Category Archives: News

Crown Jewels of The United Kingdom – Early Jewels

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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.

Salt – The Condiment Worth More Than Gold!

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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

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

 

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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!

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An early Rickenbacker Frying Pan

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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

Art Lending: The Beginner’s Guide

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

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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.

 

 

 

My Highlights from the Sotheby’s Old Master Sale in April 2021

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Sotheby’s Old Master Sale, which ended on April 28th, produced a total of just over £2m which is a fair reflection on the dullness of the things on offer. There were the usual unwanted portraits, swooning saints and boers carousing.

However, the picture that stood out for me, and to be fair, to Sotheby’s, as it was picked as one of their 5 highlights of the sale, was an atmospheric view of Santa Maria della Salute seen from the lagoon by David Roberts, R.A..

I have always loved oil sketches done on the spot and this one is painted in very thin oil paint, more like a watercolour technique on paper laid down on panel. When an artist is trying to catch the play of light across a landscape, or in this case, the sea, it necessitates working at speed and the beauty of this is that the artist does not have time to conform to the conventions of his day. Roberts was the son of a shoemaker from near Edinburgh and such was his facility for drawing architecture that he was known as the Scottish Canaletto.

You would never guess this David Roberts was painted in the 1850s. It is timeless, which is why, despite being only 12 ½ x 21 ins, it made over £32,000. Quite rightly!


David Roberts, R.A. (1796-1864)
Venice, a view of the Basilica of Santa Maria della Salute
Oil on paper21 x 121/2 ins

Below is a plein-air (outdoor) oil sketch by Jean Honoré Fragonard done in the 1760s, which looks like a 20th Century work of art.


Jean Honoré Fragonard (1732-1806)
Mountain Landscape at Sunset, c. 1765
Oil on paper
Approx. 8 ½ x 13 ins

 

Silver – What’s Hot and What’s Not?

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Silver is a commodity which is in an interesting place. Last year the price rose hugely, in line with gold, and as a result of global economic concerns. Typically, when there is economic uncertainty the price of precious metals rises because they are a safe haven. The silver price has now declined again, also in line with gold, but many people believe that the price of silver is being suppressed (conspiracy theorists have a field day with the control banks and governments may have over this) and that it may rise dramatically in the medium to long term. To this end there are people collecting/hoarding silver against this possibility. Sometimes these people will buy from dealers who have picked up uncommercial items and are happy to sell them on at slightly above scrap price.

Image of Georgian silver tea service

A Georgian silver tea service – not much called for in entertaining today

Silver is also interesting because whilst gold is, by and large, used for decorative purposes silver is used a lot in industry, particularly in medical equipment, electronics, the nuclear industry and many other areas so the price is indexed against these uses too. For example, the price of platinum is greatly reduced now because it is no longer in demand for catalytic converters in diesel cars.

Image of a silver claret jug

A silver claret jug – still a beautiful addition to the sideboard

So, this brings us on to what is and isn’t saleable in the silver market.

Image of a novelty silver mustard pot in the form of an owl

A novelty silver mustard pot in the form of an owl – very much a collector’s item today

The most apposite question to ask would be “Is it useful, is it rare or is it beautiful?” If it ticks one or more of these boxes the market is extremely strong. If not, then silver may be worth little over scrap. To give some examples, in the 20th century wedding presents were often silver gifts, cruets sets, tea sets, fish eaters and servers. As we no longer used ground white pepper, or tend to make tea in a silver tea pot or even eat our fish with fish eaters, the prolific examples of these relatively ordinary things are not in great demand. However, there is a huge appetite for unusual items, novelty items, maybe a mustard pot in the shape of an owl or a mouse? Tableware is always popular; candlesticks, claret jugs, wine coasters and some flatware are greatly in demand.

image of a silver cup made by Omar Ramsden

A silver cup made by Omar Ramsden – still much sought after today

Finally, the rare. Dealers and collectors will battle over rare silver, pieces by sought after makers across the ages, for example Paul Storr, Paul de Lamerie, Hester Bateman and the Bateman family, Liberty, Omar Ramsden, to name but a few. These are a handful of the makers across the years whose work is highly sought after. Bateman pieces can be acquired relatively inexpensively, whereas pieces by de Lamerie would command seriously high prices. All would be in demand. As is silver with unusual hallmarks, for example provincial silver and also early silver.

 

Sir Winston Churchill (1874-1965) – Painting as a Pastime

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It’s 1915 and the First World War is raging. Winston Churchill, now aged forty, was in the thick of the fighting, leading his men at Ypres. It was while resting behind enemy lines at Ploegsteert, nicknamed ‘Plug Street’ by the Tommies, that he first picked up a brush to paint for the first time. His reasons for doing so are most eloquently expressed by Churchill himself in the introduction to his book ‘Painting as a Pastime’ first published in 1947.

Image of painting by Winston Churchill, Plug Street, 1915

Plug Street, 1915. Oil on canvas. 51 x 60 cm
Painted during WW1 while Churchill was resting with his men behind the battle lines at Ploegsteert near the front at Ypres.
In the National Trust collection at Churchill’s home , Chartwell, Kent

“Happy are the painters, for they shall not be lonely. Light and colour, peace and hope, will keep them company to the end, or almost to the end, of the day. To have reached the age of forty without ever handling a brush or fiddling with a pencil, to have regarded with mature eye the painting of pictures of any kind as a mystery, to have stood agape before the chalk of the pavement artist, and then suddenly to find oneself plunged in the middle of a new and intense form of interest and action with paints and palettes and canvases, and not to be discouraged by results, is an astonishing and enriching experience. I hope it may be shared by others. I should be glad if these lines induced others to try the experiment which I have tried, and if some at least were to find themselves dowered with an absorbing new amusement delightful to themselves, and at any rate not violently harmful to man or beast.”

The Loup River, Alpes Maritimes 1936 by Sir Winston Churchill 1874-1965

THE LOUP RIVER, ALPES MARITIMES, 1930. Oil on canvas. 20 1/8×24 (51·5×61). Presented by the artist 1955. Exh: R.A., 1947 (174); R.A. Diploma Gallery, March–August 1959.
The picture was painted in 1930, and the site lies about five hundred yards from where the main Cagnes to Grasse road crosses the river.
It was one of the two pictures Churchill exhibited at the R.A. in 1947 and were submitted to the Selection Committee under the name ‘David Winter’.

Churchill soon found that watercolours were not his ideal medium, and instead switched to the more robust medium of oil paint – as ‘you can more easily paint over your mistakes’. Early encouragement came from an amateur prize he won for “Winter Sunshine, Chartwell,” a bright reflection of his Kentish home. Also, under the pseudonym Charles Morin, he sent five paintings to be exhibited at the Paris Salon in the 1920s, where four were sold for £30 each. However, making money was not the incentive, then or ever. It was simply the sheer delight of painting that accounted for Churchill’s devotion.

Image of painting by Winston Churchill, Tower of the Koutoubia Mosque.

Tower of the Koutoubia Mosque. Signed with initials ‘W.S.C.’ (lower right). Oil on canvas. 45.7 x 61 cm.
The world auction record holder for Churchill sold on behalf Angelina Joli for £8,285,000 in January 2021 the only painting Churchill completed during WW2 and gifted to President Roosevelt, probably the most historically Important picture by Churchill.

He readily received tuition and guidance from some of the leading artists of the day such as Sir John Lavery, Sir William Nicholson and Walter Richard Sickert. This led, in 1947, to the then president of the Royal Academy, Sir Alfred Munnings, suggesting Churchill submit two works to the annual Summer Exhibition. Churchill was eventually persuaded, on the proviso that they be submitted under the pseudonym of David Winter. Both pictures were accepted, with one being acquired later for the National Collection by the Tate. A few years later during the first post-war Royal Academy Dinner in 1949, Churchill was made an Honorary Academician (Hon, R.A), the first and so far, only person to be awarded this honour.

Image of painting by Winston Churchill, JUG WITH BOTTLES

JUG WITH BOTTLES, signed W.S.C. (lower right). Oil on canvas board. Unframed: 51 by 35.5cm.; 20 by 14in.
Painted at Chartwell sold in Nov 2020 for £983,000

Churchill had a true craftsman’s dedication to his art and readily accepted the advice to visit Avignon and later the Cote d’Azur where he discovered artists who worshipped at the throne of Cezanne. He also acknowledged the inspiration he derived from his many visits to Marrakech, Morocco.

Image of painting by Winston Churchill, MIMIZAN

MIMIZAN, signed with initials. Oil on canvas, 56.5 by 36cm.; 22¼ by 14in. Executed circa the 1920s
Image of painting by Winston Churchill. Sold June 20128 for £430,000
Gifted by the Artist to Field Marshal Viscount Montgomery of Alamein in 1950

Churchill sought and found tranquillity in his art. His much-quoted words, summing up his expectations of celestial bliss; “When I get to heaven, I mean to spend a considerable portion of my first million years in painting, and so get to the bottom of the subject…”

Image of painting by Winston Churchill, THE SCUOLA DI SAN MARCO VENICE

THE SCUOLA DI SAN MARCO VENICE, signed with initials. Oil on canvas, 50.5 by 61cm.; 20 by 24in. Executed in 1951.
Churchill loved Venice, he spent his honeymoon there in 1908, this picture was painted on a family holiday at the Lido in 1951.
Sold Nov 2015 for £500,000

By far the best and most enjoyable way to get to know the man and his art is to visit his beloved Chartwell in Kent. Now owned and run by the National Trust, Churchill’s paintings and artefacts are all around the house, but for me the revelation is the Garden studio which is full of Churchill’s paintings, hung corner to corner almost, with his paints, brushes and easel all set out as if he were returning shortly… not to be missed!

Image of painting by Winston Churchill, View of Blenheim Palace through the branches of a cedar

View of Blenheim Palace through the branches of a cedar. Oil on canvas. 61 x 51 cm
A view of Churchill’s childhood home painted in 1920 and gifted to Churchill’s daughter Mary Soames, and sold from her estate collection sale in December 2014
for £566,000

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Hallmarks

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Jenny Knott, Silver and Jewellery Specialist

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Hallmarking is one of the oldest forms of consumer protection. It dates back to 1300 when Edward 1st instituted a statute for the assaying or testing of precious metals. The purpose of this was to make sure that silver in production for domestic use would have the same fineness as that of coin silver. The standard of silver was therefore set as the same as that of coinage. This is ‘sterling’ silver and denotes silver in which pure silver makes up at least 92.5% of the content, the rest being alloy. This alloy is necessary to make pure silver, which is soft and malleable, into silver that is more user friendly, but still attractive and workable.

The hallmark for Paul Storr. London 1810

The hallmark for Paul Storr. London 1810

There is a theory that the term ’sterling’ comes from the word Easterlings – who were people experienced in coin making, from the Eastern German states brought to England in the reign of Henry II to improve the quality of the coinage.
The original statute allowed wardens from the Company of Goldsmiths in London to circulate around the workshops in the city and test the silver and gold. At that time, silver was assayed and marked with the lion’s head, which is still the symbol of the London assay office today. The term for a lion at the time was ‘leopart’ and so it became known as a leopard’s head, though as you can see from the images it is a lion.
Gradually gold too came to be assayed and bore the same leopard’s head mark. In 1363, the maker’s mark started to be added. Originally this was a pictorial mark, as literacy was negligible in much of the population. Over time this changed, and the maker’s or sponsor’s initials became more common. Silver plate, however, bore pictorial marks for many centuries and sometimes still does.
A century later the date letter was added. This came about when the Goldsmiths acquired their own hall and employed an assayer to test and mark pieces that were submitted for testing. The date letter enabled people to know who the assayer at the time had been, and therefore who could be held to account for standards.

Below Victorian hallmark for London 1860

Below Victorian hallmark for London 1860. Maker’s Edward and John Barnard

This gives us three of four marks which we are accustomed to seeing on silver and gold. The final mark is the town of the city. In theory, the Goldsmith’s Hall in London had jurisdiction over the whole of the country, but in practice, it was difficult for provincial makers to bring items to London to be assayed. It is also likely that the London makers took little interest in their provincial colleagues dismissing them as inferior. However, there is plenty of evidence that gold and silver work of high quality was being produced all over the country and there was a demand to have this recognised. In 1423 Henry VI appointed York, Newcastle, Lincoln, Norwich, Bristol, Salisbury and Coventry as having their own borough mark or ‘touch’; albeit that the London Goldsmiths still claimed the right of control over all silver and gold. These days early provincial marks are highly sought after as these assay offices have long since closed. It’s worth noting that although certain cities have a reputation for particular items, for example Sheffield cutlery, Birmingham small wares, London marks are still associated with the largest and most prestigious commissions.
These days only four assay offices remain in Great Britain – London, Birmingham, Sheffield and Edinburgh.

Hallmark above for Birmingham 1927

Hallmark above for Birmingham 1927. The maker’s mark is Elkington and Co.

Birmingham’s town mark is an anchor, which seems odd given Birmingham’s lack of proximity to the sea. Silversmith, plate maker (and, incidentally, partner of James Watt the engineer) Matthew Bolton set up camp in London to campaign for an assay office in Birmingham so that his burgeoning business could assay their goods locally. The silversmiths of Sheffield adopted a similar campaign. Whilst this lobbying continued, they stayed at the Crown and Anchor Inn and according to tradition, when they were successful in their submissions, they decided to use the symbols of the inn in which they had lodged as their city marks. They tossed a coin and Birmingham and got the anchor and Sheffield the Crown.

The £50 note with Matthew Boulton and James Watt.

The £50 note with Matthew Boulton and James Watt

In 1975 Sheffield changed its mark to a rose and in the same year, the assay offices brought their date letters, which had been individually attributed to each office, into alignment. Now all assay offices have the same year letter. Originally the date letters were changed on the day that the Goldsmith’s guild wardens were elected, which was St Dunstan’s day – May 19th. The Hallmarking Act of 1973 bought the remaining four British offices London, Birmingham, Sheffield, and Edinburgh into line with each other the date letter now changing on January 1st each year.
So next time you glance at the back of your fork and see those four little marks winking at you, you will know the centuries of history that caused them to look as they do.

Back to Life, Back to Reality

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Back to Life, Back to Reality… Time to Review Home Security and Update Insurance Valuations?

Cobwebs.

Not something I thought I would ever write about, but this week I went to my summer house and caught a glimpse of the fantastic, top of the range Peloton exercise bike that I thought would be a great investment during the first lockdown. My justification was completely sound; “who knows how long this will last, if we can’t go outside then how am I going to get any exercise?” and so it arrived and it was coveted, admired and used extensively for the entire first three weeks of lockdown!
image of peloton bike
However, and possibly along with the rest of the country I then realised that I was maybe not going to see anyone for a while…was it going to be three months, a year? If this was the case, then why was I worried about my appearance! It was around this time it was also considered universally acceptable to maybe have a glass of wine around 3pm…. So, the lovely Peloton bike was now a rather expensive ugly ornament.
images of a home office
Many people during lockdown have made home improvements, refurbished rooms, purchased new items or even gone so far as to build the office or gym in the garden! Online shopping positively boomed during lockdown.

• In 2020 Global sales of art and antiques reached an estimated $50.1billion, and although the figure is down 22% on 2019, it is still above the 2009 recession low, when sales fell by 36% to $39.5 billion.
• Online Sales proved the big winner in 2020 as, despite overall sales dropping, online sales reached a record high of $12.4 billion, doubling in value from 2019 and increasing from 9% of total sales by value in 2019 to 25% in 2020 – the first time e-commerce sales exceeded that of general retail
• 90% of HNW collectors visited an Art Fair or Gallery Online Viewing Room in 2020

As for us, we were on first name terms with our local DPD driver who was bringing items from John Lewis pretty much on a daily basis, and whilst I had never even looked at a KitchenAid mixer before, I now knew it was my destiny to own one and it would somehow make this lockdown better. The similar fuzzy logic that was applied to the purchase of the Peloton bike.
image of kitchenaid mixer
So fast forward to today…
We are all gradually getting back to some form of normality, and as we all leave the house for longer periods of time and some of us return to our workplaces, we should not neglect home security. We need to remember to be vigilant and always think about ‘what the window cleaner can see!’
image of burglar entering a window
In some areas, burglary was reduced by up to 60% during the first lockdown (Source BBC) and whilst we could only hope that those figures will remain, the unfortunate fact remains that with increasing unemployment, they probably won’t.

• Lockdown and Covid means that Valuations are more than ever needed
• Overall sales figures might be down, but prices are not
• Valuations are still vital if a client wishes to be fully covered

So are the figures that you or your client have for home contents accurate, or do they need an up-to-date valuation? Is it time to review assets? To ensure home contents and valuables are correctly valued, so that you are protected and fully covered in the event of a claim?

We think so…