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

Posted on December 18, 2024December 18, 2024 by Doerr Dallas Valuations

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!”

The Art Market 2023 – 2024: A review

Posted on December 5, 2024December 5, 2024 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 Art Market 2023

Posted on January 3, 2024August 9, 2024 by Ben Hanly

2023 in the Art Market has been one of readjustment and realignment, but thankfully not collapse – a market correction rather than the much talked about free-fall of the market.

2022 ended on a fever pitch high, with a slew of blockbuster auctions and record-breaking auctions – the Macklowe Collection brought in $922m at Sotheby’s, the Anne Bass Collection achieved $383m at Christie’s, and the Paul Allen Collection achieving just over $1.6b also at Christie’s – taking the honour of being the first sale to top the billion-dollar mark.

Yet even as these records were being made, savvy pundits predicted a gloomier future for 2023 which turned out to be true.

Surprisingly, it was the top end of the market, with its superior quality and strong provenance, that failed to deliver the goods in 2023. It was badly hit in comparison to 2022, generating a little more than half the sales value compared to the previous years. In 2023, the most expensive artworks at auction paled in comparison to last year. The top 100 lots at auction this year totalled $2.4 billion, compared to $4.1 billion in 2022.

Why is this? Experts cite higher interest rates, continued inflations, and the ongoing turbulence in the financial markets as reason for the dip – but economic jitters aren’t the only factor at play. The continuing war in Ukraine continues to negatively effect the global economy, as no doubt, the current Israeli/Palestinian war will too. Added to this, the post-pandemic exuberance of spending that fuelled the market in late 2021 and 2022 has certainly levelled off.

Across every category in the market, sales contracted in 2023 – but some were hit harder than others.

All of this has had a negative effect on the market – spooking all but the motivated seller from consigning their treasures to an increasingly unpredictable and volatile market. Just like the property market, why would you sell in a falling market? As a result, the number of works coming to auction hit a three-year low in the year’s first five months, and the contraction is most extreme on the high end. The May marquee auctions of Modern and Contemporary art in New York were noticeably underwhelming. The three main auction houses grossed an aggregate $1.4bn (with fees), significantly lower than the $2.5bn achieved the previous May, according to data provided by Pi-eX (the Londonbased art auction analysis firm).

Similarly, the up until now extra-hot, speculative/flip led market for young ultra contemporary artists also cooled down dramatically, with demand being far more measured than in 2022. In May 2022 in New York, Sotheby’s The Now sale of 23 recent works by coveted, hard-to-source names had been a bidding frenzy that achieved $72.9m. In stark contrast, just over a year later in June this year, Sotheby’s 14-lot London version of The Now format took £8.7m ($11m). This market had been characterised by heavy speculation and flipping by collectors keen to turn a quick (and often significant) profit on here to untested newcomers to the secondary market. However, market jitters have calmed this market down noticeably – with less activity from ‘flippers’ producing less demand and lower prices.

The biggest decline was in the Impressionist and Modern sector, whose sales plummeted by almost 30 percent year over year. The Postwar and Contemporary category had a slightly smaller dip of 23 percent. Ultra- Contemporary art, once the fastestgrowing category, took a tumble as the froth surrounding the market for young artists began to dissolve. It shrunk by 26 percent year over year. The most stable category turned out to be Old Masters, whose revenue declined a comparatively modest 6 percent. It remains one of the smallest markets by dollar value, second only to ultracontemporary (which covers around two dozen years of artistic production, while Masters embraces nearly six centuries).

Each of the big 3 auction houses saw their sales figures contract in 2023. Christie’s narrowly beat Sotheby’s in the race for the top spot, generating $8.9 million more in fine-art sales by mid 2023. Both houses saw revenue decline in the first five months of the year compared with the equivalent period in 2022. Christie’s was down 23 percent while Sotheby’s was down 20 percent. Hardest hit was Phillips, which reported $255 million in art sales, a 29 percent dip year over year, after reaching a record high in 2022.

In terms of the geographic split of the art market, the top three players stayed the same. The US reconfirmed it preeminence in this regard, albeit with sales down by 25 percent from the equivalent period in 2021, 2020, and 2019. China similarly reconfirmed its place as the second largest market, but in contrast to the US, its total sales spiked by more than 110 percent during the same period. The increase illustrates the continuing strength of the Chinese collector market, but it also reflects a statistical anomaly whereby several Chinese auction houses, including Poly International and Yongle Auctions, postponed their 2022 autumn sales to early 2023 in order to comply with government lockdowns, boosting the country’s spring results.

The UK market experienced a decline in sales of 27 percent but still held third place in the global art market. The impact of Brexit and the increase in overall in logistical and importation costs still continue to effect the profitability of Britian’s historic art market.

During the pandemic and the associated lockdowns, online and digital sales increased out of necessity and market survival and drove global art sales for this period. Now that in-person auctions have fully returned, online fineart sales are hitting a plateau—but they remain far above pre-pandemic levels. A total of $155.8 million worth of fine art was sold in online-only sales at Sotheby’s, Christie’s, Phillips, Bonhams, and Artnet Auctions in the first five months of the year. That’s down 5 percent from the equivalent period in 2022 and down 64 percent from 2021, when many high-profile sales had not yet returned to being held in-person. The 2023 total remains more than 300 percent higher than 2019, when online sales generated just $35.5 million in the year’s first five months. What has changed is the comfort level of collectors to purchase via online routes – the average price in 2023 for an online purchase has dropped to $17,794 which is lower than since 2019.

In conclusion, 2023 – whilst certainly not a bullish year, it has still proved to be a strong market with no collapse foreseen in the near future. Bearing in mind the overall global uncertainties, and the fact that purchasing art is not a survival purchase, this is no mean feat!

Art Basel

Posted on June 21, 2023August 9, 2024 by Ben Hanly

Last week’s Art Basel 2023 contemporary art fair, June 15 – June 18, defied forecasts of a market slowdown, with wealthy collectors buying works with seven or eight-figure price tags.

Described by its new chief executive Noah Horowitz as ‘the single most important annual event in the global art market’ and the ‘barometer of the industry’, Art Basel opened its doors to VIPs last Tuesday – the first two and a half days of the fair are traditionally reserved for wealthy collectors, before the doors open to the public from Thursday to Sunday.

Some 284 galleries representing more than 4,000 artists are represented at the fair in the Swiss city, which for one week every year becomes the centre of the global contemporary art market. Among them are regulars of the art event such as Gagosian, Hauser & Wirth, Pace, David Zwirner and Perrotin. Some 20 galleries from Europe, Africa, Asia and America will have a stand for the first time.

Three of the first-time labels are entering directly into the main Galleries sector, namely Blank projects (Cape Town), Empty Gallery (Hong Kong) and Offer Waterman (London). The Feature sector will host eight first-time exhibitors, including David Castillo (Miami), Thomas Erben Gallery (New York) and Gajah Gallery (Jakarta, Yogyakarta, Singapore), compared to 10 for the Statements sector.

Art Basel director Noah Horowitz hopes this year’s event helps maintain Art Basel’s status as the world’s leading contemporary art fair.

‘I am incredibly excited to welcome the international art community to Basel in June for another premier edition of our show and my first as the organization’s CEO,’ he said in a statement. ’Ranging from bold contemporary positions to rare presentations by 20th-century icons, our Basel fair will once again reaffirm its pre-eminent position as a platform for discovery and encounters that drive the art world.’

Alongside the contemporary art fair itself, visitors to Art Basel were able to discover some 20 special installations around Münsterplatz and downtown Basel.

One of these was a ‘sprawling superstructure’ designed by French-Moroccan artist Latifa Echakhch, a former Marcel-Duchamp Prize winner and Switzerland’s representative at the Venice Biennale in 2022. In addition, the city’s museums and cultural centres offered a wide range of exhibitions and events throughout the week.

While stock markets jitters and soaring interest rates had triggered predictions that the art market was cooling, that was not evident at the fair, where it was reported by Marc Glimcher, CEO of Pace NY ‘the art market seems quite healthy here in Basel. People are not paying crazy high prices, but they are not asking us to sell at crazy low prices either.’

At its VIP Day last Tuesday, Zurich’s Hauser & Wirth confirmed that they had sold a major 1996 spider sculpture by Louise Bourgeois to a US collector for US$22.5m (the most expensive sale of the day), and also an oil on canvas by US painter Philippe Guston for US$9.5m.

Similarly, New York’s Pace Gallery sold two fox sculptures from a new series by US artist Jeff Koons, even though one of the works had yet to be finished. They went for US$3m each. They also sold a Alexander Calder mobile for $2.8m and two smaller works by the artist, offered by his family, for $775,000 and $675,000. David Zwirner exhibited and sold Gerhard Richter’s oversized 2023 sculpture STRIP TOWER for $2.5m. Blue-chip work on the primary market that sold on VIP Day included a new painting by Jonas Wood, offered by David Kordansky Gallery for $2.5m.

Other highlights to be seen at the fair included a gorgeous sunset collured Rothko painting offered at $60m by Acquavalla Galleries; an impressive Picasso for $25m at Landau and a $14m Joan Mitchell triptych at Pace.

After a healthy rebound in 2021, the art market grew three percent in 2022 to US$67.8b, according to Art Basel’s annual art report published by Clare McAndrew.

McAndrew writes that while the first half of 2022 was marked by strong sales, and a number of record prices, the market was more subdued in the latter half due to political and economic instability, the war in Ukraine, increasing inflation rates, supply issues and looming recessions in key markets.

Whilst the Art Market is almost certainly cooling, this is a necessary correction that happens in the market every now and again. The market is still buoyant, with good things selling, but buyers are simply not paying over inflated prices. As art dealer David Nolan reported, ‘tricky times are often prime opportunities to buy art, with galleries more amenable to discounts and collectors looking to free up capital. There is such diversity in the types of people who come to Basel, many of whom budget specifically to buy at Art Basel, and who are less affected by the stock market and the interest rate fluctuations.’

Art on Yachts

Posted on January 31, 2023May 3, 2024 by Doerr Dallas Valuations

What art to put in your super yacht and how to look after it, might seem to be the ultimate in first world problems, but due to the everincreasing growth of the yacht market, these questions are fast being real issues for many UHNW individuals, with a knock-on effect for the insurance industry.

Ownership of a luxurious super yacht has become the new status symbol for the ultra-wealthy, over taking ownership of a private jet which was the status symbol of 90s and early 2000s. The ability to cruise the Caribbean or the Mediterranean in total privacy in your own floating hotel, whilst simultaneously advertising loudly your enormous wealth carries much appeal to many ultra-wealthy.

Once you have your new super yacht – the decision of what you put in it in terms of artwork is the next challenge – the interiors must match the exterior in the glamour stakes! But housing art on a yacht in a maritime environment brings with it a unique set of concerns and issues – from theft to damage, from casual mishandling by inexperienced staff to the effect of salt in the atmosphere. There are a number of issues which need to be considered from the start when housing art on a yacht.

How to Protect Artwork on Board

With the strength of the art market pushing values ever upwards, it is not unusual for the value of art on board a super yacht to be worth millions of pounds. It is, therefore, essential that owners consider how best to protect their collection on board from damage, bearing in mind that a maritime environment brings with it a unique set of conditions which need to be taken into account. Clearly the most obvious of these factors are ‘physical forces’, such as the variable levels of movement caused by waves and wind. Other factors which can damage or harm artwork on board include:

Temperature variations
Excessive light and UV
Excessive humidity and salt
Pests
Pollutants
Water damage
Fire hazards
Thieves and vandals
Dissociation (the loss of information surrounding the object’s provenance or history)

The air quality and temperature within each room is important: humidity is bad for art, as is salt, air and direct sunlight – you always have to be aware of humidity and heat on board. The most effective way to counter these threats is to try to maintain as stable an environment on boards as possible. Luckily, modern super yachts are now designed with air-conditioning, lighting and humidity control systems that rival those found in art galleries.

As ‘physical forces’ like movement and vibrations are significantly greater at sea, on board artwork must be securely fastened to the yacht or hung with museum glue for extra secure installation. It is also important that owners consider the salinity of the air at sea and how this could affect artworks. In many cases, bespoke framing and cases can help prevent light and external damages as well – the purpose being to create as adding harmonious an environment on board as possible.

Installing Artwork on Yachts Correctly to Reduce the Risk of Damage

Installing artwork on board a moving boat is considerably more complicated than hanging a work of art in a static environment. It is not possible to simply hang a painting on board, not as simple as installing in a client’s house – it needs to be screwed to the wall and secured against sudden movement. The same applies for sculptures and objects, which all need to be fixed firmly and securely. Here ‘museum glue’ comes into play and – it is a clear product that fixes objects to surfaces (though not irrevocably) to stop them shifting in a swell.

Insurance and Security

A working alarm system is an obvious starting point and essential to gain insurance cover. Similarly, special alarm systems which alert the crew to atmospheric changes may be required for higher value collections.

Marine insurance policies are rarely standardised and general marine insurances will not normally cover artwork as a norm, so owners need to insure their artwork on board with a separate and specialist art policy. These policies often require an annual renewal inspection of both the artwork and the general environment in which it is housed, due to the specific nature of the environment on board a ship. Insurance companies generally expect owners to employ a professional art management service to guarantee maximum protection where all possible negative influences are avoided from day one.

It should also be remembered that many contain geographical navigational limits. Beyond such limits, the yacht will be off-cover unintentionally.

Other insurance clauses for art and super yacht owners to consider is that rules and taxation brackets vary between countries, with artwork to be imported and taxed under a ‘temporary admission basis.’ Different import tariffs apply depending on where the ship is physically when the artwork is imported and loaded on board. It is in the owner’s best interests to understand these variations as it will cost dearly if they get it wrong. Import tax rates for importing art in the EU and UK vary from 5% to 13% – a mistake in where art importation is registered can cost dearly.

Strict insurance requirements mean that even museums must fulfil high standards before important pieces are allowed to be shown and the same applies for a super yacht. As a rule of thumb, the more expensive the artwork, the more attention needs to be given to how it is transported, stored and displayed.

Staff Training

Damage to artwork by accident or mishap is one of the most common causes of insurance claims on artwork housed on a vessel. This is not surprising when one considers that most people have very limited experience in how to handle artwork. The scope for costly accidents to happen as a result of unintentional negligence is high and the most efficient way to counter this is to ensure that all staff receive specialist training on how to handle various types of artworks and what to do should an accident happen.

Often these actions are not complicated, and in some cases, they are just common sense, however, if all crew members are made aware of potential threats to artwork, then the risk of expensive mistakes is mitigated. Simple measures such as wearing art handling gloves, and knowing how to carry and store paintings efficiently sound basic but it’s at the core of successful collection management. Equally important is training in what to do in the event of an accident – often more damage can be done unwittingly post-accident than the accident itself. In most cases the less that is done to an object or artwork after an accident is better in the long run. Staying calm and assessing the situation before diving in is always recommended. The first point to note is that the crew should generally do absolutely nothing. Trying to fix something without the requisite skills can make matters worse.

There are a number of companies who can arrange flexible training course in on board collection management – most notably the UK based company ‘Art on Superyachts’. Courses can be developed which are both flexible and modular, which give an overview of the art world, the art market and what is involved in the study of art history. Additional art handling modules teach the management, care and handling of valuable objects on board along with the full scope of collectors’ services. The cost of focused training for yacht crews is a very wise investment for any yacht and art owner to make. Ultimately, awareness and vigilance are the key to protecting any on board art collections.

The Paul Allen collection

Posted on November 23, 2022January 15, 2025 by Ben Hanly

In the same way that ‘location, location, location’ has historically underpinned great property investment, ‘quality, quality, quality’ has always lain at the heart of great art collecting. The strength of this strategy of only buying the very best proven crystal clear with the spectacular results achieved by the recent auction of the art collection amassed by the late Microsoft co-founder, Paul Allen’s at Christie’s.

Split in two parts – Visionary: The Paul G. Allen Art Collection, was provocatively billed by Christie’s in their pre-sale marketing, ‘to be the largest and most exceptional art auction in history’, with predications that it would surpass $1 billion in sales for the first time in history, beating the $922.2m realised last by Sotheby’s in May last year’s Macklowe Collection.

Christie’s predictions turned out to be both true and conservative – Part I of the collection on 9th November saw 60 extraordinary works achieve a total of $1,506,386,000, with five paintings achieving prices above $100 million. The works in the sale sold 100 per cent by lot with 65 per cent of the lots selling above their high estimates. Part II of the collection on 10th November, went on to achieve an additional $115,863,500 for the remaining 95 works offered for sale. In total, the proceeds for the landmark series of sales, totalled and an extraordinary and ground-breaking $1,622,249,500 – all of which is being donated to the various charitable causes Paul Allen established and supported during his lifetime.

What makes the Allen collection so extraordinary, aside from the huge numbers attached to it, is that the collection was put together entirely by Allen himself in less than 30 years. The fact that a collection of such quality and size can still be amassed today, with so many masterworks being in museum collections and out of commercial circulation, is remarkable.

The scope of Allen’s collection is unusual in that it spanned more than 500 years, from Botticelli to Monet, from Picasso to Stella, from Seurat to Hockney. This breadth and variety of collecting is increasingly rare in today’s world, when most collectors tend to focus on a specific area of interest or particular artists, and develop collections which, although important, are more limited in their reach. Paul Allen’s collection and his method of collecting harks back to the height of American collecting in the late 19th and early 20th centuries when legendary collectors such as Frick, Rockefeller and Getty scoured the world for masterpieces across all genre and eras – the only prerequisite being quality. This type of collecting is a truly American phenomenon and demonstrates that when there is the rare combination of ambition, taste and limitless money, great things can happen.

What sets the Paul Allen Collection apart from others is the also fact that Allen himself oversaw each and every purchase himself, without the help of the ubiquitous art advisor who is the mainstay of most billionaire collectors. This personal engagement in the collection, reflects Allen’s strong interest in world culture and history, and gives the collection a personality which only great collections possess. As Paul Allen said, “When you look at a painting you’re looking into a different country, into someone else’s imagination, how they saw it.”

It was a given that such an extraordinary collection was always going to achieve extraordinary things when offered at auction – since the market is avaricious for works of this level. Christie’s performed their part superbly, and ran a slick international marketing campaign that promoted the collection worldwide. The results were stupendous.

The highest price achieved in the sale was for Georges Seurat’s 1888 Pointillist masterpiece, Les Poseuses, Ensemble (Petite version), which made $149.2m and smashed the previous Seurat world record by a multiple of four. The world icon is used far too often in modern parlance, but in this case, the word is truly deserved.

Similarly, Paul Cézanne’s 1880-1890 La Montagne Sainte-Victoire – a classic rendering of Cézanne’s most iconic of subjects – also smashed the $100m barrier, achieving $137.8m; and Gustav Klimt’s 1903 painting, Birch Forest, set a world record for a Klimt, selling for $104.6m.

Other notable sales included the highest price ever for a van Gogh painting, Verger avec cyprès, which sold for $117.2m. Paul Gauguin’s 1899, Maternité II made $105.7m, and Lucien Freud’s masterful portrait, Large Interior WII (after Watteau), made $86,265,000.

Further paintings by Éduard Manet, Pablo Picasso, David Hockney, Andrew Wyeth, and Georgia O’Keeffe, all went onto achieve strong prices, alongside sculptures by Alberto Giacometti, Alexander Calder and Max Ernst.

In contrast to these masterpieces of Impressionist and Modern Art, the collection also featured a number of significant old master paintings – most notably, Sandro Botticelli’s exquisite, Madonna of the Magnificat, which sold for a ‘relatively’ affordable $48,480,000m, when one considers the rarity of fully autograph works by Botticelli on the market.

One work, Lot 131, demonstrates to me more than any other work, the personal nature of the collection, and the discerning eye of the Paul Allen himself. It also happens to be the most modest work offered for sale. Measuring only 21cm high, it is an exquisite but fragmented Renaissance sculpture showing clasped hands of the Virgin Mary, catalogued as Circle of Donatello. The fact that a man such as Allen, who could afford any masterpiece in the world, was also drawn to such an exquisite but unassuming work, indicates the level of his sophistication, and proves that quality, should lead a collector when buying a work. The market agreed, and the little gem made 26 times its lower estimate and made $252,000.

The Queen’s Portraits

Posted on September 23, 2022January 16, 2025 by Ben Hanly

Throughout history the Crown has used portraiture to define and promote its official image – the image which each successive monarch chooses to portray itself to the Nation. These images, whether they show the monarch as a great head of State, or as a triumphant military leader or even as the embodiment of middle-class values, have eventually come to define the visual culture of each passing generation.

With 70 years on the Throne, Queen Elizabeth II is the United Kingdom’s longest-reigning monarch, surpassing even her great-great-grandmother, Queen Victoria, who reigned for 63 years. Throughout her long reign Queen Elizabeth II has overseen the greatest political and social changes this county has ever seen. She was born into a country which still sat at the centre of a global empire, and during her reign she oversaw the evolution of the Commonwealth of Nations.

The United Kingdom has emerged from a post Edwardian society to a vibrant, modern, multi-culture one. All this in one lifetime.

From Cecil Beaton to Pietro Annigoni, from Andy Warhol to Lucian Freud, and more recently Jamie Reid to Chris Levine – Britain’s longest reigning monarch has been painted by some of the greatest artists of her time, with each image recording the ever-evolving relationship between the Queen and her people. But what is unique about the Queen’s portraits in the history of royal portraiture, is that her face has been appropriated to become an icon of popular culture. She is both a Queen, a Pop icon and a defining symbol of punk subversiveness!

Over her long life and reign, Queen Elizabeth II became the most photographed and depicted person in Human history, and her image has become embedded in the world’s cultural consciousness. Never in the history of Human history has one person been portrayed so.

Cecil Beaton

The fashion designer, Cecil Beaton, was unusually chosen to take the official coronation portrait of Queen Elizabeth on June 2, 1954. The image he created came to define the first decade of the Queen’s reign and symbolised the new Elizabethan age she heralded in. At its heart, the image is fundamentally rooted in the tradition of Royal portraiture, with the Queen shown in all the majesty of her Coronation robes – with the Imperial State Crown on her head and the orb and sceptre in her hands. Beaton manages to capture the Queen as both intensely royal but also yet somewhat vulnerable due to her youth.

Interestingly, whilst this is an intensely traditional image, the medium of photography with which it was created, together with Beaton’s visual trickery also makes it a surprisingly modern one. Although the image appears at first glance to be set in Westminster Abbey, the photographer actually employed a theatrical backdrop for the photo, which was taken in a drawing room at Buckingham Palace.

Pietro Annigoni

In 1954, two years after her coronation, the Italian artist Pietro Annigoni painted the first of his two famous portraits of the Queen. Commissioned by the Worshipful Company of Fishmongers in London, the painting is universally considered the most beautiful ever painted of her and is the queen’s known favourite. The artist shows the beautiful young queen in the magnificent robes of the ancient Order of the Garter and set within a beautiful Italianate landscape worthy of any Renaissance master. The resulting image is a supremely elegant and glamorous one, which has appeared on stamps and currency in British dependencies across the world.

In 1969, at the request of the Queen, the National Portrait Gallery in London, commissioned Annigoni to paint her portrait again. This time, however, the artists decided not to paint her as a glamorous young monarch, but rather as a much more remote Regal figure, silhouette starkly against an almost abstracted background. As the artist said himself, “I did not want to paint her as a film star, I saw her as a monarch, alone in the problems of her responsibility,” said the artist of the striking difference.

Jamie Reid

The 1970s saw Punk Rock explode onto the British scene. Anti-establishment and anarchic, Punk challenged everything the previous generation held dear, and its influence was truly global. How ironic then, that one of Punk’s greatest images is Jamie Reid’s famous Sex Pistol’s album cover showing the Queen superimposed across the Union Jack! The figure head of the Establishment being used to subvert itself. To this day, it is one of the most influential images of the Queen of all time.

Andy Warhol

In 1985, the king of Pop Art Andy Warhol, produced his Reigning Queen’s portfolio of prints – a set of 16 portraits of the world’s four reigning Queens – Queen Margrethe II of Denmark, Queen Beatrix of The Netherlands, Queen Ntombi Twala of Swaziland and of course, our Queen Elizabeth II of the United Kingdom. Warhol chose to depict these female monarchs, as powerful matriarchs – queens who ruled in their own right and were not queens through marriage. These portraits represent independent female authority, a different view on femininity in comparison to Warhol’s portraits of the likes of Marilyn Monroe and Billy Boy.

Lucien Freud

In 2001 one of Britain’s greatest living painters, Lucien Freud, painted his tiny but highly controversial portraits of the Queen. Originally meant to depict the Queen informally without a crown or tiara, Freud had to subsequently expand the canvas by 3.5cm when he decided to include the 1820 Diamond Diadem! Without doubt the most controversial of all the Queen’s portraits, this tiny work has divided audiences since it was first exhibited. Whilst certainly not one of her Majesty’s most flattering portraits, the way that Freud has disregarded the entire tradition of Royal portraits is certainly unique.

Alison Jackson

Whatever next – the Queen taking selfies?! Well not quite! This faux royal family selfie is the work of Alison Jackson, a British photographer who has made her reputation creating convincing personal photos of intimate moments experienced by British celebrities using look alike actors. Alison Jackson’s genius lies in her ability to cast convincing doppelganger actors in the role of her famous sitters in entirely convincing, yet fake situations. One can only guess that Her Majesty must get a kick out of such fun…..the Queen as a social media savvy influencer monarch!

Chris Levine

In 2004, British artist Chris Levine created what can only be described as a modern classic when he produced his, Lightness of Being portrait of the Queen. The work which he produced in various formats, shows the Queen beautifully dressed in white fur and pearls, wearing the 1820 Diamond Diadem. However, what is disarming about the image is that the Queen is depicted with her eyes closed in contemplation. The artist explained how the image came about, “I wanted the Queen to feel peaceful, so I asked her to rest between shots; this was a moment of stillness that just happened.” The resulting image is indeed peaceful and calm, yet it is also full of gravity and power – a monarch who has reigned over us for 70 years.

The Queen’s Portraits

Posted on June 1, 2022January 16, 2025 by Ben Hanly

On 9th September this year, Elizabeth II became the nation’s longest-reigning monarch, surpassing her great-great-grandmother, Queen Victoria. Throughout her long reign the Queen has overseen the greatest political and social changes this county has ever seen. She was born into a country which still sat at the centre of a global empire, and during her reign she oversaw the evolution of the Commonwealth of Nations.

The United Kingdom has emerged from a post Edwardian society to a vibrant, modern, multi-culture one. All this in one lifetime.

In celebration of the Queen’s Jubilee, we have put together a short survey of the Queen’s most famous portraits throughout her reign.

Cecil Beaton

Pietro Annigoni

Jamie Reid

Andy Warhol

Warhol chose to depict these female monarchs, as powerful matriarchs – queens who ruled in their own right and were not queens through marriage. These portraits represent independent female authority, a different view on femininity in comparison to Warhol’s portraits of the likes of Marilyn Monroe and Billy Boy.

Lucien Freud

In 2001 one of Britain’s greatest living painters, Lucien Freud, painted his tiny but highly controversial portraits of the Queen. Originally meant to depict the Queen informally without a crown or tiara, Freud had to subsequently expand the canvas by 3.5cm when he decided to include the 1820 Diamond Diadem! Without doubt the most controversial
of all the Queen’s portraits, this tiny work has divided audiences since it was first exhibited. Whilst certainly not one of her Majesty’s most flattering portraits, the way that Freud has disregarded the entire tradition of Royal portraits is certainly unique.

Alison Jackson

Chris Levine

The artist explained how the image came about, “I wanted the Queen to feel peaceful, so I asked her to rest between shots; this was a moment of stillness that just happened.” The resulting image is indeed peaceful and calm, yet it is also full of gravity and power – a monarch who has reigned over us for 70 years.

Marilyn Monroe – Shot Sage Blue Marilyn

Posted on May 12, 2022January 16, 2025 by Ben Hanly

She was THE film star of her day, and at the auction on 9th May 2022 at Christie’s New York, she proved that her star power was as strong as ever!

In under four minutes of bidding, Andy Warhol’s 1964 painting of Marilyn Monroe, Shot Sage Blue Marilyn, sold for $195,000,000 to an unknown buyer, making it the highest price achieved for any American work of art at auction – comfortably beating the world record of $110,500,000 that Basquiat’s Untitled, 1982 made at a Sotheby’s auction in New York in 2017.

Described as ‘the most significant 20th-century painting to come to auction in a generation’, Shot Sage Blue Marilyn is one of only 5 works Warhol produced in this series – each in different colour variations.

The paintings were stored at The Factory, his studio on East 47th Street, Manhattan. It was here that the artist, Dorothy Podber, stopped by and asked Warhol if she could “shoot” them. Presuming she meant with a camera, he said yes, but instead she pulled out a revolver and shot all but the turquoise print in the forehead! Warhol had the four paintings restored and they became known as the “Shot Marilyns.”

The work was the undoubted and much-anticipated star lot of the Christie’s Monday sale, which itself kicked off New York’s spring season of mega auctions. As such, it was always going to attract huge interest, eventually selling to Larry Gagosian for an undisclosed client.

The sale itself was made up of 36 lots consigned from the estate of the legendary Swiss dealers Thomas and Doris Ammann, with all of the proceeds going toward their foundation, which supports health care and educational programs for children. Interestingly and very old school in approach, none of the works were backed by financial guarantees, which is a system whereby the auction houses provide sellers with a minimum price at which a third party or the auction house has committed to purchase the work even if it fails to sell on the day.

Perhaps a risky approach one might think, however, after 2 years of pent-up demand from collectors, and with huge amounts of money sloshing around, and with such star works on offer, it was a risk well worth taking, with the overall sale achieving $318,000,000 for the Ammann charitable foundation. Lucky them!

It all goes to show that quality will always win out, and the best works will always achieve the strongest prices. That said, having Marilyn on your side can’t hurt either!

Love is in the

Posted on February 14, 2022January 16, 2025 by Ben Hanly

Nothing says I Love You more on Valentine’s Day than a big red heart – so if you’re the romantic type with deep pockets and a love of Urban art, why don’t you pop down to Sotheby’s on 2nd March and buy a belated Valentine’s gift for your better half?

Robbie Williams, the former Take That singer and one of the UK’s most successful pop star of the past 30 years, has decided to sell three major works by Banksy from his personal collection at Sotheby’s London contemporary sale. No doubt hoping to capitalise on the strong prices original works by Banksy have achieved in the last couple of years, Williams is offering a strong selection of iconic works for sale.

‘These works unite the cultural legacies of two of Britain’s biggest stars: Robbie Williams and Banksy,’ said Hugo Cobb of Sotheby’s. ‘Like their creator and like their owner, they are acerbic, iconic, irreverent and unique.’

The earliest work of the group is a 2002 unique version of Banksy’s famous Girl with Balloon, painted on a metal sheeting. This work is earlier than the infamous 2006 version which was shredded live during a Sotheby’s auction in 2018, and which subsequently sold again last year at Sotheby’s under the new titled of Love is in the Bin, making £18,500,000 – a world record for the artist. The Williams version might not have the notoriety of the shredded work, but its strong rock ‘n roll provenance, and the fact that it is the only version painted on metal to come to auction, will no doubt ensure a strong result. The work is estimated at £2m-3m.

Also up for sale is a 2005 version of Kissing Coppers, which depicts two male British police officers in a passionate embrace.

This image first appeared on the outside wall of the Prince Albert pub in Brighton in 2004 and was a very public demonstration for Banksy’s support for acceptance of homosexuality. The original mural was removed in 2014 after being repeatedly vandalised, but you can buy the Williams version at Sotheby’s, which is estimated at £2.5m-3.5m.

The third and final work being offered is a strong example of Banksy’s Vandalised Oil series, in which Banksy has superimposed a stencil of two military helicopters flying over and disrupting a serene pastoral landscape. It is part of a series of works the artist made in which he superimposes graffiti and stencilled images on top of traditional paintings. Flying Chopper, carries a pre-sale estimate of £2.5m-3.5m, but it will no doubt attract strong interest from buyers.

The three works were available for viewing at Sotheby’s New York between January 22nd-27th, Hong Kong between February 8th-9th, and are now heading back to London for the final public viewing from February 22nd before being sold on 2nd March.

Of course, if your Valentine’s Day budget is a little too modest to allow you to buy the famous big red heart for your loved one, I’m sure a box of chocolates will do just fine!