Under the Tree: What our team are hoping for this Christmas

Posted on December 18, 2024December 18, 2024 by Doerr Dallas Valuations

We’ve asked our fabulous team of valuers and admin staff, what they would like to find under the christmas tree if money were no object. Find out what they picked below…

Rachel Doerr, Managing Director

“After a visit to Boodles in Knightsbridge, I couldn’t stop thinking about this Knot White Gold Diamond Ring – it really caught my eye. The design is just stunning, and the diamonds have such a gorgeous sparkle. It’s the kind of piece that feels timeless, and I’d love to find it under the tree. Another thing I’d be happy with is a pair of single-stone diamond earrings. They’re simple, classic, and would go with pretty much anything. And if I’m being really wishful, I’d also be thrilled with two black labrador puppies. They’d bring so much joy and energy to the house – definitely the best kind of Christmas surprise!”

David Dallas, Old Master Specialist

“I have taken this question rather literally! Dressing the Christmas tree with the children and now grandchildren is a seasonal tradition not only in the Dallas household, but almost everywhere in the Christian world.
Whenever I am in New York in December, I go to the Metropolitan Museum of Art, where there is a 20ft Christmas tree underneath which is grouped a nativity scene made of beautiful 18th Century Neapolitan Creche Figures and animals, which have been loaned by Loretta Howard and her family since 1957.
I’m not sure if one could ever find figures the quality of Loretta Howard’s, but even 19th Century Crib Figures can be in excess of £600 each, so they would cost a small fortune. Please be generous Santa!”

Alastair Meiklejon, Senior Valuer

‘When Christmas comes each year it is a time for not only giving presents, but writing cards and getting in touch with people that you may not have spoken to throughout the year – whilst modern times dictate that you can email, or message – there is still something special about receiving a letter from a loved one, and what better way to do it than with a Montblanc pen. Whilst many people look at the ultra valuable fountain pens that they are well known for – I would opt for the entry level roller ball. With all the style and class of the bigger relations, but with a fraction of the cost”

Ben Hanly, Impressionist, Post-War & Contemporary Art Specialist

Alas, what I really, really want under the tree this Christmas is not going to happen…
Although I am a picture man through and through, what people might not know, is that I adore antiquities and early sculpture…. I suppose as dark secrets go, it’s not that bad!
What I saw in an auction in November was a superb Khmer stone figure of a standing Goddess from Cambodia, dated to the 11th-12th AD – estimated at £5,000-8,000. I know this is not a small amount of money (it’s Christmas so who cares about reality!) – but the sculpture was amazing, and a perfect example of art from this period when the Cambodian civilisation was at its peak (anyone been to Angkor Wat?).
The sculpture is so simple and elegant, and the condition is excellent – discounting the missing arms and head! Unfortunately, I was not the only one with good taste – the work was bought by someone else with more money than myself for £8,000 plus fees. All I can hope for is that the buyer was in fact my wife who bought it as my surprise Christmas treat! Fingers crossed!

Jonathan Horwich, Modern & Contemporary Art Specialist

“I would like to see a watercolour or two by Eric Ravilious (British, 1903-1942) under the tree, his work is sublime and uniquely English, his skill with watercolour is second to none and he faithfully follows in the footsteps of the great Masters of 19th Century watercolour painting tradition such as JMW Turner – Around £80 to 120,000 for something like this…”

Jenny Knott, Silver & Jewellery Specialist

“I have always loved Christmas and all the traditions that go with it. When I first worked at Bonhams Knightsbridge fresh out of university and earned a pittance, I would cross the road to Harrods once a week and buy a single decoration from their Christmas shop. Since then, I have bought Christmas tree decorations from all over the world and clever Father Christmas has given my children a decoration every year since they were born, so that they now have enough to decorate Christmas trees of their own. I would love therefore to have another decoration to add to my collection, perhaps something from the Georg Jensen range, always stylish and classy. The Scandinavians really do know how to do Christmas. However, if I am really allowed to indulge myself, I would love a delicate Edwardian natural pearl and diamond necklace. Something that could be worn everyday or with evening dress. This would give me great joy, transcend the vagaries of passing fashion and be something to pass on to my daughter in due course. I’ll have to wait and see if I’ve been naughty or nice and what Father Christmas has in store for me!”

Annabell Parry, Jewellery Specialist

“They are a variation on the classic chandelier earrings but were popular in the 1800’s and often have rose cut, old mine cut and old European cut diamonds which were cut for candlelight and worn by beautiful wealthy women who had daytime and nighttime versions. Nowadays I would happily settle with a pair glittering in the winter evenings at a snug private dinner.
Surviving pairs of these earrings are rare as they were so decadent they have often been broken down during tough times. Therefore, because of their rarity, the value of a good pair is considerable so should any ever come up at auction there is always fierce international bidding and could be argued to be a savvy purchase and investment. I’ve sourced my ball gown, carriage and Prince just waiting for the finishing touch …..at a rough guess £80 – £100k”

Aurélia Turrall, Jewellery Specialist

“I’d like to find a diamond-set Trinity ring by Cartier. Cartier’s reputation needs no explaining. Their craftmanship remains unique, stylish and guarantees longevity. The Trinity ring is the perfect gift as it comprises the three gold colours, ready to suit any skin tone, and the diamonds add sparkle which is what Christmas is all about when it comes to the ladies’ gifts! It is ingenious of the brand to offer this ring in so many different options. The ring that I would like only has one band pavé-set with diamonds, and can be small or classic.”

Francesca Orme, Jewellery Specialist

“I would love to see a small wrapped parcel with a red box!!! And inside this striking incredible ring by Cartier. It’s not very old- 1970’s but I just love the design and how wearable it is! It makes a real statement but the fact that it’s made up of lots of small graduated pieces, with lapis lazuli floral top and diamond highlights, makes it delicate at the same time. £25,000- a steal!!!!

Richard Fattorini, Rare Books & Manuscripts, Historical Photographs and Maps Consultant Specialist

“Under the Christmas tree I’d be thrilled to discover a signed or inscribed copy of Ian Fleming’s novel Casino Royale which introduced the world to the now legendary British spy James Bond. The book was first published in 1953 with a dust-jacket devised by the author, and with a modest first print run of 4,728 copies. The book was an enormous success and Ian Fleming went on to write a further 13 novels in the series, which have sold more than 100 million copies to date. A first edition in a dust-jacket will cost from £10,000-30,000 depending on condition, and a signed or inscribed copy from £30,000-125,000 depending on the inscription.”

Stephanie Connell, Senior Valuer & Collectors Specialist

“If i were to find one special piece under the Christmas tree it would be a Cecil Beaton design for the stage production of ‘Coco’ starring Katherine Hepburn. These designs are a combination of three 20th century legends – Cecil Beaton was at the height of his powers as an artist and costume designer. The musical starred the all time leading multi Academy Award winning actress Katherine Hepburn as Coco Chanel. Chanel in turn is the most influential fashion designer of the 20th century! Bonhams recently sold a very good example created for the 1969 production which would be a very special gift.”

Liz Bailey, Jewellery, Silver & Watch Specialist

“I would just love to receive some vintage Elsa Peretti under the tree! This year has really shone a light on her wonderful designs in the fashion world, I have well and truly been ‘influenced,’ seeing celebrities such as Rosie Huntington-Whiteley stacking up their Peretti bone cuffs over simple and stylised outfits. I personally could see myself wearing one of her lovely vase pendants, a vintage one of course would be preferable but I would be thrilled with this one currently retailing at £4,100.
… If Santa is feeling flush this year, I would definitely love to add to my watch collection! A Jaeger-LeCoultre calibre 101 collection wristwatch would be a dream Christmas present! This 1970s example was set throughout with nine carats of baguette cut diamonds – the perfect blend of fine jewellery and watchmaking innovation – the 101 movement was created in 1929 and is renowned for being, still to this day, the world’s smallest mechanical movement ever made – weighing just one gram!

Fiona Hamilton, Silver Specialist

“Chinchillas normally cost between £80 and £200 and make excellent pets! Originating from the rocky slopes of The Andes they live together in large colonies, so cute!

Or I’d also love to see an Art Deco Day and Night ring from the 1920s, multiple rings in one! £3,315.51- 1st Dibs”

Ashley Crawford, Asian Art Specialist

“If I could receive any gift this holiday season, I would choose this terracotta figure of a court lady from the Tang Dynasty that I was fortunate enough to view in person at Sotheby’s New York during Asia Week this year. The Tang Dynasty has always been one of my favorite periods of Chinese history, not only from an art historical standpoint, but also because of the freedoms that court women enjoyed compared to in the surrounding dynasties. Terracotta sculptures of such women shed insight into their daily lives and interests, such as riding horses, playing music or dancing in women-only ensembles, or displaying the latest fashion trends. Tang court ladies are either portrayed as very thin or round, with the latter shown here in this 8th-century example. Her large zhuimaji (“falling off the horse”) hairstyle is modeled after the concubine Yang Guifei and is characteristic of the period, as are her long sleeves extending well beyond her hands.There is no shortage of Tang ladies in the Asian art market, meaning that unusual or high-quality examples perform significantly better at auction. This Tang lady is notable for her size, condition, and provenance.”

Jane Vann, Valuations & Private Client Services Administrator

“A few years ago, 2016 to be precise, Adele headlined on the Pyramid stage at Glastonbury. As always, her performance was exceptional in her typically down-to-earth way, complete with her ‘potty’ mouth as she calls it! But apart from her singing and language, another thing stood out for me – her bracelet! Her outfit that night was a lovely Boho style dress, complemented with this lovely bracelet that I had to Google to find out what it was, as I’d never seen one before! Since then, everyone is wearing them, including Queen Camilla, who can regularly be seen wearing her turquoise example! I’m quite sure that Queen Camilla’s will not be fake, which probably can’t be said for all the women and girls I see wearing them now! It is of course the Vintage Alhambra bracelet with 5 motifs.”

Kristin Panagiotou, Administration Manager

“As a massive Prince fan, I would love to receive a copy of the new book Prince: Icon. Prince: Icon is a photography book curated by Steve Parke, former art director at Paisley Park, and contributions from those close to him, with new and rarely seen images of the artist, from album covers, performances, candid snapshots and portraits to name a few. I was fortunate to attend a Prince concert when I was in high school and his music, art and creativity has continued to inspire me since then. This book would be a perfect addition to my Prince music and memorabilia collection. ”

Jenny Serra, Marketing Manager

“I am a big kid at heart and love the magic of Christmas each year. What I would really love is to visit Lapland and pretend for a few days that it’s all real – completely immerse myself in all the Christmassy goodness. I would visit Father Christmas, feed the reindeer, travel by sleigh, play in the snow and drink cocoa by a roaring fire. I can’t think of anything I’d enjoy more!”

Christmas Wine: Tips from a seasoned tippler

Posted on December 12, 2024December 13, 2024 by David Dallas

“Any fool can serve a good wine by spending a fortune on it”, my father used to say, “but the trick is finding something delicious to drink that isn’t ruinously expensive”. He was particularly good at it and I have tried to emulate him.

With Christmas around the corner, expenditure at an annual high and entertaining on a larger scale than normal, I thought it might be helpful to share some things I have found or been introduced to me by Hels, my PA, without breaking the bank.

I am going to list my suggestions in the order in which you might drink them, starting with aperitifs, first course companions and what to have with meat, fish and, of course, Turkey, and finally, what to drink with cheese and pudding.

I know next to nothing about spirits, so if Milk Gin is your tipple or you adore a pre-prandial Mojito, forget my wine choices and go for a bigger hit!

At times of celebration one immediately thinks of Champagne, but when it’s going to be drunk in industrial quantities, one tends to think again. Do you really want to spend between £35 and £55 a bottle for an average Champagne?. Instead, we drink the Crémant de Bordeaux that Jane MacQuitty habitually praises in The Times. It comes from M&S at £10 a bottle (£9 if you buy six of them!) and has small bubbles, which I like, as I’m prone to sneezing if they get too big and has a creamy texture. In fact, try any of the Crémants from Bordeaux, the Loire, Jura or Bourgogne. They are made the same way as Champagne but don’t come from the region so have to be called something else by French Law, and cost a fraction of the real thing.

If you don’t like fizzy drinks, you might like to try something white and light. I like the grape varieties Sauvignon Blanc, Pinot Grigio, Torrontes, Albarino and Assyrtiko in this category where acidity and minerality are the buzzwords. They are perfect aperitifs.

In the under £10 price range, try the old favourite Ned, a New Zealand Sauvignon Blanc from Majestic and Marques de los Zancos from Tesco, still a bargain at £6.00.

If you want a white wine to accompany food, you will need a grape variety with greater richness and body. This is where Chardonnay comes in and in the affordable price range Macon Lugny from Majestic, Waitrose and others hits the spot.

Now we come to the key moment, what to serve with the turkey? There is little point buying cheap red burgundy (Pinot Noir) as it doesn’t taste of anything and even when you spend £100 a bottle for red wines from this region, it is easy to be disappointed. Last year I recommended Claret (red Bordeaux) but by way of a change, why don’t you experiment with Rioja. I always think it’s a good winter wine and has a bit more punch than a Claret.

Lidl sell a very acceptable Reserva, a term which means it has been aged for at least 3 years before release, 6 months of which – usually more, will have been in oak barrels. The term, therefore, denotes superior quality! This wine is called Cepa Lebrel 2018 and is a steal at under £7 per bottle. As it’s Christmas, you might want to spoil your guests and serve an even better Rioja. If that’s the case, why don’t you try Muga Reserva 2020 from Majestic at £17.99 a bottle if you buy 6 bottles. It’s a whopping 14.5% but is a very smooth, refined wine and well worth the money.

Next comes the Stilton. It has such a strong flavour that it overwhelms most wines, but not the fortified ones. So, I would recommend Port with this course. A vintage port from a great year such as Fonseca 1994 will set you back £100+. From a less good year, say 2003 you are still looking at spending between £35 and £50. However, if you go for Fonseca’s Bin 27, it behaves just like a late bottled late bottled Vintage Port. It has a deep colour and intense fruity flavour but because it is a blend of various vintages, is ready for drinking now. This wine is £18.99 at Majestic or £14.49 if it’s part of a mixed 6.

Finally, what about pudding wine? I think that most sweet things at Christmas are so sugary – Christmas Pudding, brandy butter, mince pies that to have a sweet wine with them would be cloying. Open some more Cremant!

However, if you are serving Foie Gras or a pudding that is quite tart, a Sauternes is your answer. Of course, Chateau d’ Yquem is by far the greatest of them all, arguably the finest wine from Bordeaux, but at £3-400 a bottle for a recent vintage, you need to have a big cheque book! A bottle of the 1811 was bought for £75,000, making it the most expensive bottle of white wine ever sold. However, there is an incredibly rigorous selection policy of Yquem and the 150 pickers go through the vines picking the grapes several times, as they ripen at different speeds due to the presence or absence of Noble Rot, a fungus that weakens the skin of the grape to allow evaporation. This makes for a very sweet wine due to the percentage of sugar to liquid.

In 1964 the pickers went through the vines 13 times, only for the makers to decide the grapes were sub-standard and declared a non-vintage making no Yquem at all. This doesn’t mean they make no wine in such a year. In most years only the best grapes are used and the lesser ones go into a ‘de-classified’ wine, such as “Sauternes” from Vineyards Direct, which was selling for £16 a half bottle when released. Try and find one of these.

To end on a note of thrift, Christmas is the time to search for that bottle of wine a friend brought you and you know would hate and had put aside for the Tombola at the village fete. This is a gift that is heaven-sent for mulled wine, where the wine is just a vehicle for cinnamon, orange peel, cloves and nutmeg and where the heating process ruins the wine. A glass of mulled wine on a cold winter’s day is a thing of good cheer. Enjoy it and have a very Happy Christmas.

The Art Market 2023 – 2024: A review

Posted on December 5, 2024December 5, 2024 by Ben Hanly

2023-2024 has been a deeply complex year all round; the world has had to navigate the continuing conflict in Ukraine, the ongoing volatility in the global financial markets and high inflation and interest rates, together with the increasingly tense and brutal situation in the Middle East. This combination of factors does not breed economic confidence and positivity, but rather caution and concern. This is also true of the art market, which is inextricably linked to the economic markets. 2023-2024 has been a year of contraction and reassessment.

The escalating inflation and other economic concerns in different regions have directly impacted available discretionary income and subsequent spending for many collectors. Even for high-net-worth (HNW) collectors, who may have been less impacted by cost-of-living hikes, concerns over wealth creation and its stability affected their willingness to make discretionary purchases and sales, while volatile social and political issues weighed on sentiment and distracted their focus from their collections.

The two years following the Covid pandemic, saw the art market recover and the general outlook become more positive. Sales increased across all sectors, which saw rapid and expansive growth, with the market reaching new heights – culminating in 2022 with global art sales of $67.8 billion.

In 2023 and 2024, the trickle-down effect from the global economy hit the art market, which saw a noticeable but not drastic 4% downturn, resulting in $64.4 billion global sales across all sectors and regions. Considering the significant external factors at play, this 4% fall has been surprisingly modest. The auction houses saw a greater fall than dealers, losing 7% of their sales versus 3% for dealers.

Interestingly, it has been the lower to mid end of the art market that has fared better than the top of the market. This is unusual as normally in times of economic and political upheaval, the blue chip dominated top end of the market tends to be recession proof – quality is always demand and carries a premium. In this case, however, the relatively heavier downturn at the top of the market was reflective of a lack of supply to the market rather than a lack of money or interest. Major collectors have been reluctant to let major works from their collections go to auction when there is an underlying concern about the economic future. Much of this caution is misplaced, the appetite and money to buy great things still exists, as is evidenced by a slew of strong prices achieved by the major works which did make it to the market – most notably the $139.4m for Picasso’s 1932, Femme à la montre, or the £85.3m for Klimt’s Lady with a Fan. The lower to mid-level of the market had no such issues, with a healthy supply fuelling an increase in overall global sales transactions of 39.4 million (albeit at a lower level).

One of the main reasons for the relatively modest aggregate downturn in the art market has been differences in the performance of sales in some of the major global art markets – some have fallen but some have risen to counter this.

Historically, the three main players in the art market geographically have been the US, Britain and Asia represented by China in its entirety, including Hong Kong and Singapore. Within this group, the US is, and has always been, the senior partner. The US has the largest concentration of art buying wealth anywhere in the world, it is where the largest financial art transactions occur, and the where the most prominent auctions take place. In spite of this though, in 2023-2024 the US art market dropped by a significant 10% to $27.2 billion, which represents 42% of the global art market. This was predominantly due to the shrinking of the top end of the market.

In contrast, for the first time ever, China out stripped the UK to reach second place, up 19%, with sales of $12.2 billion. The rapid growth in the Chinese market balanced out the drop in the US and UK markets, resulting in the small global aggregate drop of 4%. China’s sudden growth was a result of their delayed bounce back from the COVID crisis – whereas the West came out of lockdown in 2021 and experienced a surge in economic growth; China on the other hand experienced harder and longer lock downs, only coming out of COVID recession in 2022-2023. Their economic boom was therefore felt in 2023, with their population eager to enter the market again with enthusiasm. Also, many auctions which had been cancelled due to COVID were rescheduled for 2023 and early 2024, resulting in a significant spike in sales.

Historically, whilst Paris has been Europe’s centre of creativity, London has been the great centre of European art trading. In 2023, however, the UK fell to third place globally, down 8% with $10.9 billion. Much of that was due to China’s surging market, but the effects of Brexit were also a significant contributing factor. The increased difficulty and cost of trading in the UK, due to increased bureaucracy and import duties, have had a very real effect on the art market. Add to this, the indefinable impression felt internationally that London has lost its way somewhat and is not open to business as it used to be, has contributed to the UK’s art market decline in sales.

The growth of online digital sales has continued in tandem to traditional sales. The COVID crisis was pivotal in the push towards online sales, as it was a essential to the survival of the art market at the time. In 2023-2024, online sales rose 7% on 2022 figures to $11.8 billion, representing 18% of all art sales. This figure will do doubt continue to rise as collectors become more tech savvy and comfortable, however, the value of individual purchases remains relatively low – under $50,000. It seems that at the higher level of transactions, collectors still want to touch noses with the artwork before committing!

Whist the art market did contract by 4% in 2023-2024 due to various global economic and geopolitical factors, the market has stayed remarkably strong, nonetheless. Money has not disappeared, nor that the collector base, what has changed is that market is now more a buyer’s market rather than a seller’s market – the inflated hot air has left the room. That said, great things still made very strong prices when they came to the market as evidenced by the following master works which for sale last year.

If you would like an art valuation, get in touch by calling us on 01883 722736 or email us at [email protected].

The Quaich – A Scottish Symbol of Unity, Trust and Friendship

Posted on November 27, 2024November 28, 2024 by Fiona Hamilton

As the end of November draws closer we look forward to St Andrews Day in Scotland. All across the world those with Scottish heritage celebrate the life of the patron saint, St Andrew. A celebration steeped in history, it is common belief that Andrew became the patron saint in 1320, following the declaration of Scottish independence.

St Andrew was known for his generosity, which is reflected today in the warmth and kindness of the Scottish people. How better to celebrate this occasion every year than with an often raucous celebration with music, food and of course a wee dram!

An 18th century wooden Quaich with applied silver plaque of Culloden interest. Sold for £7,560, Lyon & Turnbull, Edinburgh, 16 August 2023.

Traditionally whisky would have been taken from the quaich and passed round person to person. Deriving from the Gaelic word Cuach ; cup, this shallow two-lugged bowl originated in the Highlands. Brought out at gatherings, opposing clans would pass the quaich around to inspire trust and toast the beginning of new friendships.

The quaichs of the 16th century were formed of sections of wood, often in sycamore or yew. These staves were bound together with willow (withies) the woods often alternating, sometimes to include laburnum. Due to this method of construction, along with age and use, these rare, early quaichs are usually subject to some damage.

As the years progressed silversmiths began to add silver mounts and handles to these wooden forms perhaps for practical reasons for strength, then as time passed as a show of wealth. The 17th century saw the appearance of quaichs in silver. Harking back to the past, these beautiful examples of craftsmanship were often engraved to simulate the form of the original on which they were based. They can be found chased with vertical lines to imitate the staves and horizontal lines for the bindings. Some finer examples depicted flowerheads, stylised foliage and at times betrothal initials to the lugs.

Two handled silver Quaich by David Mitchell, Edinburgh, 1737 – 1738, inscribed ‘AS 1737 MW’ National Museum of Scotland.

It is documented that in the 19th century Sir Walter Scott offered his guests drams in silver quaichs at many of his gatherings. One of the more important quaichs in his collection was the Waterloo Tree Quaich. Constructed in part from wood that had allegedly been taken from the Waterloo Elm, when he visited the battlefield following The Battle of Waterloo. As for personal favourites his most beloved quaich was said to be an example made of seven bands of wood, which is believed to have been in the possession of Bonnie Prince Charlie when he made the gruelling journey from Edinburgh to Derby in 1745.

Contemporary quaichs, often embellished with Celtic knotwork and mythical beasts are still a popular gift to commemorate important occasions in Scotland, indeed following the 2014 Commonwealth Games in Glasgow, a wooden quaich was awarded to each winner.

To this day the quaich holds a special meaning to Scots – as a connection to their ancestors, and a link to their homeland.

Undoubtedly this fascinating vessel will always be remembered for its original purpose as a Highlander’s welcome, a cup to be shared by clan chiefs and crofters alike. The iconic quaich lives on, reminding us of the importance of hospitality, love and friendship.. Sláinte!
Please do contact us should you require an updated valuation of your silver collection.

A contemporary silver Quaich, with stylised thistle detail to lugs. From a selection available at Hamilton & Inches, 87 George Street Edinburgh, £795.

Please do contact us should you require an updated valuation of your silver collection by calling us on 01883 722736 or email [email protected].

The ultimate guide to buying handbags

Posted on November 20, 2024November 22, 2024 by Helen Doyle

What to buy second-hand, spotting fakes and caring for your handbags so they retain their value.

A symbol of luxury, designer handbags are often crafted with meticulous attention to detail. Brands like Hermès, for example, employ skilled artisans to hand-stitch their bags using the finest materials. This commitment to quality ensures that these bags are not just fashion accessories, but timeless investments. Other luxury brands, such as Chanel and Louis Vuitton, share this dedication to craftsmanship and durability.

Certain designer handbags, especially limited editions or classic models can appreciate significantly over time, making them valuable assets.

The second-hand market is thriving with popular brands like Chanel, Hermès, and Louis Vuitton with some achieving more than their retail value due to high demand.

The second-hand handbag market is projected to grow at a CAGR of 6.10% from 2023 to 2033. This indicates a strong and steady growth trajectory for the industry.

As consumer preferences continue to shift towards sustainable and affordable luxury, the second-hand handbag market is poised to further expand in the coming years.

Demand for handbags on the resale market has never been higher, and this once small industry is booming. In fact, investing in a handbag is a smart way to spend your money.

Some brands and models can make higher prices at auction than their current retail value.

See below Hermès Birkin selling at auction for £16,500.

A Rouge VIF Ostrich Leather Birkin 30

Sold: £16,500 GBP

December 1 -10 2021
London, United Kingdom

Purchasing pre-owned designer handbags offers multiple benefits. Firstly, it promotes sustainability by reducing waste in the fashion industry. Secondly, it allows buyers to discover unique vintage or limited-edition models that are no longer in production. Thirdly, these handbags often boast high-quality materials and craftsmanship, ensuring durability and style. Finally, buying second-hand provides access to a wider range of trends and styles that may not be available in retail stores.

Here are some examples to show how the market has changed over time.

See below increase in a Kelly handbag in 2007 selling for £400 and in 2023 selling for £7650.

Hermès, A Kelly Bag 1950 – 1960

Est: £300 GBP – £500 GBP
Sold: £400 GBP

Christie’s
November 21, 2007
London, United Kingdom

See below Louis Vuitton and Chanel classic from a sale in Christies 2006 as a group lot and selling for only £480.

Hermès: a Bleu Indigo Clemence Leather Retourne Kelly 32

Sold: £7,650 GBP

March 9, 2023
London, United Kingdom

A ‘Speedy’ Bag by Louis Vuitton & a handbag by Chanel

Est: £300 GBP – £500 GBP
Sold: £480 GBP

September 28, 2006
London, United Kingdom

So which brands sell well on the secondary market?

Hermès

Hermès has a rich history dating back to the 19th century and has produced iconic handbags that have become symbols of elegance and sophistication. Originally founded as a harness workshop, Hermès expanded into leather goods and accessories, eventually introducing its first handbag, the “Haut à Courroies,” designed for carrying riding gear. Nowadays it houses some of the most expensive handbgas ever sold with iconic designs like the Kelly and Birkin, named after Grace Kelly and Jane Birkin respectively, have become highly sought-after by collectors and fashion enthusiasts. Each Hermès handbag is meticulously handcrafted using high-quality materials, ensuring timeless style and durability.

The Hermès Kelly and Birkin are among the most desired handbags in the world, making them excellent investments and highly collectible items. Due to the meticulous craftsmanship and use of rare materials and leathers, Hermès produces a limited number of bags each year. This scarcity, combined with the lengthy waitlists, often drives consumers to the resale market where they can find a wider selection and immediate availability. Despite the premium prices on the resale market, the demand for these iconic bags remains strong.

Look below at examples of the same bag sold in 2005 for £5,760 and 2022 for £11,000.

A black Crocodile Hermès Kelly Bag

Est: £2,000 GBP – £4,000 GBP
Sold: £5,760 GBP

Christie’s
September 29 2005
London, United Kingdom

Hermès: a Black shiny Porosus Crocodile Selllier Kelly 32 1984

Est: £7,000 GBP – £10,000 GBP
Sold: £11,000 GBP

Bonhams
October 4 2022
London, United Kingdom

Kelly and Birkin handbag

The Kelly Bag

The Birkin Bag

It’s not just the secondary market where the value of these handbags increases. Hermes like many other brands increase their retail prices at least once a year and when we look at this over their lifespan, we can start to see why they make such good investments. In the 1950s a standard Kelly bag could have been purchased for $900, by the 60s the same bag cost $1,300, the 70s $2,400, the 80s $4,000, the 90s $5,100 and at the turn of the century it cost $7,400. Today, that exact bag has increased in value to $10,000 – $15,000. The same increase is seen with Birkin bags with a standard Birkin setting customers back $2,000 in 1980, $2,750 in 1990, $4,000 at the turn of the century, and today they sell for up to $20,000!

There are some other Hermès handbags which make great investments.

Hermès Special Order

Exotic skins

This Niloticus Crocodile handbag has achieved over £400,000 at auction.

See below price example of Hermès handbag at auction.

A rare tri colour Hermès Himalaya, 1997

Sold £5,500

June 2022

A vache naturelle, Rouge H Calf Box, Violet Veau Doble

Sold £1,624

June 2009

Chanel

In the 1920s, Chanel introduced their first handbag designs, often made from jersey and in 1929 they launched their first rectangular-shaped bag. By 1955, this rectangular bag featured quilted leather, a chain-strap shoulder bag, a Mademoiselle lock, and a red lining and it started to look like the iconic design we know today. In 2005, Karl Lagerfeld reissued the 2.55 bag, solidifying its status as a timeless classic. In the 1980s, Lagerfeld further expanded Chanel’s handbag offerings with the introduction of the Classic Flap Bag. Chanel handbags continue to be highly sought-after luxury item. The brand’s commitment to quality and innovation ensures that each handbag is a work of art, making them timeless icons in the world of fashion.

The Chanel 2.55 and Classic Flap bags have experienced significant price increases over the years, reflecting their status as highly sought-after luxury items. Since 2016, Chanel has implemented annual price hikes, leading to a more than doubling of prices for certain models. The Medium Chanel Classic Flap, for instance, has seen its price soar from $4,900 to $10,800.

See below example of the 2.55

See below example of the Chanel Boy Bag

Below is an example of a Chanel Classic exceeding its sale estimate.

Chanel – a double flap classic handbag, quilted black lambskin with yellow tone hardware

Est: £1,200 GBP – £1,800 GBP

Sold: £5,000 GBP

Dawsons Auctioneers

September 22, 2022

Here is an example of a Chanel handbag selling at auction in 2003 for only $200.

Classic Chanel Black Handbag Black Quilted Jersey

Est: $300 USD – £400 USD
Sold: £200 USD

Doyle New York
April 09 2023
New York, NY, US

Louis Vuitton

Louis Vuitton, a pioneer in luxury travel goods, has a rich history intertwined with its iconic handbags. Founded in 1854 by Louis Vuitton, the brand initially gained recognition for its innovative flat-topped trunks. Later, Georges Vuitton, Louis Vuitton’s son, introduced the iconic LV monogram canvas, which became a symbol of luxury and status.

In the early 20th century, Louis Vuitton expanded its offerings beyond luggage to include handbags. The Keepall, Speedy, and Alma bags became early classics, each with its unique design and purpose. As the brand continued to evolve, it expanded its product range to include a wider variety of handbags, collaborating with renowned designers to create limited-edition pieces.

Today, Louis Vuitton handbags are renowned for their exceptional craftsmanship, timeless designs, and high-quality materials. The LV monogram canvas remains a signature element of many Louis Vuitton handbags, symbolizing the brand’s heritage and luxury. Louis Vuitton’s ability to blend tradition with innovation has ensured its enduring popularity, making its handbags coveted possessions for fashion enthusiasts worldwide.

Their classic designs are timeless, for example the Louis Vuitton Speedy, first released in the 1930s, is a great handbag that can be purchased for under £1,000 on the resale market.

See below examples of an LV going through auction.

Louis Vuitton Speedy 25 Handbag

Est: £500 USD – £600 USD
Sold: £950 USD

Vogt Galleries Texas
February 27, 2021
San Antonio, TX, US

A Louis Vuitton Black Mini Hand Bag

Est: £2,000 USD – £2,500 USD
Sold: £2,000 USD

Empire Auction House
July 07, 2020
Flushing, NY, US

See below limited-edition Louis Vuitton Speedy selling for $2,500 at auction.

Louis Vuitton ‘Game On Speedy
Bandouliere 30’ Bag

Est: £3,000 USD – £5,000 USD
Sold: £2,500 USD

Austin Auction Gallery
December 09, 2022
Austin, TX, US

See below limited-edition selling at auction

Louis Vuitton ‘Jeff Koons Master’s Rubens Speedy’

Est: £4,000 USD – £6,000 USD
Sold: £3,000 USD

Austin Auction Gallery
December 09, 2022
Austin, TX, US

Louis Vuitton FW 2022 LV Paint Can (Virgil Abloh)

Est: £0 USD – £0 USD
Sold: £3,000 USD

GWS Auctions
October 08, 2022
Agoura Hills, CA, US

The very best investment pieces by LV are the limited-edition versions.

Here are the top five most popular designer handbags of 2024

Chanel 2.55 Flap Bag: A timeless classic, this iconic bag continues to be a top choice for many.
Hermès Birkin: Renowned for its exclusivity and craftsmanship, the Birkin remains a coveted luxury item.
Louis Vuitton Speedy: A versatile and stylish bag, the Speedy is a popular choice for everyday use.
Dior Lady Dior: A sophisticated and elegant bag that has been a staple in the fashion world for years.
Prada Re-Edition 2000 Nylon Bag: This retro-inspired bag has experienced a resurgence in popularity, thanks to its functional design and playful aesthetic.

Caring correctly for your handbag can help retain its value and can significantly extend the life of your designer handbag.

To maintain the pristine condition of your designer handbag, regular cleaning is essential. For everyday dirt and grime, gently wipe the surface with a soft, dry cloth.

Proper storage is also essential. Always store your bag in its original dust bag to protect it from dust, moisture, and light. Stuff the bag with acid-free tissue paper or a soft cloth to maintain its shape. Avoid exposing your bag to extreme conditions such as direct sunlight, heat and humidity. To prevent excessive wear and tear, rotate your bags in your collection.

Avoid overloading your bag, as this can strain the handles and stitching. Protect your bag from water damage by avoiding exposure to rain or moisture. If it does get wet, dry it immediately with a soft cloth. Don’t store makeup or pens in your handbag as these can mark the inside. Try to limit exposure to perfumes, lotions, and other chemicals that can damage the materials.

Spotting A Fake Handbag

If you decide to purchase a handbag on the secondary market its important to make sure its genuine. Remember a genuine designer handbag will be made of the very best quality fabrics and finished to a very high standard. They will have to pass a very strict quality control test before even being allowed to be sold, so if you have a bag that doesn’t ooze quality, it’s time to investigate a little further.

Here’s some tips for spotting those pesky fakes.

Construction and fabric

Fake handbags are often poorly constructed which can result in the shape being compromised. This can result in the overall shape being different to the real thing as well as puckering of corners and sections not sitting flat or quite as they should.

The fakers will often focus heavily on the exterior of a handbag and usually skimp on internal features such as lining, therefore it’s good to really assess the inside and check if the fabric lies flat without visible lumps and bumps, it certainly should in a genuine handbag.

Take note of the fabrics pattern and how it flows through the handbag. They should match at seams and through pockets and flaps as if there were no join at all and it was just a continuation of the fabrics design. This is a simple thing that can be quickly assessed and is something the fakers often fail to achieve.

Knowing the defining features of some commonly used fabrics can be a great tool at spotting a fake. The fakers often make silly mistakes when replicating details such as painting on what should be textured or making it larger or smaller than it should be.

Here’s a list of popular fabrics and their defining characteristics.

Louis Vuitton Canvas

The canvas used by Louis Vuitton is very hard wearing and robust and comes in a Monogram or Damier pattern, there are multiple variations of this in different colours and finishes. The material is also very slightly textured and can have a purple undertone.

Louis Vuitton Epi Leather

Epi Leather used by Louis Vuitton is a very hard-wearing and textured fabric with a matt finish which is very popular. Fakers often paint on the textured look or sometimes it’s much more over emphasised than it should be.

Louis Vuitton Vachetta

Louis Vuitton use Vachetta which is a light beige, untreated Italian leather often used on the trim and handles. Due to being untreated it can age and go darker over time a process called Patina. This development of the leather is individual to each bag and no two will age in the same way. An old used LV with its trim or handles in perfect condition could be a sign that bag is fake.

Chanel Lambskin

Lambskin leather is very popular for Chanel and should feel soft to the touch and have a visibly smooth appearance. It is of superior quality and easy to distinguish from the feel and appearance which isn’t often achieved by the counterfeiters. If you are inspecting a lambskin leather bag, ensure it feels extremely soft to the touch.

Chanel Caviar Leather

Caviar leather is made from pebbled calf leather and is popular in Chanel handbags. It has a bubbly appearance and is textured. Its durable and less likely to scratch and mark than lambskin. When you run your hands over genuine caviar leather you should feel raised dimple. This is often over embellished by the fakers.

Exotic skins

Exotic Skins should be purchased with the CITES which is a passport for the skin. There are certain characteristics that differentiate alligator and crocodile from ostrich and python. Faked exotic leathers are often made of embossed leather.

Stitching

Most designer handbags are expertly sewn by machine except for the Hermès Kelly and Birkin that are sewn by hand. In all cases the stitching should be finished to an exceptionally high level inside and out with a high number of stitches used to maintain the shape and quality of a bag. A low number of stitches or stitching that is coming undone could be a sign of a fake.

There should be no signs of glue or loose threads and the presence of these should make you suspicious.

The number of stitches can be very important. The quilted fabric on a Chanel should feature between 8 to 11 stitches per side of each panel. The fakers often use a lower number of stitches to create the same look, so counting these can help spot a fake.

A vintage Chanel with a chain should have one metal link without the leather threaded through. A modern version will feature one link with the leather folded back on itself and stitched through. This is a feature often missed by the fakers so check the chains, its easy and super quick to do.

Serial Number

Serial numbers can tell you a great deal about a handbag and most designers use them except for some vintage models.

It can tell you the age and the location where the bag was made. Use this information to your advantage, If you are buying a pre-owned designer handbag and the seller says they purchased it in Paris in 2008, check that the number corresponds to this information.

Below is a list of where you can find the serial numbers for each designer

Chanel
The serial number can be found inside the main compartment to the bottom left. In the form of a sticker, the code is very securely attached, and these rarely come off.

Louis Vuitton
The code is embossed on a tag or on the inside of a pocket. They can be a little tricky to find. Louis Vuitton do not come with an authenticity card. Some vintage models don’t have a code.

Gucci
The serial code is embossed under the Gucci label inside of the bag.

Hermès
Hermès bags don’t have a serial number but they do have a letter to identify the date they were manufactured. This letter is usually embossed into the leather.

The lack of a serial number in a modern handbag should raise an alarm. When checking serial numbers yourself, check they follow the format listed in the table below.

Louis Vuitton 2007 – 2021
Two letters followed by four numbers. The first two letters represent the factory location. The first and third numbers represent the week of the year, and the second and forth numbers represent the year.

Louis Vuitton 1990 – 2006
Two letters followed by four numbers. The first two letters represent the factory location. The first and third numbers represent the month and the second and forth numbers represent the year.

Louis Vuitton 1980 – 1990
Two letters followed by three or four digits. The letters represent the factory location, and the first two numbers represent the year, and the 3rd number represents the month.

Chanel
1984 – 1986
Serial number has six digits.

Chanel
1986 – 2004
Serial number has seven digits.

Chanel
2005 onwards
Serial number has eight digits

Packaging & Authenticity Cards

Not all authenticity cards are authentic!

A common characteristic seen in a fake Chanel authenticity card is an iridescent or rainbow effect. Chanel do not issue cards with this feature and Louis Vuitton and Hermès do not come with authenticity cards at all.

The packaging is another place where the fakers tend to focus less attention. Packaging should have the same luxurious high-quality finish as the original handbag. Check the logo is central, the handles of a bag should not come wrapped in plastic. Is the dust cover the correct colour? It should be mustard yellow for LV and white or black for Chanel.

The Hardware & Logos

The hardware should be excellent quality and smooth without rough edges. Clasps should work well and be good quality with no sharp edges.

Here are some classic characteristics you should see in real hardware.

Chanel

The brand stamp should be in the correct style of font and quality of the stamp should be good. The fakers use a thinner font.

Chanel

Inspect the CC lock closely it can feature either a raised or flat finish. The right C should overlap the left C at the top and the left C overlap the right C at the bottom. Replica locks generally feature minor mistakes such as the shape of the Cs, the placement of additional metal above the lock, and even the style of the interlocking Cs.

Chanel

The lock stem itself is another feature worth checking. Authentic lock stems are made from 24K gold plate and even when used for a lengthy period will still maintain its condition. Replicas, however, are generally plated with gold which will peel off after use. When the lock is twisted open it should feel springy.

Chanel

The real giveaway is the stamping mark on the back plate of the clasp. If you open the bag and look at the back of the turnstile lock you will see the back plate. Chanel attaches this using flat screws only alongside a clear font with even spacing. Replicas may use different type of screws and various other styles of lettering and font on the back plate.

Louis Vuitton

The quality of the padlock should be excellent with the engraving clear and crisp. One notable detail is the use of the perfectly round O in Vuitton, and the L has a short tail with the top of the T’s almost touching.

Louis Vuitton

Padlocks and Keys are made of brass or plated and are numbered, with the same number on the key. Look out for some numbers are used more commonly than others, such as 448.

Louis Vuitton

The lock and keys are normally numbered. Those beginning with 3 (3XX) were made before 2009 and those beginning with a 4 (4XX) were made after. Be aware that they have begun making padlocks with 3 again now so this should just be a guide. When dating a LV best to rely on the serial number.

Louis Vuitton

The lock should read: Louis Vuitton – Made in France or Paris. A padlock saying Made in Paris is probably fake as ‘made in’ always is followed by a country not a city. It is predominately vintage handbags that say Made in France as more recently they started making bags in different countries, so they dropped this.

This guide should help you if you are thinking about purchasing a new or preowned designer handbag. However, it is also extremely important to have an up-to-date valuation for luxury items. This will ensure that your bag is adequately covered in case of theft, loss, or damage. As designer handbags go up in value over time, a recent valuation helps determine the appropriate level of insurance coverage. It can protect your investment and give you peace of mind knowing your luxury item is adequately insured.

A Tribute to Frank Auerbach (1931–2024)

Posted on November 18, 2024November 27, 2024 by Jonathan Horwich

Frank Auerbach, one of the most important and unique voices in contemporary art, passed away on 11^th November, leaving a profound legacy in the world of painting. His death marks the end of an era, but his work—raw, visceral, and deeply human—will endure for generations to come. Auerbach’s paintings, which often appeared as works of fierce immediacy, were also the products of an unrelenting pursuit of truth and an intimate understanding of his subjects.

Born in 1931 in Berlin, Auerbach’s life and art were shaped by history, by the upheavals of World War II, and by the quiet intensity of urban London. His parents were, jewish and were part of a thriving and integrated community fully assimilated into German society. His father, Max, who had served in the German army, was a lawyer, and his mother, Charlotte, had studied art. In 1939 his parents, concerned by the escalating, violent anti-semitism of Nazi Germany, dispatched Frank then aged 8 to England via the Kinder transport, he never saw them again. Sporadic letters from them conveyed via the Red Cross, ceased in 1943. Only much later did he learn that they had both been taken to Auschwitz early in March 1943 and both has died there that year. Talking about this time in his life on BBC radio’s ‘This Cultural life’ first broadcast on January 27^th this year, he says “I am in total denial, and it has worked very well for me. To be quite honest I came to England, and it truly was a happy time. There’s just never been a point in my life when I wished I had parents.” Indeed, it did all work out well for him. He had the good fortune to find himself with some of the other Jewish Refugees at Bunce Court, a Quaker school in Kent which he loved and where he excelled in Art and Drama. In 1947 he was naturalised as a British Citizen and moved to London. He decided at the age of 16 to become an artist and attended art classes at Borough Polytechnic, now London South Bank University where the famous British painter David Bomberg taught him. Following this he was accepted at St. Martin’s School of Art.

It is tempting, to see Auerbach’s need for routine, his desire to keep the same sitters in the same place year after year, as a reaction to his childhood. Equally he lived within a very tight local orbit, and his subject matter comes almost entirely from his immediate environs of North London and his studio with its unfailingly regular and intensely loyal sitters.

In the early 90’s I had the pleasure of meeting one of these sitters, the art collector and academic Ruth Bromberg (1921-2010). Ruth sat regularly for Frank for two hours every Thursday for almost seventeen years. I asked myself why ? I found the answer in a letter Ruth wrote to Frank in 2008 published by the British Museum. Due to failing health Ruth reluctantly relinquished her duties as sitter, she wrote sadly to Frank as follows.’ I know how important your sitters are to you, and I would not wish to be the cause of disruption in your work schedule…I cherish my hours spent in the studio, my home away from home…Thursday afternoons will never be the same again and I feel the loss.’

Frank’s brushwork, a relentless engagement with the surface of the canvas, was a testament to his tireless search for meaning beneath the layers of the everyday world. His portraits, are at once fiercely abstract and deeply personal, capturing the essence of the individual through the weight of paint and the tension of form.

Auerbach’s paintings are known for their emotional depth and complexity, born of years of painstaking observation and reworking. He would often spend months, even years, refining a single portrait or cityscape, digging deeper each time into the texture and emotion beneath the visible surface. His relentless approach to painting was not only about achieving perfection but about honing a profound connection between artist and subject. Each stroke on the canvas, each layering of thick impasto, spoke to Auerbach’s belief in the struggle to capture truth and memory—never an easy task, but one that demanded everything of him.

His works were never concerned with trends or the fashion of the moment; instead, Auerbach’s paintings radiated an honesty and integrity that transcended time. His commitment to figuration, at a time when abstraction was dominant, and his resistance to simplification, made him a singular figure in British art. He was a master of his craft, but never complacent; always evolving, always questioning. He was a painter’s painter and his opinion really mattered to his fellow artists, particularly to his close friend Lucian Freud, who would not consider a work finished until Frank had seen and approved it.

Throughout his life, Auerbach remained a fiercely private individual, rarely seeking the limelight. Yet, his work spoke loudly, its emotional power reverberating in galleries and collections around the world. His portraits were not just depictions of faces—they were psychological explorations, capturing the depth of the inner life of his subjects. His cityscapes, on the other hand, were a meditation on the persistence of memory, as well as the transformation of place over time.

Auerbach’s influence, though perhaps understated in some circles, was profound. His legacy is not merely in the works themselves but in the way he taught us to see: to engage with the world with intensity, with a fierce awareness of its complexities and contradictions, and to never settle for the surface.

In his passing, the world has lost a giant. But the impact of Frank Auerbach’s work will continue to inspire and challenge us for many years to come. His paintings will live on, continuing to confront us with the same questions he asked of himself throughout his career: ‘What does it mean to capture a moment, a face, a city? How can we, as artists and as people, approach the world with the depth and urgency it deserves?’

Rest in peace, Frank Auerbach. Your vision, your dedication to your art will never be forgotten.

Jonathan Horwich, 14/11/2024

To find out about our art valuation service call us on 01883 722736 or email [email protected]

Inside the Record-Breaking Sale of the Anglesey Necklace

Posted on November 15, 2024November 22, 2024 by Liz Bailey

Sotheby’s Royal & Noble Jewels Sale took place in Geneva on Wednesday 13^th November. This historic sale presented a spectacular selection of historic fine jewellery, with provenance relating to several royal and noble families, including Tsar Ferdinand of Bulgaria and his family, Countess Mona Bismarcak, King Umberto II of Italy, the Ducal House of Bavaria and the Princely Thurn und Taxis family. Featuring 174 lots, this auction featured a stunning selection of tiaras, necklaces, rings, suites, cufflinks, tie pins, cigarette cases, seals, pocket watches and many more jewels with illustrious provenance.

The Anglesey Necklace

Designed as a pair of old cushion-shaped diamond tassels connected by three rows of collet-set old cushion-shaped and circular-cut diamonds, length approximately 670mm, fitted case.

Undoubtedly the most anticipated lot of the sale was the Anglesey Necklace. This highly important and historic jewel is an incredibly rare survivor of the Georgian court, set with a breathtaking 300 carats of diamonds and crafted with hugely innovative techniques for the time. An outstanding jewel to be in private hands, this piece has been known as the Anglesey Necklace, owned by the Paget family for centuries, thence a private collector, and offered for auction as the centrepiece to this historical sale. Estimated at 1,600,000 – 2,200,000 CHF (£1.4 to 1.9 million), this significant Georgian necklace finally sold at 3,550,000 CHF (£3,154,246.00).

Formerly in the collection of the Marquess of Anglesey, the Anglesey Necklace has featured in two important jewellery exhibitions of the 20^th century, first in 1959 as part of The Ageless Diamond Loan exhibition in London, sitting alongside many famous Royal and aristocratic diamond jewels including the Williamson Pink Diamond and the brooch set with the Cullinan III and IV diamonds belonging to Queen Elizabeth II. Twenty years later in 1979, the necklace featured in the American Museum of Natural History’s Bicentennial Exhibition.

A Marie Antoinette Connection? The lore of the Anglesey Necklace

The lore surrounding this jewel carried a huge significance and of course an impact on the subsequent value. Although there is no formal or documented evidence of a connection between the Anglesey necklace and the jewel that sparked the French Revolution, there are of course compelling factors that could plausibly link the two.

The sheer grandeur and scale of this piece narrows down the few noble ladies who could have owned this jewel. Set with nearly 300 carats of rare, Golconda diamonds (the South African mines were not discovered until 1867) and encased within unconventional, innovative and cutting-edge open back settings to allow the full radiance of these valuable stones.

There are no documents detailing this piece in the collection of the Paget family until the later part of the 19^th century. From its creation in the late 18th century, this is a monumental jewel to not be featured in inventories and documents of the time. As Sotheby’s point out,

“it is unclear exactly how the Paget family came in possession of this diamond jewel, a link to the first Marquess seems plausible given its date.”

In 1785, a diamond necklace created for Marie Antoinette was stolen in Paris. Records show that six months later, a London jeweller William Gray purchased 300 diamonds from the Marie Antoinette necklace totalling 600 stones. Stylistically, the tassels on the Anglesey necklace and the sketches of Marie Antoinettes necklaces do appear incredibly similar, which adds to this compelling tale.

More recently, in American-born British conservative politician and society figure, Sir Henry “Chips” Channon’s diary published in 2022, there is reference to this seeming connection. He mentions a part of Queen Marie Antoinette’s infamous necklace,

“at least two ropes of it, the rest, according to history, was broken up before the French Revolution but I believe the Anglesey tassels, which Marjorie sometimes wears, are a part of it.”

Sir Cecil Beaton photographed the Anglesey Necklace, as it was then known, being worn as a négligé by the glamorous and sophisticated Marjorie Paget, Marchioness of Anglesey, during George VI’s coronation 1937. The necklace was also worn at Elizabeth II’s coronation in 1953.

Irrespective of the alleged connection to the French Revolution, the Anglesey Necklace is a rare survivor of an incredibly opulent Georgian Court. Designed to be worn in many ways, knotted at the neck, worn as a négligé, draped over the back, or even as a belt, this superb diamond necklace is without a doubt “one of the most outstanding Georgian jewels” (Andres White Correal – Head of Royal and Noble Jewels, Chairman, Sotheby’s Jewellery), and a historic result at auction for jewellery of the period.

To find out more about our jewellery valuation service by calling us on 01883 722736 or emailing [email protected]

Slow and Steady? The Enduring Appeal of Cartier’s Tortue Wristwatch

Posted on November 13, 2024November 22, 2024 by Liz Bailey

French for ‘Turtle,’ the Cartier Tortue gets its name from its distinctive tortoise shell shaped case. The Tortue was Cartier’s third ever watch case design, predating even the ever-popular Tank. Louis Cartier had just introduced the Santos-Dumont in 1904 and the Tonneau in 1906 when he designed the Tortue in 1912.

Cartier’s First Ever Chronograph

The Tortue started out as a time-only watch but in 1928, both a minute repeater and a single-button chronograph were introduced. The Tortue Monopusher was in fact Cartier’s first ever chronograph timepiece. These early pieces are incredibly rare, and less than fifteen pieces have ever surfaced on the open market. In 2002, Antiquorum sold a 1929 Cartier Tortue ref. 20797 – a rare example of a minute repeating watch and at the time thought to have been the only minute repeater made by Cartier during the Art Deco period. This piece set auction records, and achieved a hammer of CHF 993,500, or £877,871.50. Two years later in 2004, Antiquorum unearthed and sold a 1928 example of a Tortue Minute Repeater ref. 20797 and this piece achieved $640,500.

Throughout the 20th century, Cartier have produced many variations of the Tortue, in steel, yellow gold and platinum. Popularised as a ladies watch and gaining celebrity fans such as Cate Blanchett and Patti Smith, these watches have been available to purchase on the secondary market, performing steadily on an upwards trajectory.

For example, the Cartier Tortue reference 2496C which was produced from 1998-2008 is a time-only, 34mm, 18ct yellow gold watch with silvered dial and classic Cartier dial with Roman numeral markers, chapter ring and blued steel Breguet style hands. According to Chrono 24, the average value of this watch took a typical post-covid dip from those dizzy heights in watch collecting, however has been steadily increasing over the last 18 months, with the average sale figure on the secondary market now sitting at £12,500 (rising from a modest £5,000 pre-covid).

Re-imagined and launched at this year’s Watches & Wonders, the 2024 Privé Tortue is the eighth instalment in Cartier’s latest Privé collection. Celebrating 112 years since the inception of the original Cartier Tortue, the maison introduced a collection of time-only and more excitingly chronograph Privé Tortue models, each limited to 200 numbered pieces – except for a diamond and platinum monopusher (or monopoussoir in French) watch limited to 50 pieces.

Model	Production Quantity	Price at Watches & Wonders 2024 (Source: Hodinkee)
Platinum Privé Tortue Monopoussir Watch	200	€53,000
Yellow Gold Privé Tortue Monopoussir Watch	200	€46,000
Platinum Privé Tortue Watch	200	€31,100
Yellow Gold Privé Tortue Watch	200	€27,900
Platinum Diamond Privé Tortue Watch	50	€67,735 (£56,500, Source: Cartier)

With production numbers limited and many models already sold out – at the time of writing only the platinum diamond Privé Tortue and the platinum Privé Tortue were still available to purchase new from Cartier – it will be interesting to see the rise in value for these timepieces, particularly the Monopoussir references with their sleek classic design, impressively ‘simple’ one button chronograph complication and distinctive red ruby cabochon crown.

In what remains an ever-changing market, current and up-to-date and specialist watch valuations are incredibly important to ensure that your collection is adequately covered. For an insurance valuation of your collection from our specialist, nationwide team, contact our team via [email protected] or visit our website www.doerrvaluations.co.uk.

A fine art: dealing with art and chattels on divorce

Posted on November 11, 2024November 11, 2024 by Rachel Doerr

It is often claimed that London is the ‘divorce capital’ of the world. The city also plays an important role in the global art market, being home to world-famous auction houses and galleries.

It is not surprising therefore that the division of art collections increasingly crops up within the context of divorce proceedings. Over the last 10 years, diverse investment portfolios are more likely to include tangible assets such as art, wines, watches and jewellery. The valuation of such items can be difficult however and the division between a couple in the event of their divorce can be contentious.

Valuation

Valuation is a central issue in most divorce cases. The family courts need to calculate the assets in the case and categorise them as ‘matrimonial’ or ‘nonmatrimonial’. Only once the valuation exercise is complete can the parties (and the judge) turn their minds to considering the division of the matrimonial assets between the couple (and if necessary invading the ‘non-matrimonial’ property) to effect a fair financial outcome.

The court can sanction the instruction of an expert within matrimonial proceedings under Part 25 of the Family Procedure Rules. The benefits of expert valuations are that they can:

Provide a clear understanding of value and can prevent heartache, arguments and expensive legal wrangling.
Support compliance with the financial disclosure required by Form E and each party’s duty to give full and frank disclosure of their worldwide assets.
Help to minimize conflict, so all parties are using the same figures when entering into negotiations.
Help both parties find a fair and informed division of the assets once values are understood.

The expert owes a duty to the court to help on matters within their expertise. This duty supersedes their obligations to the paying party so their report can be truly independent and reliable.

The letter of instruction to an expert is a vital document. It needs to clearly set out the relevant background and to ask the right questions. Key considerations for instructing an art expert include:

Individual pieces vs a collection

Valuing a single piece of art may be easy. But what of a collection? The expert needs to know if they are valuing the collection as a whole or the individual pieces. A well curated collection may be worth more than the sum of its parts, and this value needs to be accurately recorded. In the case of a large collection being sold, the total price achieved can often far exceed presale price expectations. Factors in this are varied but with art, the price achieved is linked to the quality, breadth and date of the works in the collection and also the profile of the owner in the art world. A good example is the recent sale in New York of the Macklowe collection of contemporary art. The sale came about as a result of a very high profile, acrimonious and long running divorce battle in the courts between Harry and Linda Macklowe. The disagreement reached a stalemate, which was ended by a judge declaring that the art must be valued and then sold by public auction. The works were spread over two major auctions in New York in November 2021 and May 2022. Every single lot sold and the total of $922 million became the highest total ever achieved for a private collection at auction.

Purpose of Valuation

The purpose of the valuation can also impact the value. A valuation which assumes a fire sale may differ markedly from a considered sale over time. This may differ again from a value for tax purposes, insurance or probate. For the purpose of valuation for matrimonial proceedings, the value level required is referred to by the courts as ‘fair market value’ and is defined as:

‘the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts’. ‘the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts’.

The Court’s Approach

The court starts with an assumption that assets generated during the marriage, which are considered ‘matrimonial’, should be shared equally. These sharing claims are cross checked against the parties’ financial needs, which are assessed in the context of the couple’s standard of living during their relationship and all the available resources. If required to meet their respective income and housing needs (and those of any children), one spouse may be awarded more than 50% of the ‘matrimonial’ assets, or potentially even a share of the other spouse’s ‘non-matrimonial’ assets.

The categorisation of assets as ‘matrimonial’ or ‘non-matrimonial’ is not straightforward. An artwork purchased during the marriage by the couple together using their joint funds is almost certainly ‘matrimonial’ whereas an inherited piece kept in storage paid for by one party from their own funds is most likely ‘non-matrimonial’. But the court will also have to grapple with the less clear scenarios – perhaps a piece purchased by one party with their sole funds during the marriage, or an inherited work declared to have been gifted from one spouse to the other.

The division of chattels, particularly artworks, between the couple on divorce can be particularly challenging. One spouse may connect with a certain piece, regardless of when it was purchased and by whom. It is not necessarily the case that the art purchased during the marriage will be physically shared item by item, to be displayed in either party’s home, but it is essential to capture its value in the calculation of the marital pot. The parties can agree whatever terms they feel achieve fairness, failing which the court has a wide discretion to divide the assets (or order their sale) to achieve overall fairness in the circumstances of the case. For items of particular sentimental value, it is common for parties to want to impose a condition that the receiving party leave by will to their children. The court does not have the power to order this as English law allows for testamentary freedom but, if the parties can agree, their settlement can provide, for example, that one party enter into an irrevocable deed to leave certain items to the parties’ children upon their death.

Protecting Artwork on Divorce

Ultimately, to protect any asset from sharing in the event of a divorce, it is prudent to enter into a pre/post-nuptial agreement setting out how their assets should be divided in the event of a divorce. Nuptial agreements are becoming increasingly popular with couples who wish to agree the division of their assets and avoid a potentially contentious divorce in the event of marital breakdown. Spouses should also ensure that the purchase and ownership of the art is clearly documented and consider where it should be stored or displayed. Disputes about gifts are also common in divorce cases – one spouse may argue that a piece was gifted to them individually, whilst the other claims that it was gifted to them both. Care should be taken to ensure that gifts are evidenced and insurance policies are in the right name. Open and honest communication, whether in negotiations surrounding a nuptial agreement or otherwise, can help to avoid disputes on separation. Early professional advice is crucial in identifying and valuing artwork to achieve an overall fair settlement in divorce proceedings.

Frederick Tatham, Partner, Farrer & Co

Elizabeth Biggs, Associate, Farrer & Co

Rachel Doerr, Founder & Managing Director, Doerr Dallas Valuations

Visit the Farrer & Co website here: www.farrer.co.uk

Visit the Doerr Dallas Valuations website here: www.doerrvaluations.co.uk

A Glimpse into Asian Art in London: Highlights from a Vibrant 2024 Edition

Posted on November 7, 2024November 11, 2024 by Ashley Crawford

Over the past few days, I have enjoyed attending Asian Art in London (AAL), which is always a focal point of the year. Whether you are an arts professional, a seasoned collector, or a complete newcomer to the world of Asian art, AAL offers a multitude of valuable experiences for everyone.

As an Asian art valuer, I always make sure to attend as many Asian art fairs as possible to assess current market trends, widen my knowledge of objects outside of my specialties, meet new colleagues, and, of course, enjoy some world-class Asian art! This year, I attended Asia Week in New York, Printemps Asiatique in Paris, and AAL, which is currently running through 8 November. Over a 10-day period, AAL celebrates galleries from all over the world, local Asian art auctions, and, for the first time ever, a full-day symposium on various Asian art topics at SOAS, University of London. While all of the Asian art fairs I’ve attended have been very successful, Asian Art in London is unique because it is the oldest, currently celebrating its 27^th year. This is the third year I’ve attended, and thus far, 2024 has been my favorite. Here are three highlights from my experience this year:

The Asian Art in London Gala

The annual gala was held at the V&A this year, where guests networked, learned about the winners of each of Asian Art in London’s prize categories, and were able to view the Asian galleries outside of the hustle and bustle of opening hours. I enjoyed attending a curator-led tour of the Japan collections, particularly the kimonos on display. One of my favorite kimonos was a bright and bold contemporary work by Ueoka Taro, which was a striking juxtaposition placed next to the traditional kimonos.

Ming Gu Gallery’s Lecture with Artist Li Chevalier

This year, Sotheby’s is hosting several gallery participants from AAL. Ming Gu Gallery, a contemporary gallery specializing in East Asian art, very kindly invited me to attend a lecture with Li Chevalier, the artist of the gallery’s solo exhibition Unveiled Silence. As an antiques specialist, I greatly benefitted from learning more about contemporary Asian art trends and techniques. Chevalier has led a fascinating and international life, reflected in her mixture of Chinese and Italian art techniques. Her career began in music, rather than art, at the age of 15, when she joined the Chinese army as an opera singer. She has since lived in Italy and France and often works in the UK. Today, her work remains heavily influenced by music, poetry, and a multicultural identity. This is demonstrated in her painting In der Fremde (In a Foreign Land), named after Robert Schumann’s Lied. [1]

The SOAS Symposium

As a SOAS alumna of both the Postgraduate Diploma in Asian Art and the MA in History of Art, I was excited to attend SOAS’ first ever symposium for AAL, Asian Art: Objects in Focus. I attended to learn more about the specialist topics offered, but also as a Travel Hands volunteer guide for a deafblind participant, as I frequently provide museum tours for this organization. SOAS has a very engaged alumni community, so it was wonderful to see so many familiar faces. Two major recurring themes across the lectures were provenance and dating, topics that are always at the forefront of an Asian antiques valuer’s mind!

My favorite lecture was Dr Johnson’s Chinese Teapot: Tracing the History of a Celebrity Object by Professor Stacey Pierson. This keynote presentation explored the fascinating and complex provenance of a teapot at the British Museum that had been incorrectly labeled as having been owned by Dr Samuel Johnson, the British lexicographer. Professor Pierson raised important questions about the implications of naming an object after a famous person or place, a term called “provenance branding”. She cited other examples such as the Hope Diamond and the Benin Bronzes. In the case of the Dr Johnson teapot, the issue extended far beyond a single object, as many stylistically similar teapots were also misattributed. Going a step further, auction lots of similar teapots (such as here and here) that had no contact with Dr Johnson at all often still include reference to this celebrity somewhere in the listing.

As valuers, we employ the same provenance research skills when assessing objects. The correct provenance is crucial when determining values, and, as Professor Pierson’s lecture demonstrated, it’s important not to automatically assume that the provided provenance is accurate! I learned so much from the various case studies at the SOAS symposium and was very grateful for the invitation from the SOAS-Alphawood Diploma in Asian Art. I hope the symposium will become an AAL tradition in future years!

Asian Art in London runs through Friday, 8 November. You can learn more about the events offered here.

You can learn more about Ming Gu Gallery’s current exhibition Unveiled Silence here.

You can learn more about the SOAS-Alphawood Postgraduate Diploma in Asian Art here.

You can read Professor Pierson’s article about the Dr Johnson teapot here.

[1] Some examples of her previous similar paintings are here and here.

To arrange a valuation of your Asian Art call us on 01883 722736 or email [email protected]