Author Archive: Doerr Dallas Valuations

The French Crown Jewels – Early Jewels

Posted on by

Download this article here

Aurélia Turrall, Jewellery Specialist

Francis I, French king from 1515-1547, decided to differentiate personal jewels to those belonging to the State. At the time, jewels were used to finance wars and for political purposes. In 1530 he selected 8 gems and jewels. Kings and Queens would enjoy these gems and jewels throughout their reign but the collection would be inalienable and had to be passed down on their death. The collection included three spinels called “balais rubies”, from the north region of Afghanistan called Badakhchan. In many crown jewels, spinels are described as rubies.

The most important was the Côte-de-Bretagne, a 214 carat spinel, probably from Pakistan. Originally it was an odd-shaped stone, with three points.

The stone belonged to Anne de Bretagne, wife of Louis XII and are linked to how Brittany became part of France.

The Côte-de-Bretagne is the only “survivor” of the original collection put together by Francois Ier. It has been pawned several times, coming and going numerous times. It has stood the test of time but not intact; re-cut for Louis XV in the shape of a dragon, bringing its weight down to 107 carats. The stone is so large that it could have financed a whole city at the time.

The other spinels were the Oeuf de Naples (the egg of Naples, top) a 247 carat spinel added by Francis II, and l’A-Romain (the Roman A, for Anne of Brittany, bottom).

A diamond pendant was amongst the 1565 inventory of Mary Stuart. It was a diamond pendant with table cut diamonds, bought to her by her husband, Francis II, when she was Queen consort of France between 1559 and 1560.

He also purchased the Great Table, a 41 carat diamond, worth 212kgs of gold. 30 years after Francis I death, his grandson Henri III pawned the Crown jewels, against his grandfather’s wishes, in order to pay for the religious wars. Very few jewels were bought back but the Côte-de-Bretagne was miraculously recovered.

Crown Jewels of The United Kingdom – Early Jewels

Posted on by

Aurélia Turrall, Jewellery Specialist

The crown jewels are a collection of jewellery that belong to the Queen in right of the Crown. They are comprised of heirlooms and jewels presented to her during her reign. The Queen regularly wears these pieces in official portraits and formal occasions. The jewels will be passed down to the next Monarch and will be worn to further ceremonies and coronation.
From Henry VIII to Queen Elizabeth II, the monarchs have purchased and been gifted with the most important pieces of the collection.
Jewellery and diamonds in particular have always played a big part in history, being traded, stolen, gifted, looted. Coloured gems have different meanings depending on the country but diamonds is, across the board, the one gem which symbolises power and wealth. Its origin comes from the Greek adamas, which signifies invincible. Every monarch has been depicted in portrait adorned with diamonds.

King Henry VIII is painted wearing black stones in this portrait, but these are in fact diamonds. Diamonds were not depicted in all their glory radiating light and clarity until much later. At this time, the painter’s workshop would complete the painting and did not have access to the gems, therefore altering the diamonds’ colours.
Queen Elizabeth I obtained the Mirror of Portugal from Dom Antonio, fleeing to England after being defeated by the Spanish. He sold the stone, a table-cut diamond weighing 30 carats, to the monarch in an attempt to finance more battles against Spain. Defeated once more, Queen Elizabeth now has hold of the diamond. She has the diamond set in a gold pendant within an enamel surround, suspended from gold chains.
The Queen is shown wearing gold and jewellery in her hair but also on her garment.

The Mirror of Portugal is then bequeathed to James I. It will later be sold to Cardinal Mazarin and recut into the Mazarin III. The Mazarin III was stolen in 1792 during the great heist of the Garde Meuble in Paris and has yet to be recovered.

One of the most famous diamonds to have been part of the Crown jewels is the Sancy. It weighs 55.23 carats, has 51 facets and was considered to be one of the most beautiful diamond for almost two centuries until the Cullinan was found in 1905 in South Africa.
It was purchased by James I for 60,000 French crowns and was set in the Mirror of Great Britain.
The Sancy was described in the Tower of London’s inventory as “…one fayre dyamonde, cut in fawcetts, bought of Sauncy…”
The Sancy was briefly owned by Charles I, King of England and then by his son James II. James had to flee to France under Louis XIV protection and brought with him the Sancy which he agreed to sell to Cardinal Mazarin in 1657 for £25,000. The Sancy is now exhibited in the Louvre.
Anne of Denmark, consort of James I, seen in this portrait wearing large jewels on her corsage, pearl necklace and earrings, diamond in her hair.

After 1725, diamonds were heavily imported from Brazil, as new sources were discovered. Diamonds are then preferred to coloured gems.
Queen Charlotte is painted wearing diamond diadem, girandole earrings, a diamond dog collar and pearls. Girandole earrings were very fashionable in the 18th century and named after a candelabra. They comprise of a central stone suspending three drops.

Last week’s Old Master Sales in London

Posted on by

Download the article here

Last week’s Old Master sales in London provedonce again, that good Old Masters in an excellent state of preservation and fresh to the market make very solid prices.
The pick of the bunch were definitely at Christie’s where the evening sale made £45M as opposed to Sotheby’s comparatively paltry £17.2M. In fact, the tiny pen and ink study of the Head of a Bear by Leonardo da Vinci, which sold at Christies for £8.857M made half the whole of the Sotheby’s evening sale on it’s own. My stand-out lots at Christie’s were first the exquisite Music Lesson by Frans van Mieris, on panel made out from a small arched-top painting to a larger rectangle by the artist himself, which, at £3.5M indicated that no-one was put off by the alteration to its shape. Second was the magnificent large View of Verona by Bernardo Bellotto, Canaletto’s nephew, which took £10.575M. My third choice was the very rare canvas of Saint Andrew by the French follower of Caravaggio, Georges de la Tour. This made a very respectable £4M. I don’t know how many paintings by this rare master are still in private hands, but it will be a tiny number. The only disappointment to my mind was the beautiful Lawrence portrait of Richard Meade, which sold for £598K, within the estimate but not a true reflection of its worth.
Sotheby’s was not such a rosy picture, with 21of the 50 paintings not finding a buyer on the night. The large Turner sea piece of 1808 made £4.79M with premiums, but had recently been on the market for £8M. The Willem Kalf still life made £1.46M despite being in rather worn condition.
One of my particular favourites was the luscious View of Port Louis in Mauritius, by William Hodges, R.A. in oil on paper. Hodges is famous for accompanying Captain Cook to the South Pacific and painted the only portrait of him from life. This canvas made a healthy £189,000.

 

 

Salt – The Condiment Worth More Than Gold!

Posted on by

By Alastair Meiklejon, Senior Valuer

Download this article

I would imagine that most of our readers draw a salary from their jobs, but how would you feel if you were paid in salt, rather than currency?

The Hammersley Salt

Well, the word ‘salary’ actually derives from the Latin word ‘salarium’, relating to the quantity of salt that Roman soldiers would receive in return for their efforts… Whether or not they were actually paid in salt is debatable, but the value of their pay was certainly linked to the value of salt at the time.

The ‘salt cellar’, or correctly termed ‘saler’, came about due to the need for a receptacle to hold the wondrous gift of the sea, and was a huge status symbol in the Middle Ages. In fact, your social standing could be easily recognised as to where you were seated at the table in relation to ‘the master’s salt’ – either above it for the higher ranking of the seated guests, or beneath it for those deemed less important.

In advance of our upcoming webinar, due to be broadcast on location at the impressive premises of The Worshipful Company of Haberdashers on Thursday 1st July 2021, we are honoured to announce that we will be talking about one of the most important salt cellars in the United Kingdom, possibly the world.

Dutch silver standing salt by Adam van Vianen, (Utrecht, 1621), estimated at £600,000-800,000 at Sotheby’s Treasures sale on July 6

The Hammersley Salt is a part of the stunning collection situated at The Worshipful Company of Haberdashers. The piece dates from 1595, and the only word that can be used to sum up its presence is magnificent.

Standing at 20 centimetres high and weighing in at 32 Troy ounces the drum shaped body is detailed with a frieze of classical figures, with engraving detailing the gift from Sir Hugh Hammersley Kt and Alderman of London 1636 it is raised upon a domed and circular spread foot with an additional selection of figures upon the frieze with an ogee border, having a detachable saltwell to the upper section and marked with an ovolo and guilloche border.

It is hard to think that this piece was used for serving salt to the great and the good at the time of Elizabeth I, and what is mesmerising about The Hammersley Salt is that one can see the visible corrosion from the salt being in contact with the silver over the 500 years since it was first used.

The company formed in 1448, and has curated one of the most formidable collections of fine silver in the country, which one of our silver specialist’s Jenny Knott and myself have had the absolute privilege of working with this year. During the webinar, we will be honoured to be joined by Dr David Bartle, archivist of The Haberdashers Company, to discuss the piece, its origins and how it came to be in the possession of The Company.
We look forward to you joining us for a unique event, truly worth its salt.

 

Affordable Modern Masters

Posted on by

View the webinar

[embedyt] https://www.youtube.com/watch?v=sc5dTOMI4fw[/embedyt]

 

Article by Jonathan Horwich

Download the article here

Lucian Freud, Francis Bacon, Pablo Picasso, David Hockney, Pierre Auguste Renoir are just a few of the Titans of Modern Art. They all have stellar international reputations, with their finest works being fought over by mega-collectors worldwide and making millions.

This leaves us mere mortals, who might aspire to own a work by any of these greats, without hope; the assumption being that price precludes ownership. Thus, collectors may totally discount the possibility of acquiring anything at more affordable prices.

However, there are buying opportunities out there for all of these artists which may not seem immediately obvious. When faced with astronomical prices for finished major works, collectors should be encouraged to look below the surface for less apparent opportunities…

For example, during Francis Bacon’s early career in the 1930s, he worked as a commercial furniture and rug designer. After the war he emerges as the great painter we know today, and of course his paintings are now out of financial reach to the masses. However, his rugs, although expensive, and his much cheaper surviving pieces of furniture, offer some buying opportunities, (no.’s 1-2). As do his limited-edition prints, each one is signed by him, even all three works in a Triptych, (no.’s 3-5).

Following this theme, I looked for more affordable pieces. Among my favourite finds is no. 7, Lucian Freud’s artist’s palette. It is one he actually used and still has all his signature colours. Equally, Freud’s etchings are accessible and affordable and they are a direct link to his skill as a draughtsman. The process of making an etching involves the artist drawing his subject direct onto the printing plate, and so is only one step away from an original drawing in my mind.

I think David Hockney offers us the greatest number of different buying opportunities, from faxes, to iPad drawings, to office-made, limited-edition ink jet prints and he is still finding new ways to make art, which at 83 is truly remarkable!

 

 

 

‘Guitars – Rock ‘n’ Roll Never Dies!

Posted on by

An early Rickenbacker Frying Pan

Download this article

By Alastair Meiklejon, Senior Valuer

A late 1950s Les Paul

It happens every year, and it’s the ultimate guilty pleasure.
The Eurovision Song Contest this year was hotly anticipated in the wake of last year’s cancellation of the annual parade of the great (and not so great) in European pop, and it certainly didn’t fail to get the viewers talking. Our entry suffered a rather incredible snub from the public of an entire continent which was possibly an achievement in itself. However, the obvious and clear winner on the night was in fact a rock band hailing from… Rome, Italy.
Maneskin, with their entry ‘Zitti e buoni’ stole the hearts of Europe and despite the political voting from the vast majority of the judging panels, took their overwhelming score from the public vote. Now, what made this win special was the band’s clear love of the rock image, which over the decades has defined itself as: lots of guitars, not a lot of shirts.
During their acceptance speech their lead singer Damiano David declared that “Rock and Roll Never Dies” and that comment could never be truer than now. The eternal icon of Rock has to be the electric guitar. It has made heroes, millionaires, and icons, so why are old guitars making incredible prices across the globe?
The electric guitar started out in the 1930s as a way for jazz musicians and some country acts to amplify their sound when performing to an audience and this was the case for the next couple of decades. Rickenbacker, (more about them later), developed a pick-up for a slide guitar made by National, and this was dubbed the ‘Frying Pan’ due to its culinary outline.
The 1950s were really the start of the solid body electric. Leo Fender brought out the ‘Broadcaster’, whilst Gibson, who were already well known for their big-box jazz guitars, brought out the ‘Les Paul’, which was designed by Les Paul, alongside Ted McCarty, who was probably one of the most important people in the music industry that you have never heard of. His innovations at Gibson during this period really can’t be overlooked.
During this golden era of guitars, more models would evolve such as the Stratocaster – which possibly, alongside the Les Paul, is the most recognisable instrument of all time. The Gibson 335 – undoubtedly the most versatile guitar one can play – and lots of other models like the
SG, Explorer, Jaguar, Jazzmaster and two of my personal favourites – the Gretsch 6120, and the Rickenbacker 360/12.
Fast forward to 2021 and what are the most popular guitar models right now? Well, it’s exactly the same as it was in the 50s, 60s, 70s (not the 80s – blame hair metal) and 90s. They got it right first time.
This leads us into why vintage guitars command so much money. While a modern USA Stratocaster can be bought for under £1000 why does a guitar that looks exactly the same from 1958 cost maybe 40 times as much? Well, whilst my learned friend David Dallas would rightly comment that some artists produce better paintings during certain parts of their career – it’s the same with guitars. The early ones were made with far better components; the pick- ups were wound by hand and the amount they produced in a year was probably lower than gets produced in a day in 2021. The other big factor that simply can’t be accounted for is “feel” …. hardly a technical term, but I was very fortunate enough to once play a 1958 Les Paul Standard, which is now a £500,000 guitar and there are simply no words to describe how different the weight, fingerboard, sound or just overall ‘feel’ are. That’s why musicians and collectors are happy to pay the big money for these items.
So, alongside Rock and Roll, the electric guitar is certainly a survivor and has outlasted the formats it was designed to be played on many times, and no doubt, when downloads are old technology, the guitar will still be at the forefront making the music.

A mid 1950s Fender Stratocaster

Why I Love Researching Artists and Paintings

Posted on by

By Dave Dallas, Old Master Specialist

Download the article here

Image 0125 George Frederick Harris

I was recently asked by a collector friend in New York to do some research on the American painter G F Harris. All I had to go on were his initials. I subsequently discovered he is called Gregory Frank Harris, was born in 1953 and paints pretty girls by the sea in an accomplished latter-day Impressionist style.
However, before I discovered his true identity, I stumbled on a 19th century Welsh painter George Frederick Harris, who was born in Birmingham on October 30th 1856, but lived most of his life in Merthyr Tydfil. Merthyr was an unlikely place for a would-be artist in the Victorian age as it was a town with strong coal mining roots, but it was prosperous and this led to it having a large Jewish community. In fact, it had its own Synagogue and the pink opaline glass lamps from this building are now in the collection of the St Fagan’s National Museum of History, Cardiff.

Queenie
Rolf Harris

George Frederick Harris was a decent portrait and still-life painter, I don’t know how successful he was but there are over 40 paintings by him in public art collections. In 1920 he left Wales for Australia but sadly died of pneumonia in Sydney 4 years later.
His artistic legacy, however, lives on in his grandson, Rolf. Rolf entertained many children in the UK in the 1960s with his broad-brush painting technique, singing to himself on live British television and painting briskly with a decorator’s brush. The seemingly random first strokes then turned into a cabin amongst palm trees or whatever. The trick was to try and work out what the subject was before he finished the painting.
In 2005, he painted a portrait of H.M. The Queen. Now he is detained at her displeasure. You never know what you are going to unearth when you start a little gentle research.

Girls on a beach

Art Lending: The Beginner’s Guide

Posted on by

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

Download the article here

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

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

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

What is art lending?

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

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

Why use art lending? 

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

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

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

What kinds of art can be used for loans?

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

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

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

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

How does it work? 

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

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

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

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

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

Coin case studies

Damien Hirst artworks

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

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

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

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

Charles Rennie Mackintosh furniture 

Willow Chair by Charles Rennie Mackintosh.

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

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

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

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

Apply for an art loan

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