Author Archive: Doerr Dallas Valuations

Who wore what, your guide to the BAFTA 2023 glitz

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Since 2010, the Prince of Wales has been the President of the Baftas and on Sunday, the Princess of Wales, was, as always, an example of chic, elegance and forward thinking while restyling an Alexander McQueen dress she previously wore in 2019.

She paired the white one-shouldered gown with Cascading floral earrings by Zara, selling for £17.99.

The Prince of Wales was seen wearing a Rolex while the host of the BAFTAs, Richard E. Grant was spotted wearing two watches: a Tank by Cartier, set to UK time, gifted by his wife and a chronograph set to Eswatini (formerly Swaziland) in memory of his late father.

 

 

 

 

 

 

 

Other dapper attendees included Regé-Jean Page, who combined his fitted suit with diamond double-clips. These clips are a classic of the 1920s and are typically set with brilliant, baguette and calibré-cut diamonds. Calibré-cut stones are gems that have been cut to fit a precise setting.

Sotheby’s had a sale estimate of CHF 4,800-7,500 for this diamond double-clip brooch in July 2022 and in fact advertised it worn in a similar manner as Regé-Jean Page.

He also sported a Cartier watch, Santos de Cartier, which ranges from £3,550 for a small model steel design to £61,000, mounted in rose gold.

Regé-Jean Page was not the only one seen wearing the diamond clips on a suit. Fellow actor Paul Mescal wore a similar clip by Cartier.

Regé-Jean Page was not the only one seen wearing the diamond clips on a suit. Fellow actor Paul Mescal wore a similar clip by Cartier.

Designed by Francesca Amfitheatrof, it is connected to uniform rows of silver Tahitian pearls together with matching earrings. “Your effort to focuson rewearing and repurposing led us to this necklace. Using Tahitian pearls, gold, diamonds and a 23.78 carats Nigerian Tourmaline, all from existing pieces. I loved making this necklace for you!” said Amfitheatrof.

The actress also wore a gold and diamond ring from Louis Vuitton Stellar Times High jewellery collection, for which she has been a brand ambassador since June 2022. Other jewellery designers have reinvented their collection using their legacy designs. “Frédéric Boucheron innovated, over 130 years ago, with feather creations strong in symbolism and style” and at this year’s BAFTAs Angela Bassett looks sublime wearing the brands Plume de Paon earrings.

Measuring 6cm and set with under 6 carats of diamonds, the earrings retail for £94,100 in white gold and £85,500 in rose gold. You can read more about the stunning creations from the designer in my article B for Boucheron.

Other show stoppers included the jewellery by Moussaieff worn by Michelle Yeoh.

Moussaieff is renowned for its exceptional gems, including diamonds weighing up to 100 carats for sale in their Bond Street store. The items worn by the actress did not disappoint when it comes to the wow factor. She was seen wearing a Burmese ruby and diamond bangle, diamond earrings, and Burmese pink sapphire ring to complement her pink Dior outfit. To finalise the look, she opted for a Richard Mille wristwatch. One of the most unique watches by the brand, RM27-04 Rafael Nadal, can be bought for just under £2 million on the secondary market.

If over a £1 million is simply too much to spend on a watch, why not “settle” for a beautiful Omega wristwatch, seen worn by Eddie Redmayne.

The actor is brand ambassador and does his job to perfection! The pink dial steel Omega Constellation currently retails for £2,900.

But a red carpet event would not be complete without some Bvlgari Serpenti necklaces. This was the jewellery of choice for a few actresses, such as Lashana Lynch, who very cleverly wore the seprent’s head in her back with matching earrings (currently out of stock but retailing for £29,500 and set with a little over 2 carats of diamonds). A similar necklace was sold at Sotheby’s for USD920,000 in April 2019.

Julianne Moore effortlessly wore the Bvlgari necklace, or perhaps were there two or three?

Red carpets are always a delight to discover new jewels, and ways of wearing them and pairing them  with outfits. Let there be sparkles and glitz!

The Art of Picasso

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Pablo Picasso died on April 8, 1973, which makes 2023 the 50th anniversary of his death. Incidentally it is also exactly 50 years since I started my career in the Art world at Thomas Agnew in Old Bond Street, where I first had the privilege of handling Picasso’s work.

Picasso was very much a polymath, sculptor, printmaker, ceramicist and all round genius who was always making art and is widely regarded as one of the most influential artists of the 20th century. He was a pioneer of the Cubist movement and his groundbreaking works continue to captivate audiences around the world. On the 50th anniversary of his death, it is a time to reflect on his legacy and contribution to art and the world. Picasso’s works can be seen in many of the world’s most famous museums and galleries, and continue to inspire new generations of artists.

His impact on the art world continues to be felt today and many very well known and highly regarded artists have been influenced by Picasso’s groundbreaking style and innovative techniques, including:

  1. Georges Braque: A close collaborator of Picasso’s during the development of Cubism, Braque was deeply influenced by Picasso’s work and the two artists had a major impact on each other’s style.
  2. Juan Gris: A Spanish painter and sculptor, Gris was also a key figure in the Cubist movement and was heavily influenced by Picasso’s work.
  3. Henri Matisse: While Matisse is known for his distinctive style, he was also influenced by Picasso’s use of colour and form, and the two artists maintained a close friendship throughout their careers.
  4. Joan Miró: A Spanish surrealist artist, Miró was inspired by Picasso’s bold experimentation with form and colour, and the two artists were close friends.
  5. Frida Kahlo: While Kahlo is primarily known for her distinctive self-portraits, she was also influenced by Picasso’s innovative approach to portraiture and the two artists shared a close friendship.

Place and culture was a great influence on Picasso and he lived in many different places throughout his life, some of the most significant include;

  1. Barcelona, Spain: Picasso was born in Malaga, Spain, but spent much of his childhood and early artistic career in Barcelona.
  2. Paris, France: In 1904, Picasso moved to Paris, which was then very much seen as the centre of the art world, and he lived and worked there for many years. During this time, he was associated with the Cubist movement and developed many of his most famous works.
  3. Cannes and Antibes, France: After World War II, Picasso spent much of his time in the south of France, living and working in the towns of Cannes and Antibes.
  4. Mougins, France: In 1961, Picasso moved to the small town of Mougins in the south of France, where he lived until his death in 1973.

Pablo Picasso’s work can be divided into several distinct periods, each characterised by its own dominant colour palette. Some of the most well-known colour periods of Picasso’s work are:

  1. The Blue Period (1901-1904): During this period, Picasso’s works were primarily painted in shades of blue and blue-green, with themes of poverty, loneliness, and sadness.
  2. The Rose Period (1904-1906): This period saw a shift to warmer, pinkish hues, and the introduction of more playful themes such as circus performers and harlequins.
  3. The African-Influenced Period (1907-1909): In this period, Picasso was influenced by African art and started incorporating abstract and geometric shapes into his works, resulting in a bold and experimental style.
  4. The Analytical Cubism Period (1909-1912): During this period, Picasso and Georges Braque developed the style of Analytical Cubism, characterised by fragmented and abstracted forms.
  5. The Synthetic Cubism Period (1912-1919): This period saw a further simplification of form, with the use of cut-out paper and printed materials incorporated into the paintings.

While these are some of the most significant colour periods of Picasso’s work, it is important to note that Picasso was always experimenting and evolving, and his style changed frequently throughout his very long career of almost unceasing endeavour to make art.

Some of his most well-known works include:

There are dozens of exhibitions taking place around the globe all marking this major anniversary each taking a differing approach, the link below gives you a taste of their variety dates and locations, hopefully you will be able to get to see at least one of them to witness for yourself the energy and sheer creative genius of Pablo Picasso.

Click here to read more about the dozens of exhibitions worldwide marking the 50th anniversary of Pscasso’s death.

 

Helen’s guide for that special Valentine’s day gift

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Valentine’s is a day that is dedicated to love. It originated as a Christian feast day honouring Saint Valentine, a martyr who lived in the 3rd century AD. It is now a day for people to express their love and appreciation for their significant others, friends, and family.

Some people choose to exchange gifts of jewellery and what better gift than one that you can see your loved one wear and can make a great investment for the future. The gift that keeps on giving!

Here is Helen’s guide and suggestions on the perfect gift for Valentine’s Day.

Firstly, let’s look at the things to consider when choosing jewellery:

A good thing to consider is the rarity of a piece. Antique or vintage jewellery can increase in value due to its rarity. Jewellery set with fine quality gemstones can also command very high prices at retail and auction.

Rubies and pink sapphires make an excellent choice for valentine’s day.

The Italian Jeweller Pomellato have some beautifully designed gem-set jewellery that sells very well at auction. This beautiful bracelet was estimated £4000 – £6000 at Bonhams in 2022.

Below is an example of a 4.02ct ruby that sold at Sotheby’s in 2021 for $63,000. The excellent quality stone was accompanied by a report from GRS (Gem Research Swiss lab) stating that the ruby was of Mozambican origin with no indications of heating.

As well as rarity, the quality and craftsmanship of a piece of jewellery can make a huge difference to its value. High-quality jewellery made with fine materials and gemstones can also increase in value over time.

Another important factor is market demand. Diamond jewellery is always in high demand and popular both at retail and auction. Diamond single stone rings remain the most popular choice for an engagement ring. Other examples of popular diamond jewellery include earrings, pendants, and bracelets.

Here is an example of a stunning diamond line bracelet by De Beers retailing for £92,500. De Beers are famous for their exquisite selection of diamond jewellery.

Jewellery made by some well-known brands and designers, such as Cartier, Van Cleef & Arpels and Tiffany & Co. can make great investments and they also have many romantically themed designs perfect for Valentine’s Day.

Pieces from these brands often increase in value over time due to their popularity.

Here is an example of a Cartier Love bangle that went through auction in 2005 and sold for £600 including premium. This bangle in today’s market would sell for more than £4000. That’s a huge increase in value.

Bonhams 2005 Cartier love bangle sells for £600.

Bonhams 2022 Cartier love bangle sells for £4080.

Diamonds also make a great investment and remain a classic choice for Valentine’s Day.

This is a colour D, IF clarity diamond is valued at over £100,000.

Diamonds have been traded since the 4th century, they have stood the test of time and this longevity is a testament to their strength, rarity and beauty.

In many ways their value is protected by rising mining, manufacturing, shipping, and insurance costs involved in bringing a diamond to market and this helps to maintain their value.

As Marilyn Monroe sang… “Diamonds are a girl’s best friend.”

The best way to select a diamond is to familiarise yourself with their grading system. During the middle of the 20th century The Gemmological Institute of America (GIA) created a grading system for diamonds. It is now recognised globally as the universal method for assessing the quality of a stone.

It can be extremely helpful as it tells you the quality of what you are purchasing and its these specific details that establish a diamonds value.

The system focuses on the Four C’s, which stand for Colour, Clarity, Cut and Carat.

Colour

When it comes to colour in diamonds, it’s more about what you can’t see. When grading colour, we are assessing the absence of colour, a measurement of the degree of colourlessness in a stone.

It’s measured from D (perfectly white) to M (Yellow) see the below scale.

The most valuable on the scale are pure white, D colour.

Clarity

The GIA Diamond Clarity Scale has six categories

  • Flawless (FL) No inclusions and no blemishes visible under 10x magnification
  • Internally Flawless (IF) No inclusions visible under 10x magnification
  • Very, Very Slightly Included (VVS1 and VVS2) Inclusions so slight they are difficult for a skilled grader to see under 10x magnification
  • Very Slightly Included (VS1 and VS2) Inclusions are observed with effort under 10x magnification, but can be characterized as minor
  • Slightly Included (SI1 and SI2) Inclusions are noticeable under 10x magnification
  • Included (I1, I2, and I3) Inclusions are obvious under 10x magnification which may affect transparency and brilliance

Here is a visual example of the clarity scale

The most valuable having a clarity grade of flawless, most commercial diamonds have a clarity of VS / SI.

Here is an example of a colour D, clarity IF diamond selling for £500,000.

Carat

A diamonds weight is represented by carat weight. All else being equal, diamond price increases with diamond carat weight because larger diamonds are rarer and more desirable. The increase in price between a 0.99ct diamond and a 1.00ct diamond is huge even though there is a very minute size difference, this is because commercially a 1.00ct diamond is more desirable.

Cut

A diamond with optimum proportions and cut will display the best amounts of fire and brightness, that lovely effect that makes diamonds so unique and beautiful. You will often see the grade of a cut ranging from excellent to poor recorded on certificates.

Cartier, Van Cleef & Arpels and Tiffany & Co. select the best quality diamonds for their jewellery.

Designer Jewellery

Cartier

Cartier is a very well-known luxury jewellery brand with a long history of creating luxurious and elegant jewellery, here are some of their most popular designs.

The Love Collection

The Cartier Love Collection is a classic design that has become synonymous with the brand. It’s simple, yet elegant with designs available in gold and platinum and some set with diamonds and gemstones.

Both diamond love bracelets retail for £40,700, the rose gold version would work particularly well for Valentine’s Day.

This plain rose gold version retails for £6350.

The Trinity Collection

The Cartier Trinity Collection is also a very popular choice. Made up of three bands of yellow, white, and rose gold, the pieces are said to be a symbol of love, friendship, and loyalty. A great message to send on Valentine’s Day.

They are available in a variety of styles with some set with diamonds.

Here is one of the more commonly seen versions with diamonds set to one of the bands.

This diamond set example retails for £6,150.

This diamond set version retails for £32,400 and would make a lovely gift with its use of rose, yellow and white gold.

There are also pendants, earrings, and bracelets available in the same design.

A very rare version is a bangle set with white, pink, and yellow diamonds, which retails for £250,000!

Cartier are not only known for their jewellery but also have a great selection of watches. The Tank Française watch is a classic design that was first introduced in 1917. It has since become one of the brand’s most iconic watches. These watches are very popular and sell well, they are perfect for someone looking for an alternative to jewellery on Valentine’s Day. Cartier also have a great selection of gentleman’s watches.

This gold and diamond Tank Française retails at Cartier for £26,300.

This stainless-steel version retails for £4200.

Van Cleef & Arpels

Another famous jewellery brand is Van Cleef & Arpels (VCA). Two models which are hugely popular and collectable are the ‘Alhambra’ and ‘Ballerina’.

The iconic Alhambra design has clovershaped motifs often set with various gemstones. They come in various designs such as long chains, bracelets, rings, and earrings.

The red gem Carnelian is set in this Alhambra VCA pendant and retails for £1490.

The malachite version of the Alhambra design is now very rare and no longer produced by VCA, therefore the secondary market has overtaken the retail price when the piece was still available.

This one sold for £28,000 at Christies in 2018. Another iconic design by VCA is the Ballerina collection which features delicate, dancing ballerina-inspired designs. They were inspired by a collaboration with Benjamin Millepied, the new dance director at the Paris Opéra, and his wife, the actress Natalie Portman.

These designs are no longer produced by VCA and make great money when they come up at auction.

The above turquoise, ruby and diamond Ballerina brooch by Van Cleef & Arperls sold for $218,000 in 2017 at Christies New York.

This diamond, ruby, sapphire, and emerald version sold for £6000 at auction in 2010. They would make a great gift if a loved one who has a passion for dancing, or perhaps you met on a wedding dance floor!

Tiffany & Co.

We couldn’t talk about great jewellery designers without mentioning Tiffany & Co. They have released many iconic designs over the years and here are some examples of their most popular.

The “Return to Tiffany” Collection features classic and timeless designs, such as heart lockets and charm bracelets engraved with ‘Return to Tiffany & Co. New York’ its most famous store.

Tiffany & Co. are particularly well-known for their diamond engagement rings; in fact, the “Tiffany Setting” ring is iconic. Rings can sell for hundreds of thousands of pounds depending on the quality and size of the diamond. Perhaps the epitome of romantic jewellery, a Tiffany engagement ring!

Another great example of Tiffany & Co jewellery is designed by Jean Schlumberger. He was one of the 20th century’s most gifted artists and his designs have been described as deeply imaginative, as well as being extremely desirable.

This beautiful enamel bracelet retails for just under £50,000.

Schlumberger’s designs at Tiffany & Co. were known for their whimsical interpretations of natural forms. He was especially inspired by sea creatures and other animals. Now he is most known for his enamel bangles and his diamond kisses rings. These are extremely popular at retail and at auction.

The kisses ring retails for £11,200.

Schlumberger began working for Tiffany & Co in 1956 and his original designs can sell for very high prices at auction.

This bird on a rock brooch set with a large Citrine weighing 61.20ct sold for £37,000 at auction.

Antique Jewellery

Art Deco

Antique jewellery can also make a great investment and is often romantically themed.

Art Deco jewellery is characterised by its geometric shapes and bold use of colour, making it a popular and romantic choice for special occasions.

Engagement rings from the Art Deco period are very popular, the target design was given as a token of love because it represented the bullseye shot by cupid’s arrow.

This diamond and ruby Art Deco target ring retails for £46,000.

Art Deco jewellery also sells very well at auction.

Victorian Jewellery

Queen Victorian reigned from 1839 to 1901 and the styles of the Victorian period are very intimately connected with the different stages in her life.

In 1840 Queen Victoria married the love of her life Prince Albert and this had a huge influence on jewellery styles. The theme for jewellery was love with motifs of hands, hearts, crosses, and knots to represent an eternal bond between two people. Snakes also featured, symbolising promise and being in love forever.

This diamond heart retails for £1500 and is set with 0.50ct of rose-cut diamonds a cut often used in the Victorian period.

This Victorian Lovers knot ring is another example of the romantic jewellery from the Victorian period. This retails for £1300.

This example of a ‘forget me not’ ring is set with an onyx that has been beautifully decorated with bright cushion-cut diamonds in the shape of a pansy. The pansy represents the message ‘pensée à moi’ which translates to ‘think of me’.

The theme of romance remained abundant throughout Victoria’s reign with lockets becoming increasingly popular. Wearers enjoyed holding pictures of loved ones inside.

Valentine’s Day is a special time to show your love and a piece of jewellery can be the perfect way to do so.

So, why not make this Valentine’s Day extra special with a beautiful and meaningful gift that’s lasts a lifetime and says I love you.

But remember to add to your insurance policy and get an up-to-date valuation next Valentine’s Day as the retail replacement value may have increased!

The Ivory Bill – Addressing the Elephant in the room

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What it means for you and your clients

February 2020, Rachel Doerr and I were sat in the law offices of Mishcon de Reya, having been asked to attend a discussion debating the 2018 Ivory Bill and how the enforcement and understanding of it would take place. Fast forward two months, and due to Covid, Ivory was the last thing on the minds of the government, or anyone else for that matter.

So, 2023 we are now at the point where the Ivory Bill of 2018 should now be clear in everyone’s minds, if you own ivory, or have clients with ivory – it’s even more important.

What Is It?

The Ivory Bill of 2018 was created to ensure that the United Kingdom was at the forefront of regulatory measures to assist in the reduction of the worldwide trade of ivory.

What was wrong with the old legislation?

To put it in simple terms – the understanding of the law. Many people unknowingly sold or bought ivory items that by definition, were illegal – but without expert opinion (and in some cases carbon dating equipment) it would have been impossible to be sure of what items were and were not legal, so the Ivory Bill 2018 was created.

What does the ivory bill mean now, in 2023?

The sale of most items of ivory within the United Kingdom is now illegal, therefore they will have no commercial value, there are some exemptions – here are the published examples by The Department for Environment, Food & Rural Affairs;

1. De minimis

Items with a volume of less than 10% by volume, and which were made prior to 1947. Items with this volume of ivory are not traded for their ivory content, and as such do not contribute to poaching. This limit will mean the UK has amongst the toughest approaches to this category of exemption internationally.

2. Musical instruments

Musical instruments with an ivory content of less than 20% and which were made prior to 1975. This will cover the vast majority of commonly used and traded instruments and accessories, such as pianos and violin bows.

3. Portrait miniatures

Portrait miniatures produced prior to 1918. Portrait miniatures are a discrete category of item which, although painted on thin slivers of ivory, are not valued for their ivory content. Sales of portrait miniatures will not fuel, directly or indirectly, the continued poaching of elephants.

4. The rarest and most important items of their type

Items made of, or containing, ivory produced prior to 1918 which are assessed by an independent advisory institution as of outstandingly high artistic, cultural or historical value, and are an example of the rarest and most important item of their type. These items are not valued for their ivory content, and the trade in them will not fuel the poaching of elephants.

5. Museums

Commercial activities which include sales, loans and exchanges to, and between, accredited museums. This ban will not affect the display of historic, artistic and cultural items to members of the public by accredited museums.

How does this impact my clients who own items of ivory?

If your client owns any items that fall outside of the exemptions this means they have no commercial value in the United Kingdom and cannot be sold under the Act.

If they are Exempt this means they potentially have a monitory value and will require a certificate of exemption from DEFRA to prove this before you can sell the item using the declare ivory scheme or hire out service.

It has become clear that some major insurers are now asking for any item that contains ivory to now have a certificate of exemption before it is insured – this can include many items, from furniture, to silver, and many other items. This will mean having a DEFRA certificate in the name of the client, not the retailer that it may have been purchased from.

Ivory was used for many purposes in the 17th to 19th centuries whether that be for decorative or practical purposes and people may be surprised as to what includes ivory in their construction.

At Doerr Dallas Valuations we can help clients identify what may need certificates, and assist them in applying for them – speak to our team to find out how you can make sure you or your clients don’t fall through the cracks of this legislation that will impact the industry nationwide.

Art on Yachts

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What art to put in your super yacht and how to look after it, might seem to be the ultimate in first world problems, but due to the everincreasing growth of the yacht market, these questions are fast being real issues for many UHNW individuals, with a knock-on effect for the insurance industry.

Ownership of a luxurious super yacht has become the new status symbol for the ultra-wealthy, over taking ownership of a private jet which was the status symbol of 90s and early 2000s. The ability to cruise the Caribbean or the Mediterranean in total privacy in your own floating hotel, whilst simultaneously advertising loudly your enormous wealth carries much appeal to many ultra-wealthy.

Once you have your new super yacht – the decision of what you put in it in terms of artwork is the next challenge – the interiors must match the exterior in the glamour stakes! But housing art on a yacht in a maritime environment brings with it a unique set of concerns and issues – from theft to damage, from casual mishandling by inexperienced staff to the effect of salt in the atmosphere. There are a number of issues which need to be considered from the start when housing art on a yacht.

How to Protect Artwork on Board

With the strength of the art market pushing values ever upwards, it is not unusual for the value of art on board a super yacht to be worth millions of pounds. It is, therefore, essential that owners consider how best to protect their collection on board from damage, bearing in mind that a maritime environment brings with it a unique set of conditions which need to be taken into account. Clearly the most obvious of these factors are ‘physical forces’, such as the variable levels of movement caused by waves and wind. Other factors which can damage or harm artwork on board include:

  • Temperature variations
  • Excessive light and UV
  • Excessive humidity and salt
  • Pests
  • Pollutants
  • Water damage
  • Fire hazards
  • Thieves and vandals
  • Dissociation (the loss of information surrounding the object’s provenance or history)

The air quality and temperature within each room is important: humidity is bad for art, as is salt, air and direct sunlight – you always have to be aware of humidity and heat on board. The most effective way to counter these threats is to try to maintain as stable an environment on boards as possible. Luckily, modern super yachts are now designed with air-conditioning, lighting and humidity control systems that rival those found in art galleries.

As ‘physical forces’ like movement and vibrations are significantly greater at sea, on board artwork must be securely fastened to the yacht or hung with museum glue for extra secure installation. It is also important that owners consider the salinity of the air at sea and how this could affect artworks. In many cases, bespoke framing and cases can help prevent light and external damages as well – the purpose being to create as adding harmonious an environment on board as possible.

Installing Artwork on Yachts Correctly to Reduce the Risk of Damage

Installing artwork on board a moving boat is considerably more complicated than hanging a work of art in a static environment. It is not possible to simply hang a painting on board, not as simple as installing in a client’s house – it needs to be screwed to the wall and secured against sudden movement. The same applies for sculptures and objects, which all need to be fixed firmly and securely. Here ‘museum glue’ comes into play and – it is a clear product that fixes objects to surfaces (though not irrevocably) to stop them shifting in a swell.

Insurance and Security

A working alarm system is an obvious starting point and essential to gain insurance cover. Similarly, special alarm systems which alert the crew to atmospheric changes may be required for higher value collections.

Marine insurance policies are rarely standardised and general marine insurances will not normally cover artwork as a norm, so owners need to insure their artwork on board with a separate and specialist art policy. These policies often require an annual renewal inspection of both the artwork and the general environment in which it is housed, due to the specific nature of the environment on board a ship. Insurance companies generally expect owners to employ a professional art management service to guarantee maximum protection where all possible negative influences are avoided from day one.

It should also be remembered that many contain geographical navigational limits. Beyond such limits, the yacht will be off-cover unintentionally.

Other insurance clauses for art and super yacht owners to consider is that rules and taxation brackets vary between countries, with artwork to be imported and taxed under a ‘temporary admission basis.’ Different import tariffs apply depending on where the ship is physically when the artwork is imported and loaded on board. It is in the owner’s best interests to understand these variations as it will cost dearly if they get it wrong. Import tax rates for importing art in the EU and UK vary from 5% to 13% – a mistake in where art importation is registered can cost dearly.

Strict insurance requirements mean that even museums must fulfil high standards before important pieces are allowed to be shown and the same applies for a super yacht. As a rule of thumb, the more expensive the artwork, the more attention needs to be given to how it is transported, stored and displayed.

Staff Training

Damage to artwork by accident or mishap is one of the most common causes of insurance claims on artwork housed on a vessel. This is not surprising when one considers that most people have very limited experience in how to handle artwork. The scope for costly accidents to happen as a result of unintentional negligence is high and the most efficient way to counter this is to ensure that all staff receive specialist training on how to handle various types of artworks and what to do should an accident happen.

Often these actions are not complicated, and in some cases, they are just common sense, however, if all crew members are made aware of potential threats to artwork, then the risk of expensive mistakes is mitigated. Simple measures such as wearing art handling gloves, and knowing how to carry and store paintings efficiently sound basic but it’s at the core of successful collection management. Equally important is training in what to do in the event of an accident – often more damage can be done unwittingly post-accident than the accident itself. In most cases the less that is done to an object or artwork after an accident is better in the long run. Staying calm and assessing the situation before diving in is always recommended. The first point to note is that the crew should generally do absolutely nothing. Trying to fix something without the requisite skills can make matters worse.

There are a number of companies who can arrange flexible training course in on board collection management – most notably the UK based company ‘Art on Superyachts’. Courses can be developed which are both flexible and modular, which give an overview of the art world, the art market and what is involved in the study of art history. Additional art handling modules teach the management, care and handling of valuable objects on board along with the full scope of collectors’ services. The cost of focused training for yacht crews is a very wise investment for any yacht and art owner to make. Ultimately, awareness and vigilance are the key to protecting any on board art collections.

How to care for and store your handbags so they retain their value

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Handbags are in higher demand than ever before, and this once niche market has now become a prominent global industry.

Over the last 10 years the secondary market for luxury handbags has soared and as a result prices and popularity have increased. Like some models of Rolex and Patek Phillippe watches, where demand outweighs supply, consumers are willing to pay a premium on the secondary market. This, as well as retailers increasing their prices and long waiting lists, makes some brands and models excellent investments.

Hermès

The Hermès Birkin and Kelly bags are iconic and even getting a place on the lengthy waiting list is like trying to enter an extremely exclusive club, if not harder. Furthermore, once you have reached the point where you are offered a handbag the choice is often very limited. This makes the secondary market for these bags unbelievably strong as consumers are willing to pay a premium for the choice that is simply not available at retail.

As well as the Birkin and Kelly, another great investment are the custom Hermès bags, also known as Special Order or HSS. These are identified by their Horseshoe Stamp. Directly from Hermès, these bespoke designs are only offered to a select number of collectors, with some waiting years to finally own one. They are typically made in the Birkin, Kelly or Constance style. They get to choose materials, colour, a range of contrasting stitching in bi-colour or tri-colour variations, and special hardware. They are very popular second-hand and make fantastic investment pieces.

Of course, I must mention the Hermès Himalaya bags. Famously the most expensive bag in the world. They are made from niloticus crocodile hide and have a subtle gradation in colour from white to grey, said to resemble the snow-capped Himalayas. Seen in the Birkin and Kelly style, the hardware is white gold and pave set with diamonds. These bags are the epitome of luxury and in 2021, one achieved over £400,000 at auction.

Hermès are known for their vibrant and unique colour combinations. However, they also have an expert eye for neutral colours and offer a wide spectrum of neutral shades. These are very popular when it comes to the secondary market because they are so versatile when worn and they remain timeless.

Chanel

I can’t speak about investment without mentioning Chanel. The Classic Chanel comes in various sizes and colours, all of which remain extremely popular and make a great investment.

Similar to the Classic is the smaller more compact Wallet on Chain or WOC, also a very popular style.

Interesting Limited Editions such as this one fly on the second-hand market.

Louis Vuitton

The iconic Louis Vutton monogram pattern remains as popular as ever.

Over the years they have done some great collaborations, such as in 2017 with artist Jeff Koons. These bags are very popular with collectors.

The classic designs are timeless, such as the Speedy, Elma and Pochette, which are always popular.

Caring For Your Bag

So often I am asked what to invest in and I hope the above helps. However, something else that is extremely important to a bag’s value is its condition and is often not considered as much as it should be by the owner. So, here are my top tips on how to store your beloved handbags so they retain their value.

Storage

Bags should be stored upright in a dust bag and never piled on top of each other. To retain your bags shape it should be stuffed inside with acid free tissue paper when not in use. This will help the structure retain its rigidity. Don’t over stuff a bag, you just want the handbag to keep its shape without stretching the fabric.

Don’t hang your bag by its handle or strap as over time this might lead to it becoming stretched or result in the handle losing its shape. If your bag has a detachable strap, you may want to consider storing it separately.

If your bag has an undetachable chain handle, such as the Chanel Classic and WOC, tuck it inside the bag. This will ensure the exterior isn’t scratched. Be careful not to press the chain against the exterior or interior as it can leave an indent.

Keep your handbag out of direct sunlight as this can bleach the colour.

Most designer bags come with a dust bag for a reason. When your bag isn’t in use, take advantage of the dust bag by using it to store your bag safely. Doing this will minimise oxidation, which is one of the leading causes of natural decay in leather.

Water resistance

Water and leather should never mix. Leather is very permeable and can leave a stain.

If you get water on your bag, dab it off immediately with a dry soft cloth and then leave it to dry naturally.

Another assumption is that, because a bag costs a lot, it must automatically be weather-resistant. This is often not the case.

High-quality and designer handbags often cost their price because they are made from the most delicate materials, meaning that rain and harsh sunlight can affect their lifespan. If the weather is harsh, in terms of either temperature or rainfall, then take extra measures to protect your bag. Hermès bags come with a rain cover to protect them from water marks.

Know what your handbag is made from

Knowing what sort of leather your bag is made from is invaluable when it comes to taking care of it.

One of the most common assumptions is that all designer leather handbags are made from the same material.

Typically, the most common leathers that high-end designers use, range from canvas to lambskin leather, cowhide leather and exotic skins.

Researching the type of leather your bag is made from enables you to understand how it can be maintained and kept pristine.

Smells and Stains

Smells and stains can de-value a handbag.

The smell of smoke on a handbag is almost impossible to get rid of. So, keeping the bag out of smoky environments is important. Also be careful not to spray perfume around the handbag.

Think about what you store in your handbag and how it might stain the interior. Pen and lipstick stains are very difficult to remove so just keep them in a separate bag if you need to carry around liquids or cosmetics.

For bags in storage, giving them a little air every now and then will stop them from developing a musty smell. Plus this is the perfect opportunity to admire them.

Enjoy

My final advice is to enjoy your handbags. I find when I am wearing my favourite handbag it can make me feel empowered and 10 feet tall. So above all make sure you enjoy them, albeit responsibly…

Year of the Rabbit – Rabbits in art

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To celebrate the Chinese New Year and the start of the Lunar New Year on the 22nd January we thought we would look at the rabbit, our friendly bunny.

So, what might we expect from this new year?

The rabbit is a symbol of longevity, peace, and prosperity in Chinese culture. 2023 is predicted to be a year of hope. People born in a Year of the Rabbit are believed to be vigilant, witty, quick-minded, and ingenious.

Rabbits have been seen as a symbol of sex and fertility since antiquity. In ancient Rome rabbits were frequently depicted as the animal of Venus. Conversely the rabbit was used by artists of the Middle Ages and Renaissance as a symbol of sexual purity and was often depicted alongside the Madonna and Child.

For those wanting to celebrate the Year of the Rabbit, you can purchase a £5 gold coin from The Royal Mint. If you have something more elaborate in mind, Christian Dior have produced a watch for this auspicious year, which retails at £29,000.

We could, however, simply celebrate the role of the rabbit in art over many centuries. See how the furry creature has inspired artists throughout the years.

Wishing everyone a Happy Year of the Rabbit.

K is for Kyanite

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Introduction

K is for – Kyanite, a gemstone which is more frequently being used in modern jewellery and is a favourite of designers such a Pippa Small. But what is this beautiful blue stone and what do you need to know about caring for it?

Colour

Sometimes mistaken for sapphire, kyanite was named in 1789 by Abraham Gottlieb Werner and is derived from the Greek word ‘kyanos’ which is in reference to its typically blue hue though it can also be found in other colours including green, grey and rarely yellow, pink and orange. A strongly pleochroic material, kyanite is a trichroic stone meaning three distinct colours can be seen depending on orientation though our eyes only allow us to distinguish two at a time. The orange variety often has weak pleochroism. Most material has a ‘glass-like’ vitreous or pearly lustre and is transparent to translucent.

Chemistry and Localities

Kyanite is an aluminium silicate mineral (Al2SiO5) and belongs to the triclinic crystal system, most commonly forming in sprays of blade-like crystals but distinct euhedral crystals can also be found and are highly prized by gem crystal collectors as specimens. Kyanite is the high-pressure preferring polymorph of the minerals Andalusite and Sillimanite, which means that the three minerals have the same chemical composition but different crystal systems. The most significant localities are Kenya, Mozambique, Madagascar and the USA.

Use as a Gemstone

Kyanite is difficult to facet and polish due to its perfect cleavage and differential hardness. When cut parallel to the c-axis (direction of growth), it has a hardness of 4 to 4.5 but when cut perpendicular to the c-axis, it has a hardness of 6 to 7.5. Whilst some material may be relatively free from inclusions, most kyanite seen in jewellery will be included or colourzoned. This is especially true of larger stones. A rare phenomenon called chatoyancy or ‘cat’s-eye’ has been reportedly found in some kyanites when cut en cabochon.

Due to its variable hardness and brittle nature, kyanite is not particularly suitable for wearing in rings or bracelets and a protective collet setting is preferable to minimise damage from wear. It is suitable for other jewellery items such as earrings and pendants which are less likely to encounter wear and tear of the stones.

Care should be taken when cleaning kyanite and they should not be placed in an ultrasonic or steam cleaner. Instead, a soft brush (a baby’s toothbrush is perfect) with some warm soapy water is recommended.

Other Uses

Kyanite is also used in refractory and ceramic products like high-refractory strength porcelain and other porcelains such as dentures and bathroom fixtures. Its resistance to heat also makes it useful in the manufacture of cutting wheels, insulators and abrasives.

Gem Testing

Although it was previously mentioned that kyanite could be visually mistaken for sapphire, gemmological testing easily confirms the identification of these materials. Kyanite has a refractive index of 1.710 to 1.735 whereas sapphire has a refractive index of 1.76 to 1.77. A difference in optical character along with specific gravity testing also distinguishes between the two.

Value

Lower quality, heavily included material can be purchased for a mere few pounds (GBP) per carat but cleaner, higher quality blue stones and rarer coloured kyanites can achieve hundreds of pounds per carat.

A review of the December Old Master Sales in London

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December is an exciting month, not just because Christmas is coming, it is also the last hurrah for the Old Master Painting season in London. Sotheby’s had the better pictures and therefore, the better of the results. Their Day Sale (lesser fry) at a total of £3.34M was roughly three times the value of Christie’s at £1.185M. Furthermore, Christie’s had a large total of lots unsold on the day, 40 out of 104 lots.

The Evening Sale (the top lots) followed a similar pattern with Sotheby’s sale to talling £32.72M, with Christie’s coming in at a more modest £13.14M. In fact, Sotheby’s top lot, Titian’s ‘Venus and Adonis’, at £11.1M made almost as much, on its own, as Christie’s whole sale.

They had a beautiful still life by the Haarlem painter Floris van Dijck, very similar in composition to the painting in the Rijksmuseum and one of my favourite pictures in that collection. This made £2.09M against a pre-sale estimate of £600,000-£800,000.

Also estimated at £600,000 – £800,000 was a dramatic seascape by Ivan Konstantinov Aivazovsky titled ‘The Wrath of the Seas’. I was particularly interested to see what happened to this painting, by a 19th Century Russian artist, bearing in mind what is going on in Ukraine. On the day it made a very healthy £1.729M, proving that Aivazovsky has an international reputation and is not just for local consumption!

During the view at Christie’s, I was intrigued to speculate what would happen to two portraits, in particular. The first was a portrait of Erasmus by Hans Holbein the Younger, court painter to Henry VIII and the second was, to my mind, a very beautiful portrait of Henrietta Maria, by Sir Anthony van Dyck, court painter to Charles I.

In the event, they both disappointed with the Holbein making £1.12M against an estimate of £1-1.5M and the Van Dyck limping away at £2.44M against an estimate of £2-4M. The highest price was £2.92M (estimate £2-3M) for ‘Reading Party’ by the French Rococo artist Jean Francois de Troy.

These sales told us nothing new about taste for Old Masters, but they did reinforce what I said in July and that is that there is keen interest in paintings by good hands, fresh to the market and in good state. Selling lesser things, which have been seen before, is a struggle.