Category Archives: Alastair Meiklejon News

The Ivory Bill – Addressing the Elephant in the room

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What it means for you and your clients

February 2020, Rachel Doerr and I were sat in the law offices of Mishcon de Reya, having been asked to attend a discussion debating the 2018 Ivory Bill and how the enforcement and understanding of it would take place. Fast forward two months, and due to Covid, Ivory was the last thing on the minds of the government, or anyone else for that matter.

So, 2023 we are now at the point where the Ivory Bill of 2018 should now be clear in everyone’s minds, if you own ivory, or have clients with ivory – it’s even more important.

What Is It?

The Ivory Bill of 2018 was created to ensure that the United Kingdom was at the forefront of regulatory measures to assist in the reduction of the worldwide trade of ivory.

What was wrong with the old legislation?

To put it in simple terms – the understanding of the law. Many people unknowingly sold or bought ivory items that by definition, were illegal – but without expert opinion (and in some cases carbon dating equipment) it would have been impossible to be sure of what items were and were not legal, so the Ivory Bill 2018 was created.

What does the ivory bill mean now, in 2023?

The sale of most items of ivory within the United Kingdom is now illegal, therefore they will have no commercial value, there are some exemptions – here are the published examples by The Department for Environment, Food & Rural Affairs;

1. De minimis

Items with a volume of less than 10% by volume, and which were made prior to 1947. Items with this volume of ivory are not traded for their ivory content, and as such do not contribute to poaching. This limit will mean the UK has amongst the toughest approaches to this category of exemption internationally.

2. Musical instruments

Musical instruments with an ivory content of less than 20% and which were made prior to 1975. This will cover the vast majority of commonly used and traded instruments and accessories, such as pianos and violin bows.

3. Portrait miniatures

Portrait miniatures produced prior to 1918. Portrait miniatures are a discrete category of item which, although painted on thin slivers of ivory, are not valued for their ivory content. Sales of portrait miniatures will not fuel, directly or indirectly, the continued poaching of elephants.

4. The rarest and most important items of their type

Items made of, or containing, ivory produced prior to 1918 which are assessed by an independent advisory institution as of outstandingly high artistic, cultural or historical value, and are an example of the rarest and most important item of their type. These items are not valued for their ivory content, and the trade in them will not fuel the poaching of elephants.

5. Museums

Commercial activities which include sales, loans and exchanges to, and between, accredited museums. This ban will not affect the display of historic, artistic and cultural items to members of the public by accredited museums.

How does this impact my clients who own items of ivory?

If your client owns any items that fall outside of the exemptions this means they have no commercial value in the United Kingdom and cannot be sold under the Act.

If they are Exempt this means they potentially have a monitory value and will require a certificate of exemption from DEFRA to prove this before you can sell the item using the declare ivory scheme or hire out service.

It has become clear that some major insurers are now asking for any item that contains ivory to now have a certificate of exemption before it is insured – this can include many items, from furniture, to silver, and many other items. This will mean having a DEFRA certificate in the name of the client, not the retailer that it may have been purchased from.

Ivory was used for many purposes in the 17th to 19th centuries whether that be for decorative or practical purposes and people may be surprised as to what includes ivory in their construction.

At Doerr Dallas Valuations we can help clients identify what may need certificates, and assist them in applying for them – speak to our team to find out how you can make sure you or your clients don’t fall through the cracks of this legislation that will impact the industry nationwide.

Watches Review 2022

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Well, what a year it has been in the watch world – from the Patek Phillipe Nautilus almost becoming a quarter of a million-pound stainless steel watch…. to thousands of people all around the planet fighting for a £200 Swatch, there couldn’t have been more ups and downs, even if you were writing from Downing Street.

2022 started as 2021 finished, with soaring prices for the most unavailable watches on the market; the Nautilus, Hulk, Royal Oak, Daytona, Aquanaut and many others, all trading at, so far, above their recommended retail price, that it almost became laughable. The secondary market was booming and I, personally was giving valuations on some watches on a monthly basis, due to the fluctuations we were experiencing at the time.

When the market changed, in April/May of 2022 we knew that prices were going to drop – and to be honest, I anticipated a heavier drop than we saw, with some in demand watches still trading at three times their original price in December. Hopefully collectors who bought in the last 2 years are still looking at long term investment pieces.

The Omega Speedmaster has long been regarded as one of the ‘go to’ pieces to have in any major watch arsenal. Its rugged good looks, sensible size, and moon landing history have given it more than half a century of desirability, and last year it was even more desirable than ever – but not in a way that die-hard mechanical watch fans would have anticipated….

The ‘Moonswatch’ was released in 2022, with possibly the biggest marketing push that anyone has seen for a watch, blending the aesthetics of a traditional Omega Moonwatch, and the inexpensive practicality and sense of fun that Swatch have done peerlessly for many decades. The result caused uproar around the planet with near riots in London and Paris, and police being called to many other cities. The most desirable watch on the market for the year was actually a £220 plastic quartz watch, and with nowhere near enough examples, the secondary market went wild with certain examples reaching 10 times their retail value, with people camping out to buy one and then unashamedly selling them the next day on internet auction sites.

Thankfully, this market has calmed a little, with Swatch assuring potential customers that this is not a limited release and eventually there will be enough to go around. But as I write this in January 2023, it is still very difficult to get hold of an example, with some models virtually impossible.

We saw new releases from many of the major house, with Rolex continuing their theme of fancy dials and variations on classic models, such as a left handed version of the GMT Master II. Due to its green and black ceramic bezel, playfully nicknamed ‘Spirte’ or ‘Destro’, caused quite the stir when it was dropped, somewhat trading at over twice its original retail price, from £22,000 to even £30,000, its been one of last years unexpected stars – but if it has Rolex on the dial, it can never be that unexpected.

After the 5711 Nautilus was discontinued the options available to Patek Phillipe were probably immense – how could they change what has become one of the most desirable watches of the current era, if not any era? Well, they were bold! The 5811 is now 1mm bigger than the watch it replaces. I suppose the question is why would you change a winning formula and this proves that.

So, what does 2023 have instore for us?

I believe that whilst all the major brands are going to continue releasing ground-breaking watches with possibly a major offensive of movements, I think that some older watches are going to begin to fall into the modern vintage category and such classics as the much overlooked 16710 GMT Master from 1989-2007, becoming more desirable and prices increasing. There will undoubtedly be some surprises – look out for changes in the Daytona line, as this has been mooted for quite a while now.

Will prices rise or fall?

This is always going to be the question that everyone asks me, and as a valuer, it would be unprofessional to speculate. Whilst 2022 saw prices drop, they were still at the same kind of level they were 12 months ago, so that brings a distinct amount of confidence in watches as a commodity. The demand is still there and will continue to grow as people become more interested – needless to say 12 months is a long time in the watch industry!

Meet the team – Alastair Meiklejon

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Over the next couple of weeks we will be introducing you to our amazing team…

Profile

Alastair has been involved in the wristwatch and antiques industry for over 20 years as an auctioneer and valuer. He has a particularly broad knowledge with interests and passions to include the following specialities; militaria, watches, automobilia, rock and pop, posters, comic books, and musical instruments.

Over the years watches have become as much pieces of jewellery and a celebration of mechanical art, as well as timepieces, as wristwatches specialist Alastair has had the pleasure of valuing some of the world’s great collections, including Patek Phillipe, Audemars Piguet, Voutilainen, Rolex, and many other great marques’.

Membership

Alastair is a qualified, professional member of the National Association of Valuers and Auctioneers and was elected a Fellow of The Royal Society of Arts in 2017.

About

In his spare time Alastair likes nothing more than enjoying a lovely meal with a nice bottle of red with family and friends. He has, in the past attempted to be a racing driver, however these days he’s happy watching a race from the comfort of his own seat.

Spot-light

Alastair’s favourite part of valuations is hearing the stories behind the item.

Covering

Contact

[email protected]

Is it all about the birkin?

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So recently, I have been constantly asked my opinion on why it is that Hermes bags are the items that are most discussed, and in simple terms, it is because their prices fluctuate the most and the variety of pieces that are created are constantly in more demand than they could possibly ever produce. Therefore, the secondary market dictates that the prices have increased at an exponential rate over the last few years, with bags like the new Birkin Rock (Finally, A Men’s Birkin!), and the Kelly en Desordre being released it has guaranteed that collectors will flock to pretty much anything that they produce and then see prices increased by up to 200% on the grey market.

But what about the other big names, Chanel, Louis Vuitton, Prada, Bottega Veneta…..?

Well, the answer to this question is not so easy…

Let’s start with Louis Vuitton; The Parisian brand has been at the forefront of luxury for over 150 years and in the last couple of decades has been considered to be one of the world’s most valuable luxury brands with not only luggage, but clothing, watches, fragrance and lots of other items in addition.

The monogram bags and purses are probably one of the worlds most instantly recognisable trademarks, and I would bet the vast majority of people would recognise an LV bag, over a Birkin.

Louis Vuitton has many different ranges of products and some standard pieces are a constant, or should I say ‘Classic’. Let’s look at the ‘Speedy 30’ which has been around for a little while, currently retailing at £1,110, it’s a great value little bag, but if we go back a few years…then the price was pretty much half of what it is today, and this has been the story with a lot of monogram pieces.

There is another side to Louis Vuitton. They make some exclusive pieces that one would really struggle to find, and this is where the values start to soar. For example, the Frank Gehry Iconoclast limited edition box – initially retailed around the £2,000 mark, now you will struggle to find one for less than £8,000 – if you can find one at all!

Chanel, of course, is another big player on the handbag market, and what is constantly very apparent is the annual price rise that comes from the luxury French fashion house. Figures of 8% to 10% each year is not uncommon with the most popular quilted bags such as the ‘Classic Small Handbag’ (it’s Chanel, they don’t need fancy names) coming in at over £7,000 in 2022 – this was until recently always considered a £5,000 market bag.

Many of the other brands that dominate the market for handbags, such as Prada, Gucci, and Bottega Veneta will continually release in demand pieces that continue to sell verywell, however, the demand for such items will only ever be at the initial point of sale with the secondary market being nowhere near as lucrative for the resellers, but there will always be the occasional item that goes against the tide and surprises even the experts.

Keeping your valuations up to date is so important as we see values increase in an 18 month period on these handbags….

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!