Affordable Modern Masters

View the webinar

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

 

Download the article here

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

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

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

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

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

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

 

 

 

‘Guitars – Rock ‘n’ Roll Never Dies!

An early Rickenbacker Frying Pan

Download this article

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

 

 

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

Download the article here

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

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

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

What is art lending?

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

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

Why use art lending? 

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

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

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

What kinds of art can be used for loans?

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

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

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

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

How does it work? 

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

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

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

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

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

Coin case studies

Damien Hirst artworks

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

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

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

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

Charles Rennie Mackintosh furniture 

Willow Chair by Charles Rennie Mackintosh.

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

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

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

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

Apply for an art loan

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

 

 

 

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

 

 

Download the article here

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?

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

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

RELATED ARTICLES

Sir Winston Churchill

African, Modern and Contemporary Art

Artists to Watch in 2021

Modern British Sculpture Sleeper

Bridget Riley

Laura Knight

Mary Fedden

George Condo

David Hockney

MORE ARTICLES

Modern and Contemporary Art and Sculpture

Old Master Paintings

Jewellery

Watches

Books and Manuscripts and Written Material

Objects of Virtue

Clothing and Accessories

Insurance Articles

Furniture

Arms and Militaria

Wine and Whisky

Miscellaneous Articles

Hallmarks

Jenny Knott, Silver and Jewellery Specialist

Download this article

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

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…

Art Deco Cartier Jewellery

The Early Days of Cartier

In 1847 Louis-Francois Cartier takes over a studio in Paris, joined by his son Alfred, and later by his three grandsons, Louis, Pierre and Jacques. Within a decade their reputation precedes them and they provide jewellery to the Empress and Napoleon’s extended family.

The years 1910-1940 are considered by many experts to be the golden era for Cartier. It employed the finest designers and craftsmen, but not necessarily jewellery designers. They preferred to hire designers from all backgrounds: furniture designers and architects to get a fresh pair of eyes on jewellery design.

During the early 20th century, peace rules and the Exposition Universelle of April 1900 attracts over 50 million guests in 7 months. The Ritz opened its doors in 1898. It is overall a prosperous time during which Cartier move into their new quarters in the luxurious rue de la Paix, in Paris. From then, everything takes off. They have international purchasers, organise exhibitions abroad such as in St Petersburg to showcase exceptional pieces inspired by Easter and Christmas. When they officially open their new atelier (“shop”) rue de la Paix, they combine it with launching a new technique of jewellery making: setting stones and jewels into platinum all the while keeping the traditional style.

It was the beginning of a revolution yet to come in jewellery design and making.

The Beginnings of the Art Deco Movement

It’s generally agreed that the 1925 Exposition Internationale des Arts Décoratifs et Industriels Modernes in Paris was the official launch of the Art Deco movement, though the style can be traced back at least a decade before.

The Great War is the catalyst for the movement to emerge. Women, having done men’s jobs during the war, come out of the shadow and step away from the delicate and fragile attire of the Belle Epoque era with bows, ribbons, swags, flowers, items mounted en-tremblant. From now on, angular stones, baguette and calibré-cut diamonds are favoured along with short hair “à la garçonne” (“like a boy”) and suits, giving women a masculine but sexy look.
Cartier Tank watch
Cartier Tank Original 1919

Art Deco was Synonymous with Freedom and Order

Launched in 1917, created by Louis Cartier and inspired by chaos, comes the Tank Original. This first wristwatch is rectangular, has a creamy-white dial which offsets the bold Roman numerals, chemin de fer chapter ring, with blue steel sword-shaped hands and a sapphire cabochon winder. The prototype was presented to General John Pershing of the American Expeditionary Force by Cartier himself and has become a symbol of chic and luxury.

It is a clear step away from the curves and fussiness of Art Nouveau with clear lines and no frills.

Louis Cartier, supposedly, was inspired by Renault F-17 tanks as seen from above: the brancards representing the tracks of the tank and the square case its main housing.
The wristwatch is a real symbol of freedom. No longer attached to your attire, there is freedom of movement in the wrist. It resonates the desire for structure in the midst of chaos, it celebrates technology and new machinery.

Art Deco Jewellery Echoes New Clothes and Hair Fashion

In jewellery, the Edwardian and Belle Epoque style are no longer accepted. Heavy tiaras are replaced with head pieces called bandeau.
Cartier bandeau
Bandeau Cartier
Queen mother wearing a Cartier bandeau made up of three of the five bracelets which her husband, King George VI bought for her.
Cartier diamond bandeau Christie's
A diamond bandeau by Cartier sold by Christie’s in November 2019 for almost £900,000.

Some more “modest” bandeau would have been set with tarlatan and beads rather than diamonds. Or if jewellery was adorned with diamonds, smaller sized diamonds and gems were used, breaking from the past which favoured very large stones. Pieces were now set with detailed calibré-cut stones, meaning they are usually square or rectangle and cut to fit a piece.
The Art Deco head pieces were light and had straight lines rather than garlands found in Belle Epoque jewellery for example. It fits short hair and with that comes longer earrings for example and sautoir (long necklaces).
Cartier pearl sautoir
A Cartier pearl and diamond sautoir, circa 1925, sold at Christie’s in May 2012. Estimate £60,000-85,000 sold for approx. £400,000
Pearls are an important component for Cartier and were a sure thing to buy, until the Wall Street crash in 1929.

Monochrome Art Deco

In the earlier years of Art Deco jewellery, pieces were monochrome, black and white were key. Using rock crystal, onyx and diamonds as key gems. In the wake of the Great War, many were in mourning.
Cartier rock crystal bangle
A diamond and rock crystal bangle, sold at Christie’s for $204,000 in Oct 2000.

This price reflects the constant desire for the sleek sober but luxurious look of Art Deco monochrome pieces, a style always in vogue and not likely to disappear anytime soon.
Vogue states that “A woman, in Paris, who knows how to dress, is almost always dressed in black. Not through laziness but by sophistication.”

The Move to New Materials and Daring Combinations

As we move forward so does the colour scheme in jewellery. Cartier attempts daring combinations of colours which no one had previously tried. There are two factors which contribute to this new direction. In the Cartier archives, we find that Leon Bakst, a Russian painter and costume designer, and part of the Ballets Russes, was a great source of inspiration for Charles Jacqueau, one of the great designers for Cartier from 1909 until 1954. Leon Bakst had designed costumes for a ballet, Scherehazade, mixing only blues, greens and red. This had a big impact on Jacqueau. This colour combination had always been considered to be of bad taste until Jacqueau decided to take a risk and integrate it in his jewellery designs. Simultaneously, the discovery of Tutankhamun’s tomb in 1922 created waves in the Cartier design. Louis Cartier pushes his designers to familiarise themselves with all things Egyptian: heading to the Louvre to study their collection or simply walking through Paris, filled with Egyptian artefacts, to understand the style. Never before had anyone combined carnelian with turquoise and lapis lazuli, until now.

Renewed interest in Asian art meant that jade, lacquer, coral and enamel were also integrated. At this time, Jacques Cartier, who was running Cartier London, often travelled, and would return with many exquisite gems to be added to the Cartier jewels. These stones could be carved or made into cabochon. Cartier was the first to create these new colour and gem combinations. In the 1970s the style was named Tutti Frutti.

Contrast and Colour comes into Vogue

Collier Hindou
The Collier Hindou

Fransesca Cartier Brickell speaks about this necklace in her book “The untold story of the family behind the jewellery empire, The Cartiers”. The necklace belonged to Daisy Fellowes, the heiress to the Singer sewing machine. She had this necklace commissioned, using her own stones. It was designed to be tied at the back with a black silk cord, as would Indian jewels be. However, the big difference here is the use of sapphire, thought to bring bad luck in India. This is a statement of combining far away travels and traditional Western European gems. His daughter, the Comtesse of Casteja, inherited the necklace and in 1991 it was sold at Sotheby’s for $2,655,172. It was a world record for an Art Deco piece of jewellery sold at auction.

The Constant Desire for Exceptional Jewels

Tutti Frutti bracelet
Tutti Frutti ruby, sapphire, emerald, diamond and enamel bracelet, by Cartier, circa 1930

The meandering vines, set with carved rubies, emeralds, sapphires, calibré-cut onyx, black enamel and diamonds is the perfect marriage of West meets East, a perfect artful arrangement. It belonged to an American family and had been in the family for 30 years. It came up for sale at Sotheby’s on 28th April 2020, during the pandemic. It was presented online only, during a four-day sale, during which five bidders competed to purchase the bracelet. Its estimate was $600-800,000 and sold for $1,340,000. It has become a record for any jewel sold in an online-only auction and any jewel sold at auction in 2020. Sotheby’s stated that it “follows a trend observed across all our global jewellery auctions in 2019 in which more than half of the jewellery buyers place their bids online.” This bracelet also illustrates that demand for such exceptional jewels, even during the most challenging times, will always exist. Cartier’s exceptional savoir-faire is timeless.

How Art Galleries & Auction Houses Have Adapted During COVID

‘Never waste a crisis’ they say in the art business. The various lockdowns, and Covid itself, has forced the art market to adapt quickly to the new challenges we all face in our lives and businesses. When you think of the art business, it’s about people and face to face meetings, parties and major auction gala openings etc. So how, in the face of the pandemic, are they going to manage, when indeed the very people they need to see and sell to are no longer allowed to travel or even mingle in any way shape or form!

Brilliantly and swiftly auction houses reacted almost overnight. Having worked in the auction industry myself for over 30 years, I’m well aware of how many great ideas were sitting on the shelves in auction houses just waiting for the right moment to be put into practice, now suddenly, that ‘right moment’ is now and all the ideas are in play. Realising that it would now be impossible for people to view in person, they switched to remote live and timed online auctions. The latter, prior to Covid, had only been mildly successful, but now, with no other option and with bidders locked up at home, they found tens of thousands of new bidders.  We were about to witness the reality of presenting auctions live to the public- with nobody at all sitting in the saleroom! Those of you who have attended auctions will recognise the buzzing atmosphere with people here, there and everywhere all bidding and crammed shoulder to shoulder. Well, none of that was going to be possible now.

Christie’s mounted what they called a ‘global auction’ which was an extraordinary feat of logistics and engineering. There was an auctioneer in Hong Kong passing on to the auctioneer in Paris, passing on to an auctioneer in New York, so literally back-to-back auctions spanning almost 15 hours!  What was truly remarkable was the numbers. Over 160,000 people were either watching or bidding around the world, whereas normally they might expect 30,000 online viewers and the prices achieved were every bit as strong.  In some cases, even stronger than pre-pandemic, mainly because new people were involved so bidder numbers were significantly higher than would have been seen before. In fact, there were so many people attempting to log on to watch, me included, that it was impossible for the system to cope! They reacted quickly though and adapted things. So much so that one year on 160,000 + people watching an auction in various locations around the world is normal and they no longer run out of bandwidth.

To further develop the online offering, new visual aids have appeared. You can now gauge the size of the picture you were thinking about buying on a virtual wall. To be able to gauge the size of the piece is genius, as sometimes in our heads it’s bigger or smaller than it really is.

Auctioneers around the world are still adapting to the new norm. However, not all of them are doing auctions in exactly the same way, which is rather refreshing.  Some are conducting live auctions with an auctioneer, sometimes in his own living room, with images and bidding increments being presented on your screen so everything is there for you, while the actual pieces are safely in the warehouse.

Condition reports for multi million dollar lots are essential so that at a distance you can be comfortable with what you’re buying, Covid rules allow for independent restorers to visit the rooms to do reports on behalf of the vendors and are flat out doing just that!

We’re only a year on, however it seems like five years’ worth of ideas and development have been squeezed into less than a year of real time when it comes to auctions. You can now bid on either a live auction in one session with an auctioneer and nobody except staff in the room, or on a timed online auction which is spread over a week or so.  Everyone is doing it in their own slightly differing ways and yet all are instinctively seeming to get it right.

Major auctions now appear on YouTube so you can search Christie’s auction and watch a recorded New York auction from beginning to end, followed by a second session in London if you have the energy! The 160,000 people worldwide watching in 2020 has now grown to nearer a million in some cases with auction houses using multiple cameras and angles just like a football match.
For art dealers, international art fairs are the lifeblood to their businesses as it’s where they meet new clients, re-engage with existing clients and show exciting new pieces and discoveries for the first time.  The buzz of fairs, such as Masterpiece, the London Art Fair and the Armoury and Frieze fairs are all suspended. The galleries are no longer able to use their physical shop space to garner interest, so to reach out they are turning increasingly to newsletters, updates and new stock reports, knowing that we’re all locked down so much more likely to read what they are sending us.  While it’s not possible to go into the galleries themselves, new virtual portals have opened, run by those dealers usually involved with art fairs. This allows them to showcase on other platforms such as Love Antiques, The Bruno Effect and 1st dibs and 2covet – all of whom are benefitting from added interest in this lockdown world.

It’s fair to say that pretty much everything is virtual in the art world now. The upshot I think is that for many people buying at auction and galleries has been totally demystified so encouraging new buyers. When lockdown ends and we get back to something near normal, I think that the art world will bounce back with a vengeance. People will still want to buy at auctions but will accept and enjoy attending virtually too, and there will be an equal number of people who have been introduced to buying art via virtual fairs and exhibitions.

Virtual Auctions


Live auction at Christie’s London on March 1st 2021, here we see the hammer about to come down on the only wartime painting completed by Winston Churchill ‘ called the Tower of the Koutoubia Mosque. it was completed by Churchill in 1943 after the allied conference in Morocco and given to President Franklin D Roosevelt and much later bought by Brad Pitt for his then wife Angelina Joli and sold in this auction on her behalf for nearly 6 times its pre-sale estimate of £1.5 million for a record breaking £8.3 million. The auctioneer is the only one not wearing a mask, see below

Staff bidders at the March 1st auction, not black tie anymore for gala auctions, it’s now matching black masks for everyone. You can’t see but there are no members of the public in the saleroom at all, they are either on these phones or online, only these masked phone bidding staff , the auctioneer plus a few masked art handlers showing the works are the only people in the room. The room would normally be packed yet despite everything this sale and all the others have been rip roaring successes. The sale was filmed using multiple cameras and angles and is therefore fun to watch it is on you tube, just search Christie’s auction where it can be viewed in full, on the night the auction was viewed by over 100,000 people. It appears that watching auctions under lockdown has gone viral !

A rare early picture by Vincent van Gogh, Rue Montmatre , estimate £5-8 million for sale at Sothebys on March 25th 2021 ,this is the image from the online catalogue, it has a ‘zoom in’ facility and condition report, lot essay etc see below

Same Van Gogh picture shown on a virtual wall, next to a virtual window, to give you a sense of its scale

Arg-Ala by Damien Hirst,
Estimate £150-200,000
In a Sothebys online timed auction 26th March, 2021, bidding is over a week usually and progress is shown 24/7 like e bay, bidding ends at a specific time and day with a delay if bidding is still active and will continue until bidding stops , at the time of writing it was £150,000, the picture is 50 x 50 cms and is seen here with an art handler nearby to give scale. These online timed sales were mainly used for lower value lots or collection sales pre- covid , however they have now fully proved their ability to sell very high value lots well.

The latest big news in the auction world is digital art , known as NFT’s ( Non Fungible Tokens) this is a brand new development as of March 2021. This image shows a work with multiple images titled ‘The First 5,000 days ‘ created over 5,000 days by Mike Winkelmann, aka ‘Beeple’ sold for $69,000,000 in Christie’s New York . Again this was not a live traditional auction it was a timed sale as for the Hirst in fig 6. Amazingly the starting estimate was only $100 and there was no reserve , bidding only began actively a few minutes before the auction was due to close, bids rose from $100 to $69,000,000 in a matter of minutes ! It was bought by Vignesh Sundarasen a Singapore based investor. The work doesn’t exist in a tangible form, so you can’t hang it up anywhere nor have you bought the copyright which stays with Beeple the artist. However you can trade it via the unique access code you receive with the work.

Another digital work made up of multiple individual images again by Beeple, called ‘The Next Chapter’ Beeple first began making his ‘Everydays’ (one image per day) in 2007, however lockdown and its full embrace of live online auctions seems to have provided the catalyst to go global with offering digital works at auction online.

Virtual Art Dealing


Unlike the auction houses Art Dealers don’t have the monkey of back to back auction calendar to manage, however they do rely on major Art fairs and events such as Frieze, The London Art Fair and Masterpiece to showcase new works and meet new clients and make sales. Many of the events have been postponed, however The London Art Fair went digital, showcasing individual galleries such as Alan Wheatley in this image. The image and details will have been shared with all registered attendees of previous year’s fairs and is teamed up with experts and other curators to present a series of lectures, webinars and virtual events to drive sales.

More London Art fair 2021 images, featuring works for sale by Bridget Riley, Ian Davenport and others

Welcome page for 2covet a new online dealer platform enabling dealers to continue to have access to sales and new clients while their shops remain closed.

2 covet dealer page showing more traditional pictures from a dealer in late 19th and early 20th century
Pictures.

2 Covet website showing the range of categories available to buy.

A new site, ‘The Bruno Effect, due to open June 2021 focussing on antiques vintage and 20c design.

Bruno Effect’s dealer focus page

1st Dibs is an established online dealer platform, they have a full range of art and antique dealers who pay commission on sales along with a monthly subscription so it’s quite an investment , if you also have a closed shop, lockdown will have encouraged many more dealers to move online to this site. They hold online dealer and object focus events plus editors picks so many more dealers are moving online

A current ‘Editor’s Picks’ event page on 1st Dibs featuring items from different disciplines chosen by the Editor.