A little light on the diamond markets

Posted on January 29, 2025March 20, 2025 by Aurélia Turrall

The price of diamonds is said to be tumbling and crashing with major players such as De Beers even cancelling sight holdings over the summer due to poor demand. And yet… When I scroll through the big brands, all I see are numbers going up, up and up! So, let’s not panic too quickly and think that all our investments – that is if you’re lucky enough to have been able to invest in jewellery, watches and diamonds – are all collapsing and you’ve lost everything.

The main issue here, and seems to be across the board, is a form of misinformation. The media is quick to react to market trends but doesn’t take into consideration other factors that apply when jewellery is made and then sold. To make a piece of jewellery one needs the raw material, diamonds and gold for example, along with workforce. The only factor in this equation which has dropped are indeed the diamonds. But all other costs keep climbing.

So why has the diamond market slowed down? Which market are we even talking about? Has the jewellery market slowed with the depreciation of diamond?

It does appear that both synthetic and natural diamond markets have weakened. With more companies offering the cheaper option to natural diamonds, it’s no wonder that the synthetic diamond market has plummeted, even with the best marketing. Giant De Beers had indeed noticed the trend would not pick up and decided, in June 2024, to close its synthetic diamond branch “LightBox lab-grown diamond”.

Lab-grown diamonds have almost become synonym of fashion jewellery and De Beers’ strategy was to give natural diamonds their spark back and focus on high-end diamond jewellery. Both markets have slowed, with the synthetic diamond market doing so even more than the natural diamond market. Is it a bad thing? That’s open to discussion: making diamonds more accessible and traceable than natural, but robbing customers of the experience of getting to buy a piece of natural history. There are endless arguments for and against.

But still, why has the natural diamond market also slowed down? That is in part due to sluggish Chinese demand and worldwide geo-political issues. However, the best diamonds, D, Flawless, are still in high demand, as are the bigger carat diamonds. The larger the carat weight the bigger the jump in percentage increase. There is a huge difference between a 1 carat diamond and a 1.50cts diamond for example. With all criteria remaining the same, the increase can be more than 50% per carat depending on the retailer. De Beers are currently retailing a 1ct brilliant-cut diamond G, VS2, for £15,800 and a 1.50cts with identical colour and clarity for £34,200.

Other than for solitaire diamonds of a certain colour and clarity (for example H/I coloured diamonds with a clarity under VS2), when it comes to completed jewellery pieces, the prices do not seem to be declining either. Why? Because couples are still getting engaged, young people are still having “big” birthdays commemorated with diamond gifts. Whatever the reason, diamonds maintain their desirability and durability.

A pair of Tiffany & Co. Victoria diamond earrings have gone from £3,100 in 2003, £4,925 in 2010, £8,775 in 2021 and up to a current value of £9,125.

It still seems good business and good investment to be buying jewellery and diamonds. Though one might need to hold on to a few middle market diamonds until the values pick up again, when it comes to branded pieces, such as De Beers or Tiffany & Co. as we have cited, it still seems to be a safe investment with return on investment definitely worth the waiting for. With values of signed pieces creeping up and diamond markets fluctuating as do the insurance values. Be sure to keep get your valuations updated as you could be under-insured and very possibly over-insured too.

Lunar New Year 2025: Year of the Snake

Posted on January 27, 2025January 29, 2025 by Ashley Crawford

新年快乐! – Happy Lunar New Year from Doerr Dallas! We wish you all a healthy and prosperous year for 2025, the Year of the Snake (蛇), which begins on 29 January.

Often referred to as Chinese New Year in Western countries, Lunar New Year is the largest festival in many East and Southeast Asian cultures. Each year, a different animal from the twelve animals of the Chinese zodiac is celebrated. Last year was the Year of the Dragon, one of the most iconic symbols in East Asian material culture. The snake is the sixth animal in the zodiac progression. People born during the Year of the Snake are characterized as intellectually curious, comical, and sophisticated. As snakes somewhat resemble East Asian dragons, this year can also be called the Year of the Small Dragon. While snakes are not quite as prevalent as dragons in Asian art, they still have a varied history dating back thousands of years and hold an important role in East Asian material culture, especially in China. Forms featuring snakes include porcelain, jade, coins, terracotta, cloisonné, and other popular Chinese media.

While zodiac animals are most typically depicted individually in Chinese art, sometimes all twelve figures of the Chinese zodiac appear together as a complete set (known as shi-er shengxiao), especially in ceramics. Collectors display these animals together in a semicircle in the chronological order of the zodiac. This was frequently done during the Tang Dynasty (618-907), when zodiac animals were crafted as semi-anthropomorphic terracotta figurines, such as this in this complete set on display at the Metropolitan Museum of Art. Tang zodiac figurines possess animal heads with human bodies. They are dressed in traditional Tang robes and pose like Tang court ladies, who were the quintessential subject of Tang terracotta figurines. Complete sets are rare on the market, but are occasionally offered at auction, as recently as this set offered at Sotheby’s last year or this set sold at Galerie Zacke in 2023. The Zacke set is in particularly good condition, with more pigment remaining and carving in the faces revealing characterful expressions. Because the market is generally flooded with Tang figurines, it is not currently particularly strong unless the object is unusual, large, or in excellent condition. Complete zodiac sets such as the one offered at Galerie Zacke would definitely fall under this category. Because the quality of Tang figurines can vary widely, there are many avenues for purchase, including the online retail marketplace, Chinese art galleries, and both regional and larger auction houses.

Anthropomorphic scenes also sometimes appear in other three-dimensional forms, such as jade. Only a fraction of the size of their Tang terracotta counterparts, these jade works were particularly prevalent during the Qing Dynasty (1644-1912). There were two recent examples of jade zodiac snakes sold at Sotheby’s, including this individual anthropomorphic snake and this complete set. The Chinese jade market has largely recovered from the pandemic, but like Tang figurines, the quality and size of jade can vary widely, so objects that are strong in both areas are likelier to retain their value over time. Provenance, literature, and exhibition history also support these values. For those across the pond, there will likely be a selection of higher-end Tang terracotta and Qing jade figurines available at the auction houses and galleries participating in Asia Week New York this year.

Snakes are also found in animal groupings outside of the zodiac. In all cultures, snakes can sometimes suffer a bad reputation, and while East Asia is no exception, in this case, snakes can use their venom for good! This is the case for the Five Poisons, which along with snakes consists of centipedes, scorpions, toads, and spiders. Despite the belief that these creatures bring bad luck, people also believed that depicting the Five Poisons artistically and keeping them nearby would have the opposite effect, combatting any bad luck that came their away. In this sense, the Five Poisons then become protectors. This grouping appears together frequently in Chinese art, from old charm coins that people would carry with them to items with more stationary purposes, such as jade, porcelain, and cloisonné.

During the Wanli period (1572-1620), the Five Poisons sometimes appeared on wucai porcelain, decorating the exteriors of dishes. Such examples are not common, but they occasionally appear in auctions, such as this Bonhams sale in 2023. For those in London wishing to view one in person, there is a characteristic example currently on display in the Percival David Collection at the British Museum. The market for high-quality Wanli porcelain in good condition has always been strong, especially when depicting the Five Poisons. There are many options for purchasing Ming Dynasty (1368-1644) porcelain in London, such as the major auction houses, Marchant Gallery, and Eskenazi Gallery.

No matter where you fall within the zodiac, we hope you will find some snakes you enjoy this year – ideally from the safe distance of viewing them artistically!

To arrange an asian art valuation, email us at [email protected] or call us on 01883 722736.

Make Mine a Marquise! The Fancy Cut Set to Shine in 2025

Posted on January 22, 2025January 23, 2025 by Liz Bailey

Whilst 2024 was undoubtedly the year of the oval engagement ring, 2025 looks to feature the marquise cut much more prominently!

According to the Rapaport Diamond Report Volume 47, no. 48 – marquise cut diamonds are benefitting from an “excellent market – the most expensive fancy shape – supported by shortages.” According to the list, these exclusive shapes can currently price in at up to 15% more than their shorter fancy cut counterparts – suggesting that these elongated fancy cuts are set for a good year ahead.

Celebrity influence naturally plays a role in the demand for fancy shapes. Selena Gomez’s engagement ring from Benny Blanco in December 2024 features a principal marquise cut diamond. Paying homage to her 2015 song “Good for You” in which she compares herself to a marquise cut diamond, this ring features a sizeable marquise cut stone accented beautifully with a round brilliant cut diamond band.

History of the Marquise Cut

The marquise shape is an elongated oval with pointed ends. This distinctive navette shape diamond dates to 18th century France and King Louis XV, who commissioned a stone fashioned in the shape of his lover Marquise de Pompadour’s lips. The marquise cut diamond was born!

Value Factors of Marquise Cut Diamonds

Universally with natural diamonds, of course the famous 4 Cs (colour, clarity, cut, carat weight) are the key determining factors for value with these stones. The better the colour grade either on the colourless or fancy colour scale, with minimal inclusions, excellent cut grade and maximum carat weight are all attributes of the most valuable stones.

Another incredibly important factor to consider particularly for elongated fancy shapes such as the marquise cut is the proportion, and more specifically, the length to width ratio! This ratio is deduced by dividing the length by the width – and much is due to personal preference however owing to the alignment of the facets, a slight deviation of the LWR or cut grade can result in undesirable optical effects such as the dreaded ‘bow tie’ (a dark shadow to the centre of the stone). This visually heavy optical effect of course not only minimises the brilliance of the stone but has a negative impact on the value.

Buyer Beware!

Above is an image of a 1ct marquise cut lab grown diamond, currently available to purchase online at only £365. As seen in the past year, the price of production for lab grown diamonds and therefore their subsequent retail prices are at an all-time low, with long term valuations set to look even lower and resale value almost negligible for synthetic diamonds.

To compare as closely as possible, 1ct natural marquise cut diamonds with identical colour, clarity and cut grades, fluorescence and similar length-width ratio to the above lab grown stone (D, VS1, Excellent, none, 1.9-2.3) are retailing currently between £3,500 and £8,290 on a reputable online retailers website.

This massive discrepancy in prices and of course continued value for natural stones is not to be taken lightly – we would recommend purchasing your natural diamonds from a reputable source, with notable laboratory certification, and of course, ensuring that in the long run you have adequate and continued cover through a thorough insurance valuation from our specialist team.

The Pearl Renaissance

Posted on January 13, 2025January 23, 2025 by Liz Bailey

According to Jewellery Net’s Pearl Report 2024-5, “The pearl industry is witnessing a renaissance of sorts, ushered in by shifting perceptions of the pearl among a more discerning clientele.” Eagerly awaited by jewellers, retailers and auctioneers for some time, this ‘renaissance’ certainly appears to be bolstering values and signalling a buoyancy in the top end of the market, in particular for fine cultured pearls that had previously been waning.

The pearl report points towards the ‘sustainable nature’ of pearls as a key factor in attracting a refreshed and renewed interest, as well as attention from a younger ‘Gen Z’ demographic. Indeed, it appears that in 2024, the secondary market at auction has reflected this, with continued high prices for natural pearls, and a revived interest in certain aspects of the cultured pearl market.

Natural pearls:

In terms of desirability, natural saltwater pearls have been and continue to be the most sought-after type of pearls at auction. Performing steadily and consistently well in years gone by, 2024 echoed a strength in the market for rare larger pearls, blemish free, with a pleasing body colour and where applicable evenly matched within a jewel. Other factors such as designer attribution, historical provenance and market scarcity also played a key role in achieved prices across 2024.

Christies witnessed the sale of some spectacular natural pearl jewellery this year, frequently fetching hammer prices in excess of six figures. One such example was a natural saltwater pearl and diamond single strand necklace. Featuring forty-three pearls (eleven of which were cultured) graduating in size from 7.25mm to 12.20mm, this piece achieved a final hammer price of $378,000 in their June New York Magnificent Jewels Auction.

Remarkably, in this same sale, a pair of slightly baroque natural saltwater pearl and diamond earrings measuring 14.8mm in diameter each achieved a hammer price of $277,200, demonstrating the demand for these relatively rare, large, well matched natural saltwater pearls in the international market.

Fine Victorian natural pearl jewellery performed incredibly well at auction this year, with some of the highest hammer prices achieved going to late 19^th century pieces. A spectacular enamel, pearl, diamond and gem-set piece by Marcus & Co dating to 1895 sold at Bonhams this June for a staggering £165,500. This piece was set with two natural pearls, to include a 13.5mm bouton pearl, and a later 13.25ct natural pearl drop together with over 15 carats of diamonds. This beautiful lot achieved the highest hammer price for pearl jewellery sold at Bonhams in 2024, and achieved a house record for jewellery by Marcus & Co.

A fabulous auction result for Gloucestershire saleroom Chorleys was achieved in the same month, with a Victorian natural saltwater pearl necklace and detachable pendant/brooch. Showcasing a principal natural pearl of 8.46ct, a sizeable natural pearl drop, and slightly graduated natural saltwater pearl beads measuring 5.2mm-6.9mm, this piece fetched a hammer price of £85,000.

Elsewhere, records were set this year with the largest ever discovered natural freshwater pearl from Scotland selling in August. This impressive round freshwater pearl measured 10.5-10.6mm in diameter and fetched a £75,000 hammer against an estimate of £40,000-60,000.

Cultured pearls

Previously the victim of a downturn in value, hammer prices for cultured pearls in 2024 were incredibly promising. With some fantastic prices achieved for the finest cultured pearls on offer, this market trend offered a glimpse into a hopefully much more buoyant future for cultured pearls – although it is worth noting that low prices and unsolds remained the general pattern for smaller, worse quality and unattributed cultured pearl jewellery.

Top hammer prices this year were reserved for large, well-matched, symmetrical round cultured pearls, with a great lustre and blemish-free surface. One such example was a necklace by the ‘founder’ of cultured pearls’ eponymous company Mikimoto. Featuring one long strand of 140 round cultured pearls measuring at least 12mm in diameter each and terminating with a pavé set diamond clasp, this piece reached $44,800 at Bonhams in September 2024. For the sake of comparison, a Mikimoto strand of 8mm pearls, nearly twice the length with similar pavé set diamond clasps sold for £5,500 in 2021.

Cultured pearls set in designer jewellery also achieved great hammer prices at auction. Featuring much smaller cultured pearls at only 3.5-4mm each, an exquisitely made gem-set sautoir by Van Cleef & Arpels dating to 1975 caught the attention of bidders at Bonhams in June of this year, and subsequently sold for £38,400 inclusive of buyer’s premium.

Similarly, a more contemporary design in the form of cuff bangle by Bulgari set with sixteen cultured pearls of around 7.5-8mm in diameter together with 7-8 carats of pavé set diamonds sold at Christies Paris in the same month for €25,200. A similar example of a Bulgari Parentesi bangle set with twelve cultured pearls and approximately 7 carats of diamonds remained unsold with an estimate of £6,000-8,000 at an auction in November 2022.

These examples show an extremely promising upwards turn for fine cultured pearl jewellery in 2024, which – with any luck, will stabilise if not grow well into 2025.

Conch and Melo pearls

Conch and Melo pearls are another category of natural pearls to retain a high desirability and value, weathering the ‘storm’ experienced by their cultured counterparts. Owing to their rarity, gorgeous hue, and unique ‘flamed’ lustre, these non-nacreous pearls have long been incredibly valuable. Auction results of 2024 echoed this continued buoyancy in value, with a fine 19mm melo pearl and sapphire ring by Hemmerle selling at Bonhams in June for £52,100 inclusive of premium.

An impressive suite of jewellery comprising no less than seven conch pearls set within a pair of drop earrings and a cocktail ring was accompanied by two GIA reports and sold at Christies Hong Kong for HK$1,008,000 in May.

Whether set in jewellery or offered as a loose gemstone, conch and melo pearls remain highly sought-after, with a 24.54ct melo pearl selling in 2022 for $31,875, and a 10.01ct conch pearl selling in the previous year for $11,475 at Bonhams.

Keeping in mind the strength of prices for both natural and cultured pearl jewellery across the salerooms in 2024, it is vital to ensure that your insurance valuations offer adequate cover and that your jewellery is documented by a specialist.

For further information on our insurance valuations from our nationwide team of specialists, contact us via [email protected].

Old Masters Sales December 2024

Posted on January 9, 2025March 20, 2025 by David Dallas

I was very alarmed when I previewed the December 2024 Old Master Sales in London that there weren’t many pictures, no masterpieces and too high a percentage of pictures were in less than perfect state.

What was going to happen? I felt very discouraged. I have talked before about the effects of geo-politics and the economy on the timing of Old Master sales, but why weren’t there more paintings appearing out of necessity – the old 3D chestnuts of death, divorce and destitution? Sotheby’s had just 26 lots of which two were of prints and two of late 19^th Century pictures, hardly Old Masters. Christie’s was the same with 26 lots, one of which was sculpture and three late 19^th Century pictures. The Day Sales were even thinner with sculpture, 19^th Century paintings, watercolours, drawings and even Limoges enamels to bulk them out. It doesn’t bode well for the future.

As it happens, the sales, in relation to their estimates, were quite strong. Six lots failed to sell at Sotheby’s and the same at Christie’s, but there, the two auction houses diverge. The Sotheby’s total was £24.2M and Christie’s a very modest £13.99M.

The star of the Sotheby’s sale was a Botticelli Madonna and Child, that realized £9.96M; not far short of the Christie’s total. Botticelli is, of course, a magic name and this picture hadn’t been on the market for 120 years. They also had a handsome Stubbs of a Pointer in a Landscape. I love his work, but the colouring in this oil painting was most peculiar. The landscape, instead of being a vibrant green, as Constable would have painted it, was made up of smudgy pinks and browns, making it look like an aquatint! It made a sound £1.8M, nevertheless.

Christie’s had a powerful oil sketch of a prancing horse by van Dyck, which had a hastily sketched landscape on the reverse, so the purchaser, at £3.4M, got two for the price of one. They also offered an unusual still life by Clara Peeters of a Stack of Cheeses. This made £655,000 against an estimate of £100-150,000, just showing the continuing interest in works by female artists, especially when they are slightly off-beat.

My favourite offering of the week was the pair of what I suppose one would call ‘fancy pictures’, rather than portraits, that Bonhams offered. They were of a girl selling watercress and a girl selling flowers by the German artist Johan Zoffany, who worked for many years in London and was a founder member of the Royal Academy. I had catalogued this pair of paintings 30 years ago and was very surprised and sad when they failed to sell then. This time round, having established that a distant ancestor of the vendor had bought them directly from the artist, they took wing at a very healthy £991,000 with premiums.

What do these results tell us? That the supply of good/great is diminishing, but there is a market for them and the prices are strong. The same cannot be said of third-rate Old Masters. There is almost no demand at all. It’s not just a price correction, there aren’t any bids.

There will be more Old Master news after the February sales in New York, which looked much more interesting than their London counterparts, when I viewed the best lots in London last week. In particular, Sotheby’s are selling the remnants of the celebrated collection of Aso Tivitian. He was a philanthropic, Armenian billionaire who made his money out of microchips. He started life in New York as a cab driver before getting a scholarship to Columbia University. He has left a painting to the Frick and one to the Met in New York and over 330 works of art to the Clark Art Institute in Williamstown, Massachusetts.

The “remnants” are by no means lesser fry, they just don’t fit with the public collections he has supported. They are significant paintings in a wonderful state of preservation. He also collected great English furniture and European sculpture. Their sale should give us a more accurate idea of how much taste there is for Old Masters, currently.

The 12 days of Christmas – A gift guide!

Posted on December 22, 2024December 18, 2024 by Aurélia Turrall

In 2014, Sotheby’s sold a copy of Mirth Without Mischief for $23,750, dating from 1780 in which the first version of the famous Christmas carol Twelve days of Christmas appeared for the first time.

Christmas Carol, Sotheby’s 2014, estimate $7,000 - 10,000, Containing The Twelve Days of Christmas; The Play of the Gaping-Wide-Mouthed-Wadling-Frog; Love and Hatred; The Art of Talking with the Fingers; And Nimble Ned's Alphabet and Figures. London: Printed by J. Davenport ... for C. Sheppard,1780. No copy has appeared at auction in the past 40 years; only 1 copy recorded (Opie collection, Bodleian Library, who dates it c. 1780), all others in Worldcat are e-books. Not in Cotsen

Some historians believe it could be French and could have been created as a memory game, to help Christians learn and remember the principles of their faith. Though this could and has been refuted by some, let’s have a look at what is gifted during the Twelve Days of Christmas.

On the first day of Christmas, my true love gave to me a partridge in a pear tree.
Day 2: two turtle doves
Day 3: three French hens
Day 4: four calling birds
Day 5: five gold rings
Day 6: six geese a-laying
Day 7: seven swans a-swimming
Day 8: eight maids a-milking
Day 9: nine ladies dancing
Day 10: 10 lords a-leaping
Day 11: 11 pipers piping
Day 12: 12 drummers drumming

So many days of festivities, so many outfits! Here is my choice for what I would wear during the Twelve Days of Christmas.

The Twelve days start on the 25^th December, and it is a full day of socialising so the perfect purse for this occasion would be an Art Déco velvet and coral bag by Cartier, dating 1920s, which sold at Bonhams for £2,295.

On the 26^th, in keeping with the Christmas colours I would wear a sapphire, ruby and diamond swivel ring. Sure to grab people’s curiosity if I flip from ruby to sapphire during the course of the day. A ring such as the below would sell for approximately £1,000 at auction.

On the 27^th, when guests have come and gone, I can sit back and admire the Christmas tree. But whilst doing so, I would wear another Cartier piece reminding me of a fancy Christmas tree: a ruby and diamond brooch mounted in platinum dating the 1920s.

With approximately 2 carats of diamonds, this brooch sold for USD 47,880, with a pre-sale estimate of USD 40,000 – 60,000

On the 28^th, to remind me that time is still passing by even though it seems to have stopped for a few days, I would look down at my Patek Philippe 4282 in onyx, malachite and yellow gold with diamond highlights. A combined delight of wearing both an exceptional timepiece and quality jewellery.

This watch sold at Dawsons Auctioneers in 2022 for £14,000 against a pre-sale estimate of £2,000-3,000.

On the 29^th, there might be some event, show or concert to see. And for this, I would take inspiration from non-other than the Princess of Wales. Last year she wore Van Cleef & Arpels Magic Alhambra earrings, retailing for £6,000, up from £5,400 the previous year. Seems to always be good investment to buy a renowned jewellery brand!

On the 30^th, I would wear a jewel set with a restorative gem as the legends have it. This would be quartz. And who else would I wear but Pomellato who have based their name in declining all coloured quartz in every style possible based on one specific design: the Nudo ring.

Ranging from £1,800 with a rose quartz ring, the collection goes up to £5,700 with a pair of prasiolite and diamond earrings.

With quartz’ powers to energise, remove all negativity and give peace and optimism, I’m all set for New Year’s Eve celebrations.

On the 31^st, I would wear the present I found under the Christmas tree. And just like it was beautifully wrapped, it too looks like a present: the Tilda Bow diamond ring by Graff.

With a little over 2 carats of diamonds, it retails for £13,000 and would be the gift that keeps on giving every time you would glance at it!

2025 will be the year of the Wood Snake in Chinese culture. Snakes symbolise eternity and in zodiac signs, they are said to be hardworking and driven. I can’t think of a better way to start the year and to embody those images. And for that the perfect bangle sold by Bonhams in 2020 for USD 2,800, set with 1.25 carats of diamonds, and coiled in the tradition of snake and serpent bangles found in all antique jewellery.

On the 2^nd January I would subtly remind the people around me how they make me feel with the Tiffany T Smile pendant necklace. Retailing for £3,250 and set with under 0.20 carat of diamond, it could be seen as a costly reminder but worth every penny!

On the 3^rd as I “hit the town” for some shopping to enjoy the new year’s sale, I would need something practical to plan my day and for that I choose a Jaeger LeCoultre Reverso Classic Duetto, at £16,500.

With its guilloché blue or silver dial to suit day or evening mood, the Reverso is chic and understated with perfect lines. One of my all-time favourites.

On the 4^th it would be a day of catching up with friends and discussing the sales purchase. And to do that, pairing a simple outfit with Chanel jewellery seems like it would be the go-to look: faux pearl and paste crystal earrings, in gunpowder metal. This vintage pair of earrings sells for £645.

Finally, as a reminder of the good and bad times, those past and to come, I would choose to wear a diamond eternity ring as I start the new year at work. As a symbol of the circle of life, the unbreakable bonds that make us who we are, and the diamonds’ sparkles representing an echo of life’s dazzling surprises. Graff’s Emerald Cut diamond ring retails for £60,500 and is set with 7.60 carats of diamonds, that’s a lot of dazzling!

These are the jewels I would wear for 12 consecutive days after Christmas. I never said it was going to be a cheap Christmas… Wishing you Best Wishes for the New Year.

If you recieved some beautiful Christmas gifts this year, make sure you have them valued correctly for insurance purposes – get in touch to find out more about our valuation services by emailing [email protected] or calling us on 01883 722736.

Under the Tree: What our team are hoping for this Christmas

Posted on December 18, 2024December 18, 2024 by Rachel Doerr

We’ve asked our fabulous team of valuers and admin staff, what they would like to find under the christmas tree if money were no object. Find out what they picked below…

Rachel Doerr, Managing Director

“After a visit to Boodles in Knightsbridge, I couldn’t stop thinking about this Knot White Gold Diamond Ring – it really caught my eye. The design is just stunning, and the diamonds have such a gorgeous sparkle. It’s the kind of piece that feels timeless, and I’d love to find it under the tree. Another thing I’d be happy with is a pair of single-stone diamond earrings. They’re simple, classic, and would go with pretty much anything. And if I’m being really wishful, I’d also be thrilled with two black labrador puppies. They’d bring so much joy and energy to the house – definitely the best kind of Christmas surprise!”

David Dallas, Old Master Specialist

“I have taken this question rather literally! Dressing the Christmas tree with the children and now grandchildren is a seasonal tradition not only in the Dallas household, but almost everywhere in the Christian world.
Whenever I am in New York in December, I go to the Metropolitan Museum of Art, where there is a 20ft Christmas tree underneath which is grouped a nativity scene made of beautiful 18th Century Neapolitan Creche Figures and animals, which have been loaned by Loretta Howard and her family since 1957.
I’m not sure if one could ever find figures the quality of Loretta Howard’s, but even 19th Century Crib Figures can be in excess of £600 each, so they would cost a small fortune. Please be generous Santa!”

Alastair Meiklejon, Senior Valuer

‘When Christmas comes each year it is a time for not only giving presents, but writing cards and getting in touch with people that you may not have spoken to throughout the year – whilst modern times dictate that you can email, or message – there is still something special about receiving a letter from a loved one, and what better way to do it than with a Montblanc pen. Whilst many people look at the ultra valuable fountain pens that they are well known for – I would opt for the entry level roller ball. With all the style and class of the bigger relations, but with a fraction of the cost”

Ben Hanly, Impressionist, Post-War & Contemporary Art Specialist

Alas, what I really, really want under the tree this Christmas is not going to happen…
Although I am a picture man through and through, what people might not know, is that I adore antiquities and early sculpture…. I suppose as dark secrets go, it’s not that bad!
What I saw in an auction in November was a superb Khmer stone figure of a standing Goddess from Cambodia, dated to the 11th-12th AD – estimated at £5,000-8,000. I know this is not a small amount of money (it’s Christmas so who cares about reality!) – but the sculpture was amazing, and a perfect example of art from this period when the Cambodian civilisation was at its peak (anyone been to Angkor Wat?).
The sculpture is so simple and elegant, and the condition is excellent – discounting the missing arms and head! Unfortunately, I was not the only one with good taste – the work was bought by someone else with more money than myself for £8,000 plus fees. All I can hope for is that the buyer was in fact my wife who bought it as my surprise Christmas treat! Fingers crossed!

Jonathan Horwich, Modern & Contemporary Art Specialist

“I would like to see a watercolour or two by Eric Ravilious (British, 1903-1942) under the tree, his work is sublime and uniquely English, his skill with watercolour is second to none and he faithfully follows in the footsteps of the great Masters of 19th Century watercolour painting tradition such as JMW Turner – Around £80 to 120,000 for something like this…”

Jenny Knott, Silver & Jewellery Specialist

“I have always loved Christmas and all the traditions that go with it. When I first worked at Bonhams Knightsbridge fresh out of university and earned a pittance, I would cross the road to Harrods once a week and buy a single decoration from their Christmas shop. Since then, I have bought Christmas tree decorations from all over the world and clever Father Christmas has given my children a decoration every year since they were born, so that they now have enough to decorate Christmas trees of their own. I would love therefore to have another decoration to add to my collection, perhaps something from the Georg Jensen range, always stylish and classy. The Scandinavians really do know how to do Christmas. However, if I am really allowed to indulge myself, I would love a delicate Edwardian natural pearl and diamond necklace. Something that could be worn everyday or with evening dress. This would give me great joy, transcend the vagaries of passing fashion and be something to pass on to my daughter in due course. I’ll have to wait and see if I’ve been naughty or nice and what Father Christmas has in store for me!”

Annabell Parry, Jewellery Specialist

“They are a variation on the classic chandelier earrings but were popular in the 1800’s and often have rose cut, old mine cut and old European cut diamonds which were cut for candlelight and worn by beautiful wealthy women who had daytime and nighttime versions. Nowadays I would happily settle with a pair glittering in the winter evenings at a snug private dinner.
Surviving pairs of these earrings are rare as they were so decadent they have often been broken down during tough times. Therefore, because of their rarity, the value of a good pair is considerable so should any ever come up at auction there is always fierce international bidding and could be argued to be a savvy purchase and investment. I’ve sourced my ball gown, carriage and Prince just waiting for the finishing touch …..at a rough guess £80 – £100k”

Aurélia Turrall, Jewellery Specialist

“I’d like to find a diamond-set Trinity ring by Cartier. Cartier’s reputation needs no explaining. Their craftmanship remains unique, stylish and guarantees longevity. The Trinity ring is the perfect gift as it comprises the three gold colours, ready to suit any skin tone, and the diamonds add sparkle which is what Christmas is all about when it comes to the ladies’ gifts! It is ingenious of the brand to offer this ring in so many different options. The ring that I would like only has one band pavé-set with diamonds, and can be small or classic.”

Francesca Orme, Jewellery Specialist

“I would love to see a small wrapped parcel with a red box!!! And inside this striking incredible ring by Cartier. It’s not very old- 1970’s but I just love the design and how wearable it is! It makes a real statement but the fact that it’s made up of lots of small graduated pieces, with lapis lazuli floral top and diamond highlights, makes it delicate at the same time. £25,000- a steal!!!!

Richard Fattorini, Rare Books & Manuscripts, Historical Photographs and Maps Consultant Specialist

“Under the Christmas tree I’d be thrilled to discover a signed or inscribed copy of Ian Fleming’s novel Casino Royale which introduced the world to the now legendary British spy James Bond. The book was first published in 1953 with a dust-jacket devised by the author, and with a modest first print run of 4,728 copies. The book was an enormous success and Ian Fleming went on to write a further 13 novels in the series, which have sold more than 100 million copies to date. A first edition in a dust-jacket will cost from £10,000-30,000 depending on condition, and a signed or inscribed copy from £30,000-125,000 depending on the inscription.”

Stephanie Connell, Senior Valuer & Collectors Specialist

“If i were to find one special piece under the Christmas tree it would be a Cecil Beaton design for the stage production of ‘Coco’ starring Katherine Hepburn. These designs are a combination of three 20th century legends – Cecil Beaton was at the height of his powers as an artist and costume designer. The musical starred the all time leading multi Academy Award winning actress Katherine Hepburn as Coco Chanel. Chanel in turn is the most influential fashion designer of the 20th century! Bonhams recently sold a very good example created for the 1969 production which would be a very special gift.”

Liz Bailey, Jewellery, Silver & Watch Specialist

“I would just love to receive some vintage Elsa Peretti under the tree! This year has really shone a light on her wonderful designs in the fashion world, I have well and truly been ‘influenced,’ seeing celebrities such as Rosie Huntington-Whiteley stacking up their Peretti bone cuffs over simple and stylised outfits. I personally could see myself wearing one of her lovely vase pendants, a vintage one of course would be preferable but I would be thrilled with this one currently retailing at £4,100.
… If Santa is feeling flush this year, I would definitely love to add to my watch collection! A Jaeger-LeCoultre calibre 101 collection wristwatch would be a dream Christmas present! This 1970s example was set throughout with nine carats of baguette cut diamonds – the perfect blend of fine jewellery and watchmaking innovation – the 101 movement was created in 1929 and is renowned for being, still to this day, the world’s smallest mechanical movement ever made – weighing just one gram!

Fiona Hamilton, Silver Specialist

“Chinchillas normally cost between £80 and £200 and make excellent pets! Originating from the rocky slopes of The Andes they live together in large colonies, so cute!

Or I’d also love to see an Art Deco Day and Night ring from the 1920s, multiple rings in one! £3,315.51- 1st Dibs”

Ashley Crawford, Asian Art Specialist

“If I could receive any gift this holiday season, I would choose this terracotta figure of a court lady from the Tang Dynasty that I was fortunate enough to view in person at Sotheby’s New York during Asia Week this year. The Tang Dynasty has always been one of my favorite periods of Chinese history, not only from an art historical standpoint, but also because of the freedoms that court women enjoyed compared to in the surrounding dynasties. Terracotta sculptures of such women shed insight into their daily lives and interests, such as riding horses, playing music or dancing in women-only ensembles, or displaying the latest fashion trends. Tang court ladies are either portrayed as very thin or round, with the latter shown here in this 8th-century example. Her large zhuimaji (“falling off the horse”) hairstyle is modeled after the concubine Yang Guifei and is characteristic of the period, as are her long sleeves extending well beyond her hands.There is no shortage of Tang ladies in the Asian art market, meaning that unusual or high-quality examples perform significantly better at auction. This Tang lady is notable for her size, condition, and provenance.”

Jane Vann, Valuations & Private Client Services Administrator

“A few years ago, 2016 to be precise, Adele headlined on the Pyramid stage at Glastonbury. As always, her performance was exceptional in her typically down-to-earth way, complete with her ‘potty’ mouth as she calls it! But apart from her singing and language, another thing stood out for me – her bracelet! Her outfit that night was a lovely Boho style dress, complemented with this lovely bracelet that I had to Google to find out what it was, as I’d never seen one before! Since then, everyone is wearing them, including Queen Camilla, who can regularly be seen wearing her turquoise example! I’m quite sure that Queen Camilla’s will not be fake, which probably can’t be said for all the women and girls I see wearing them now! It is of course the Vintage Alhambra bracelet with 5 motifs.”

Kristin Panagiotou, Administration Manager

“As a massive Prince fan, I would love to receive a copy of the new book Prince: Icon. Prince: Icon is a photography book curated by Steve Parke, former art director at Paisley Park, and contributions from those close to him, with new and rarely seen images of the artist, from album covers, performances, candid snapshots and portraits to name a few. I was fortunate to attend a Prince concert when I was in high school and his music, art and creativity has continued to inspire me since then. This book would be a perfect addition to my Prince music and memorabilia collection. ”

Jenny Serra, Marketing Manager

“I am a big kid at heart and love the magic of Christmas each year. What I would really love is to visit Lapland and pretend for a few days that it’s all real – completely immerse myself in all the Christmassy goodness. I would visit Father Christmas, feed the reindeer, travel by sleigh, play in the snow and drink cocoa by a roaring fire. I can’t think of anything I’d enjoy more!”

Christmas Wine: Tips from a seasoned tippler

Posted on December 12, 2024March 20, 2025 by David Dallas

“Any fool can serve a good wine by spending a fortune on it”, my father used to say, “but the trick is finding something delicious to drink that isn’t ruinously expensive”. He was particularly good at it and I have tried to emulate him.

With Christmas around the corner, expenditure at an annual high and entertaining on a larger scale than normal, I thought it might be helpful to share some things I have found or been introduced to me by Hels, my PA, without breaking the bank.

I am going to list my suggestions in the order in which you might drink them, starting with aperitifs, first course companions and what to have with meat, fish and, of course, Turkey, and finally, what to drink with cheese and pudding.

I know next to nothing about spirits, so if Milk Gin is your tipple or you adore a pre-prandial Mojito, forget my wine choices and go for a bigger hit!

At times of celebration one immediately thinks of Champagne, but when it’s going to be drunk in industrial quantities, one tends to think again. Do you really want to spend between £35 and £55 a bottle for an average Champagne?. Instead, we drink the Crémant de Bordeaux that Jane MacQuitty habitually praises in The Times. It comes from M&S at £10 a bottle (£9 if you buy six of them!) and has small bubbles, which I like, as I’m prone to sneezing if they get too big and has a creamy texture. In fact, try any of the Crémants from Bordeaux, the Loire, Jura or Bourgogne. They are made the same way as Champagne but don’t come from the region so have to be called something else by French Law, and cost a fraction of the real thing.

If you don’t like fizzy drinks, you might like to try something white and light. I like the grape varieties Sauvignon Blanc, Pinot Grigio, Torrontes, Albarino and Assyrtiko in this category where acidity and minerality are the buzzwords. They are perfect aperitifs.

In the under £10 price range, try the old favourite Ned, a New Zealand Sauvignon Blanc from Majestic and Marques de los Zancos from Tesco, still a bargain at £6.00.

If you want a white wine to accompany food, you will need a grape variety with greater richness and body. This is where Chardonnay comes in and in the affordable price range Macon Lugny from Majestic, Waitrose and others hits the spot.

Now we come to the key moment, what to serve with the turkey? There is little point buying cheap red burgundy (Pinot Noir) as it doesn’t taste of anything and even when you spend £100 a bottle for red wines from this region, it is easy to be disappointed. Last year I recommended Claret (red Bordeaux) but by way of a change, why don’t you experiment with Rioja. I always think it’s a good winter wine and has a bit more punch than a Claret.

Lidl sell a very acceptable Reserva, a term which means it has been aged for at least 3 years before release, 6 months of which – usually more, will have been in oak barrels. The term, therefore, denotes superior quality! This wine is called Cepa Lebrel 2018 and is a steal at under £7 per bottle. As it’s Christmas, you might want to spoil your guests and serve an even better Rioja. If that’s the case, why don’t you try Muga Reserva 2020 from Majestic at £17.99 a bottle if you buy 6 bottles. It’s a whopping 14.5% but is a very smooth, refined wine and well worth the money.

Next comes the Stilton. It has such a strong flavour that it overwhelms most wines, but not the fortified ones. So, I would recommend Port with this course. A vintage port from a great year such as Fonseca 1994 will set you back £100+. From a less good year, say 2003 you are still looking at spending between £35 and £50. However, if you go for Fonseca’s Bin 27, it behaves just like a late bottled late bottled Vintage Port. It has a deep colour and intense fruity flavour but because it is a blend of various vintages, is ready for drinking now. This wine is £18.99 at Majestic or £14.49 if it’s part of a mixed 6.

Finally, what about pudding wine? I think that most sweet things at Christmas are so sugary – Christmas Pudding, brandy butter, mince pies that to have a sweet wine with them would be cloying. Open some more Cremant!

However, if you are serving Foie Gras or a pudding that is quite tart, a Sauternes is your answer. Of course, Chateau d’ Yquem is by far the greatest of them all, arguably the finest wine from Bordeaux, but at £3-400 a bottle for a recent vintage, you need to have a big cheque book! A bottle of the 1811 was bought for £75,000, making it the most expensive bottle of white wine ever sold. However, there is an incredibly rigorous selection policy of Yquem and the 150 pickers go through the vines picking the grapes several times, as they ripen at different speeds due to the presence or absence of Noble Rot, a fungus that weakens the skin of the grape to allow evaporation. This makes for a very sweet wine due to the percentage of sugar to liquid.

In 1964 the pickers went through the vines 13 times, only for the makers to decide the grapes were sub-standard and declared a non-vintage making no Yquem at all. This doesn’t mean they make no wine in such a year. In most years only the best grapes are used and the lesser ones go into a ‘de-classified’ wine, such as “Sauternes” from Vineyards Direct, which was selling for £16 a half bottle when released. Try and find one of these.

To end on a note of thrift, Christmas is the time to search for that bottle of wine a friend brought you and you know would hate and had put aside for the Tombola at the village fete. This is a gift that is heaven-sent for mulled wine, where the wine is just a vehicle for cinnamon, orange peel, cloves and nutmeg and where the heating process ruins the wine. A glass of mulled wine on a cold winter’s day is a thing of good cheer. Enjoy it and have a very Happy Christmas.

The Art Market 2023 – 2024: A review

Posted on December 5, 2024March 20, 2025 by Ben Hanly

2023-2024 has been a deeply complex year all round; the world has had to navigate the continuing conflict in Ukraine, the ongoing volatility in the global financial markets and high inflation and interest rates, together with the increasingly tense and brutal situation in the Middle East. This combination of factors does not breed economic confidence and positivity, but rather caution and concern. This is also true of the art market, which is inextricably linked to the economic markets. 2023-2024 has been a year of contraction and reassessment.

The escalating inflation and other economic concerns in different regions have directly impacted available discretionary income and subsequent spending for many collectors. Even for high-net-worth (HNW) collectors, who may have been less impacted by cost-of-living hikes, concerns over wealth creation and its stability affected their willingness to make discretionary purchases and sales, while volatile social and political issues weighed on sentiment and distracted their focus from their collections.

The two years following the Covid pandemic, saw the art market recover and the general outlook become more positive. Sales increased across all sectors, which saw rapid and expansive growth, with the market reaching new heights – culminating in 2022 with global art sales of $67.8 billion.

In 2023 and 2024, the trickle-down effect from the global economy hit the art market, which saw a noticeable but not drastic 4% downturn, resulting in $64.4 billion global sales across all sectors and regions. Considering the significant external factors at play, this 4% fall has been surprisingly modest. The auction houses saw a greater fall than dealers, losing 7% of their sales versus 3% for dealers.

Interestingly, it has been the lower to mid end of the art market that has fared better than the top of the market. This is unusual as normally in times of economic and political upheaval, the blue chip dominated top end of the market tends to be recession proof – quality is always demand and carries a premium. In this case, however, the relatively heavier downturn at the top of the market was reflective of a lack of supply to the market rather than a lack of money or interest. Major collectors have been reluctant to let major works from their collections go to auction when there is an underlying concern about the economic future. Much of this caution is misplaced, the appetite and money to buy great things still exists, as is evidenced by a slew of strong prices achieved by the major works which did make it to the market – most notably the $139.4m for Picasso’s 1932, Femme à la montre, or the £85.3m for Klimt’s Lady with a Fan. The lower to mid-level of the market had no such issues, with a healthy supply fuelling an increase in overall global sales transactions of 39.4 million (albeit at a lower level).

One of the main reasons for the relatively modest aggregate downturn in the art market has been differences in the performance of sales in some of the major global art markets – some have fallen but some have risen to counter this.

Historically, the three main players in the art market geographically have been the US, Britain and Asia represented by China in its entirety, including Hong Kong and Singapore. Within this group, the US is, and has always been, the senior partner. The US has the largest concentration of art buying wealth anywhere in the world, it is where the largest financial art transactions occur, and the where the most prominent auctions take place. In spite of this though, in 2023-2024 the US art market dropped by a significant 10% to $27.2 billion, which represents 42% of the global art market. This was predominantly due to the shrinking of the top end of the market.

In contrast, for the first time ever, China out stripped the UK to reach second place, up 19%, with sales of $12.2 billion. The rapid growth in the Chinese market balanced out the drop in the US and UK markets, resulting in the small global aggregate drop of 4%. China’s sudden growth was a result of their delayed bounce back from the COVID crisis – whereas the West came out of lockdown in 2021 and experienced a surge in economic growth; China on the other hand experienced harder and longer lock downs, only coming out of COVID recession in 2022-2023. Their economic boom was therefore felt in 2023, with their population eager to enter the market again with enthusiasm. Also, many auctions which had been cancelled due to COVID were rescheduled for 2023 and early 2024, resulting in a significant spike in sales.

Historically, whilst Paris has been Europe’s centre of creativity, London has been the great centre of European art trading. In 2023, however, the UK fell to third place globally, down 8% with $10.9 billion. Much of that was due to China’s surging market, but the effects of Brexit were also a significant contributing factor. The increased difficulty and cost of trading in the UK, due to increased bureaucracy and import duties, have had a very real effect on the art market. Add to this, the indefinable impression felt internationally that London has lost its way somewhat and is not open to business as it used to be, has contributed to the UK’s art market decline in sales.

The growth of online digital sales has continued in tandem to traditional sales. The COVID crisis was pivotal in the push towards online sales, as it was a essential to the survival of the art market at the time. In 2023-2024, online sales rose 7% on 2022 figures to $11.8 billion, representing 18% of all art sales. This figure will do doubt continue to rise as collectors become more tech savvy and comfortable, however, the value of individual purchases remains relatively low – under $50,000. It seems that at the higher level of transactions, collectors still want to touch noses with the artwork before committing!

Whist the art market did contract by 4% in 2023-2024 due to various global economic and geopolitical factors, the market has stayed remarkably strong, nonetheless. Money has not disappeared, nor that the collector base, what has changed is that market is now more a buyer’s market rather than a seller’s market – the inflated hot air has left the room. That said, great things still made very strong prices when they came to the market as evidenced by the following master works which for sale last year.

If you would like an art valuation, get in touch by calling us on 01883 722736 or email us at [email protected].

The Quaich – A Scottish Symbol of Unity, Trust and Friendship

Posted on November 27, 2024November 28, 2024 by Fiona Hamilton

As the end of November draws closer we look forward to St Andrews Day in Scotland. All across the world those with Scottish heritage celebrate the life of the patron saint, St Andrew. A celebration steeped in history, it is common belief that Andrew became the patron saint in 1320, following the declaration of Scottish independence.

St Andrew was known for his generosity, which is reflected today in the warmth and kindness of the Scottish people. How better to celebrate this occasion every year than with an often raucous celebration with music, food and of course a wee dram!

An 18th century wooden Quaich with applied silver plaque of Culloden interest. Sold for £7,560, Lyon & Turnbull, Edinburgh, 16 August 2023.

Traditionally whisky would have been taken from the quaich and passed round person to person. Deriving from the Gaelic word Cuach ; cup, this shallow two-lugged bowl originated in the Highlands. Brought out at gatherings, opposing clans would pass the quaich around to inspire trust and toast the beginning of new friendships.

The quaichs of the 16th century were formed of sections of wood, often in sycamore or yew. These staves were bound together with willow (withies) the woods often alternating, sometimes to include laburnum. Due to this method of construction, along with age and use, these rare, early quaichs are usually subject to some damage.

As the years progressed silversmiths began to add silver mounts and handles to these wooden forms perhaps for practical reasons for strength, then as time passed as a show of wealth. The 17th century saw the appearance of quaichs in silver. Harking back to the past, these beautiful examples of craftsmanship were often engraved to simulate the form of the original on which they were based. They can be found chased with vertical lines to imitate the staves and horizontal lines for the bindings. Some finer examples depicted flowerheads, stylised foliage and at times betrothal initials to the lugs.

Two handled silver Quaich by David Mitchell, Edinburgh, 1737 – 1738, inscribed ‘AS 1737 MW’ National Museum of Scotland.

It is documented that in the 19th century Sir Walter Scott offered his guests drams in silver quaichs at many of his gatherings. One of the more important quaichs in his collection was the Waterloo Tree Quaich. Constructed in part from wood that had allegedly been taken from the Waterloo Elm, when he visited the battlefield following The Battle of Waterloo. As for personal favourites his most beloved quaich was said to be an example made of seven bands of wood, which is believed to have been in the possession of Bonnie Prince Charlie when he made the gruelling journey from Edinburgh to Derby in 1745.

Contemporary quaichs, often embellished with Celtic knotwork and mythical beasts are still a popular gift to commemorate important occasions in Scotland, indeed following the 2014 Commonwealth Games in Glasgow, a wooden quaich was awarded to each winner.

To this day the quaich holds a special meaning to Scots – as a connection to their ancestors, and a link to their homeland.

Undoubtedly this fascinating vessel will always be remembered for its original purpose as a Highlander’s welcome, a cup to be shared by clan chiefs and crofters alike. The iconic quaich lives on, reminding us of the importance of hospitality, love and friendship.. Sláinte!
Please do contact us should you require an updated valuation of your silver collection.

A contemporary silver Quaich, with stylised thistle detail to lugs. From a selection available at Hamilton & Inches, 87 George Street Edinburgh, £795.

Please do contact us should you require an updated valuation of your silver collection by calling us on 01883 722736 or email [email protected].