Category Archives: News

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.

Patek Phillipe and Audemars Piguet with Gerald Genta – The King of Haute Horlogerie and Design

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Is Gerald Genta the greatest wristwatch designer of all time? It’s a question that will cause debates around the watchmaking world, however what cannot be denied is that with a CV like his, it would certainly take a career of some distinction to stand against him in any serious argument.

Gerald Genta’s designs for the Audemars Piguet Royal Oak (left) and the Patek Philippe Nautilus

Starting at Universal Geneve in the 1950s, Genta started a trend of creating some of the most instantly recognisable watches of the 20th Century, with one his first pieces being the understated and yet iconic Polerouter Microtor – setting the tone for much of his later and much lauded career.
Whilst the 1970s could be (and are by many) considered a decade that taste forgot, Genta was inspired and came up with two de facto design classics – still revered today and most probably will be in production for quite a while – The Audemars Piguet Royal Oak in 1971, and the Patek Phillipe Nautilus in 1976.

Audemars Piguet Royal Oak 4100, 1981

These watches completely changed everyone’s view on luxury watch manufacturing, for many years the definition of which was a precious metal case, with as many complications as one could muster, or even understand. Initially both watches were cases in stainless steel and the measurements at the time were fairly hefty – whilst a 39mm case in 2020 is nothing to get excited about, back in the early 70s it was a complete revelation.
At ten times the cost of a Rolex Submariner, this watch was pulling no punches and it was clear what market it was presenting itself to, it wasn’t a tool watch, it was a clear luxury style piece – but with all the foundations of heritage with the brand.
It was during this period he also worked on designs for IWC and Cartier. Whilst all of his pieces had a certain je ne sais quoi, they all were unique and retained the Genta DNA that set them apart from the more pedestrian offerings from the big players, something that certainly was needed during the quartz crisis that nearly destroyed the Swiss watch industry.

Patek Philippe Nautilus 3700, 1981

The joy of both the Nautilus and the Royal Oak is that there are models to suit all budgets – from under £10,000 for a gold and steel version of both models, right up to over a million pounds for some incredibly ‘esoteric’ models encrusted with more diamonds than the average royal tiara. The key with these both the Patek Phillipe and the Audemars Piguet is knowing the models and their differences and desirability factor – it can be tens of thousands of pounds difference, for what may look to the untrained eye, a very similar timepiece.
Genta carried on designing, and running moderately successful watch brands for many years after the groundbreaking designs of his portfolio became as recognisable as the brand they represented, and inspired many ‘tribute’ style watches for years to come. Gerald Genta died in 2012 and left not only a heritage for many brands, but a basis of design that keeps on reinventing itself, and will for years to come.

Patek and Cartier Ladies’ Watches

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In general, and in contrast to gentlemen’s watches, the price of a ladies’ watch tends to reflect the value in the precious metal, the decorative elements such as diamonds plus the manufacturing costs rather than the complexity of the movement. Today’s price per ounce for gold bullion is $1500, in 2002 (when Gordon Brown was selling off some of the UK gold reserves) the price was around $350, so there’s a four-fold increase in material cost to consider. Another huge factor, especially in ladies’ luxury watches, is of course the big brand name premium.

Patek Philippe

Patek Philippe produce only around 62,000 watches per year and according to Patek company policy, only 10% are made in steel. This is because the company considers itself a luxury product maker rather than a sports’ product maker like Rolex. Of the 6,500 or so steel watches produced, the majority are from the ladies’ Twenty4 range. This results in the gents’ steel watches like the Nautilus models being in very short supply, hence the huge price premiums for this model on the secondary market. The Twenty4 range was introduced around 2000 and has proved very popular but always with a standard quartz movement. However, last year a circular cased automatic model was introduced. The two Patek examples here are the cheapest and most expensive in the range.


Ladies’ Twenty4 steel bracelet watch with diamonds reference 4910/10A.
2002 £3,950
2008 £5,920
2019 £9,550


Ladies’ Twenty4 18 carat gold bracelet watch with diamonds reference 4910/11R
2002 £9,450
2008 £20,850
2019 £32,560

Cartier

Cartier introduced the Panthere range of watches in 1983 to compliment the Panthere jewellery range, and it proved to be a very successful model which was discontinued about 10 years ago but relaunched in 2017. It has remained virtually unchanged (apart from its retail price!!) – and although some of the larger models have automatic movements the smaller model which we illustrate here has retained its standard quartz movement.


Ladies’ Panthere 18 carat yellow gold bracelet watch, mini size, reference W25034B9
2002 £5,900
2008 £9,750
2019 £17,800


Ladies’ Tank Francaise steel bracelet watch, mini size, reference W51008Q3
2002 £1,550
2008 £1,920
2019 £2,890
All the major brands have an understandable policy of refreshing or slightly altering the models in their watch ranges on a regular basis, which does at least give them a chance to nudge the retail prices up regularly. This result in a wide gap between a current retail price and the secondhand/auction value of a five or so year old example. It is therefore very important for both the insured and the insurer to establish whether the insurance cover is on a ‘new for old’ or a ‘second hand replacement value’.

Comic Valuations

Comics – No Laughing Matter!

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Superman, Ironman, Spider-Man, and Batman…..a multi billion dollar film industry that has stood the test of time and still attracts new fans on a weekly basis. With four Avengers films alone taking up spaces in the top ten highest-grossing films of all time, and Black Panther just outside at number eleven it’s an ever growing franchise with spin off series, merchandise and products every year.

Most fans are aware that originally these characters were invented for comic books published by either DC Comics, or Marvel Comics, with Superman arriving back in 1939 and Batman a year later. However, more recently we are seeing clients looking at Comic Books as an interesting and inventive form of investment with prices of rare and mint comics making well into the millions.
The collecting of comic books is not a new thing, generations of fans have been scouring auctions and trading for years, but in the last 20 years, with the advent of the internet , the comic book has become a fantastically transportable asset with a great worldwide audience – much like the films.

There are three factors to consider when looking at a comic book;
Least importantly is provenance – whilst there are great collections throughout the world, it only attracts a small premium.

Superman #1 (DC 1939) 5.0 graded Valued for insurance £750,000

Secondly is rarity – these were books meant for reading and as such so few survived probably more than a month before the next issue was out with the next instalment depicting the journey of our favourite superhero.

The last and possibly most important is condition – collectors want the best and will pay for that privilege. In most arenas condition is subjective, however in comics it is not – there are rules and standards that dictate what grade it should be given. In the higher echelons of comic books the difference between a 9.4 and a 9.5 can be as much as £50,000 so accuracy is vital.

Avengers #1 (Marvel 1963) 9.6 graded Valued for insurance £420,000

Fashion and the huge film industry plays a huge part in the value fluctuation of certain books, and we have personally seen comics increase in value by as much as 60% overnight when one of the film studios announce their next project with a plethora of new Hollywood superstars. What this does mean is that regular valuation is vital in order to protect these assets, and we would always recommend a 12 monthly appraisal with the higher value comics.

Military Medals

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This past month has seen some fantastic celebrations commemorating the 75th anniversary of VE Day, obviously the times we are currently in have dictated that those were somewhat muted however the overall event was a welcome respite from what has been a difficult few weeks for everyone, I for one enjoyed an afternoon tea in the garden whilst listening to a gramophone.

This again has brought to the fore the actions and courage of some of what could arguably be described as ‘Our greatest generation’ and that interest has brought a somewhat renewed attention on the medals and awards that they may have been awarded.

 

Medals of course have been collectible since they were introduced, with their interest intertwined with the ever-fascinating world of military history and relics. What a collector may be buying is not a round disc of metal with a ribbon, but actually a story – perhaps a pivotal moment in military history, or an honour bestowed upon a great person of ancestral interest.

The very nature of such a recondite subject means that each individual collector will have a certain punctilious approach to their field, be it a certain conflict, a certain regiment, or a search for long lost family pieces even. Conflict and war beclouds many generations and such interest can be widely spread over hundreds of years of history.

Military Medals can, and often do come with a wealth of ephemera, be it uniforms, weapons, log books, diaries and the like – the inclusion of such items really does add to the value of the collection because as mentioned before, people are buying not only the medal, but the history of a person, battle – or a combination of both.

Vice-Admiral Gordon Campbell

So when it comes to valuing medals, the task is made far more interesting by the research that needs to be done – military records are consulted and dates are researched, for example; the medals belonging to a soldier killed on the first day at The Battle of The Somme are worth substantially more then a soldier killed on any other day. These unique factors make valuing some medals more of a submersion into military narrative rather than a hands on experience.

Gordon Campbell’s Victoria Cross group made £700,000 at auction in 2017

The illustrated Victoria Cross group with triple DSO awarded to Vice-Admiral Gordon Campbell of the Royal Navy has a description that reads like something straight out of a ‘Commando’ boys comic book, with tales of “conspicuous gallantry”, and “consummate coolness”, this group made £700,000 under the hammer back in 2017 and with certain groups like this being as rare as they come its value has most likely increased substantially in the last three years as well.

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Cufflinks and Gentlemen’s Accessories

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A pair of Lalique green glass cufflinks with three accompanying dress studs sold in 2017 for £2,900

When considering insurance valuations in general, and jewellery valuations specifically, cufflinks, dress sets, perhaps even hip flasks and pockets watches can easily be over-looked. This is not helped by the fact they so often dwell in a down-at-heel stud box or the dark recesses of the sock drawer! They are not usually at the forefront when considering jewellery valuation; but they should be. In the current more casual world of workplace attire, where ties are often discarded it may be counter-intuitive to learn that the popularity of cufflinks remains as solid as ever.

American Art Deco rock crystal enamel and seed pearl – circa 1930 – £1500 (Current retail value)

Gold prices are at a year high and up over 30% on this time last year. Whilst the increased price of gold may not directly affect much lady’s gem-set jewellery, this is not the case with gentlemen’s accessories where the gold content is significant. Clients are often surprised to learn that although the price of the pocket watch they have inherited may have remained relatively stable, the accompanying watch chain has increased in value significantly over the last year or two. In large part due to the increased gold price. The watch chain is often the more valuable item.

Carved rock crystal and diamond cufflinks

Early 20th century carved rock crystal and diamond – circa 1920 – £2000 (Current retail value)

This strong demand for cufflinks is especially fierce with vintage, high end brands such as Cartier, Boucheron, Van Clef and Arples and Tiffany. A search of auction results will show that branded cufflinks and dress sets often significantly exceed pre-sale estimates, even where the materials involved are not of intrinsically high value. A pair of Lalique green glass cufflinks with three accompanying dress studs sold in 2017 for £2,900 against a pre-sale estimate of £200-£300, even given that all three of the dress studs were cracked. These sort of auction results suggest that many people may be significantly under-insured if they own vintage or antique pieces or indeed gold cufflinks bought when the gold price was lower and the market less volatile than it is currently.
It is also important to consider the value of unbranded cufflinks where gold is not the principle material. Although gem-set cufflinks and dress sets more readily suggest that insurance is needed, rock crystal, enamels in both gold and silver, crystal intaglios, onyx, jade, even semi-precious stones such as agates and amethyst all need to be considered as appropriate for insurance. It is possible that one might not replace certain items of jewellery on a like for like basis, but most men would want to replace cufflinks in the event of loss, so an accurate and up to date insurance valuation is crucial.

Rediscovering the Allure of the Cultured Pearl

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Ancient cultures considered natural pearls to be ‘tears of the Gods’. They were believed to bestow mythical powers and wisdom to whoever possessed them. In today’s society the cultured pearl is considered the ‘stone of sincerity’ and represents purity. It symbolises the birthstone for June and the third and thirtieth wedding anniversary. Jackie Kennedy once said ‘Pearls are always appropriate’.

A set of cultured pearls gifted to Marilyn Monroe in 1954 by Joe Dimaggio

A set of cultured pearls gifted to Marilyn Monroe in 1954 by Joe Dimaggio

Yet for many years pearls have fallen out of fashion, with people associating them with their grandmothers and the older generation. However, as with the cyclical nature of all things, pearls are now enjoying a renaissance. Iconic women such as Michelle Obama can be seen wearing both a classic cultured pearl necklace as well as more contemporary cultured pearl set jewellery. The Duchess of Cambridge often sports a pair of cultured pearl earrings.

Cultured pearls are making a comeback but not just in the traditional sense of the simple necklace and stud earring set. The classic string of cultured pearls, such as the set gifted to Marilyn Monroe in 1954 by Joe Dimaggio (pictured), will always have a place in our hearts, however we appear to be moving away from the need for a string of perfectly round pearls and contemporary designers are embracing the irregular shapes of baroque pearls to make innovative and unique pieces. Freshwater cultured pearls such as the fireball are being combined with diamonds and gems to make beautiful, abstract creations.

The production of pearls is a fascinating business.  Whether the end product is perfectly round or completely irregular in shape the process is the same.
pearls_w_bugs
When it happens naturally a ‘foreign body’ invades the mollusc and as a way of protecting itself the mollusc secretes nacre. Gradually layer upon layer of this lustreous substance containing microscopic crystals of calcium carbonate, covers the ‘foreign body’ and a natural pearl is formed. When it happens artificially and a piece of mantel tissue or bead nucleus is inserted into the mollusc the pearl is cultured.

It’s of little wonder that before Mikimoto commercialised the cultured pearl industry in the late nineteenth century, pearls were only accessible to royalty and the very rich. This is because of the many mollusc varieties known to us only a small number can produce pearls. Of the pearls that they produce only a small number will be of a desirable shape, colour and quality, and only a fraction of these will actually be discovered by man. Consequently natural pearls are extremely rare and very expensive.

So how can you tell the difference between natural and cultured pearls? If you take a look at the drill hole you may be able to see the bead nucleus of a cultured pearl. A factor in the value of natural pearls is weight, so the drill hole tends to be a lot smaller compared to cultured pearls. Also a string of naturally formed pearls will tend to be slightly mismatched and irregular in shape, they will be smaller and almost always graduated. However to be absolutely sure the pearls need to be sent to a laboratory for certification, where they will be x-rayed.

In 1937 the Yaguruma, a sash clip with interchangeable settings in 12 different forms, attracts crowds at the Paris Expo. Its unique design is a breakthrough in multi-functional jewellery. Sold in Paris, it disappears from public view, then reappears at an auction in New York in 1989. It is purchased by Mikimoto Pearl Island where it remains today.

In 1937 the Yaguruma, a sash clip with interchangeable settings in 12 different forms, attracts crowds at the Paris Expo. Its unique design is a breakthrough in multi-functional jewellery. Sold in Paris, it disappears from public view, then reappears at an auction in New York in 1989. It is purchased by Mikimoto Pearl Island where it remains today.

There are many different types of cultured pearl but they fall into two categories and are either saltwater or freshwater.
Freshwater cultured pearls are cultivated in mussels, in lakes and rivers. Mantle tissue from another mussel is often used to start the process and this is why they are often irregular in shape. However bead nucleation is becoming more and more common in order to cultivate larger more rounded pearls. Up to forty freshwater cultured pearls can form within a single mussel, making them more readily available on the market.
To cultivate saltwater cultured pearls is a slightly more labour intensive process. They are grown in a variety of oysters. Often just one pearl per oyster, using both mantle tissue and a bead nucleus to produce a more round pearl.
There are three main types of saltwater cultured pearls: Akoya, South Sea and Tahitian. Akoya cultured pearls are farmed in Japan, China and Vietnam. They are usually white and cream in colour and measure from 2mm to 11mm.
South Sea cultured pearls are grown in Australia, Indonesia and the Philippines. They come in shades of white, silver and gold and typically measure from 8mm to 20mm.
The Tahitian cultured pearl are cultivated in French Polynesia and The Cook Islands. They are much darker in colour, blacks, greys and browns and measure from 8mm to 18mm.

This natural pearl and diamond necklace was recently valued for the purpose of insurance at £10,000.

This natural pearl and diamond necklace was recently valued for the purpose of insurance at £10,000.

Pearl jewellery is often passed down through generations and many people are unsure if it is natural, cultured or imitation.
When we consider that cultured pearls have gone up in value by approximately 10% over the last 5 years, and South Sea cultured pearls have gone up even more significantly, the question is, does your inherited pearl necklace have an accurate, up to date valuation and is it properly insured?

LS Lowry

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I have been involved in Modern British painting and sculpture since 1987 when I took charge of Christie’s Modern British department. This brought me into direct contact with the artists themselves, their families, friends and collectors, which I found totally absorbing and fascinating. My fate was sealed, and I think I became a Modern British ‘Lifer’ in 1988 when we held the Camden Town Group exhibition. However, little did I know back then just how large a part Lowry would play in my working life over the next 32 years.

‘The Village Street’ appeared in the Christie’s Review of the Year for the 1964-65 season having been sold for a then record price of 1,600 Guineas

‘The Village Street’ appeared in the Christie’s Review of the Year for the 1964-65 season having been sold for a then record price of 1,600 Guineas

I think it’s fair to say that L S Lowry is probably one of the best known 20th century painters in the UK, with his work being more easily recognisable to British people than many other national or even international artists. This wide recognition and easy acceptance have led to a healthy and consistently strong level of interest from private collectors over the last 60 or more years.
For the first-time art collector, Lowry’s signature pieces are immediately engaging and have a broad appeal. Typically, a first and second Lowry purchase would both be signature pictures, after which would follow less obvious works, such as a minimalist sea piece or a dreamlike, haunting, empty landscape. This interest in collecting a single artist led to the formation of some great collections, many of which I have had the privilege of either helping put together and or selling over the years.
Critical and financial success for Lowry, like so much in his life, came late. Although born in 1887, his first London exhibition at the Lefevre gallery was not until Autumn 1939, then again in 1943 and the third in 1945, when Britain had other things on its mind.

‘Northern Race Meeting’ which achieved £5,296,000 in 2018

‘Northern Race Meeting’ which achieved £5,296,000 in 2018

Lowry served the War out as a Fire Warden in Manchester and when life and exhibitions began again at Lefevre in the 50’s, buying Lowry pictures suddenly became very fashionable and fun and his exhibitions were sell-outs. So strong was the interest that at one point in the early 60’s Lowry’s prices at auction exceeded his then current gallery prices. As if to illustrate this, an article featuring a 1935 picture called ‘The Village Street’ (pictured) appeared in the Christie’s Review of the Year for the 1964-65 season having been sold for a then record price of 1,600 Guineas.
If the sixties marked the beginning for Lowry acquisitions and collections, then March 1995 and the Rev. Geoffrey Bennett collection sale at Christie’s, marked the beginning of a series of collection sales at auction. Bennett was followed by the Frederick Forsyth collection, 2002, Laurence Ives, 2004, Lord Forte, 2011 and the Thompson collection in 2014. All of these single owner, single artist sales helped to expand the market and to increase the awareness of Lowry and also spawned new collectors many of whom I have got to know well.

‘The Football Match’ sold for £5,641,00 in 2011

‘The Football Match’ sold for £5,641,00 in 2011

Although there haven’t been any significant collection sales since the Thompson sale in 2014, Lowry prices and interest have remained strong with top prices still being achieved for signature pictures such as Northern Race Meeting (pictured) in 2018, which achieved £5,296,000.
Equally many records still stand from 2011-2014 such as The Football Match (pictured) in 2011at £5,641,00 and Piccadilly Circus (pictured) at £5,122,000 in 2014.
Lowry painted and drew continuously throughout his long and very productive life, so happily there are still many new works out there still to be discovered. I have been fortunate enough to have seen hundreds of works by Lowry over the years through my work with collectors and involvement with the Lowry collection in Salford and I look forward to seeing many more…

‘Piccadilly Circus’ achieved £5,122,000 in 2014

‘Piccadilly Circus’ achieved £5,122,000 in 2014

 

Millions of Years Old or 5 Week Petri Dish Diamonds – Can You Tell The Difference?

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Laboratory-grown diamonds have been around for about 20 years but they have always been more expensive than the natural product and some have appeared in very unnatural colours. Techniques have improved and will continue to do so and prices have therefore dropped considerably.

diamond_compare copy

De Beers have just launched their own brand of laboratory diamonds called their ‘Lightbox’ range – and are building a new factory in Oregon with a production target of 500,000 carats a year. They have indicated a retail price of $200 for a ¼ carat and $800 for a 1 carat stone which, despite sounding low, will still provide them with a larger profit margin than for their natural products. A reasonable ¼ carat natural stone would retail for £500 + today in the UK and a reasonable 1 carat natural stone from about £3500.

There are 2 very ‘high tec’ processes which can grow the diamond from a pure carbon ‘seed’ to over a carat in weight in about 5 weeks as opposed to the natural product which takes millions of years deep in the bowels of the earth. Man-made stones are not all totally flawless; internal flaws in natural stones are normally specks of uncrystallised carbon, whereas in man-made stones the flaws are caused by slight production glitches and variations in conditions can influence the colour and clarity qualities.

Laboratory grown diamonds

Laboratory grown diamonds

De Beers have said that they will laser mark every stone they produce, then ticket and retail it accordingly. The question is, will all producers and retailers be as honest and transparent? Another consideration is the practice of ‘diamond sights’, which take place during the early stages of the production of a piece of diamond jewellery. This is where a few very select bulk diamond buyers are offered large quantities of stones in huge ‘lots’, by the big diamond suppliers. Recently in India, a ‘sight’ was found to include only 10% natural against 90% man-made stones – with no indication from the supplier that this was the case.

Will these laboratory-grown stones drag the price of natural stones down or will it be an opportunity to promote their natural qualities and increase prices? Despite advertising to the contrary, diamonds are not that rare and although some new mines have opened in Middle Africa there have been no major new diamond field discoveries since the ones in Canada nearly 20 years ago. De Beers calculate that there are only about 50 established legitimate diamond mines operating throughout the world. They predict that the effect of relatively cheap man-made diamonds on stone prices in general could mean the number of producing mines could drop by half in the next twenty years.

Currently a first-time engagement ring buyer looking for a 2-carat diamond ring will see a sparkling man-made single stone at £1500 and a visually identical natural stone at £7500. Most will buy on price in my opinion, but I sincerely hope I’m wrong. The problem for retailers, manufacturers and of course valuers is that these man-made stones are real diamonds – ie pure carbon – and will test as such when examined by hand held diamond testing machines.

So, with this size of price gap, for both the insured and the insurer, it is going to be very important to be as sure as possible about the stone’s origins. The type of inclusions (flaws) in a natural stone do look different from those in a man-made specimen so that will help when making a judgement. However, the age of the piece and its ‘family’ history will also prove helpful guidance factors. When appraising client’s new jewellery, the need to see a certificate and receipt from the supplier stating the stones’ origins or even better an independent laboratory certificate for the principal stones, is becoming increasingly more important to both valuers and insurers.

Colorless gem cut from diamond grown by chemical vapor deposition

Colorless gem cut from diamond grown by chemical vapor deposition

Currently, the GIA (Gemmological Institute of America) which is the most recognised laboratory worldwide is saying that it will carry out stone inspections and will state if a stone is natural or man-made. In the case of a man-made piece they will state the carat weight, but they will not – at this stage – classify its colour or clarity. The other main laboratories like HRD and IGI have not yet made their positions clear but I would think they would follow GIA’s position. It is to be noted that there have been quite a few new ones emerging in the Middle and Far East, out of which have come some rather disturbing stories about the accuracy of their classifications.

Our recommendation is to stick to the well known and established laboratories. It is claimed that, say a 1 carat stone, E colour and VS1 clarity with a GIA certificate could be worth 10% more than an almost identical stone with a less high-profile laboratory certificate. However, unfortunately GIA do not have a UK laboratory currently.

The diamond trading market has changed enormously over the past 20 years with De Beers no longer in virtual ‘sole control’ and the Canadians and the Russians going their own way in marketing their diamonds. The monthly diamond Rapaport and Index reports, which list the average trade prices in US dollars of millions of loose diamonds of all sizes and qualities on offer throughout the world, are still used by the trade as their base point.

Making synthetic diamonds through high pressure

Making synthetic diamonds through high pressure

I think it’s too early to be certain which way the market will go. There are obviously wider and more general factors such as the economy and politics which may also have an impact, but for sure there’s uncertainty and nervousness in some areas of the market. The fact that De Beers have committed to their own production of stones, together with their prediction that the relative ‘cheapness’ of the man-made stones could halve mining and production of natural stones in the next 20 years, gives an indication of where they foresee the market heading. The other side of the coin is that in that situation natural mined stones will become rarer and rarer therefore the prices will rise.
In conclusion, the need for regular valuations of your diamonds is becoming increasingly more important.