My Favourite…

Posted on November 25, 2020October 18, 2024 by Jonathan Horwich

The Cunha Braga Cup. By Jonathan Horwich, Modern Art Specialist

Knowing that I am a picture specialist, it may come as a surprise that I have chosen this 14 cm long, ceremonial drinking vessel. It is a rock crystal masterpiece of renaissance craftmanship, carving and decoration and is my favourite piece of all time. I am not sure if I know myself why I love it so much – maybe it is because it is so tactile, almost warm to the touch, and just oozes history. It fits neatly in the palm of your hand and is beautifully made – and nearly 400 years before Carl Faberge turns up and makes anything nearly as good.

The Cunha Braga Cup

I first saw the cup in October 2006 on its preview in New York. I was previewing pictures alongside my colleague from the works of art team who was accompanying the cup. My colleague gave me some of the background to its discovery. Amazingly, he spotted it among a bunch of Polaroid shots sent over from Portugal by a client just in case there was anything of interest. Even more remarkable is that the photographs were general room shots of a room full of display cabinets all rammed with various pieces and the cup was spotted tucked in a cabinet full of undistinguished objects. He was on a plane to Lisbon the next day to see it and the rest is history. I remember he told me that at first it was thought to be a copy or later version of a similar cup in a Munich museum. However, once the two were put together side by side in the museum the curators were delighted to discover that our one was made by the same craftsman as theirs – making these two the definitive pieces and ours the only other example in the world available to buy.

It had belonged to Alfredo Baptista Cunha Braga (1869-1932) from Lisbon. He acquired it circa 1920 and then by direct descent to the owners in the auction. The piece was offered in London on 30/11/2006, the pre-sale estimate was £200,000-300,000 but it sold for an astounding £1,968,000

My favourite item that I have valued

Posted on November 24, 2020October 18, 2024 by Mary Waterfall

I feel very blessed to be a jewellery valuer because I get to see and examine some stunning pieces of jewellery. It’s actually quite hard to single out just one item as a favourite. I love more vintage pieces such as tiaras, gem set cocktail watches and anything from the Art Deco era. As I hold them I love to imagine who has worn them and how many amazing parties they have been to. My mind always wanders to the movie Breakfast at Tiffany’s and Holly Golightly dressed to the nines and going to countless ‘soirees’. I recently valued a beautiful old cut diamond festoon necklace and the owner sighed and said to her husband: ‘well darling I doubt I will be wearing it at any more balls at Buckingham Palace anytime soon……’
However if pressed to choose one particular item as a favourite it would have to be something set with sapphire. Sapphires are my all-time favourite gemstones, so much so that when I worked in the auction world and on the TV show Dickinsons Real Deal, I had to be really careful not to overestimate sapphire set pieces and give the clients over inflated expectations because I loved the gemstones!

Single sapphire ring. Valued for insurance at £30,950 NRV (New Retail Value)

I recently valued a single stone ring. It was set with a Ceylon sapphire weighing 13.73cts, measuring 12.4mm by 12.1mm. The stone came with a certificate stating there was no evidence of heat treatment, something which is becoming increasingly rare because nowadays most coloured gems undergo some form of treatment to enhance their colour. As I gazed into the gem with my 10X loupe I could see a multitude of natural inclusions. Inclusions are what I most love about gemmology. I just think it’s incredible that these beautiful gems have been formed in the earth over thousands of years, each is unique and each tells its own story through the inclusions that lie within. Examining them is like diving into another world and this particular gemstone was a real feast for the eyes, a gemmologist’s delight! I could have looked at it for hours and would have loved to have put it under a microscope. However I had to settle for a quick fix because as valuers we work under time constraints and don’t really have the luxury to truly enjoy and appreciate such magnificent pieces when they arise.

Typical sapphire inclusions

To the layperson the ring may look rather heavy and clunky. It’s set in platinum and weighs 21 grams. On the surface the sapphire facet edges are slightly rubbed. However for me, because of the magical world contained within, it was a real highlight and my favourite piece I have valued.

You have £5,000 to spend – David Oxtoby prints

Posted on November 24, 2020August 21, 2024 by David Dallas

How Would I Invest £5,000? By CEO and Old Master Specialist, David Dallas

If my godfather left me £5,000, I wouldn’t hesitate to spend every penny buying the suite of etchings (24), which David Oxtoby produced in 1974.

Image of David Oxtoby swonderful etching

“S’wonderful”: Stevie Wonder. Signed, inscribed and dated ‘74. Published Sept 1974. Artist’s proof for an edition of 50. 3 colour etching on handmade English paper. Plate size: 165 x 142 mm

David Jowett Greaves Oxtoby is undoubtedly one of Britain’s greatest printmakers, as the show at the British Museum proved two summers ago. He was one of the notorious ‘Bradford Mafia’, a group of young Yorkshire artists, who after attending the Regional College of Art in Bradford, came to London to further their education at the Royal College of Art and The Royal Academy schools. As well as Oxtoby, the group included David Hockney, Norman Stevens A.R.A, John Loker and Mick Vaughn. Before he had left the Royal Academy schools, Oxtoby had his first one man show in New York. His was and is a prodigious talent.

By the early 1970s his hands were starting to crack, and he was told that he was allergic to the acrylic paints he was using. After taking medical advice, he took up etching and what a triumph that was. In collaboration with J.C. Editons he produced a suite of 24 immensely complicated, in some cases, 4 colour, etchings. I have the good fortune to own a set of artist’s proofs.

‘The Man’: Stevie Winwood. Signed, inscribed and dated ‘74. Published Sept ‘74. Artist’s proof for an edition of 50. 4 colour etching on handmade English paper. Plate size: 335 x 115 mm

In 1974 I worked for Alex Postan Fine Art and was entrusted with getting publicity for the show of etchings, which included watercolours and acrylics as well as prints. It was the easiest job I have ever had. Marina Vaizey wrote a half page review of it in The Telegraph, Bill Packer, a half page in the Financial Times and it was in the list of the 10 best things to do this Christmas in London in the Daily Express. Rod Stewart came to the private view.

Oxtoby went on to exhibit with the Redfern Gallery in Cork Street in the 70s where the private views would sell out. Elton John bought Oxtoby’s canvases in vast numbers, for prices that were somewhere between Hockney and Picasso. He is still with the Redfern.

Private View at Alex Postan Fine Art, Dec 1974. David Oxtoby and Rod Stewart in front of a 5 ft high watercolour by Oxtoby. Photograph by Miki Slingsby

He has had more than 50 solo exhibitions and taken part in more than 70 group shows, yet for much of the last 30 years has lived like a recluse and kept all his latest work from public scrutiny. The result of this has had an adverse effect on the value of his work.

Oxtoby has not had the recognition for the brilliance of his draftsmanship and use of colour from the establishment that his oeuvre deserves. This seems to be because his work is inspired by popular culture, pop, rock and blues music, which is considered low brow and because he works from photographs, despite knowing subjects like Jimi Hendrix, George Harrison and Roger Daltrey well.

He was 82 in January and is not in good health. The cracked hands, which turned him into a printmaker, were actually caused by misdiagnosed diabetes. What future generations will make of his work remains to be seen, but I believe he is ready for a critical re-assessment and should take his rightful place amongst the greats of late 20th/early 21st century British art.

My Favourite Book – Samuel Johnson’s Dictionary of the English Language

Posted on November 24, 2020August 21, 2024 by Rupert Neelands

It is 265 years since Samuel Johnson’s 2-volume Dictionary of the English Language was published on 15 April 1755. Though many forms of reprint are available, to own a copy of the first edition would be the best of all options. Completing the Dictionary from A to Z was solely Johnson’s responsibility. As his preface points out, it had taken whole teams of academicians to produce dictionaries of Italian and French, whereas he worked in the solitude of his garret at 17 Gough Square, supported only by a succession of feckless and rather drunken copyists — five out of the six were not English but Scottish.

The Samuel Johnson Dictionary, 1806 edition

One has to admire the Dictionary as a book which received no academic support, compiled “not in the soft obscurities of retirement, or under the shelter of academick bowers” but in London “amidst inconvenience and distraction, in sickness and in sorrow”. Johnson’s contract was with a group of influential London booksellers including Robert Dodsley and Andrew Millar. Although he had agreed with them to finish the work in three years, the first volume was not completed for seven. The whole task took nine years altogether. Far from thinking himself a national celebrity, Johnson felt reduced to “a harmless drudge, that busies himself in tracing the original, and detailing the signification of words” (the Dictionary’s definition of lexicographer). When his wife Tetty died early in 1752, his morale must have hit rock bottom.

Dr. Samuel Johnson

Johnson’s brilliant handling of illustrative quotation means that his lexicon can also be enjoyed as a unique form of anthology. Though quotations from 18th-century sources, particularly Pope, Swift and Thomson, occur with some regularity, Johnson’s highest regard was for writers from before the Restoration whose works were “the wells of English undefiled”. Many recently introduced words, particularly anything “Gallick,” are condemned as “cant” or “low”. Giving such frank expression as it does to the author’s tastes and personal prejudices is what makes the Dictionary so endlessly fascinating.

Most impressive of all is Johnson’s battle with his own indolence or what his Dictionary termed “the repugnance which we naturally have to labour”. His publishers became exasperated by the years of procrastination. Boswell recorded Andrew Millar’s oath, on receiving the last sheet of copy from Johnson’s messenger: “Thank God I have done with him”. On returning the messenger duly passed on Millar’s words to Johnson who replied: “I am glad that he thanks God for any thing”.

Modern British Sculpture Sleeper

Posted on November 11, 2020August 21, 2024 by Jonathan Horwich

Known in the Art business as a ‘sleeper’ this 19 cm high, charming, and unique marble carving sold for 150 times its low estimate at Mellors and Kirk’s auction last month.

Very temptingly priced at a ‘come and buy me ‘estimate of £40-60 and intriguingly catalogued as ‘Modern British School’, this sculpture of a fawn grooming was finally hammered down at £6,000.

The Fawn is often depicted as a mythical creature and this piece certainly bears the hallmarks of early 20th century British carving. The attribution to Modern British School, although somewhat broad, is I believe, largely accurate as the piece could be attributed to the ill-fated and short-lived artist, Henri Gaudier Brzeska, (1891-1915), who although 100% French, somehow became an honorary ‘Brit’ and an integral part of the early dawn of the Modern British Art Movement at the beginning of the 20th century. He exhibited alongside greats such as Walter Sickert and Augustus John and is now very highly regarded as a sculptor and original work by him rarely if ever appears at auction. If this piece is by Gaudier then it’s a particularly good buy for someone as it could be worth 10-15 times the purchase price.

Another possibility is the sculptor and first husband of Barbara Hepworth, John Skeaping (1901-1980). If by him then it is still worth more (but not hugely more – value may increase by 2 or 3 times). I do not think it is by any of the big guns of Modern British sculpture such as Henry Moore or Barbara Hepworth, at least neither of them sculpted fawns. However it is an intriguing, good quality and well carved piece and so well worth a punt at £6,000…..

Watch this space for an update in case I hear anything more about its final attribution!

Caring for Paintings

Posted on November 10, 2020August 21, 2024 by David Dallas

Pictures, like small children, prefer consistency of treatment. In the case of caring for paintings and watercolours this means no violent fluctuations in temperature or humidity.

Water damage

If you have a damp room a de-humidifier can bring the relative humidity down around 40%-60%, above this level and there is a possibility of mould growing on surfaces and this can stain the paper on which watercolours, drawings and prints have been worked, irrevocably. Some moisture in the air is good, especially for inlaid furniture and panel pictures. I was in the Pinacoteca in Bologna 40 years ago, where there was about zero relative humidity and the great wooden altarpieces were groaning like ships’ timbers, as they dried out and moved. It is not like that now!

Example of water damage

Where to hang your painting

Hanging paintings above radiators or chimney breasts is to be avoided as the paint layer dries out and becomes brittle and if the painting is on a panel it can warp. The same applies to furniture.

A light-damaged painting

Direct sunlight is a no-no, especially for watercolours. I remember seeing a large pair of watercolours by Turner hanging in a lightwell. They had been there since 1800 when the owner’s forbear had bought them at Christie’s. I tracked the sale and instead of being worth £200,000 (they were obviously very early ones) they were worth about £5,000 as curiosities. All the colour had been bleached out – no blues, no greens, just pale pink and brown smudges. What a tragedy!

Whether light travels in waves or pulses, it equals heat, and this will damage anything subjected to it. Ultraviolet inhibiting strips can be put on windows, but they are only about 60% effective and should not be exclusively relied upon. Old-fashioned velvet curtains, with brass rods stretched through the bottoms are an ideal way of protecting watercolours in daytime and can be turned back at night.

Artificial lighting can be harmful too, although it lacks the sun’s power, so low energy bulbs should be used and try to avoid picture lights on brass arms attached to the frame of an oil painting. They are too close to the surface of the painting and can cause stress to an old carved and gilded frame.

Cleaning of paintings

The cleaning of all paintings must be left to well-trained professional conservators. It is a highly complex procedure requiring in-depth knowledge of chemistry. Never use a damp cloth to clean the gilding on a frame. If it is water-based gilding, as opposed to oil, it will dissolve. A feather duster is preferable to a cloth duster as it is less likely to snag the carving and pull it off. You can dust the surface of an oil painting, very gently, with a cloth duster.

Lastly, never dust the glass on a pastel, it can cause static electricity to build up and the pastel (powdery chalk), which was never treated with a fixature in the 17th, 18th and 19th Centuries, will jump off the paper and adhere to the inside of the glass!

Damage caused by fly faeces

Some things you just must live with, such as houseflies whose poo can stain an oil painting and can only be removed with a scalpel (don’t try this yourself!). Thunderflies, in high summer, can find their way under the tightest-fitting glass and litter the surface of a watercolour or drawing. Wait until autumn and take the backing off the work on paper, dust them out and reseal.

An example of damage caused by silverfish

Silverfish are a menace. If they get into a Victorian watercolour, they can munch their way through the pigments, which have been impregnated with gum Arabic, (the substance that Osama Bin Laden’s family fortune was based on), leaving patches of bald paper. Try to keep on top of silverfish by regular hoovering.

Another example of damage caused by silverfish

If you do have the misfortune to have water or fire damage or a painting falls off the wall, it makes sense to have a good photographic record of it, as this could help a conservator restore it and a loss adjuster assess a claim.

Keep on Running…a look at the Sneaker (Trainers!) Collector’s Market

Posted on November 10, 2020August 22, 2024 by Alastair Meiklejon

Why do people collect? Sometimes it can be a fascination with a subject matter, and sometimes a desire to be a completist – to own everything produced by a certain artist, or manufacturer.

A few years ago, I was asked to value a sneaker (that’s trainers here in the U.K.) collection and my eyes were opened to a burgeoning sub culture that is on the increase and shows absolutely no sign of abating.

The collection comprised around 250 pairs of mint (‘boxfresh’ in sneaker speak) shoes that had been bought as art pieces and collectables, rather than something anyone would ever dream of wearing. It included rare pieces from manufacturers that we all know, such as Nike and Adidas but with particularly limited runs and designed by musicians and traditional artists.

The collector was keen to tell me about the way in which the market has changed over the years, and nowadays it involved waiting in line at a retailer and being allowed to purchase only one pair of sneakers. On some occasions, he had recruited friends to go with him so that he could buy more than one pair. The value of the shoes traditionally doubled as soon as they left the store and could be seen for sale on internet sites within hours.

Signed pair of Nike Air Jordan 1s

For insurance, the collection was valued at £480,000. This no doubt will have changed in the last 24 months, with markets changing in the same way as traditional art and new designers dominating the hierarchy of sneaker chic, it’s a culture that just keeps on running…
Even Sotheby’s on-line store features a trainers section. In fact, the signed pair of Nike Air Jordan 1s above have become the most expensive trainers sold at auction, fetching over £460,000 at their online auction of 17 May 2020.

The Nike Air Jordan 1s were game-worn by Michael Jordan in 1985 after being made exclusively for the legendary NBA Chicago Bulls player.

Nike Air Mag Back to the Future 2016 – £26,500

One of recent year´s most famous sneakers – owned by, for example, the Slovakian rapper Rytmus. This reference to the legendary movie Back to the Future was released back in 2011 in a quantity of 1500 pairs. Several years later, in 2016, fans demanded a re-release, which they got – but only 89 more pairs were made, which pushed the Nike Air Mag Back to the Future 2016´s into the top 10 of the most expensive sneakers

Nike Air Mag Back to the Future 2016

Nike Moon Shoe – over £330.000

This shoe was designed by Nike´s co-founder Bill Bowerman for the 1972 Olympics qualifiers. It’s the only remaining preserved pair of this shoe, and it is also unique because the sole was literally made in a waffle maker!The sneakers were auctioned off at Sotheby’s by collector Miles Nadal in July 2019, officially making them the world’s most expensive shoes for many.

Nike Moon Shoe 1972

Converse Fastbreak, worn by Michael Jordan – £144,000

This is where we start reaching astronomical prices. This crazy price tag wasn´t caused by the sneaker´s rarity or the use of expensive materials. The third pair on our list was owned by Michael Jordan himself – he won the 1984 Olympic games in the USA in these shoes.

Converse Fastbreak worn by Michael Jordan

Air Jordan 12 OVO (Drake Edition) – £75,600

What you see in front of you is the result of a collaboration between the Jordan brand and rapper Drake’s brand OVO (October’s Very Own). At first glance, they don’t seem like anything special. However, at a Toronto Raptors game, Drake gave a pair of these sneakers (with a retail price slightly over $200) to one lucky fan, who managed to sell the shoe for an incredible $100000 on eBay, which made them the second most expensive Jordan sneaker at the time. A lesson to be learned from this is that going to a Toronto Raptors game might be worth it, not only for the entertainment value.

Air Jordan 12 OVO Drake Edition

Japanese swords – More than just Kill Bill

Posted on November 2, 2020August 22, 2024 by Doerr Dallas Valuations

I was interested to read an article from my colleague Alastair about the rise in interest in luggage and hand bags in the auction market. Not only are these bags finely made, but the rarity of their manufacture is making them both sought after and valuable pieces, increasing their prestige and elevating the status of their owners.

In the 21st century a bag or indeed a watch can mark out an individual as someone of some status and wealth.

During the 18th and 19th centuries in Japan the ruling class of the day, the Samurai, carried a sword as a symbol of power and status. The sword, even when its use was reduced with the invention of the gun, still gave the owner his warrior spirit well into the 20th century, even if the sword, like the one my grandfather liberated in the War, was poorly produced.

The Sword had almost mystical properties and when held in the hands of a Master, it was considered to be alive and have a spirit of its own. The men who made the sword were alchemists as they forged metal with fire and skill to produce objects that were both beautiful and lethal.

As you will no doubt know, the fictional character in Quentin Tarrantino’s film Kill Bill goes to Okinawa, an island famous for a type of Karate and the fact that it has a high number of Centenarians, to obtain a sword from a retired sword maker. He refuses to give her one from his collection but is obliged by his sense of honour to make a sword, which he says will take a month.

The production of a sword is a lengthy process, even in this century, so one suspects that either he has a stash of partly made swords in his shed or the film is not as accurately researched as this article. Making a sword is a rare and physical challenge, no less because blades can break in the tempering process, but also there are limited people who are skilled enough to manufacture them and the quality of steel to produce them is made in limited quantities.

A traditional Japanese sword is made from Tamahagane steel, which is made from two types of iron sand, a source of iron ore, heated to approximately 1000c in a Tatara, a type of clay furnace. The firing takes approximately 5-7 days and over this time iron sand and charcoal is sprinkled into a pre-made crucible in the middle of the pine charcoal fired furnace, and subjected to firing, until it is judged to be ready to retrieve. The furnace is broken open and a red-hot lump of precious steel is removed from the furnace, to be cooled and graded. The most important aspect of the steel is its carbon content as this will affect the durability of the blade.

Both traditional iron foundry’s and swordsmiths will work in a forge that is considered a shrine and they themselves may be honoured as national treasures. There is often a Shinto alter in the workshop and devotions are made every day to the Gods for the protection of the workers and the smith.

Tamahagane steel

The swordsmith will take delivery of a selection of pieces of steel that the foundry master has chosen. Normally these are found on the edges of the block of steel produced as they have most contact with air and carbon.

The blocks are arranged around a bar, covered in rice paper and clay slurry. The whole is heated in a furnace to 1200c and then hammered into a complete block, usually with two of the master’s apprentices. The hammering purifies the steel and the work reduces the initial weight of the ingot by 50%. The block is hammered to a plaque and the folded along its length continuously, creating a laminate of steel with multiple layers which ultimately gives the finished blade a grain.

A Japanese swordsmith with his assistants

The ultimate property of the sword blade is that it is strong, but flexible. The blade must be extremely sharp and hard, but it has to have a softer centre and back to gain flexibility. This flexibility is introduced to the sword by placing a softer iron interior to the blade, which is forged into it before the sword is formed. The initial ingot of steel is created into a long U cross section, into which the soft core is introduced and then the ingot can start to be unified and lengthened into a blade form, with the bevelled edge. The smith will work the blade meticulously as his work will add to the ‘fibre’ and construction of the steel. It will be well shaped before it is ready to tempered, a process of the hardening of the metal. He will also form the tang, a tongue like piece of metal onto which the sword fittings and hilt will be mounted. This tang is often signed by the maker.

When viewing a Japanese sword blade you will note that there is a pattern to the surface called a Hamon, a sort of cloud like effect that appears along its length which is separate to the folded gain of the steel. This is created when the blade is hardened. A mixture of clay and carbon in the form of a slurry is painted over the blade, protecting the softer elements. A pattern is created in the slurry that is unique to the swordsmith and adds an artistic expression to the blade. The blade is then heated to approximately 800c and when the smith judges it to be ready and hot enough, it is plunged into cold water. The areas of the steel which receive a thinner coat of clay slurry become very hard and will take the edge of the weapon. The areas with a thicker clay coating will cool less rapidly preserving the flexibility of the sword blade. The cooling and tempering process also forms the curve and shape of the blade.

The Hamon of a Japanese sword

The blade is now ready to undergo polishing, which in the first instance will be done by the swordsmith to check for imperfections in the blade, but then will be sent to a master blade polisher. It will be his job to refine the surface of the blade, revealing all the smiths work, the hamon created in the tempering process and sharpening the blade to a razer like edge capable of cutting blades of hair or realistically flesh and bone. He will use various grades of stone, clays and powders to grind and polish the blade to a mirror like finish. This process is approached with some trepidation as the polisher must avoid cutting himself on the edge of the sword, but still achieve a beautiful finish.
Once the blade is made it will be stored in a protective wooden case, called a Shirasaya. This is made of two parts, one to house the blade and one to house the hilt. The hilt part is drilled with one or two holes which have corresponding holes in the tang of the sword, and wooden pegs, called Mekugi, hold the blade into the hilt piece.

There are generally five types of sword seen on the market known as katana, tsurugi, wakizashi, odachi and tanto, each with a defined length, the shortest a tanto being a dagger form.

Review of the Watch Market October 2020

Posted on October 23, 2020August 22, 2024 by James Lowe

The watch market seems to have survived amazingly well over the past six months, both on the retail and auction side. There was even an auction in Hong Kong recently selling only early Seiko watches, a brand that despite being the first to launch a quartz watch in 1969, has in the past fared pretty badly at auction with very low prices generally. However, the sale largely sold out, with several of the rarer watches fetching thousands.

An area of the market which is causing excitement currently is what is known as the Secondary Market. I do stress that it applies to an extremely limited few brands and models, and that for most watches the value still plummets as soon as they leave the shop. Patek Philippe, Rolex, and to a lesser degree Audemars Piguet, are the brands most impacted in this situation and it is only their steel sports or utility ranges rather than the precious metal and bejewelled dress watches that are affected.

Patek Philippe Nautilus

Patek produce only about 6,500 steel watches out of their total annual production of about 65,000. The waiting list for several of their steel ranges can be 18 months to 2 years, so this Secondary Market has emerged. If you were able to purchase a steel Patek Philppe Nautilus at the recommended retail price of about £31,000, keep it in its plastic factory wrap together with all original documents, you could put it on the Secondary Market and ask in excess of £70,000.

Rolex Daytona

A few Rolex and Audemars Piguet models might get you a 50% profit on RRP. Patek say that they are essentially a maker of luxury precious metal watches, not sports watches, and they will not increase production to meet the demand. But I must stress again how this market is relevant to so very few of the watches that come on to the retail market.

Image of Audemars Piguet Royal Oak Offshore watch

Audemars Piguet Royal Oak Offshore Chronograph (re-edition-25th-anniversary)

Another by-product of this market is the emergence of some very convincing well-made fakes – or replicas as they are sometimes called. All the major brands will mark their cases and movements with reference and serial numbers so that with some diligent sleuth work you should be able to safeguard yourself against buying an expensive fake.

Diamonds and Coloured Gems… words of advice from our Jewellery specialist

Posted on October 14, 2020August 22, 2024 by James Lowe

At Doerr Valuations our team of jewellery specialists monitor prices and trends in the international market to make sure that you can be properly informed and looked after.
The jewellery market over the past few years has been unusually volatile for several reasons – some directly due to the general ‘woes of the world’ and some caused by some quite dramatic fluctuations in commodity, material and gem prices.

In 2007, the price per ounce of gold was around the $750 mark – it peaked late in 2012 at $1,890 – and fell back to just over $1,000 in 2014 although it’s edging up to the $1,910/oz mark today.
However, in pieces of gem set jewellery the gold value factor is not huge – the gem prices, manufacturing costs and retail profits are larger factors.

Diamonds, despite what De Beers say in their advertisements, are not rare. Huge deposits of good quality stones are regularly being found in mid-Africa and now Botswana has pretty well become the diamond centre of the world, with De Beers moving their headquarters there from London.

Mining techniques are better and more efficient, so there are more than enough stones to go around. Slackening demand from the Middle and Far East for many of the slightly lower grade stones and sizes have seen noticeable drops in market prices. De Beers and their fellow core suppliers have had to do a lot of juggling and adjustment to try and keep things on an even keel.
However, if the stone is exceptional in all of the three main quality criteria i.e. size, colour and clarity, it will still be very expensive. The trade price of a one carat flawless D colour (the best) stone, is well over twice the price of a one carat H colour and VVS2 clarity (both acceptable commercial qualities) stone.

There have been some exceptional auction prices in 2017 for coloured diamonds, specifically for pink and blue stones… Sotheby’s set a new world record in 4 April 2017 in Hong Kong, when the Pink Star, a 59.60-carat oval mixed-cut Fancy Vivid Pink internally flawless diamond, sold for HK$553 million / US$71.2 million (£57.3 million) including buyer’s premium.

Other spikes in the market include the pearl market, specifically the natural saltwater pearl market. Cultured pearls are natural beads ‘farmed’ in seawater by introducing man made beads in to the soft tissue of an oyster. The oyster’s reaction to these ‘irritations’ is to cover them in ‘nacre’, which is the lustrous shell like covering that we see on the pearl necklaces in most shops. The beads can be 4 or 5 mm in diameter so the thickness of the nacre coating can be pretty thin and lacking in lustre depth. In a natural seawater pearl the oyster takes in the occasional tiny grain of sand around which it builds up the layers of nacre, so in an 8 mm diameter natural pearl you may have 7 mm depth of nacre rather than 3 or 4 mm in a cultured pearl. If you put one of each of these pearls together the wonderful depth of lustre of the natural pearl is very apparent.

Again a laboratory certificate and an up to date valuation is a must. But the main problem for the pearl market is the arrival of freshwater pearls from China. These are farmed in rivers and lakes and not in oysters but in mussels. A mussel can produce more pearls, more often, but they can be of poor lustre and are prone to being misshapen. They are however very cheap and can be seen up to 15 mm in diameter.

Whilst auction prices for fairly modern ‘ordinary’ jewellery can very modest indeed – and a small fraction of its retail replacement price – the market for ‘big name’ pieces with good style and quality is as strong as ever. Cartier, early Tiffany, Boucheron, Bulgari, Buccellati, and Lalique all sell strongly. From the previous century there is a strong collectors’ market for work by Castellani and Giuliano and anything with an interesting historical or royal background will generally fare well.

You may find that the values may have stayed the same, but it is always worth confirming this and as part of Doerr Valuations service we can easily check this for you.

So, with the price of gold, diamonds and jewellery continually changing, seeking professional advice and having your jewellery reviewed annually is extremely important.

Call us today to enquire about an appointment on 01883 722736 or email [email protected] or visit our website www.doerrvaluations.co.uk