstrated to be the chosen text for The Nursery Alice. The hammer went down, only just below estimate, at $1,400,000 ($1,542,500 with premium).
In 2016 Christie’s New York endeavoured to repeat their success with the George William Kitchin copy, “one of only two copies in original cloth in private hands”. Without a presentation inscription or any insertions, an estimate of $2-3 million proved beyond reach. Nevertheless, the copy was sold for an undisclosed sum after the sale.

original red cloth binding of 1865 Alice

The original red cloth binding of the 1865 Alice, the Cheshire cat making his appearance on the back, George William Kitchin’s copy

The value of the second (first published edition) of 1866 also see-saws considerably from copy to copy and year to year. A lot of copies have turned a rather dingy red, perhaps after exposure to the smoke and soot of open fires. These will tend to bob along at the £2,000 to £4,000 level at sales. However, a copy in original cloth rebacked, with frayed leaves, some repaired, managed to sell for £7,000 at Sotheby’s in 2019, benefitting from the insertion of 13 autograph letters from the author to his bookseller, F.S. Ellis.

Frontispiece and title to the second edition of Alice in Wonderland

Frontispiece and title to the second edition of Alice in Wonderland, dated 1866 though published 1865, Tyrwhitt copy

To have a value of £7,000 or above, a second edition of Alice needs to be in sparkling condition, to have important inserts or else be a presentation copy (the ideal copy would tick all three boxes). Presentation copies are less affected by issues of condition. Despite the innumerable small defects listed in the catalogue, an example inscribed by the author to his friend Richard St. John Tyrwhitt, and containing a presentation letter, made £23,000 hammer at Christie’s on 13 December 2017. At the same auction house the following July, a copy came up with a presentation inscription and two inserted letters to Dodgson’s child-friend Ella Monier-Williams. This made £24,000, regardless of scattered spotting and soiling, small ink stains, marginal repairs, and a replacement morocco binding.

The author’s presentation inscription to Richard St. John Tyrwhitt

The author’s presentation inscription to Richard St. John Tyrwhitt at the head of the half-title adds enormously to the value of the copy

All Lewis Carroll fans will be wanting to see the forthcoming V & A exhibition, “Alice: Curioser and Curioser”. Copies of these and other rare editions will be on display from 27 March 2021.

Business in Lockdown II

Rachel Doerr, Managing Director

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As we are now in lockdown again, I wanted to let you know that following the government guidelines during November, our specialist valuers will be able to continue to visit clients in their home to carry out our valuations of their art, antiques, jewellery, watches, cars and any other personal possessions.

Most importantly, we will of course be complying with all the government guidelines. These include social distancing requirements and we will be discussing with each client how the appraisal will be done and how these regulations can be complied with.  As long as clients are happy to have us in their home during this time.  I am pleased to say most clients at the moment do appear to be happy but we are ensuring everyone stays safe during this time.

Our valuers will be wearing gloves and masks as appropriate and we will continue to carry out our own Covid-19 PCR Testing (Polymerase Chain Reaction) on our team going forward to reassure clients as to their safety.  

We hope that we can count on you for support during this time and that you will feel able to advise your clients that we are ready, willing and able to assist with all their valuation needs. We are also offering online valuations if possible, so please do give us a call to discuss.
Rachel Doerr
Managing Director
Mobile: 07876653602
Office: 01883 722736
[email protected]
London Office
Savoy Hill House, Savoy Hill, London, WC2R OBU
Southern Office
42 Station Road East, Oxted, Surrey, RH8 0PG
Midlands Office
The Wharf, 16 Bridge Street, Birmingham

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.

Investing in Warhol Is Investing in Art History

By Ben Hanly, Modern and Contemporary Art Specialist

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“Investing in Warhol Is Investing in Art History” (Eric Shiner, Andy Warhol Museum)
The appeal of Andy Warhol’s work is universal and enduring, and it has been the bedrock of the Post War/Contemporary art market for decades, fuelled by his global fame and the rich supply of work. Not surprisingly, his images which were drawn so strongly from popular culture, have come to define our understanding of contemporary art and culture since the 1970s. The art of Warhol is now so mainstream and so inextricably linked to our visual vocabulary that it is impossible not to be familiar with it.

Contemporary art without Warhol is unthinkable, and this influence and popularity is reflected in the strength of his commercial market which has continued to rise on an upward trajectory since his death in 1987.
In many ways the Warhol market defies traditional market rules where perceived wisdom suggests that market strength is linked to the tension between supply and demand – where a limited supply exists, strong prices usually follow. Paradoxically, the opposite is true with Warhol who was a hugely prolific artist. In 1963, Gerald Malanga introduced Warhol to the hitherto commercial technique of silk-screening which he went on to use throughout his career to produce large numbers of canvases produced in various series, as well as extensive numbers of limited-edition prints.

Normally this would be a recipe for commercial disaster. However, with Warhol it turned out to be a strength. Warhol’s notoriety brought him global fame and this coupled with the easy accessibility of his images which have become icons of our time, has meant that there has always been a strong demand for Warhol’s work. The fact that the large supply of works on offer at any one time to collectors has encouraged a very buoyant and vigorous trading market for the artist. Similarly, the fact that collectors can enter his market at varying price points has been very helpful in developing Warhol’s market.

Even today, it is possible to buy a good Warhol limited edition print for as little as £25,000. Whilst this figure might not be exactly small change, it does represent extremely good value and a very attractive entry point level for new collectors entering the market of such an iconic artist. It is hard to believe that a Warhol Campbell’s Soup Can print can be bought at auction for a little as $35,000. The word ‘iconic’ is often used too freely these days, but in this case the use of the word is fully deserved. Warhol’s soup can imagery is truly iconic and for many people it represents what modern art is, so to be able to acquire such an important piece of art history for a relatively accessible price is remarkable.

At the other end of his market, Warhol’s major canvases can make staggering sums of money – such as his 1963 Silver Car Crash which made $105m at Sotheby’s in 2013; or his Triple Elvis, also from 1963, which made $82m the following year in 2014. It is not surprising that Warhol’s highest prices have been for his seminal early paintings – here rarity and uniqueness come into play as far fewer works were produced in the early 1960s than in later years, and all of them created with much more hands-on involvement from the Artist himself. It was only in the late 1960s/1970s that Warhol’s studio, his now famous Factory, came into full swing and started to produce large numbers of works with an ever-increasing supply of assistants and helpers. The early works from the 1960s are, therefore, pure Warhol and they are the truly iconic images which were to make Warhol’s reputation – his Soup Cans, Marilyn, Elvis, Jackie Kennedy etc.

A market as diverse and large as Warhol’s performs differently at its different price levels; prints perform differently to canvases, which in turn perform differently depending on date and quality. Clearly the masterworks will always be avidly sought after by major clients and achieve huge prices. However, it is the overall stability and buoyancy that is astonishing with the Warhol market across all sectors.
It is true to say that the value of Andy Warhol’s artwork—despite a brief dip in the 1990s—has been on an endless upward trajectory, and they continue to offer a secure investment opportunity to all levels of collectors. It should be noted that in 2014 alone the value of the international Warhol market sold at auction accounted for $570m – this figure accounted for more than a sixth of the global art market!
Warhol may have famously said that everyone has their 5 minutes of fame, but it appears that thirty-three years after his own death, Warhol’s artwork has a much longer lasting appeal to collectors!

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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