In the early 1950s, L.S. Lowry completed a very small number of large industrial landscape compositions, each of which included many, if not all, of his favourite motifs, people, chimneys, dogs, children, houses, lakes, etc… this particular 1953 ‘Industrial’ features another favourite, Stockport Viaduct, seen towards the rear of the composition.

In a letter from Lowry to the Tate about the 1955 large Industrial in their collection, Lowry writes ‘this is a composite picture, a blank canvas, I didn’t have the slightest idea when I started the picture, but it eventually came out the way you see it, this is the way I like working best.’

In fact, there are only four of these monumental Lowry industrial landscapes, all were painted between 1950 and 1955. The picture below, which I first encountered in 1988, dates from 1953 and was at the time, the only one of the four still left in private hands and available to own. The other three were already part of permanent Museum collections.

Then one day in the late summer of 1988 I received a call out of the blue from the director of a kitchen manufacturer in Manchester, he told me that they owned a Lowry ‘industrial’ painting and that for fiduciary reasons the company needed to sell it before the end of the year and could we (Christie’s) help. At this stage, I knew very little about the picture, as back then there was no email or internet, so I was flying blind as to whether it was th one I was thinking it was or a print or something else…

I put the phone down having made an appointment to see it the next day and I made my way up to Manchester, arriving at an unpromising anonymous industrial estate just outside the centre.

As I made my way up to the top floor, I notice there was nothing on the walls anywhere except for a few Lowry poster type prints. I was beginning to think I was on a wild goose chase when as I turned a corner, there in front of me on the director’s office wall was an utterly monumental and glorious 45” x 60” inch industrial landscape oil painting, truly a Lowry masterpiece!!

I was blown away by it but manage to compose myself enough for a conversation with the MD who was charming and easy to talk to. I established that in principle the company was very happy to sell it with me, at Christie’s in our upcoming 11th November 1988 auction with a then world record estimate of £100,00-150,000. Today it would probably be £3-5 million! However, in every good auction tale, there is a wrinkle. In this case the MD had offered the Salford Art Gallery the option to buy the picture before the auction if they could raise £100,000 in time. Back then, Salford City Council’s Lowry collection was housed on the top floor of the Salford Museum and Art Gallery, in Peel Park, Salford. The state of the art ‘Lowry’ Art Gallery and theatre complex was just a twinkle in somebody’s eye.

Let’s step back for a moment and set the scene back in 1988: the Art market, particularly Modern and Impressionist Art, was roaring away. Contemporary Art was 30 years away from being the dominant force it is today and the market for Art and Antiques was at an all-time high, even today some of the prices achieved back then have never been beaten and buyers were hungry for rare pictures. Interestingly, also at this time Donald Trump was in London making his first ‘state’ visit. He and his wife Ivana were in town and appeared as guests on Terry Wogan’s nightly TV chat show, Wogan even makes a rare ‘slip up’ by calling Ivana, ‘Diana’. Donald doesn’t even notice the gaff as he launches into his ideas on how he ‘could make America great again’.

A few days after my visit the Lowry picture arrived safely from Manchester and I was relieved and pleased to see it matched up with all our research so we could get on and prepare our catalogue entry and get it photographed for the upcoming 11th November auction, where it was included as lot 480. The catalogue came out in the second week of October and calls began to come in for the various lots, including lot 480, which was beginning to create a real buzz around it. I remember one major dealer coming in to view it before the public viewing and telling me that he thought it could make £250,000 or more, and that he was prepared to bid up to £350,000, a price well over three times the then world record. This would have set the Lowry market alight which is what I was secretly hoping for…

Of course, I was also hoping Salford would be able to acquire the picture and as the auction day drew nearer this looked increasingly likely and indeed, I think by Wednesday 9th November I had verbal followed by written confirmation that Salford has purchased the piece and the picture was duly withdrawn from sale and later transported up to Salford where it hangs today in pride of place in the Lowry Salford Quays next to the new Media Centre.

This was truly one that got away and looking back I am certain that if it had been offered there was enough presale interest for it to have made a huge price, thus electrifying the Lowry market 20 years earlier. Had that been the case, who knows where prices would be now!!

Many of us promise ourselves that we will take up painting in retirement, few of us ever do and even fewer stick at it and only a tiny few achieve commercial and critical success with their Art. Helen Bradley was one of these tiny few and in her own uniquely British way she created a whole new life for herself with her Art when at the age of 65 she began painting pictures each one recalling a memory of her Edwardian childhood. To begin with her paintings were a way for her to show her grandchildren just how different a place the world was for her as a child in the Edwardian Era.

Born in 1900 Helen Bradley was like the late Queen Mother, the same age as the century she lived in. She was born in Lees just outside Oldham in Lancashire and showed enough early artistic talent for her to study Art but only for one year from 1913, when as for so many others the Great War intervened stopping her art studies in their tracks , then marriage and children followed.

At first glance you might think that Helen Bradley’s paintings look a little like L S Lowry’s figure compositions, however she had her own unique style and technique just as Lowry has his. Indeed the two artists met early on in Bradley’s career, they got on well and Lowry continued to encourage Bradley in her work and the two developed a firm friendship. Neither artist followed or was influenced by the other and both held a strong admiration for each other’s work.

The majority of Bradley’s figure pictures depict specific remembered events and are often accompanied by a story handwritten in biro on a parcel label and usually attached to the back of the picture. These notes explain to some extent what the viewer is looking at in the composition and the characters, Bradley sets the scene for us to share her memories and individual characters the most famous of which is Miss Carter . This excerpt from her online biography explains a little about her characters.

She mixed a little pink colour, she painted the dress of a tiny figure. From that moment was created the enchanting land that was to delight millions. The figure she painted was that of Miss Carter (who wore pink) who features in most of Helen Bradley’s paintings. Other characters you will find are her mother, grandmother, her three maiden aunts, Mr Taylor (the bank manager) Helen herself with brother George and their dogs Gyp and Barney and many others.

These narrative paintings were first exhibited at The Saddleworth Art Society in 1965, followed by a London exhibition in 1966, and a sell out exhibition at the appropriately named Carter Gallery in Los Angeles in 1968.

In 1971 Jonathan Cape published the first of four books “And Miss Carter Wore Pink”. This was an instant success. German, French, Dutch and Japanese editions were published, and a special edition produced for the U.S.A.

Requests for illustrations of her work were satisfied by the publication of 30 Signed Limited Edition Prints, 3 Unsigned Limited Edition Prints and 11 Open Edition Prints.

Magazine features, appearances on television and radio endeared Bradley to the general public and led to her being awarded the M.B.E. for services to the arts, unfortunately she died on the 19th of July 1979 shortly before she was due to receive her M.B.E. from Her Majesty The Queen.

The market for Helen Bradley’s work is very well established and her work is regularly available at auction and in galleries and I hope that this little snapshot will whet your appetite for further investigation perhaps even a purchase. To start with you could consider buying one of her beautifully illustrated books of story pictures, all are out of print but are available online or in specialist galleries for around £15 to 30, the signed limited edition prints start at around £350.

Jonathan Horwich
Modern Art Specialist

Will they stand the test of time? Non-fungible tokens explained.
Non-fungible tokens (NFTs) seem to have come out of nowhere, however the technology has been around since at least 2014 if not before. The catalyst seems to have been Lockdown, if you can’t go to the saleroom then let the saleroom come to you, albeit virtually. Auctioneers, Galleries and Artists transformed their web presence almost overnight in order to offer NFTs that take the form of art and music and everything in between and are selling like hotcakes, some for a few £ and others for millions and millions of £, sometimes it feels like ‘Tulip Fever’ has re-visited us from the 17th-century…
What is an NFT?
An NFT is a digital asset recorded on the ‘Blockchain’ that represents actual objects such as art, music, in-game items and videos. An NFT is created, or “minted” from digital objects that represent both tangible and intangible items. They are bought and sold online, mainly using cryptocurrencies and are generally encoded with the same or similar software to that used by many crypto currencies. I think it’s best to assume that to be involved with buying NFTs you will have to embrace crypto currencies, the most common one used in NFTs is Ethereum. The value of Crypto currencies changes minute to minute day to day, before Christmas one Etheruem was worth around £3,000 to 1 Ethereum today its down to nearer to £2,200 to E1. Ethereum’s value is not only affected by the usual world events and demand but also by the sale of significant numbers of NFTs. Just like the Stock market, a collector offloading significant numbers of NFT’s creates downward price pressure on both crypto currency and the value of NFTs.
New NFTs are announced as ‘Drops’ and are either unique one off pieces or part of a limited edition exactly like limited edition prints, which interestingly were all the rage exactly 100 years ago back in 1922!
NFT ‘editions’ can be one off unique works or one from of a very limited run, large or small and each will have a unique identifying codes or features. Similar to Banksy print editions that are produced in total numbers of either 150 or 500, each print is individually numbered and carries formal certification and the ownerships changes are recorded, the smaller edition of 150 is also signed, typically numbered by hand in pencil, 7/150 the larger 150/500 etc.
What does fungible mean?
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. For example I give you a fiver you give me one back and we are quits, i.e. they are fungible and equal in value – one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the Blockchain.
What is Blockchain?
NFTs exist on a blockchain, which is a public ledger that records transactions and ownership. If you are already familiar with Crypto currency then blockchain is the same underlying process that makes cryptocurrencies possible.
Specifically, NFTs are typically held on the Ethereum blockchain, although there are other blockchains that support them as well.
Each individual unique NFT is different. Each one has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
NFTs can have only ever have one owner at a time their unique data verifies their ownership and transfers ownership to new owners and artists can sign their artwork by including their signature in an NFT’s metadata.
Are NFTs here to stay?
I think yes, and they offer new opportunities and life enhancements. For example artists can now cut out the gallery and sell direct to the public and also engage with them face to face and online. Owners form communities who join together to discuss the artists they collect and follow. The discussions are not just about money, the NFT is very inclusive and no longer the exclusive domain of the mega wealthy collector and in buying NFT’s you support artists and get the inside track on the latest news and drops.
Also its all virtual you don’t have to worry about where to hang your piece, it lives in the secure ‘wallet’ on your phone and you can look at it anytime you like.
Who are the big names in NFT’s and why do collectors spend such huge sums of money on them?
The most famous and valuable digital artist is Mike Winklemann, better known as “Beeple” he made a composite of 5,000 daily drawings he made over five years to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christies New York in March 2021 for £69 million. However you don’t have to own the Beeple NFT to see it, anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Owning the NFT allows the buyer to own the original item. Blockchain offers authentication and provenance which offers proof of ownership.
Artists can also program in future royalties so they can receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature for artists as generally they don’t always receive future proceeds after their art is first sold.
How do I Buy NFTs
First, you’ll need to get a digital wallet that allows you to store your new NFTs and cryptocurrencies. You’ll need to purchase some cryptocurrency like Ethereum, which you can buy using a credit card on platforms such as Coinbase, Kraken, eToro and PayPal. There will be fees so watch out for these, most exchanges charge a percentage of your transaction when you buy crypto.
Once you’ve got your wallet set up and funded, you are good to go. Currently, the largest NFT marketplaces are:

•  OpenSea.io
•  Rarible
•  Foundation

These platforms are host to thousands of NFT creators and collectors, equally you can also go to auction as all the main International auction houses now have fully staffed departments dealing only with NFT’s with private and regular auctions and ‘Drops’. Also the bigger galleries such as Pace now have a separate NFT department.
Should I buy NFTs?
NFTs are risky because there is no discernible secondary market as yet and so there are no comparable secondary sale prices that you might be looking at if collecting mainstream art. It’s all just so new, so maybe it’s worth just dipping your toe in the water and go for individual artists selling direct like ‘Waxbones’ via the site knownorigin.io. I was very impressed when I heard him on Radio 4 recently, as he says himself ‘I design information and wayfinding for cities by day and expel my creative juices under the alias ‘Waxbones’. by night.. his prices start at around £300 for his limited editions.
Buying NFTs must be a personal decision and only if you have money to spare and remember that the value is based entirely on what someone else is willing to pay for it. An NFT when it comes to resale may go for less than you paid for it, or you might not be able to sell it at all if nobody wants it.
I heard a collector speaking on the radio recently, he owns 15 NFT’s which he has bought as part of his broader investment portfolio, he has valued them all at £O! This way as he says ‘the only way is up’!
There lots to study and see out there on NFTs so take a good look around and enjoy!

Jonathan Horwich
Modern & Contemporary Art Specialist

The sad passing of Lucian Freud in 2011 and Leon Kossoff in 2019, leaves Frank Auerbach as the last of these three great Titans of Post War British painting, they had a shared heritage and passion for painting in the traditional mediums of oil paint, works on paper and in print.

Auerbach is a wonderfully enigmatic perfectionist and although I have never met him in person, I feel I have heard enough about him from his regular sitters to enable me to feel I know a little of his character and working methods. I have heard him speak, albeit only once, it happened quite by chance. I was in a supermarket car park and turned-on Radio 4 there to my delight there he was talking about his art, life and an upcoming exhibition, I remained rooted to my parking spot and listened to the end. Having never heard his voice before I was at once transported into his world and ways of making art. Something he didn’t mention which I heard from Lucian Freud, the only one of the three I have actually met in person who said that he relied on Frank’s opinion as to whether a painting of his was finished or not and that only when it received Frank’s approval was Lucian happy for it to leave the studio. As far as I know the arrangement did not apply in reverse as Frank’s own tried and tested methods of working and rigorous standards were enough by themselves. He is known to scrape down pictures to bare board when they are not working, destroy or even throw them away! Leon Kossoff had a similar approach to quality control often tearing unsuccessful drawing into four pieces and popping them on a skip or in the bin, it’s not uncommon for oils by Auerbach and torn drawings by Kossoff to turn up for sale having been found in skips and rubbish bins near the artists respective North London homes.

Jonathan Horwich
Modern & Contemporary Art Specialist

It’s fantastic to see so many new artists’ work coming to the fore all over the globe, and how the role of buying and selling fine art is evolving to attract new audiences.

Attracting new buyers

Somehow the art world has managed to fast forward thanks to technological advances brought in as a matter of necessity during the pandemic, removing many or all of the old barriers that were putting first time buyers off auctions, or more positively pulling them in!

How many online bidders at Christie’s?

As an auctions career ‘lifer’ myself, I have always believed it’s a numbers game. The more active bidders you have in any auction the better it will perform.

Thanks to technology – Christie’s managed to attract more than 80,000 people via their online bidding channel during their global ‘One’ sale in 2020. There were so many bidders that when I tried logging on,
it bounced me out!

Is online bidding here to stay?

Although the online affect could diminish as the post-pandemic era progresses, thousands of new collectors and buyers are now hooked
as auction houses have demystified the process of an auction.

I can see that it’s happened by accident and not design. We’re entering into a new era with contemporary art auctions still growing, Old Masters are doing well especially Prints. Jewellery, Watches and Design are still strong but the focus is heavily on masterworks or special pieces.

How are auction houses evolving?

New ways of selling are now starting to emerge thanks to the new owner of Sotheby’s Patrick Drahi who bought the business pre-lockdown. He has quite logically seen his brand is much more able to penetrate into new areas. Yes Sotheby’s is an auction house but it’s also a luxury shop selling branded goods.

New auctioning ideas are appearing all the time with the most recent being the Las Vegas MGM Grand live auction of works by Picasso from the Casino Picasso Dining room this October. Only 11 pictures, all by Picasso were in the auction, and raised a staggering total of $110,000,000 from what is only a selection of works the Casino owns.

The next day luxury items, sneakers, handbags, watches and the like all did equally well in a smaller MGM Casino downtown. This was truly an event auction and I think it will set the trend for the years to come.

I think we can all be encouraged by the fact that more people than ever before are taking an active interest in auctions both as buyers and sellers.
Here are some fine art pieces sold highlighting what an extraordinary year 2021 has been.

Jonathan Horwich – Modern Art Specialist

After 10 years of legal wrangling through the divorce courts of New York, the Macklowe Collection finally hit the auction block on November 15th.

For the warring Harry and Linda Macklowe, the sale brought some partial closure to their epic divorce battle. For Sotheby’s it represents significant market share and the highest possible Art Market profile for 2021 and 2022.
For collectors worldwide it was a truly golden opportunity to pick and choose from the most important single owner collection sale in auction history. Each and every work is a Masterwork in its own right and everything is so carefully chosen, curated and of the highest quality that it would be impossible to ever put a collection like this together again. Equally the quantity of works in the collection quite simply couldn’t be sourced or is even available. This was a landmark sale in all respects, putting aside all the couple’s endless arguments, it has rewritten the record books.

In a rapidly changing Post Lockdown Art World, this collection of Modern and Contemporary Art Masterworks re-defines the boundaries of both categories. The collection was ‘guaranteed’ to sell, it was just a matter of how much it would sell for! Having been an auctioneer myself for over 30 years I could feel the excitement even from this side of the Pond, and as we got nearer to the sale itself, collectors and advisors would have all been in a heightened state of excitement.

Each of the 65 works is a masterwork and together they constitute an unrivalled ensemble that meticulously traces the most important art
historical achievements of the last 80 years.

The November 15th auction, which was held at Sotherby’s New York, featured 35 works, ranging in date from the 1940s to works painted less than a decade ago. Many artists – among them Jeff Koons, Brice Marden, Agnes Martin, Sigmar Polke, Gerhard Richter, Cy Twombly and Andy Warhol – are represented by multiple works, each one marking a distinct and critical moment in their respective careers, and together forming an insightful portrait of the artists’ evolution over time.

The entire group of 35 works was backed by the auction house with a guarantee and every single lot was sold, 21 lots came to the sale with ‘irrevocable bids’ and the sale total soared over its pre-sale low/high estimate expected total of between $439.4 million-$618.9 million.

This was only the first half of the 65 works in total from the Macklowes’ holdings to be auctioned off by authority of the NY Courts, the second half is to be offered in another final standalone sale devoted to the remaining works in May 2022.

The first half of the Macklowe collection sale totalled $676 million.

Here are some of my highlights:

Jonathan Horwich
Modern & Contemporary Art Specialist

I would spend my £5,000 on a limited Edition by the Japanese Contemporary artist Yayoi Kusama (born 1929).

I would choose one of her objects series, perhaps a Tea Set (below), or a group of mini pumpkins (opposite). They are all colourful, tactile, fun, attractive, look great on display and invite curiosity. Plus, they offer an investment opportunity, as Kusama’s work has an international appeal and great originality. Not only is her work recognisable, but it also proves to be a strong international brand.

Her work comes up for sale all the time, is widely available and sells well around the world. This is of key importance with art investment; the more countries you can sell in the better your chances are of some financial uplift on your purchase price.

I have chosen a few examples which I would buy in a heartbeat.