We had a fabulous Wednesday Club evening at the @ibvinternationalvaults in Mayfair!
Due to popular demand, Doerr Dallas Valuations returned with Louis XIII Cognac to host an evening which was full of fun!
Keep an eye out for next month’s events, an Evening in conversation with Philip Mould on Wednesday 13th July and an Evening all about NFTs and unmasking the mystique.
We hope to see you there!
We had an amazing team day out at @henleyroyalregatta 2022 to celebrate another great year and to say a huge thank you to all the team for all they do! So much fun was had by all!
We would like to thank Richard and everyone at @vintagedaysout for a wonderful day on the river on board one of the famous Dunkirk Little Ships called Charles Cooper Henderson. The boat is a Watson 41 class lifeboat built on the Isle of Wight in 1933 and named after the benefactor.
Rachel Doerr, our Founder & Managing Director, said:
“The last 12 months have brought us closer together, and I feel privileged to work with such a supportive and amazing team. I couldn’t do what I do without them!”
As a valuer and gemmologist I work with gemstones daily. Testing, grading and valuing coloured gems is a personal highlight of my work and it was around 5 years ago when testing a Ceylon sapphire that I first fell in love with photomicrography.
I noticed that viewing the stone under the microscope allowed me to dive deeper into understanding the gem and its value. Since then, what was a routine part of gem testing has become a hobby of mine and I can spend hours viewing one gemstone, trying to capture the perfect photomicrograph. In 2021 I was awarded second place in the Gem-A photography competition for this image.
Put simply, photomicrography is the photography of objects (gemstones in this case) under a microscope.
To begin, I start by thoroughly cleaning the gemstone or item of jewellery I am working on. It’s important not to have any dirt, grease, or dirt on the stone prior to inspection. I will then spend some time viewing the stone in several positions and angles to allow me to find the perfect inclusion scene for my photography. It’s not uncommon for me to spend 30 minutes just getting the perfect lighting and angle for my image. Sometimes I take several photographs at very slightly different focal lengths and then stack the images together using computer software. This can create a sense of depth within the finished piece. This image is made from a stack of 20 photomicrographs.
With a higher level of zoom than a jeweller’s loupe, the microscope allows us a more in-depth view of the gem. This can allow us to determine if a gemstone is natural or synthetic; in this image of a synthetic ruby for example where we can see curved striae indicative of Verneuil Flame Fusion growth. In the case of natural stones, we may find crystal inclusions, colour-zoning and/or fingerprints. The microscope can also be a useful step in identifying synthetic diamonds.
We can also detect treatments such as coating, dyeing and fracture filling. This image shows a natural ruby which has been lead-glass filled to improve its apparent clarity. This is an important treatment to be able to identify before carrying out any repairs as the filler is unstable and can degrade severely under high heat, like that of a jeweller’s torch – or by cleaning in ultrasonic or steam cleaners. You will see from the image that the surface of the stone appears ‘crazed’ under magnification. At a higher level of magnification we may also encounter bubbles within the glass, another tell-tale sign of treatment.
Heat treatment is considered a standard treatment within the trade for most gemstones but for sapphires and rubies most importantly, evidence of no heat treatment can increase the stone’s value greatly if the stone is otherwise of nice quality. This image shows undissolved rutile ‘silk’ inclusions within a Sri Lankan sapphire. This is evidence of no, or very low heat treatment and allowed me to value the stone accordingly.
In the following image we see amber containing ‘sun spangles’, which are indicative of heat treatment.
Another important use of photomicrography is determining the origin of a gemstone. In this image we can see a three-phase inclusion which contains a liquid within a cavity, a gas, and a solid which in this case is a calcite crystal. There are also some blocky two-phase inclusions visible. This emerald was determined to be of Zambian origin. Determining the origin of a gemstone allows us to value it more accurately as some localities carry a premium, such as Colombian Muzo emeralds and Burmese sapphires and rubies from the infamous Mogok.
Let’s look at a price comparison to show how origin affects a gem’s value. In the case of this emerald from Zambia, the retail price per carat was £4950. The equivalent stone of same quality but with a Colombian origin would have a retail price per carat of £5850, that’s more than an 18% price difference.
For me, photomicrography is an incredibly useful tool which allows me to accurately value gemstones. But its also become a passion and something I thoroughly enjoy doing. I am always trying to improve on my image quality and find new stones with interesting inclusions which people may not have seen before. If you’d like to see more of my photomicrography, you can check out my Instagram page: Instagram.com/Sammantha_maclachlan_fga_ltd
The Doerr Dallas Valuations team had an amazing time yesterday at @squerryes Court supporting @nfu_mutual
Well, if we thought that 2020 couldn’t be surpassed in the watch world – we could not have been further from the truth!
We must start (we really do) with what was without doubt the biggest drop of 2021 – the Tiffany/Patek Phillipe 5711 – 1A/018
We are all very aware that one of the most desirable watches in the Patek Phillipe arsenal is due to be retired this year and as such the last 18 months have been spent by watch aficionados talking about how the standard Patek Phillipe 5711 has risen to the ranks of a £175,000 wristwatch when compared to a few years ago – it really is astonishing.
So, when the powers that be decided a send-off to conquer all others was required – they called in the big guns, and that robin egg blue dial appeared from nowhere. 170 will be produced and available exclusively from Tiffany boutiques and one can only imagine how these may perform on the secondary market – in a recent charity auction, one of the 170 sold for a jaw dropping $6.5 million, which is simply staggering for a watch that retails at a few bucks over $52,000.
Now some people amongst you will be aware that Tiffany has recently been acquired by LVMH and this moment has clearly been defined by the 5711 – 1A/018, it even has a little nod to the recent acquisition on the engraving of the caseback – a little brash? Maybe, but I am fairly sure that most watch people won’t notice the difference and hope that the work between the two companies will continue as it has done for the last 170 years.
As far as the rest of 2021 happened – it was pretty much a continuation of 2020, with rises across the board of Patek Phillipe, Audemars Piguet, and of course… Rolex sports models.
At the start of 2021, a 116610LN could be acquired on the secondary market for just short of £10,000 now, it’s closer to £16,000. Considering back in the pre covid days of 2018, on a good day you could get one for closer to £6000 – it hasn’t been a bad investment and if you bought the green bezel model – well that’s a completely different story!
Other highlights of 2021 have included the Bremont ENG300 – Whilst the English brothers may have had to fight off some arguments about the origin of parts of their watches, this new model has what appears to be a well-researched in house movement, that really is a game changer for the UK watch industry.
The Cartier Solarbeat, is certainly a watch for the risk taker – a person that wants a classical design with one of the most forward-thinking developments of the year – a solar powered Cartier, its doesn’t sound right saying it, but could you tell the difference? At a really good price point as well, one would have to be brave to bet against it being a huge success.
Finally, what has to be my watch of the year is the Tissot PRX, starting at under £300 (yes, three hundred pounds) it is an amazing retro design with hints of the big boys, but with a price tag that makes it far more accessible to enthusiasts on a lower budget as well.
What will 2022 bring? It’s difficult to say but with watch shows being planned for throughout the year, and design teams back at their desks I am sure that there will be a few surprises ahead!
The Wednesday Club is returning for the Spring and Summer season at Doerr Dallas Valuations! We were delighted to see everyone at the first outing of the year.
Situated in London’s St. James’s, the Maas Gallery has built an international reputation as renowned specialists in Victorian, Pre-Raphaelite, Romantic and Modern British Art. The gallery Director, Rupert Maas, is a face many of you will recognise from his many years of appearing on our TV screens, courtesy of the Antiques Roadshow! Rupert is an amazing raconteur, funny, witty, and hugely knowledgeable in his specialist areas.
On the night of the Wednesday Club event, Rupert welcomed us all to his gallery and (after a cheeky glass or two of something chilled) he walked us around the space discussing highlights from the collection. The evening was filled with beautiful things, fascinating stories and it certainly wasn’t dull!
So much of what we see and value day to day sadly can’t tell us much of its personal story from creation, survival and provenance. When we do come across an item which can it is plain to see, (usually with some digging and research) the rewards and interest that can result are marvellous.
We often say that provenance changes an item completely; it lifts it from being a standard piece to a ‘treasure’. In this case the understanding of an object not only elevates the story to one of exceptional Royal provenance, (by no fewer than eight reigning monarchs) but one of international legal cases and Royal rifts – the likes of which would not have been seen
until…Megxit!
These standard spoons are just that – fine examples of standard mid-18th century tablespoons which could have graced any middle or upper class British home.
However, their Royal lineage becomes clear when looking at the reverse of the handle which is engraved with an intertwined mirrored monogram GR, within a strap and buckle bearing the Motto HONI SOIT QUI MAL Y PENSE,
(meaning ‘shame on anyone who thinks evil of it’ , being the motto of the Most Excellent Order of the Garter), and surmounted by a Royal crown. They are fully London hallmarked to the lower section of stem for William Soame in 1733. This would be exciting enough to find. However, it is the addition of the tiny, later script initials above the hallmark which adds another layer of interest. Engraved ‘EA / Fs’ for Ernest Augustus Fidekommiss (entailed [to the estate of ] Ernest Augustus).
These spoons were originally part of the wide ranging British Royal silver collection and were part of the considerable amount housed in Hanover in the Palace of Herrenhausen, then part of the British territory of Hanover.
On the death of King William IV and the accession of Queen Victoria in 1837, the territory had to be split from the British crown, as under Salic law Queen Victoria was barred accession to the Hanoverian throne.
This set in motion very difficult relationships between Queen Victoria and her uncle, the now King of Hanover. His seizure of not only the palace but contents, and the considerable collection of British Royal silver and works of art within. Unthinkable at the time, these tense Royal relationships
almost ended in public lawsuit.
As part of this seizure of the Palace and contents H.R.H Ernest Augustus I Duke of Cumberland and King of Hanover added the small, discreet but very telling monogram to the silver. This really was his way of stating his right to the silver and that it now formed part of his collection.
The collection was wide and varied and included European as well as English silver. Perhaps most famously the impressive series of 72 candlesticks. They were delivered over an extended period with the first two dozen delivered on 16th September in 1744. From their original order it was intended to recycle old silver from the Royal Jewel House. To this end, for this commission and others, including the remarkable commission of five eight-light chandeliers after a design by William Kent, it is recorded that ‘a salver, a wine fountain and cistern, pastry dishes, a night lamp and stand, one hundred and twenty plates and dishes, a spittoon, further plates and dishes, tea kettles, a chamber pot, a standish (inkstand), five keys and a warming stand’ were supplied to Behrens with close control taken over the weight and purity of the silver.
Various sets of these candlesticks and other items by Behrens for the Hanoverian Court still survive. An impressive group of table wares and one of the chandeliers can be seen in The Museum of Fine Arts in Boston. Two others of the chandeliers are within the collection of the National Trust and are displayed in situ at Anglesey Abbey, Cambridgeshire. The silver stayed at the Palace of Herrenhausen until shortly after the Seven Weeks war in 1866 and the Prussian annexation of Hanover. The plate survived intact as it has been hidden in a vault within the Royal palace, despite the palace being looted by Prussian troops. With the family’s deposition from the throne, although allowed to keep the titular title of King of Hanover, they
were also given the title of Dukes of Brunswick. They fled to Penzig, Austria and to the villa of Gmuden, where the plate would latterly be kept.
The collection descended through the family until the death of Ernest Augustus II and was sold by his son Ernest Augustus III in 1924 to the Viennese dealers Gluckselig and to Crichton Brothers of Bond Street London, arguably the most important dealers in antique silver in Europe at the time. It was then split by them with items variously being sold to collectors and institutions alike. To this day, both major institutional and private collections consider items with this provenance amongst the most
important within their collections; not only the fine quality and provenance of the items but the remarkable story they tell. This surely proves that an item as simple as a spoon – or in this case a set of six – can have a remarkable story to tell and not only be witness but be part of history as it happens.
When considered, the royal lineage of these spoons is amazing, irrefutably owned as follows:
King George II, 1727 – 1760
King George III, 1760 – 1820
King George IV, 1820 – 1830
King William IV, 1830 – 1837
H.R.H Ernest Augustus I Duke of Cumberland and King of
Hanover, 1837 – 1851
King George V of Hanover, 1851 – 1878
King Ernest Augustus II of Hanover, 1878 – 1923
King Ernest Augustus III of Hanover, 1923 – 1953
If only such items could talk!
£5,000 – it seems like a lot of money to be spending on a watch doesn’t it? A piece of mechanical jewellery that serves pretty much no other purpose than to look good, and make the owner proud to be wearing it… however, in the world of horological collections £5,000 is almost a starting point for many top tier watches.
The watches that I have included today represent the most popular category in the market – the gentleman’s stainless steel sports watch. If you have read my articles on the Rolex Submariner, you will be aware that even trying to look at one of these brand new is somewhat akin to trying to buy toilet roll in 2020, and unless you have the contacts, don’t even think about owning one until you have been on the waiting list for years…
We will however start with a couple of notable mentions – firstly the Ulysse Nardin Diver 8163. It’s a brilliant, strong move from a company that has always had a little bit of an identity crisis – from supplying the majority of the worlds naval forces to releasing slightly risqué watches with different images from the Kama Sutra, Ulysse Nardin have always been a choice for those who wanted something a bit different and this 42mm diver is about as accessible as they will ever get, it’s a great looking watch with a bold dial and bezel, and at £5,600 (I know I am cheating a little) I think it’s a great alternative to a modern Submariner.
Second, is the Grand Seiko Sport Automatic Spring Drive GMT which also comes in at around £5,500. This is a slightly bizarre choice as Grand Seiko occupy the position as the ‘Lexus’ of the watch world – everyone knows they probably make the best product, will work brilliantly well forever and when they need servicing, it will be at a moderate cost. So why aren’t they flying off the shelves? Because of that badge unfortunately. It’s a great shame, but wearing a £5,000 watch, with the same heritage as the digital timepiece I wore to school just doesn’t create the same desire as some of the more luxury brands we all know and love.
So – what would I buy with £5,000?
There is only one option, not only do I think that this is the best watch for the money, I also think that to a certain degree, you would be hard pushed to find a better time piece in many greater price brackets.
The Omega Seamaster – it is frankly, brilliant.
Coming in at £4,450 it’s also about a grand cheaper than my other alternatives, but never looks like a cheap watch. Omega are without doubt one of the power houses of Swiss watch design, Rolex are simply young upstarts when it comes to heritage (in fact Hans Wilsdorf launched Rolex as a cheaper alternative to Omega) and Omega can claim many of the worlds most notable horological moments including the first watch on the moon. Currently though, most people will associate the brand with James Bond, and that’s ok – what better ambassador than a secret agent whom can jump
out of planes, trains and blow stuff up – all with the aid of his timepiece.
The Seamaster, in my opinion is all the watch you would ever need in this category, it’s a proper divers watch with a stunning dial, a comfortable bracelet, 300m water resistance, and a great brand heritage. There are a multitude of colours to buy them in and you can literally walk into a shop and buy one, without having to sell your soul or pay a massive premium to own one.
A great watch, at a great price point.
If you own a piece of fine art, it can be a financial asset as well as an object of pleasure. You can raise capital without selling your artwork, thanks to art lending.
Detail from Untitled (1982) by Jean-Michel Basquiat. Photograph: Sotheby’s/EPA
In this article we have worked together with COIN Private Finance to explain exactly what art lending is, who uses it and why, and the kinds of art that can be used for loans. We also talk you through how it works, step by step. If you have artworks and want to release capital without selling them, read on to find out how.
Art lending is when a work of art is used as collateral for a loan. This form of lending is becoming increasingly popular as it allows art collectors to release liquidity from a painting or print, without having to sell it. The market for art-secured loans has grown consistently over the past decade and there are now an estimated US$24 billion of outstanding loans against art (according to the Deloitte Art & Finance Report 2019).
Art Finance is traditionally associated with ultra-wealthy collectors being offered loans by big private banks or auction houses. However, the market has expanded and diversified over recent years, and collectors at all levels are using their art as collateral. Anyone who owns a valuable work of art can raise finance through a boutique, specialised art lender.
Detail from Untitled (1982) by Jean-Michel Basquiat. Photograph: Sotheby’s/EPA
There are two main reasons why collectors take out a loan against a work of fine art. The first is if a collector needs to raise finance quickly, whether to inject cash into a business or settle unexpected bills. Selling art can be a lengthy and complicated process, whereas art loans can be arranged in a matter of days. The second reason for choosing to borrow against art is to release capital for other investment opportunities, whether that’s another work of art, property or a business venture.
With the economic uncertainty brought about by Covid-19 and Brexit, taking out a loan against art has become an even more appealing proposition to collectors. A loan allows collectors to leverage their artwork while waiting for the optimum time to sell; it offers a fast route to capital, whether that’s needed to cope with unforeseen events, or to be strategically redeployed into higher-yield investments.
Any artwork that is likely to fare well at auction can be considered for a loan. Post-War and Contemporary works are particularly attractive as they have performed particularly well in auctions in the last few years.
Substantial loans have been taken out against works by superstars of the contemporary art scene, including a $10 million painting by Jean-Michel Basquiat. The New York prodigy received huge acclaim in the 80s, and has posthumously set auction records: in 2017, Untitled (1982) was sold at Sotheby’s for a staggering $110.5 million.
Works by the elusive British artist Banksy are also reliable assets for art-secured loans. The world’s most infamous graffiti artist has become an art market phenomenon, and his works regularly exceed auction estimates. Commercial works, such as editions of screen prints, can be authenticated with a certificate from “Pest Control” – the body set up by Banksy to verify genuine works.
At Coin, we consider fine art from all periods, from Old Masters to Contemporary. Our experts are qualified to appraise a range of works, including paintings and prints, sculpture and ceramics.
As experienced art lenders, we ensure that our process is simple, transparent and discreet.
First, our art market specialists will appraise the work, and any accompanying documentation relating to its provenance, such as invoices and purchase histories.
Once the artwork has been valued, we’ll liaise with you to create a loan agreement that suits your needs and circumstances. Our typical Loan To Value (LTR) is 50-70% and we can offer terms to suit you, from just one month to one year. As we offer non-recourse loans, only the work of art itself is used as collateral and we do not run any credit checks. Once the terms are finalised, you will receive a secure loan agreement, laid out in clear terms with no hidden fees.
Following receipt of the signed agreement, we will arrange a convenient time for collection. Your artwork will be professionally handled at all times and stored in our climate-controlled facility for the duration of the loan.
Upon repayment of the loan, the artwork will be safely and securely returned to you.
Damien Hirst artworks
Detail of Noble Path from Mandalas (2019) by Damien Hirst. Photograph: Damien Hirst and Science Ltd. DACS 2019.
We were approached by an Art Advisor whose client was looking to finance a property deal. The client had a private collection of Damien Hirst artworks, which is an ideal asset for raising capital quickly.
Our art experts valued the pieces and we offered the client a loan within 72 hours. The open market value of the collection was £400,000, and we were able to offer a loan value of £210,000. We agreed terms with the client: a 2% fee and 2% per month for a 3-month period. The loan was completed in just six days.
Thanks to the speed and simplicity of our process, the client was able to seize liquidity, make the property deal, and hold on to their precious Damien Hirst collection.
Charles Rennie Mackintosh furniture
Willow Chair by Charles Rennie Mackintosh. Photograph from https://www.thereviewmag.co.uk/charles-rennie-mackintosh/.
A client approached us with a piece of vintage furniture by Scottish designer Charles Rennie Mackintosh. The item was due to be sold at a prestigious auction house – however the sale was not due to take place for another five months.
The client needed liquidity right away, which is why they came to Coin. We organised a sale advance on the item, funding 50% of the auction mid-estimate, over the five-month period until the sale. The furniture was valued at £125,000, and we offered a loan of £60,000, charging the client 1% per month and a 10% hammer fee.
The client was able to raise instant finance while waiting for the right moment to get the best price for the piece at auction.
To apply for a secured loan against your art, please complete the online form on our website, or email [email protected] with details and images of your assets. We’ll aim to respond within 2 hours.
This article is for those of you who missed the webinar about how I met the FBI.
Twenty years ago when I worked for Johnny Van Haeften in his Duke Street, St James’s Gallery, we became friendly with one of the top guys in the Art Squad. One day we got a call from him asking us if we could help. Two colleagues in the Danish Art squad, who had been working undercover in Eastern Europe posing as dishonest collectors, were rumbled by the thieves and murdered. It transpired that when they were confronted with the stolen paintings, they handled them in a very timid, unconvincing way.
So we were asked to give a demonstration to about 20 members of Interpol on how to handle a painting, what to look for and how to pass oneself off as a connoisseur. Somehow the FBI got to hear of this and asked if they could send two operatives as well. Of course we said “yes” and a husband and wife team of FBI agents duly arrived with the European contingent.
We started by showing them what sturdy things pictures really are, whether they are painted on canvas, panel or copper, they don’t need to be handled with kid gloves. We didn’t exactly throw the pictures at them, but we let them hold them and pass them around to one another.
The agents were mildly surprised that Johnny and I started examining the pictures by looking at their reverse side first. We pointed out that Old Master paintings (those painted before 1800), often have collection seals made of sealing wax glued to the panel or stretcher, if it is a painting on canvas. These seals are the clue to the provenance or history of the painting. King Charles I even branded the panels in his collection with the royal cypher CR! In the case of 19th Century paintings, the reverse can often reveal inscriptions and signatures of the artists and 20th Century paintings are very likely to have Exhibition labels glued to the stretcher or frame and these too, can be clues to provenance and also add glamour and prestige to a painting if a label shows it has been exhibited in a major public art gallery.
We also taught them to look at the frames and try to determine what materials they are made of. If the frame is made of carved wood and then gilded in 24 carat gold leaf, which are very expensive materials, the implication is that this is a painting that someone thought highly of in the past and you should take it seriously, too.
Finally, we turned to the front of the pictures. We showed our pupils that before we looked at the surface under a magnifying glass, we took in the whole picture to see how well the composition works. Then came the magnifying glass. If a criminal is watching you whilst you handle the magnifying glass, you have to wield it in a believable manner. You can’t just randomly explore the surface. Johnny and I showed them that we were looking for two things under magnification.
We would look at various different parts of the painting to see how well executed the details were and at the same time, we could determine the condition of the paint layer. Historic restoration can leave the surface abraded, as the action of wiping a solvent on a rag or cotton wool swab across the paint causes friction and a cleaning solvent that can dissolve old varnish can dissolve paint too. Original condition is crucial to the value of a painting and any true connoisseur would know that.
The final tool one needs to know about, especially when determining condition, is the Ultra Violet lamp. All experts carry one. They are just as useful for examining porcelain or furniture as they are for paintings. They only work in a darkened room.
When you bombard a painting with UV light it gives off a slightly green haze, but any later paint, such as restoration to a damage, shows up black. It gives you a very precise indication of condition.
We showed them how dirty varnish fluoresces turquoise and how to assess what proportion of the surface is new paint. There then followed a lively session of Q and A and we and the cops parted as good friends. The FBI visited us whenever they were in London.
If you are going to pass yourself off as a connoisseur you have to be confident. So whatever you do, as an undercover cop, when handling a painting do it with brio and you might just live to tell the tale.
To show how tough paintings are I am reminded of a wonderful vignette that took place in New Bond Street one mid-July afternoon in the 1970s.
The last Old Master sale of the season had just taken place at Sotheby’s and a dealer called Raymond Romari had bought a large Flemish landscape on a piece of wavy copper. As chance would have it, New Bond Street was being re-tarmacked and when Raymond stepped out on to the sunny street, he had an idea. In those days, there was a news stand on the street outside Sotheby’s and you had to pay for the Evening Standard then.
Raymond bought two copies and flagged down the driver of the steam roller. He asked him if he would mind driving over his picture! He said he would be delighted to do so. As a small crowd gathered round, Raymond laid one open copy of the Evening Standard on the tarmac, placed the copper panel face down and the second copy of the Evening Standard on top of it. To cheers from the crowd, he waved the steamroller forward. When it had finished its manoeuvre, Raymond had a perfectly flat picture and no paint loss. I think he might have been lucky that he got away with it! Don’t try this at home!
