Category Archives: Alastair Meiklejon News

General contents the invisible problem?

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Every week we see record prices being achieved by some of the greatest artworks known to man, with some of the most glamorous jewellery and watches going to auction at incredible sums, but how often do you talk with your clients about the carpet in the drawing room, or the suite of furniture purchased in the 1990s?

Just this week we have heard more news about inflation and cost of living rising again, and potentially this could increase well into 2023 and beyond.

So how does this effect your mid – high net worth clients and their contents?

The value of items within the ‘General Contents’ section of most customers insurance schedule has been rising for many years, even before COVID–19 and the dreaded lockdowns of 2020.

According to the Office for National Statistics, the values that we are seeing are increasing year on year for general home furniture by around 16% per year so a settee purchased for £10,000 this time last year would now be costing £11,600, with garden furniture increasing by up to 25% per year. So why is this?

The cost of manufacturing has sky-rocketed since 2019, with many companies having issues recruiting staff and/or sourcing materials, in turn the supply chain has suffered with transport issues in abundance – it’s not unusual to see waiting times run in to months for some items.

Two of the items that I am constantly surprised by are curtains and carpets, with some of our clients spending six figure sums on carpeting their homes, and a pair of lavishly lined silk curtains for a 13ft high sash window costing nearly £10,000, however on paper these have only increased by around 5% this year – but, this is only for the material and not the fitters or the makers, so in turn I believe that these figures are increasing by around 24% with that same pair of curtains now costing £12,400.

Whilst statistics are not available for the inflation of electrical goods, this market is different as the advancement in technology means that many items are out of date the minute they are released, there has of course though been a general increase across the board in most items of this nature.

Clothing will continue to be an interesting question with a broad figure of 8.5% inflation across the board, this however will absorb the designer and couture elements alongside the high street fashion world, which does not always give a totally accurate reflection of the mid-high net worth spending habits.

Whilst each manufacturer is different and sometimes these inflation costs will be absorbed into the operating profit of the company, in most instances, and especially in High Net Worth accounts, it is passed on to the client.

When taking an overall look at your clients, by all means be sure to look at the fine art, the jewellery and many other of the ‘visible’ items that clearly will have changed in value, but be sure that you don’t ignore the invisible ones that may well mean your client is underinsured.

Walk-through Valuation – SPECIAL OFFER

The Walk Through Valuation is a beneficial offering for you or your clients if current content values are based on a ‘guestimate’ or a ‘rough idea’ to ensure the values provided are accurate and up to date. For the comfort and security and assurance that in the event of any claim you are covered why wouldn’t you?

You don’t want to find a claim is not paid in the event of a loss, so ensuring your insurer has a true reflection of your values is so important. The Walk Through Valuation is designed for the Mid Net Worth client to establish/categories the contents correctly, on a room by room, category by category basis, itemising items of single value, identifying issues and providing cross room photographs. We don’t value the jewellery but we will discuss/establish if the current cover is adequate and any other areas of concern which would require a specialist visit.

A Senior valuer will attend the property to complete and the survey takes approximately 3 hours to complete. Our report will be issued within 15-20 working days providing recommended figures and illustrated.

So, to ensure you/your clients values are true and accurate, recommend the need for a Walk Through Appraisal today – up to 4 bedrooms – £540 plus VAT@ 20% including travel.

Call us today on 01883 722736 to book an appointment or email [email protected]

An introduction to NFT’s for brokers – with Jonathan Horwich, Art specialist & Alastair Meiklejon, Senior Valuer

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NFT’s are the latest trend in the art world, but many people do not understand them.

  • What are they?
  • How do they work – how do you “use” them?
  • Why do artists make them?
  • Why do collectors collect them?
  • How are they priced, sold and valued?
  • Are they worth anything?
  • What are the risks in buying them?
  • Can they be insured?

Brown and out – The confusing world of antique furniture

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In the world of antique furniture, there is nothing that raises temperatures, or gives a better reason for an argument than the rather broad term of brown furniture, but what does it actually mean and is the market for such items truly as doomed as many people would want you to believe?

Firstly, lets back track about 23 years. The 1990s were coming to a close, Lovejoy had been cancelled, Ikea was becoming a love/hate word in the English vocabulary and traditional antique furniture that had been the mainstay of the collectible and usable market had started to hit hard times. The re-discovery of mid-century modern furniture had started to fit with people’s lifestyles and the necessity for a Victorian gentleman’s compac tum had waned.

At this stage, demand had simply dropped and by the 2010s one c ould buy a Victorian chest of drawers, built by a craftsman, from a fine imported mahogany for pretty much the same as a cardboard box full of Swedish chipboard that you would have to spent hours putting together yourself – it just doesn’t seem right, does it?

However ‘Brown furniture’ isn’t simply the row of beaten-up Edwardian sideboards in a local auction house, it includes some of the most glorious items ever made as functional pieces – and to place all items of furniture into a single category, just because they are made from wood seems a little absurd.

The market today for fine antique furniture is perhaps not as s trong as it was in those days when anyone would pay at least a £1000 for something that start ed with “Georgian” but looking at retail markets now, there are fine and rare pieces a vailable for well in excess of what many people would give them credit for.

So what does the future hold for the ‘Brown Furniture’ market?

Let us not kid ourselves, do we really think that the modern, almost disposable lifestyles that people live in 2022 are going to ever need a chest of drawers w ith a brushing slide? Do we think that suddenly every house will need a drop leaf bureau and that writing letters will suddenly become popular again?

Of course, the answer to both of these questions is no, but – the market for customers that actually do desire these items will only go up as the collectors market still strives to own the best, and only the best.

So when your clients say “we have some brown furniture, but it’s not really worth anything anymore” it might be worth getting it looked at…

William and Mary Burr Elm Chest on Stand 25,000

Regency Mahogony dressing mirror £8,000 Regency Ebonised and Brass desk chair - £15,000

The Queen’s Handbags

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“Following the devastating news of the passing of Queen Elizabeth II, we are rerunning some articles printed earlier this year. As a fashion icon, and loyal servant to our country for over 70 years, we pay tribute”

Walking down Regent Street on a sunny afternoon during the Platinum Jubilee week, one cannot forget how important 2022 is for Her Majesty the Queen. 70 years doing any job is virtually unheard of so a celebration to mark the occasion is certainly befitting.

Whilst we look forward to not only an extra bank holiday, many celebrations around the United Kingdom and the world, Queen Elizabeth will no doubt take it all in her stride in a simple and understated manner, much like her handbags.

The Queen has always been known for supporting and almost endorsing Launer Handbags. The Queen Mother had purchased one in the 1940s after Sam Launer had relocated to the United Kingdom after Nazi persecution in Czechoslovakia during The Second World War, and it is rumoured that the Queen still owns these pieces that date to before she came to the throne. The brand was awarded the Royal Warrant in 1968.

The royal collection of Launer handbags now comprises over 200 individual pieces though, with the favourites reportedly being the Traviata, the Diva and of course, the Royale. It is said that she orders around five pieces per year with custom elements to each, and no doubt Launer will have made sure to make something special for this year’s celebrations.

The values of these bags are almost insignificant compared to many others that we see on a day-to-day basis, with values usually being less than £3000, but they are all hand made in Britain and command a strong following with Lady Margaret Thatcher having been a fan of the brand.

It is hard to imagine, but a considerable amount of time and effort has been placed in providing the Queen with the perfect bag. It must have long handles so it doesn’t get in the way when she is meeting people, it must also be fairly lightweight as she doesn’t keep much in there during the day – apparently only a pen, spectacles case, lipstick, hand cream and mints make it into the royal handbag.

If you ever wondered why the Queen always had her handbag, even when carrying out Royal duties at home, this was because it served an additional purpose. If she placed her bag on a table and looked around the room, this gave her staff a five minute warning that she was ready to leave and to prepare!

As we pay tribute to Her Majesty for the 70 years of service, we also appreciate Launer’s 70 years of being a true British Icon.

The watch markets – Let’s talk about secs… mins, and hours

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Let’s not beat around the bush, one of the most common watches that I have to value is the now almost immortal Patek Phillipe Nautilus 5711 and again one of the most common questions (or statements) is that the value is plummeting but let’s just have a quick look at the facts here – if you bought your watch any time before Christmas of last year, it’s still probably going to have to be insured for more than you bought it for. The timeline of this watch is probably the most extreme, and well known of any of the mid pandemic boomers so let’s just have a look at the statistics;

In November of 2019, these watches were in demand and trading above their retail price, and this flexed around the £50,000 mark with occasional spikes and troughs.

Then when COVID-19 decided to appear, suddenly things started getting extreme with Patek also announcing that they would be ‘Discontinuing’ the watch and around November of 2020 12 months on, they had pretty much doubled in price to a £100,000 watch.

March of 2021 and things had just got to a stage where asking prices were up to nearly £200,000 for what is a stainless-steel sports watch, I even knew of some trading around the £180,000 for sealed examples, which in my opinion is a bit of a nonsense anyway.

Today’s market has changed and now in the summer of 2022 the 5711 has taken a retreat and is currently sitting at around the £150,000 – there are fluctuations and deals being done, so this is a fairly liberal figure so yes, it has lost some value but ultimately those prices could not carry on rising – people were at one stage tipping the Patek to be a £250,000 watch, which quite frankly would have been amazing.

In the same breath, we can also talk about the other big hitter in this market, the Audemars-Piguet Royal Oak – similar style, similar quality and similar demand. A fairly similar course of events has occurred and now a good AP Jumbo can be bought on the secondary market for £90,000 when back in those days of Zoom calls and toilet paper shortages you would be paying closer to £130,000 – still, let’s not forget that this was a £35,000 watch.

So, is the whole market in decline? Absolutely not.

Rolex are still playing the field and keeping their desirability levels at an all-time high…is this because they are slightly more ‘affordable’? possibly. Is it because they are releasing more interesting variations on their ever-expanding roster of watches? Probably.

So why is this happening? The common thought thread seems to be a mixture of the potential economic issues that may or may not be coming into play over the next year, and the other big factor is the massive decline of crypto currencies.

At one time a gold Nautilus went with a large wallet of Bitcoin and Ethereum like it did with a very noisy Lamborghini (usually on The Kings Road) whereas now you are more likely to be heading to your local Casio store.

Whichever way we look at it, the watch market will always be volatile, it’s a luxury item that is really not just a watch, but a collectible, a piece of jewellery, a statement, a piece of art…
it’s everything.

The one that got away…

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The world of watches is not only a fascinating one, but also a frustrating one. For example in 2014 had I known that the world of Rolex sports watches would have become such a lucrative market place I would have purchased their entire stock and waited for the elevated position that their most desirable watches currently occupy.

There are of course limited runs of pieces that you always would like to own, but only when as it transpires, they are all sold out and you are late to the party – this is a classic situation with the Rolex Submariner with the famous green bezel…

The year was 2009 and a Rolex Submariner was known to be one of the most desirable sports watches on the planet with… wait for it, sometimes a waiting list if the authorised dealer of your choice didn’t have the model you required, fast forward to today – you would almost be laughed out of a dealer if you asked to buy a brand new Submariner – it is that popular.

Rolex had made a bold move, they had issued the fairly conservative Submariner with a green bezel. Instantly every Rolex aficionado let it be known how appalled and disgusted they were that such a great mark could do such a thing.

So, back to that year of 2009 when I happened to be speaking to a Rolex dealer, whom shall remain nameless when I was offered the ‘Kermit’ (I don’t think Rolex nicknames were such a big thing then) for the unimaginable price of £4,800, and if I took two of them then it would come with a discounted price of £9,000.

Fast forward to this moment in time and the green bezel Submariner is one of the most desirable watches on the planet, with similar incarnations such as the ‘Starbucks’ and the ‘Hulk’ offering buyers additional variations on a theme, with secondary market figures varying from £18,000-£25,000 each.

The next incident is actually ongoing and may well change over the next year, but currently one of the hottest pieces on the secondary market is the Swatch and Omega collaboration the ‘Moonswatch’. A ‘bioceramic’ (basically plastic) quartz watch in the manner of the Omega classic moonwatch.

Announced on the internet with 48 hours’ notice, the range of watches instantly became the most sought after item from either Swatch or Omega with Swatch boutiques having to close and call in for police security after mobs started storming the little shops all around the world – the demand was so huge they had to apologise.

Within hours the watches were appearing on secondary market sites for up to £3,000 – and considering this was a £200 watch, it seemed rather sad and cynical however.

The one thing that we can be sure of though is that the watch market will be constantly reinventing itself with new and different ways to attract buyers and collectors and as long as this keeps happening, no doubt I will always be looking to make sure no more items get away!

The Queen’s Handbags

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Walking down Regent Street on a sunny afternoon this week and one cannot forget how important 2022 is for Her Majesty the Queen, 70 years doing any job is virtually unheard of so a celebration to mark the occasion is certainly befitting.

Whilst we look forward to not only an extra bank holiday, but many celebrations around the United Kingdom and the world, Queen Elizabeth will no doubt take it all in her stride in a simple and understated manner, much like her handbags.

The queen has always been known for supporting and almost endorsing Launer Handbags. The Queen Mother had purchased one in the 1940s after Sam Launer had relocated to the United Kingdom after Nazi persecution in Czechoslovakia during The Second World War, and it is rumoured that the queen still owns these pieces that date to before she came to the throne. The brand was awarded the Royal Warrant in 1968.

The royal collection of Launer handbags now comprises over 200 individual pieces though, with the favourites reportedly being the Traviata, the Diva and of course, the Royale. It is said that she orders around five pieces per year with custom elements to each, and no doubt Launer will have made sure to make something special for this year’s celebrations.

The values of these bags are almost insignificant compared to many others that we see on a day-to-day basis, with values usually being less than £3000, but they are all hand made in Britain and command a strong following with Lady Margaret Thatcher being another fan of the brand.

It is hard to imagine, but a considerable amount of time and effort has been placed in providing the queen with the perfect bag. It must have long handles so it doesn’t get in the way when she is meeting people, it must also be fairly lightweight as she doesn’t keep much in there during the day – apparently only a pen, spectacles case, lipstick, hand cream and mints make it into the royal handbag.

If you are ever lucky enough to meet the Queen at a function of any sorts though, be aware if she places her bag on a table and looks around the room….This gives her staff a five minute warning that she is ready to leave and to prepare!

So congratulations to The Queen, and to Launer for 70 years of a true British Icon, may there be many more.

Watches Update

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Well, if we thought that 2020 couldn’t be surpassed in the watch world – we could not have been further from the truth!
We must start (we really do) with what was without doubt the biggest drop of 2021 – the Tiffany/Patek Phillipe 5711 – 1A/018

We are all very aware that one of the most desirable watches in the Patek Phillipe arsenal is due to be retired this year and as such the last 18 months have been spent by watch aficionados talking about how the standard Patek Phillipe 5711 has risen to the ranks of a £175,000 wristwatch when compared to a few years ago – it really is astonishing.

So, when the powers that be decided a send-off to conquer all others was required – they called in the big guns, and that robin egg blue dial appeared from nowhere. 170 will be produced and available exclusively from Tiffany boutiques and one can only imagine how these may perform on the secondary market – in a recent charity auction, one of the 170 sold for a jaw dropping $6.5 million, which is simply staggering for a watch that retails at a few bucks over $52,000.

Now some people amongst you will be aware that Tiffany has recently been acquired by LVMH and this moment has clearly been defined by the 5711 – 1A/018, it even has a little nod to the recent acquisition on the engraving of the caseback – a little brash? Maybe, but I am fairly sure that most watch people won’t notice the difference and hope that the work between the two companies will continue as it has done for the last 170 years.

As far as the rest of 2021 happened – it was pretty much a continuation of 2020, with rises across the board of Patek Phillipe, Audemars Piguet, and of course… Rolex sports models.

At the start of 2021, a 116610LN could be acquired on the secondary market for just short of £10,000 now, it’s closer to £16,000. Considering back in the pre covid days of 2018, on a good day you could get one for closer to £6000 – it hasn’t been a bad investment and if you bought the green bezel model – well that’s a completely different story!

Other highlights of 2021 have included the Bremont ENG300 – Whilst the English brothers may have had to fight off some arguments about the origin of parts of their watches, this new model has what appears to be a well-researched in house movement, that really is a game changer for the UK watch industry.

The Cartier Solarbeat, is certainly a watch for the risk taker – a person that wants a classical design with one of the most forward-thinking developments of the year – a solar powered Cartier, its doesn’t sound right saying it, but could you tell the difference? At a really good price point as well, one would have to be brave to bet against it being a huge success.

Finally, what has to be my watch of the year is the Tissot PRX, starting at under £300 (yes, three hundred pounds) it is an amazing retro design with hints of the big boys, but with a price tag that makes it far more accessible to enthusiasts on a lower budget as well.

What will 2022 bring? It’s difficult to say but with watch shows being planned for throughout the year, and design teams back at their desks I am sure that there will be a few surprises ahead!

The House of Gucci

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This week marks the long awaited (for me at least) release of The House of Gucci on streaming services around the world. The Cinema release was of course one of those impacted by the pandemic, but thankfully not to the same degree as No Time to Die but realistically, nothing could be that delayed.
The film tells the story of Patrizia Reggiani and her downfall as the long-suffering wife of Maurizio Gucci, part of the much fabled and respected fashion house. Whilst the film takes some interesting turns and slight elaborations on history, what cannot be debated is the importance the house has in the world of fashion – be that in couture, handbags and even jewellery.
There are some things the Italians just do better; fashion, wine, and arguably cars (if you have read my article on Alfa Romeo, then you will understand my thoughts on this subject) and some of the classic designs in the handbag world have evolved from the house.
My personal favourite must be the 1947 Bamboo model, with perfect proportions and the daintiest outline. In a tan calf leather, it can be matched with anything, be it dressed up or down – as comfortable at dinner, as it is at the polo.
The great thing about Gucci, is that it sits at an affordable level, it doesn’t try to be Hermes, nor would it want to, the pieces are unique and instantly identifiable whilst maintaining a mid-level price, and for years have been very affordable, this however has changed in the last three years when the inevitable price increases have hit every fashion house, with Gucci being amongst Chanel, Hermes and Louis Vuitton seeing an almost 25% uplift
in replacement values.
The jewellery that Gucci produces is always bombastic and designed to create (and usually divide) opinions, its sits in a position that knows its place – whilst not high end it is good quality and more about design than its components, and over the years they have produced some stunning pieces, again my favourite pieces are a pair of 1970s silver cufflinks that are simply the definition of Milan in the era, not subtle but with enough flair to
get away with it.
With a lot of ‘fashion jewellery’ it sometimes is relegated to the bottom of the jewellery box along with Chanel and Dior pieces, however again with the price increases we are constantly seeing, perhaps it needs to be looked at in more depth – with the respect it deserves.

If I had £5,000 to invest what would I buy?

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By Alastair Meiklejon, Senior Valuer and Wristwatch Specialist

£5,000 – it seems like a lot of money to be spending on a watch doesn’t it? A piece of mechanical jewellery that serves pretty much no other purpose than to look good, and make the owner proud to be wearing it… however, in the world of horological collections £5,000 is almost a starting point for many top tier watches.

The watches that I have included today represent the most popular category in the market – the gentleman’s stainless steel sports watch. If you have read my articles on the Rolex Submariner, you will be aware that even trying to look at one of these brand new is somewhat akin to trying to buy toilet roll in 2020, and unless you have the contacts, don’t even think about owning one until you have been on the waiting list for years…
We will however start with a couple of notable mentions – firstly the Ulysse Nardin Diver 8163. It’s a brilliant, strong move from a company that has always had a little bit of an identity crisis – from supplying the majority of the worlds naval forces to releasing slightly risqué watches with different images from the Kama Sutra, Ulysse Nardin have always been a choice for those who wanted something a bit different and this 42mm diver is about as accessible as they will ever get, it’s a great looking watch with a bold dial and bezel, and at £5,600 (I know I am cheating a little) I think it’s a great alternative to a modern Submariner.

Second, is the Grand Seiko Sport Automatic Spring Drive GMT which also comes in at around £5,500. This is a slightly bizarre choice as Grand Seiko occupy the position as the ‘Lexus’ of the watch world – everyone knows they probably make the best product, will work brilliantly well forever and when they need servicing, it will be at a moderate cost. So why aren’t they flying off the shelves? Because of that badge unfortunately. It’s a great shame, but wearing a £5,000 watch, with the same heritage as the digital timepiece I wore to school just doesn’t create the same desire as some of the more luxury brands we all know and love.
So – what would I buy with £5,000?
There is only one option, not only do I think that this is the best watch for the money, I also think that to a certain degree, you would be hard pushed to find a better time piece in many greater price brackets.
The Omega Seamaster – it is frankly, brilliant.
Coming in at £4,450 it’s also about a grand cheaper than my other alternatives, but never looks like a cheap watch. Omega are without doubt one of the power houses of Swiss watch design, Rolex are simply young upstarts when it comes to heritage (in fact Hans Wilsdorf launched Rolex as a cheaper alternative to Omega) and Omega can claim many of the worlds most notable horological moments including the first watch on the moon. Currently though, most people will associate the brand with James Bond, and that’s ok – what better ambassador than a secret agent whom can jump
out of planes, trains and blow stuff up – all with the aid of his timepiece.
The Seamaster, in my opinion is all the watch you would ever need in this category, it’s a proper divers watch with a stunning dial, a comfortable bracelet, 300m water resistance, and a great brand heritage. There are a multitude of colours to buy them in and you can literally walk into a shop and buy one, without having to sell your soul or pay a massive premium to own one.
A great watch, at a great price point.