Are antique owners ready for the new laws on ivory sales?

Posted on July 23, 2019August 15, 2024 by Sean McIlroy

George III satinwood and inlaid tea caddy

In 2019 the Government will introduce its new law for banning the sale of ivory in the United Kingdom.

This has already and will without doubt in the future affect the values of antique ivory items in the United Kingdom. The new law intends to totally ban the sale of ivory regardless of age. There are however some exemptions to the new law which are:

‘Items with only a small amount of ivory in them. Such items must be comprised of less than 10% ivory by volume and have been made prior to 1947.’
Items such as this George III satinwood and inlaid tea caddy with an ivory escutcheon would be exempt under the new law, if containing less than 10% of ivory by volume.
‘Musical instruments. These must have an ivory content of less than 20% and have been made prior to 1975 (when Asian elephants were added to CITES).’

18th century miniature on ivory

Pianos, violin bows, guitars and other musical instruments would be exempt under the new law, if made before 1975 and less than 20% ivory.

‘Rarest and most important items of their type. Such items must be at least 100 years old and their rarity and importance will be assessed by specialist institutions such as the UK’s most prestigious museums before exemption permits are issued. In addition, there will be a specific exemption for portrait miniatures painted on thin slivers of ivory and which are at least 100 years old.’

18th century German carved ivory figures of a lady and gentleman

This 18th century miniature on ivory would be exempt under the new law as would this fine 18th century Anglo-Indian Padauk and ivory inlaid desk, on the grounds that they are the most important of their type, subject to exemption permits.

‘Museums. Commercial activities to, and between, museums which are accredited by Arts Council England, the Welsh Government, Museums and Galleries Scotland or the Northern Ireland Museums Council in the UK, or the International Council of Museums for museums outside the UK.’

This fine pair of early 18th century German carved ivory figures of a lady and gentleman would be exempt if accredited by the above institutions.

Will this make ivory items worthless?

19th century carved ivory figure of a fisherman

Under the new laws, this 19th Century carved ivory figure of a fisherman and the 19th Century Chinese puzzle ball could not be sold by a retailer, or by private treaty, or at auction, or for any financial gain in the United Kingdom.
Having spoken to many antique dealers and auctioneers around the country, it is apparent that hammer prices being achieved for ivory pieces at auction have fallen dramatically. For instance, a 19th century ivory chess set that would have fetched between £600 – 800 at auction in the past, would now only fetch £120 hammer price. After the new law is passed this same chess set would be deemed worthless as it cannot be sold.
In view of the change in the laws for selling ivory, collectors and owners of antique ivory items may wish to review their current values and re-adjust their insurance cover. It will still be possible to gift items made from ivory without committing an offence.
The new laws are due to come in to effect in mid-2019. For more information please visit: www.gov.uk/government/news/government-confirms-uk-ban-on-ivory-sales

19th century ivory chess set

Sources: www.gov.uk/government/news/government-confirms-uk-ban-on-ivory-sales
Published 3 April 2018. Department for Environment, Food & Rural Affairs, Foreign & Commonwealth Office, Ministry of Defence, and The Rt Hon Michael Gove MP

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The Importance of Having your Watches Valued

Posted on July 23, 2019August 14, 2024 by Alastair Meiklejon

You can buy a perfectly reliable and accurate watch for £100 or you can buy one for £1million plus. Of the top 10 brands, most have about 10 ranges each with about 10 models – plus the myriad of other lesser brands, so getting watch valuation prices accurate is very important.

It’s in the makers’ interest to ring the changes and bring out new models on a regular basis – no self-respecting Manchester United footballer’s wife could be seen today wearing a 2010 model Cartier watch and it’s not often a new model will sell for less than its predecessor, so a watch can quickly become underinsured.

With very, very few exceptions the second-hand value of a watch can be as little as a half or quarter of its new retail price of the current comparable model. So from both the insured’s and the insurers’ points of view (and the watch valuer’s too!) it is very important to establish if the policy offers ‘new for old’ or ‘like for like’ cover.

There are only two UK based watch manufacturers so 99% of watches sold here are imported so are subject to currency fluctuation. Precious metal and gem stone prices are also prone to price changes – and as most of the top brand models are hand made the cost of skilled watch makers is an important factor in a watch’s retail price.

Condition can be an important factor and should be checked and commented on in a watch valuation. Particularly in a precious metal watch with a bracelet rather than a leather strap where clasps, buckles and links can wear over time, there’s a risk of the watch falling off with consequent damage or loss. Also, gem set watches should be checked for claw and setting wear – to source a suitable replacement stone and get it mounted by a skilled setter can be a very expensive exercise.

Watch fakes (or replicas!)

I must mention fakes – or replicas as the makers prefer to call them! 30 years ago the first Rolex fakes came on the scene and even to the untrained eye they were unconvincing, they weighed half what an original did, they often had quartz movements rather than automatic and some even had spelling mistakes on the dial. The 18 carat gold parts of the original watches were made of thin gold plate which could wear through in a couple of months. The new ones are very much better and can be embarrassingly convincing, however most of the better watch brands will have a numbering system, stamping an individual serial number on a watch and in some cases the model range number, so with a bit of research we can be pretty sure. Just a quick ‘trick of the trade’ note on fakes – since about 1980 all Cartier watches with roman numerals will have a secret ‘signature’ on the dial. You may need a quizzing glass or similar but look carefully at all the straight lines of the roman numerals and one of them will not be a line but is the name Cartier spelt out in tiny letters – it’s a detail very hard and expensive to replicate. Cartier change where this ‘signature’ is each year, so you can get an approximate date for the watch, also.

If the insured is in the position of having to buy a replacement for a lost or stolen watch we do recommend that for the major brands they go to an official agent. There are many ‘on line’ sites offering very tempting discounts, but problems can occur with warranty and repair claims. Also, in the event of wishing to sell the watch, having original receipts, paperwork and boxes will add value.

We normally recommend an annual review and a revaluation every 3 years and a condition inspection every three.

Our watch valuation document will give full details of the watch, noting individual serial numbers and model references where possible, and a close-up photograph, so in the event of a claim or a ‘post loss’ identification situation.

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

The History of Collecting Oriental Works of Art

Posted on July 23, 2019August 14, 2024 by Andrew Parker

Vase, made during the reign of the Emperor Qianlong. £53.1 million

In Europe the collecting of Oriental works of art goes back to the end of the 15th Century when Portuguese traders began to import Chinese porcelain and this fashion for exotic items from the Far East soon swept the whole of Europe with many countries vying to control the market.

Such was the popularity and value of Chinese porcelain that in 1717 Augustus the Strong of Saxony swapped 151 pieces of Chinese porcelain for 600 of the King of Prussia’s finest soldiers.

Other materials were also highly sought after by the Europeans including silk, lacquer and Jade.

In the middle of the 17th century the civil war in China led to a shortage of Chinese goods and so the Western traders approached the Japanese to produce similar items, whilst back in Europe many people were trying to produce wares in the style of the Chinese.

Until fairly recently the market in the West has been dominated by Europeans and North Americans, though the Japanese, who had also collected Chinese porcelain for over 1,000 years, were also buyers.

Recent Trends
In the 21st century the increasing wealth of a great many Chinese nationals has led them to try and buy back their heritage.

The best prices are paid for items made the for the domestic market, particularly those made for the Imperial Court, whilst pieces made for export to the West are largely looked down upon as being inferior.

Imperial porcelain from the 18th century is especially sought after for its high quality, which was often dismissed by Western collectors as lacking the soul and character of Ming and earlier wares.

The finest of these 18th century pieces make many millions of pounds, most famously the vase, made during the reign of the Emperor Qianlong, who ruled China from 1736 to 1795, which sold at a small auction in the Home Counties for £53.1 million.

In recent years the Chinese market has become much more selective as knowledge has increased amongst the dealers and collectors in mainland China, where a few years ago Chinese pieces were bought in an almost indiscriminate manner there is now a greater appreciation of the range of Chinese artefacts and their relative quality.

The high prices and subsequent publicity achieved by Chinese piece brought a considerable number of items onto the market and so the prices for more common pieces fell.

Another result of the high prices being paid for Chinese pieces has been that extremely good copies are now being made which has undermined certain sections of the market and means that provenance has now become of even greater importance than previously, with collectors looking for evidence that a piece has a confirmed history.

Because of strict limitations on the export of cultural items from China, once a piece has been bought and taken to China it can no longer leave the country creating a diminishing supply of good quality pieces in the West, one effect of this has been to broaden the range of pieces collected, pushing up the prices for Ming and earlier pieces, the increase in knowledge of Chinese collectors has also enabled this to happen.

1100 AD porcelain brush washer. £30 million

Chinese porcelain plate, Qianlong period (1736-1795) £40 million

Recently a porcelain brush washer from the Imperial Ru kiln, made around 1100 AD, 13cm diameter with a pale blue/green glaze and typical finely controlled cracking to the glaze, sold in Hong Kong for 294,287,500 HKD, around £30 million.

The entry of the Chinese collectors into the market has pushed many of the finest pieces out of the reach of Western Collectors, though there are still areas that are affordable and have not yet been greatly affected by recent events, Chinese export porcelain from the 18th century is still remarkably inexpensive with many attractive piece passing through UK auctions and fairs on a daily basis.

Values for attractive pieces often being measured in the tens and hundreds of pounds rather than the many thousands and even millions, it is possible to buy individual plates from the 18th century in good condition for less than £50, fine export examples with the most attractive and rarest decoration rarely cost more than a couple of thousand leaving a broad and interesting collecting area that is still surprisingly affordable.

Chinese porcelain plate, Qianlong period (1736-1795) £40 million

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

Are you correctly insured? The importance of having your contents correctly valued

Posted on July 19, 2019August 14, 2024 by Sean McIlroy

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Sean McIlroy, Senior Valuer

How much do you insure my contents for? This is a question asked to all clients by their broker or insurance company. It’s also the hardest question for clients to answer.
Under-insurance is a huge problem in the industry. A recent analysis of a sample of Walk Through Validation reports completed by Doerr Valuations, revealed high levels of underinsurance, particularly in the categories of fine art, jewellery and watches. 73% of the clients were under-insured by at least 36% and many, by as much as 50%. The answer to solving this problem is to undertake a Walk Through Validation (WTV) or a Full Valuation.
A WTV is an independent contents survey provided to appropriate clients which includes the general contents, fine art and jewellery assessment. Its aim is to ensure the correct levels of cover are in place and advise if a full valuation is needed.
The process for a WTV takes around two hours beginning with a discussion with the client about their current sums insured and how these figures were arrived at. There is also a conversation about where and how items would be replaced in the case of a claim, whether it be at an Interior Designer, Harrods, John Lewis or Ikea. No one assessment is the same, every client is different. It’s very important to understand the clients buying habits to enable us to provide a value. Every area of the contents is covered, including the replacement of your wardrobe contents, shoes and handbags, outdoor items and outbuildings.
The survey is a room by room, category by category break down of the contents where a senior valuer attends. At the end of the WTV the figures are added together in their correct categories and totalled. The senior valuer then discusses the findings and agrees them with the client.
In many cases high net worth clients may have specialist collections. This may be in Contemporary Art, Jewellery, Watches, Silver, Porcelain or even Handbags. If this is the case the survey would recommend a full valuation for a particular category by one of our relevant specialists. This ensures that the sums covered are accurate.
The survey will include values and photographs of high value items and a photograph of the property and general room shots. A section on security including confirmation of alarm systems, locks, safes etc, is also included.

The benefits of a WTV are many.

For the client, the contents sums insured are accurate and independently verified so they give piece of mind for the client and the broker can feel confident that they have done all that they can to make sure their clients are correctly insured.

For the underwriters, they will know the sums insured are correct and independently verified thus easing any claims process that may arise should the client suffer a loss.

For the cost of approximately £500 which may well be less than your Policy excess, it’s a win, win situation for clients, brokers and insurance companies alike.

When properly insured, should you suffer a loss you can be confident that the settlement you will receive from your insurer will replace the contents of your home for you and your family.

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