Category Archives: News

Hermes Birkin Handbag

Hermes – Birkin Handbags

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20th Century Iconic Art, without the Baggage

A handbag is by definition an item of luggage that carries one’s items in a simple and yet practical manner. However, in the world of designer and haute couture pieces, it’s much, much more than that.

In the last 20 years, collecting has waned in numerous fields, long gone are the days when that ultra-desirable piece of porcelain from Eastern Germany caused a furore in the auction world… there are however a new breed of collectors who consider exclusivity, style and quality to be of a far higher imperative than age or other factors.

The best place to start with any overview of handbags is the classic Birkin by Hermes. Whilst it is nowhere near the oldest, or most original bag on the market – it defines what has become the phenomenon of collecting what many might consider to be an everyday item.

Hermes Classic Birkin 35

The Birkin was originally designed by Jean-Louis Dumas in the early 1980s and named after the English actress and sometime muse of Serge Gainsbourg, Jane Birkin. Designed to contain all that a lady needed from make up to a hairbrush, and no doubt a few packets of Gauloises.

Since its initial launch the Birkin has become what can only be described as the near definition of a Veblen item, with demand far outstripping availability. It was an instant investment from day one and many collectors now long for those early bags that represented the ethos of the Birkin, in maybe its purest form.

When looking at collections of handbags, one is often struck by the lack of use that these items actually have. I have clients that purchase a £25,000 bag for Royal Ascot, and it will see the light of day for maybe 12 hours at most, then become relegated to the ‘also ran’ shelf at the back of the undoubtably extensive wardrobe.

Hermes Birkin exclusive design by George Condo – gifted by Kanye West to Kim Kardashian

What still shocks me, and usually the owners of these glamorous items, is their ever-increasing values. The most basic, (if the word ‘basic’ should ever be applied to a Birkin), usually increases by at least 15% each year. The very nature of the way that these are produced means that replacing an item, like for like, is pretty much impossible unless you can find one on the ever increasing (but often over inflated) secondary collectible handbag market.

Naturally, over the years bags that have been long since discontinued have gained an almost legendary, mythical status with some exotic skin models reaching astronomical figures, well into the £100,000s bracket. What’s strange is that there are still some bags out there that were purchased still in private collections that are used every day, and the owners have no idea of their potential value.

As a valuer I see, on a weekly basis, these iconic, almost legendary pieces of artwork relegated to a general contents category when it comes to insurance, when in fact they exemplify a modern collectible – certainly not just baggage.

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Graff Jewellery, Following a Passion

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The House of Graff approach making jewellery from a slightly different angle than their more traditional rivals. For them it is all about the gemstones themselves. As they say on their website:
‘Imagine dedicating your life to discovering the world’s most remarkable diamonds and gemstones, a treasure hunt that takes you to all corners of the globe, in search of these elusive wonders. This quest has consumed the Graff family ever since the House was founded almost 60 years ago, and continues to do so today’

The story behind Graff is one of vision, determination and focus. Laurence Graff did what we all should do in life: he followed his passion, dared to dream big and believed in himself.

The Graff Lesedi La Rona Diamond

He started out working as an apprentice in a workshop in Hatton Garden when he was 15 years old. It is said that naysayers tried to discourage him but Graff didn’t listen. He believed he was born to work with diamonds. He not only worked with them, he studied them and seemed to develop an innate understanding of all gemstones. In 1960, aged 24 he founded Graff diamonds and within a couple of years two shops had opened in London. He took his stunning jewellery creations around the world to exhibitions and to showcase to potential clients in their palaces and private yachts. Graff soon began to develop a global reputation and his pieces became highly sought after. There are now over forty shops worldwide and Laurence Graff is said to have handled more important diamonds than any other ‘diamantaire’ this century.


What makes Graff jewellery so special is that they pride themselves on being part of the whole process of jewellery making. From the responsible sourcing of beautiful gem crystals to the meticulous cutting and polishing to optimise their colour and brilliance. With their incredible combination of pioneering technology and age old jewellery making techniques their designers and craftspeople create sculptural works of art. It is all about perfection. As Laurence Graff said himself:
‘No stage is bypassed. No shortcuts are taken. Only perfection matters.’

It’s such a treat to look into a Graff shop window because there is always a dazzling display. They have handled some of the rarest, the largest and most beautiful gems in existence, encompassing them in magical jewellery designs and really honouring these wonders of nature.

Last year they unveiled The Graff Lesedi La Rona Diamond, the world’s largest square emerald cut diamond weighing 302.37cts. It is the largest highest colour and clarity diamond ever certificated by the GIA. It took 18 months to extract and sculpt this record breaking gem from the 1,109ct rough crystal.

Other amazing gems in their collection include the Golden Empress, an intense yellow cushion cut diamond weighing 132.55cts and the Graff Pink, is a vivid pink, internally flawless diamond of 23.88cts.

Graff’s philosophy is the same across all of their jewellery collections. As a jewellery valuer it’s a privilege to be able to examine and appraise such beautiful creations. It comes as no surprise that the price of such jewels continues to rise.

Ruby and diamond earrings and pendant from The Lotus Collection. Originally purchased in 2015 for £102,750. To replace them today would cost £128,500

Earlier this year I was lucky enough to value these stunning ruby and diamond earrings and pendant from The Lotus Collection. They were originally purchased in 2015 for £102,750. To replace them today would cost £128,500. That’s quite a significant increase over a five year period. When was the last time your jewellery was professionally valued? Do the values on your spreadsheet really reflect the increase in the price of gold, diamonds and coloured gems, not to mention the rise in manufacturing costs? Or is the figure just a random percentage increase which may lead to a shortfall in compensation in the event of loss? Surely it’s not worth the risk, especially when it comes to such magnificent pieces as these.

Fine Wine – Domaine de la Romanee-Conti

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I had intended to give an up-to-date analysis of auction results for Fine Wine, but Covid-19 put paid to that . It is an indiscriminate bug ! So, instead, I am going to share some musings on arguably the finest and purest expression of the Pinot Noir grape, which, by the way, comes in more than 1,400 different clones. La Romanee-Conti, owned by Domaine de la Romanee-Conti (always affectionately known as DRC).

When Clive Coates published his classic ‘ Cote d’Or ‘ in 1997, he warned ‘ If you can lay your hands on a case [of La Romanee-Conti] and it is a big ‘if’- you would have to pay £5,000 or more for a young vintage, double or treble for a wine in its prime.’ Recessions have come and gone, world banking crises have been overcome and Red Burgundy, in particular wines by Henri Jayer and DRC have risen inexorably in value. Why is this? Obviously this is in part due to the excellence of the wine, produced from very old vines growing on a perfect terroir, but it has a lot to do with scarcity. La Romanee-Conti is minute, 1.8 hectares, producing around 400 cases of wine a year, which means that only a few thousand people can own a bottle in any one vintage and there are strict allocations. Every bottle is numbered, so that the owners can track any that come onto the open market. Romanee-Conti is a Grand Cru and despite its size, has its own Appellation.

By 2015, when a rare case of 12 appeared at auction, it was usually estimated at £80-120,000. Odd bottles appeared more frequently, priced more modestly at £4-5,000. As you can see, there is a premium attached to untouched cases. The rise continues. Bonhams sold a case of six bottles of the 1988 vintage for £107,550 in September of last year and a case of twelve for just under £ 250,000. In the space of twenty-two years, bottles are more valuable than cases of twelve were when Clive Coates went to press. To put this in perspective, a case of Chateau Latour, from the much-vaunted 2010 vintage would make £10,000 at auction. Romanee-Conti is in a league of its own.


When I was last at DRC, five years ago, with a friend who was collecting thirteen mixed bottles from the DRC’s six world-famous holdings (his annual allocation), the owner Aubert de Villaine was in the middle of a group ‘selfie’ surrounded by young Chinese enthusiasts. Chinese involvement at the top end of the wine market has certainly added to the price rise.

So go to your cellar, the stair cupboard or wherever you keep your wine and look for the dustiest bottles. If, by some good fortune, you discover some red Burgundy you had forgotten about, take a clear photograph of the label, make a note of where the level of the wine comes to on the neck or shoulder of the bottle when upright and send it to us and we can give you a rough guide as to its value, assuming it has been stored correctly. The dramatic rise in the value of La Romanee-Conti has had a beneficial effect on many of its neighbours.

Is it Time to Update Your Jewellery Insurance Valuation?

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A pair of platinum and diamond ‘Victoria’ ear studs

We have chosen four items of jewellery from four of the top manufacturing brands – items that have been in production virtually unchanged for nearly 20 years – unchanged that is except for the price to demonstrate how important a regular jewellery insurance valuation is!

The price of gold in 2003 was about $450 per ounce and it’s about $1510 per ounce today having peaked around 2012 at $1750 per ounce – so the roughly 350% rise in bullion price over the period in question is a price increase factor but a surprisingly small one in gem set pieces like these. The Cartier ring is quite a chunky piece, but its basic bullion value today is probably about £400 as opposed to approximately £125 in 2003. OK, the VAT rate has risen from 17.5% to 20% in the same period but again that’s had a pretty small effect on the retail price, so that leaves gem stone prices, manufacturing costs and retail profit mark ups as the main ‘culprits’ for the 2.5/3 times price increases.


Van Cleef and Arpels.

An 18 carat yellow gold and mother o’pearl 20 motif Vintage Alhambra necklace.
2004 £6,210
2012 £10,800
2021 £13,700

Diamond prices for good commercial grade stones which these top manufacturing brands would use have largely stalled over the past few years; it’s only the highest quality and rare coloured stones which hit the headlines with their huge prices. And we’re all waiting to see what the effect on retail prices will be when the full impact of the introduction of synthetic diamonds is felt. Also to be taken into account is the effect that internet has had on diamond prices. There are numerous well-established and reliable web sites making available to all millions of unmounted stones at basically ‘trade prices’ (plus VAT) and most with recognised laboratory certificates. The ‘closed shop’ trade only which has prevailed in the jewellery business for centuries is breaking down. The coloured stone market is swamped with cheap, very heavily treated and colour enhanced rubies, sapphires and emeralds that come mainly from the Far East. Another factor is the huge increase in the use of coloured stones that 20 years ago would have been classified as ‘semi-precious’ but are now appearing at serious stone prices. The stones that have shown a huge increase in price over the past 10 or so years have been natural untreated sapphires, rubies and emeralds – but the stones have to have an independent laboratory certificate stating they are natural colour and untreated to come in to this category. A few exceptional stones of this type – mainly in pretty 1920/1940’s period pieces – have fetched more per carat than decent comparable size commercial grade diamonds.


Cartier.

An 18 carat white gold, diamond and emerald Panthere ring
2003 £26,000
2010 £42,100
2021 £73,500

Manufacturing and jewellery workshop costs in Europe have certainly risen sharply over the past 20 years – as anyone who has had to have jewellery items repaired will know. Nearly all items are still hand made or finished so the cost of making up of jewellery is a big factor in the resulting retail price. The exception to this being the type of items available from online sites and lower grade retailers that are mass produced in the Far and Middle East – usually pretty poor-quality workmanship and poor-coloured stones. The second-hand and auction market for jewellery of this type is very weak – so don’t expect to cover the cost of your Far Eastern travels if you try to sell your purchases back in the UK.

Chopard.

A pair of 18 carat white gold and diamond ‘Happy Diamond’ drop earrings.
2003 £1,875
2011 £3,120
2021 £4,290

Profit marks up are a big variable – about 30 years ago when I was first involved with jewellery the tacitly accepted mark-up was to double the cost price and add VAT. Now, for a retail shop mark-up can be a whopping 300% to 350% plus VAT. But don’t be too harsh on the retailer – he has frightening fixed overheads and outgoings, and jewellery can be slow moving stock. Also, some jewellery and watch manufacturers do dictate a fixed retail price to the shop for their products. But it’s always worth a little haggle!!

Tiffany.

A pair of platinum and diamond ‘Victoria’ ear studs
2003 £3,100
2010 £4,925
2021 £8,775

If you had bought any of the four illustrated items back in the very early 2000’s at these prices and had applied an across the board annual percentage increase to cover insurance you might well have ended up in trouble in the event of a claim due to the variable cost factor increases. We recommend a review of a jewellery insurance valuation every 3 years. A desktop revaluation is fully acceptable within this timeframe, but a complete revaluation at 5 years especially as the valuation would include a close examination of the condition of claws, clasps and links, is something more and more insurers and brokers now insist on.

I’m afraid I must end on a cautionary few lines. Most of the big brand names like the ones above suffer from faking and copying. Allegedly more Van Cleef and Arpels Alhambra jewellery has been made in the Middle and Far East than in France!!. All the brands we have illustrated are meticulous in their marking and all their products will have a brand name and in most cases also reference and individual serial numbers, so if you’re shopping for some big name goodies on your Eastern travels be sure to take a good magnifying glass with you!

How many 00’s in a pair of 007’s cufflinks?

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When embarking on a valuation, a valuer never knows what they will see and sometimes it’s the little, seemingly lower value items at the bottom of the jewellery box that are the most surprising.
I was asked to do a valuation for a large quantity of jewellery and watches. After appraising all the diamond and gem set pieces and the significant collection of watches, there was just an assortment of silver cufflinks remaining. I decided to value them in groups, starting with the designer ones: Tiffany & Co, Tom Ford, Cartier. I imagined they would be £200- £300 a pair. However this was not the case.

Later, when I started to do my research I discovered that Tom Ford do not sell silver cufflinks. The pair in question were oval in outline with a mother of pearl panel and the engraved initials ‘JB’. Apparently Tom Ford had specially manufactured four pairs of these cufflinks for the James Bond movie Spectre. One of these pairs had been sold at the Christies Spectre auction in 2016 for £74,500!

Needless to say I nearly fell off my chair! I re-contacted the client and asked for some information about the provenance of these cufflinks. Had they been purchased at auction? The response was ‘no they were a gift from Barbara Broccoli’.

In the article it mentioned that EON Productions had the two other pairs of cufflinks stored in their archives, so I decided to contact them. They were incredibly helpful and replied to my email almost immediately. They confirmed that Tom Ford had produced the cufflinks for the movie at a cost of £300 per pair. They had two pairs in their archives insured for the value of £3000 each. One pair had been gifted to a friend by the producers and one pair had been sold at auction for £74,500.

So what is the value of these cufflinks – £300, £3000 or £74,500? If the client decided to sell them at auction it could be argued that they would command £74,000 again, maybe even more. Movie memorabilia is highly desirable and sought after, especially when it comes to James Bond.

I explained my findings to the client and it was decided that an Agreed Value should be placed on these cufflinks, a value that the client and insurance company were comfortable with, that would be paid out if anything should happen to the cufflinks.

It was such a fascinating valuation. It really highlighted the fact that many clients have been gifted items of jewellery and they have absolutely no idea of their value, let alone have them listed for insurance purposes. When was the last time you had the contents of your jewellery box professionally reviewed? Diamonds may be forever, but be careful not to overlook the other treasures.

Emeralds

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These luscious green stones are first mentioned around 3500 BC – and were treasured for their beauty and have over the years been attributed with bringing good health, love and romance and were considered the gem most close to the Deities. An early believer and emerald hoarder was Cleopatra who started two emerald mines in her native Egypt on the slopes of Mount Smaragous (from which we eventually get the word ‘emerald’). The Romans preferred them to diamonds and in the 17th century the Indian Moguls carved prayers and blessings on large flat cut emeralds.

A fine emerald exhibiting all the required qualities, and is in addition, over 12 carat

After the Egyptian mines were exhausted smaller deposits were exploited in India and Austria, but it was in the mid 1500’s when Spain started colonising South America and Columbia in particular, that they became far more readily available and they were and still are considered to be the best real gem quality stones. Columbia alone supplies about 60% of the world’s supply but since the 1950’s small quantity of good quality stones has been coming from Brazil, Zambia and the very sought after Sandawana emeralds from Zimbabwe. Pakistan, Afghanistan, and Madagascar also have reasonable reserves but supply from all these countries is spasmodic due to political grief and wars.

Emerald of a poor colour and heavily flawed stone

Their comparative rarity has maintained their popularity over the years and in 2011 Elizabeth Taylor’s emerald collection was sold for about $25 million and more recently an 18 carat emerald and diamond ring belonging to Angelina Jolie sold for over $5.5 million – setting a record of over $300,000 per carat.

So what are emeralds? They are members of the Beryl family which includes the pale blue Aquamarine and the pale pink Morganite amongst others. They are a relatively ‘soft’ stone measuring 7.5 on the gem hardness scale as opposed to a diamond at 10, so they fracture, chip and scratch quite readily. With a diamond it is both good colour and clarity that enhance value – with emerald it is mostly about colour as it is virtually unheard of to find a totally ‘flawless’ stone. The most prized emeralds are those with a rich dark to medium green tone and preferably with good even ‘saturation’ of colour and translucence throughout the stone.

The palest green that would still be classified as emerald

The first photograph shows a fine emerald exhibiting all the required qualities and is in addition a whopper at over 12 carat. The second photograph shows a poor colour and heavily flawed stone, and the third photograph shows the palest green that would still be classified as emerald.

In the fourth photograph the stone on the left is about 3 carats and good colour and decent clarity, the one on the right is over 4 carats and pretty pale and noticeably flawed. The ring on the left fetched twice as much as the other one at auction recently. That’s the difference, both visually and value wise between a ‘good un’ and a ‘bad un’.

Left: about 3 carats and good colour and decent clarity
Right: over 4 carats and pretty pale and noticeably flawed.

Pale green stones do not achieve the title of emerald and are called green beryls and are of relatively small value. For centuries, surface scratches and fissures which nearly all emeralds suffer have been ‘oiled’ which fills the cracks and because the oil is colourless it ‘evens up’ the colour. More recently polymers and resin have been used instead of oils and because they are often coloured green they are considered to represent unfair and unethical enhancement. This is described as ‘modern’ treatment and should be avoided. The long established methods are described as ‘traditional’ and as long as it is not excessive, is nowadays acceptable. Because of this, any proposed purchase of a serious emerald should only be considered if the stone has a laboratory certificate grading the extent and type of enhancement. There are generally four grades of enhancement – none (very rare), insignificant (desirable), minor (acceptable) and moderate )just about ok)) and significant (to be avoided).

Internal inclusions, called ‘jardins’ in the trade, are expected and accepted as normal. They range from feathery/mossy looking gas or liquid filled ones to internal fractures and fissures. The range and type of inclusion can be interpreted by a laboratory test and they can ascertain from which area and country the stone originates. The techniques now available to remove or reduce inclusions in a diamond involving laser beams and high temperature treatments cannot be used on an emerald due to its comparative softness and different crystal structure, so whatever defects get moulded in to the emerald at the time of formation remain with it.

A fine quality and colour emerald of decent size – say 3 carats and over – is far rarer than a quality diamond of the same size, so, in my opinion, should be of higher value. That’s not the case, however, and although Angelina Jolie’s stone fetch over $300,000 per carat, there are plenty of diamonds around priced at over $500,000 per carat. £5000 per carat would buy you on the retail front a very presentable emerald but the same carat price would get you a diamond pretty far down the scale in colour and clarity.

So with that in mind, could an emerald be a good investment? As with most categories of speculative investment always go for the best you can afford – go for colour firstly, clarity secondly and size thirdly, and bearing in mind its comparative fragility, treat it gently and have the stone and its mount checked by a jeweller regularly.

All Part of the Service!

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Thomas Gainsborough, R.A. (British, 1727-1788)

 

A Day in the Life of David Dallas, Old Master Specialist

Last spring, I went to value a collection of pictures, in which there was reputedly an early portrait by Gainsborough painted in Suffolk in the 1750s.
The client believed the work to be by Gainsborough as it was a family descendant and heirloom, however they had no provenance for the work to authenticate it and had been asked by their insurer for a valuation.

Was the work worth £800 or £80,000 was the question?

So, it was arranged for me to visit the client at his home to view the works. When I saw the painting, I immediately recognised it to be by Gainsborough, it was not only by him but also in a perfect state of preservation in its original carved and giltwood frame.

Thomas Gainsborough, R.A. (British, 1727-1788)
Portrait of Mr Pattison, bust length wearing a brown coat and white stock

Happily, I know the current Gainsborough experts, Hugh Belsey and Sue Sloman, and arranged with the clients approval to tell Hugh of its whereabouts in time for him to photograph it and include it in his Catalogue Raisonne of the artists’ portraits.

Our client was delighted as this will enable future generations of his family to be able to confirm with authority that the work is in fact a work by Gainsborough and in the Catalogue Raisoone. This firmly establishes the painting in the current most authoritative work on the artist, adding lustre to its reputation, as an authentic Gainsborough and, therefore, enhancing its value.
This is all part of our service and at no added cost to the client.

Our team of renowned and internationally recognised specialists are available to assist you covering all areas of Art, Antiques, Silver, Jewellery, Watches, Cars, Books and Manuscripts and other valuable collectables.

We provide a personal, professional, friendly, discreet and completely confidential service providing independent Valuations for insurance, inheritance tax purposes, divorce and family division and providing independent advice on buying and selling.

The Importance of Keeping Your Values Up to Date and How to Avoid Under Insurance

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Over my 28 years working in the Private Client industry working for specialist insurers, and consulting in the High Net Worth (HNW) space, I have seen numerous cases of inadequate cover. Incredibly up to 75-80% of HNW homes are estimated to be underinsured (Datamonitor report 2015).

I recall going with a broker to see one of their clients in London to review the value of their contents and valuables. The client’s wife casually enquired what the general contents were covered for and I’ll never forget her response when she was informed of the amount … ‘darling, that wouldn’t even cover my handbags’ – which incidentally were ‘serviced’ annually in New York. The sums insured were subsequently reviewed and there was a more than threefold increase in cover.

In another example, following an unfortunate fire at a substantial home, the total contents cover was almost exhausted in one room where the curtains alone were worth £70,000. They were completely damaged by smoke, rather than the fire itself. Whilst the insurer was sympathetic to the client’s position, they had not received adequate premium as the sums insured were hugely understated, and the insurer asked the client to pay backdated premium for the correct sums insured. The broker involved was grateful for the insurers approach, although had not spotted the degree of under insurance.

Why are HNW homes more at risk from underinsurance?

Value of certain items increase over the years such as jewellery, art and even wine.
Items made of precious metals and valuable stones are highly influenced by fluctuating markets, which can lead to significant increases.

Bill Baker of Porticus Insurance Consultants Ltd, a specialist HNW broker based in London commented on his experience:
‘We recommend that our clients’ jewellery is valued every 2-3 years to avoid under-insurance. We know many are not properly covered and when they do have a new valuation, we see very significant uplifts in values. We also regularly see under-insurance of contents in the high net worth sector. The replacement costs of contents in a typical detached family home can easily be £250,000 or significantly more depending on the quantity and quality of clothes, shoes, handbags, carpets, curtains, sports equipment and furniture’.

So how do insurers deal with under insurance at the time of a claim?

HNW insurers stipulate in their policy terms that items of contents and valuables need to be insured for their full value, and their adequacy will be reviewed at the time of a claim. If the amount is not adequate, they will require as a minimum that the sums insured be revised, and the correct premium collected. At worst they can potentially void the policy if there is deliberate misrepresentation, and or non-disclosure.

These insurers often individually list on the policy items over a certain value for jewellery, art and precious metals, and then cover them on an ‘agreed value’ basis. At a time of loss, the insurer will pay out the amount on the schedule, although not a higher amount if the item costs more to replace, which can be the case if the item has not been recently valued.
Most non-HNW insurers will apply average, where the amount paid out is proportional to the amount underinsured, so if the underinsurance amount is 50% for example, then only 50% of the claimed amount will be paid.


How to avoid underinsurance:

  • Have a professional assessment by a specialist valuer such as Doerr Dallas Valuations, to keep the values of your contents and precious items current. They offer an initial walk through valuation for £500 plus VAT, which will highlight any underinsurance on contents, as well as comment on the adequacy of jewellery cover. If there is significant underinsurance a full valuation will be recommended
  • Review your sums insured on a regular basis, considering movement in prices, for example the recent increase in gold prices
  • Undertake a full review of your home contents, including carpets and curtains, clothing and shoes, sports equipment, and items kept in cupboards, garages and garden rooms
  • Speak to a specialist HNW broker, who will offer you independent professional advice about how to protect your valuable assets, and recommend a suitable insurance policy for your needs

The Importance of Consulting Industry Recognised Art Specialists

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Reports in the press recently about fake paintings loaned to a country house in Scotland and the London art dealer who paid £1m for a painting and proceeded to sell it on for £8m, highlight the importance of consulting recognised industry specialists when buying or considering selling. Unfortunately, these examples are only the ones in the press and not the works we see where clients have overpaid or the works are not right and we are the bearer of bad news.

This then reminds me of a very sad story that happened nearly 50 years ago, when I worked on the front counter at Christie’s, King Street.

A middle-aged man came to the desk with a large canvas of Diana and her hand maidens, wrapped up in brown paper and string. He said it was his family’s ‘Rubens’ and he wanted it valued. By pure chance, Christie’s Old Master Department had just taken on Gregory Martin, who for the previous 10 years had been curator of Flemish paintings at The National Gallery and was a Rubens expert. He examined the picture and pronounced it an old copy worth £1000-£1,500. I went back downstairs with the painting, wondering how best to break the news. He took it very badly, the blood draining from his face and slumping backwards into a chair. I bought him a cup of hot sweet tea like you do for trauma victims and he told me the story of how the painting came to be his.
His father had died a year ago and as the elder son, he was allowed first choice from the collection. The ‘Rubens’ was undoubtedly the most significant thing in the castle, and he had always loved it, so that was what he chose. His younger brother got everything else, which amounted to a little over three hundred paintings. I just prayed his brother was the accommodating type.
If only he’d taken a second opinion from a recognised specialist in the field of Old Master paintings prior to making his final choice. Please don’t make the same mistake.

In the art world there are many different genres of works and consequently experts who are authorities in their chosen field. Here are a few of our specialists who help to showcase the breadth and depth of knowledge we offer to our clients.

David Dallas,
Old Masters Specialist

David Dallas joined Christie’s in 1969, where he was the youngest person in a Technical Department (Old Masters). He subsequently became deputy head of the Picture Department at Phillips Son and Neale and ended his auctioneering career as International Director (Global Head) of Old Masters at Bonham’s in January 2015.

In between he worked for more than twenty years with Johnny Van Haeften, specialising in Dutch and Flemish paintings of the 17th Century. He is a specialist in British Landscape Paintings 1750-1850.

He was for many years on the Vetting Committee of the Summer and Winter Art and Antiques Fair at Olympia and Chairman of the Picture Vetting Committee at Grosvenor House Fair and has also been on the vetting committee of Masterpiece. He is a trustee of the Reading Foundation for Art, a former Chairman of The Friends of Readings Museum and Gallery and an external advisor to the Collections Committee of Eton College.

Jonathan Horwich,
Modern British Art Specialist

Jonathan Horwich began his career in the art world in 1973 with the picture dealer Thomas Agnew. In 1976 he joined the picture department of the recently opened Christie’s South Kensington, where he valued and catalogued their many multi- discipline picture sales. He was involved in all aspects of ‘CSK’s business including their innovative ‘ Roadshow’ valuation days held at locations across the UK. Jonathan became a regular auctioneer from 1984 onwards and an Associate Director in 1985.

In 1987 Jonathan was recruited to join Christie’s in King Street as Director and head of the Modern British picture department. During this time Jonathan continued as an auctioneer and gained a strong reputation for the sale of single owner Modern British Art collections, including those of Frederick Forsyth , Peter Meyer and many others and also became recognised as an expert in Modern British Art. In addition to his role in Modern British at Christie’s, Jonathan was appointed head of British and Irish Art in 1998, International Director of the 19th European picture department in 2003 and Deputy Chairman in 2006.

After 22 years at Christie’s King Street, Jonathan joined Bonhams in late 2009 as Global Director of picture departments, where he continued his involvement with Modern British auctions, while at the same time building up Bonhams worldwide picture auctions. This included setting up Impressionist and Contemporary sales and departments in London and New York. In January 2016 Jonathan was recruited to join Phillips in London as a Senior Specialist Director with a focus on Modern and Contemporary British Art a position which he held until December 2018.
Jonathan is recognised as an expert in the Modern British field and maintains close links with experts and galleries and also keeps abreast of all current market developments, trends and issues. Jonathan has a particular interest in and knowledge of the work of L.S. Lowry. As a result he has appeared on ITV’s ‘ Looking at Lowry’ and a Lowry focussed episode of the BBC’s ‘ Fake or Fortune’ .

Jonathan serves as a Council member and Steward for the Artists charity, the Artists General Benevolent Institute (AGBI) and is a member of Chelsea Arts Club.

Ben Hanley,
Contemporary Art Specialist

Ben is an established contemporary art specialist. He began his career working in the Old Master and 20th Century markets before moving into the contemporary market. He has over 20 years’ experience working in the UK and international art markets.

A graduate of Trinity College Dublin and the Courtauld Institute of Art London, Ben has developed specialist level knowledge in Old Masters, Impressionist, Modern and Post War & Contemporary art. In addition to this Ben has extensive project management experience having curated and produced over 100 art projects spanning highly complex multi-venue festivals to smaller bespoke events. He has worked with governmental, institutional and commercial partners including the National Gallery, V&A, the Serpentine Gallery, the Courtauld Institute, Christie’s, Sotheby’s and the Russian Ministry of Culture.

Review of Old Master Sales in July 2019

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As we approach the start of a new auction season, with Old Master Sales happening in London in October, it might be interesting to reflect on how the last season ended.
The Old Master Sales followed the pattern of the last 10 years. Ever since the world’s financial markets crashed in 2009 buyers have been very choosy about what they want to take home. Masterpieces, which in this instance, means good/great paintings in excellent condition and fresh to the market thrive, whereas the more mundane paintings and anything that looks as if it has been consigned by a dealer, struggle.

Circle of Sir Anthony van Dyck
Portrait of George Villiers, 2nd Duke of Buckingham and his brother Lord Francis Villiers

The sale at Bonhams proved particularly difficult with the star lot, a set of The Four Elements attributed to Jan Brueghel the younger failing to find a buyer, which was also the fate of the Constable Oil Sketch of East Bergholt Common. Overall of the 60 lots offered, 25 were bought in, which is 42% of the sale total.

Thomas Gainsborough, R.A.
Going to Market, Early Morning

Christie’s was marginally more successful with 19 out of 50 lots in the evening sale failing to sell, which is 38%. Surprisingly, their day sale had a selling rate of 62.5% with 57 out of 152 lots being bought in. This sale was marginally more successful in percentage terms than the evening sale, which goes against the normal run of play. The most surprising lot in their day sale was a double portrait described as “Circle of van Dyck”, which made £323,250 against an estimate of £40,000-£60,000. More than one person believes in it, clearly!

Jusepe de Ribera
A Girl with a Tambourine (The Sense of Hearing)

Sotheby’s sales, which totalled £56.2m were the most successful for 5 years. The most extraordinary statistic of their evening sale was that there were more world records than bought in lots! Only 6 paintings failed to sell whereas, there were 9 world records broken, including ones for Gainsborough, whose “Going to Market, Early Morning” sold for £8.2m and Jusepe de Ribera’s “A Girl with a Tambourine” which sold for £5.9m, nearly twice the previous record.
The Sotheby’s sale is cause for optimism in the world of Old Masters, despite the current financial uncertainties.