Slow and Steady? The Enduring Appeal of Cartier’s Tortue Wristwatch

Posted on November 13, 2024November 22, 2024 by Liz Bailey

French for ‘Turtle,’ the Cartier Tortue gets its name from its distinctive tortoise shell shaped case. The Tortue was Cartier’s third ever watch case design, predating even the ever-popular Tank. Louis Cartier had just introduced the Santos-Dumont in 1904 and the Tonneau in 1906 when he designed the Tortue in 1912.

Cartier’s First Ever Chronograph

The Tortue started out as a time-only watch but in 1928, both a minute repeater and a single-button chronograph were introduced. The Tortue Monopusher was in fact Cartier’s first ever chronograph timepiece. These early pieces are incredibly rare, and less than fifteen pieces have ever surfaced on the open market. In 2002, Antiquorum sold a 1929 Cartier Tortue ref. 20797 – a rare example of a minute repeating watch and at the time thought to have been the only minute repeater made by Cartier during the Art Deco period. This piece set auction records, and achieved a hammer of CHF 993,500, or £877,871.50. Two years later in 2004, Antiquorum unearthed and sold a 1928 example of a Tortue Minute Repeater ref. 20797 and this piece achieved $640,500.

Throughout the 20th century, Cartier have produced many variations of the Tortue, in steel, yellow gold and platinum. Popularised as a ladies watch and gaining celebrity fans such as Cate Blanchett and Patti Smith, these watches have been available to purchase on the secondary market, performing steadily on an upwards trajectory.

For example, the Cartier Tortue reference 2496C which was produced from 1998-2008 is a time-only, 34mm, 18ct yellow gold watch with silvered dial and classic Cartier dial with Roman numeral markers, chapter ring and blued steel Breguet style hands. According to Chrono 24, the average value of this watch took a typical post-covid dip from those dizzy heights in watch collecting, however has been steadily increasing over the last 18 months, with the average sale figure on the secondary market now sitting at £12,500 (rising from a modest £5,000 pre-covid).

Re-imagined and launched at this year’s Watches & Wonders, the 2024 Privé Tortue is the eighth instalment in Cartier’s latest Privé collection. Celebrating 112 years since the inception of the original Cartier Tortue, the maison introduced a collection of time-only and more excitingly chronograph Privé Tortue models, each limited to 200 numbered pieces – except for a diamond and platinum monopusher (or monopoussoir in French) watch limited to 50 pieces.

Model	Production Quantity	Price at Watches & Wonders 2024 (Source: Hodinkee)
Platinum Privé Tortue Monopoussir Watch	200	€53,000
Yellow Gold Privé Tortue Monopoussir Watch	200	€46,000
Platinum Privé Tortue Watch	200	€31,100
Yellow Gold Privé Tortue Watch	200	€27,900
Platinum Diamond Privé Tortue Watch	50	€67,735 (£56,500, Source: Cartier)

With production numbers limited and many models already sold out – at the time of writing only the platinum diamond Privé Tortue and the platinum Privé Tortue were still available to purchase new from Cartier – it will be interesting to see the rise in value for these timepieces, particularly the Monopoussir references with their sleek classic design, impressively ‘simple’ one button chronograph complication and distinctive red ruby cabochon crown.

In what remains an ever-changing market, current and up-to-date and specialist watch valuations are incredibly important to ensure that your collection is adequately covered. For an insurance valuation of your collection from our specialist, nationwide team, contact our team via [email protected] or visit our website www.doerrvaluations.co.uk.

A fine art: dealing with art and chattels on divorce

Posted on November 11, 2024November 11, 2024 by Rachel Doerr

It is often claimed that London is the ‘divorce capital’ of the world. The city also plays an important role in the global art market, being home to world-famous auction houses and galleries.

It is not surprising therefore that the division of art collections increasingly crops up within the context of divorce proceedings. Over the last 10 years, diverse investment portfolios are more likely to include tangible assets such as art, wines, watches and jewellery. The valuation of such items can be difficult however and the division between a couple in the event of their divorce can be contentious.

Valuation

Valuation is a central issue in most divorce cases. The family courts need to calculate the assets in the case and categorise them as ‘matrimonial’ or ‘nonmatrimonial’. Only once the valuation exercise is complete can the parties (and the judge) turn their minds to considering the division of the matrimonial assets between the couple (and if necessary invading the ‘non-matrimonial’ property) to effect a fair financial outcome.

The court can sanction the instruction of an expert within matrimonial proceedings under Part 25 of the Family Procedure Rules. The benefits of expert valuations are that they can:

Provide a clear understanding of value and can prevent heartache, arguments and expensive legal wrangling.
Support compliance with the financial disclosure required by Form E and each party’s duty to give full and frank disclosure of their worldwide assets.
Help to minimize conflict, so all parties are using the same figures when entering into negotiations.
Help both parties find a fair and informed division of the assets once values are understood.

The expert owes a duty to the court to help on matters within their expertise. This duty supersedes their obligations to the paying party so their report can be truly independent and reliable.

The letter of instruction to an expert is a vital document. It needs to clearly set out the relevant background and to ask the right questions. Key considerations for instructing an art expert include:

Individual pieces vs a collection

Valuing a single piece of art may be easy. But what of a collection? The expert needs to know if they are valuing the collection as a whole or the individual pieces. A well curated collection may be worth more than the sum of its parts, and this value needs to be accurately recorded. In the case of a large collection being sold, the total price achieved can often far exceed presale price expectations. Factors in this are varied but with art, the price achieved is linked to the quality, breadth and date of the works in the collection and also the profile of the owner in the art world. A good example is the recent sale in New York of the Macklowe collection of contemporary art. The sale came about as a result of a very high profile, acrimonious and long running divorce battle in the courts between Harry and Linda Macklowe. The disagreement reached a stalemate, which was ended by a judge declaring that the art must be valued and then sold by public auction. The works were spread over two major auctions in New York in November 2021 and May 2022. Every single lot sold and the total of $922 million became the highest total ever achieved for a private collection at auction.

Purpose of Valuation

The purpose of the valuation can also impact the value. A valuation which assumes a fire sale may differ markedly from a considered sale over time. This may differ again from a value for tax purposes, insurance or probate. For the purpose of valuation for matrimonial proceedings, the value level required is referred to by the courts as ‘fair market value’ and is defined as:

‘the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts’. ‘the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts’.

The Court’s Approach

The court starts with an assumption that assets generated during the marriage, which are considered ‘matrimonial’, should be shared equally. These sharing claims are cross checked against the parties’ financial needs, which are assessed in the context of the couple’s standard of living during their relationship and all the available resources. If required to meet their respective income and housing needs (and those of any children), one spouse may be awarded more than 50% of the ‘matrimonial’ assets, or potentially even a share of the other spouse’s ‘non-matrimonial’ assets.

The categorisation of assets as ‘matrimonial’ or ‘non-matrimonial’ is not straightforward. An artwork purchased during the marriage by the couple together using their joint funds is almost certainly ‘matrimonial’ whereas an inherited piece kept in storage paid for by one party from their own funds is most likely ‘non-matrimonial’. But the court will also have to grapple with the less clear scenarios – perhaps a piece purchased by one party with their sole funds during the marriage, or an inherited work declared to have been gifted from one spouse to the other.

The division of chattels, particularly artworks, between the couple on divorce can be particularly challenging. One spouse may connect with a certain piece, regardless of when it was purchased and by whom. It is not necessarily the case that the art purchased during the marriage will be physically shared item by item, to be displayed in either party’s home, but it is essential to capture its value in the calculation of the marital pot. The parties can agree whatever terms they feel achieve fairness, failing which the court has a wide discretion to divide the assets (or order their sale) to achieve overall fairness in the circumstances of the case. For items of particular sentimental value, it is common for parties to want to impose a condition that the receiving party leave by will to their children. The court does not have the power to order this as English law allows for testamentary freedom but, if the parties can agree, their settlement can provide, for example, that one party enter into an irrevocable deed to leave certain items to the parties’ children upon their death.

Protecting Artwork on Divorce

Ultimately, to protect any asset from sharing in the event of a divorce, it is prudent to enter into a pre/post-nuptial agreement setting out how their assets should be divided in the event of a divorce. Nuptial agreements are becoming increasingly popular with couples who wish to agree the division of their assets and avoid a potentially contentious divorce in the event of marital breakdown. Spouses should also ensure that the purchase and ownership of the art is clearly documented and consider where it should be stored or displayed. Disputes about gifts are also common in divorce cases – one spouse may argue that a piece was gifted to them individually, whilst the other claims that it was gifted to them both. Care should be taken to ensure that gifts are evidenced and insurance policies are in the right name. Open and honest communication, whether in negotiations surrounding a nuptial agreement or otherwise, can help to avoid disputes on separation. Early professional advice is crucial in identifying and valuing artwork to achieve an overall fair settlement in divorce proceedings.

Frederick Tatham, Partner, Farrer & Co

Elizabeth Biggs, Associate, Farrer & Co

Rachel Doerr, Founder & Managing Director, Doerr Dallas Valuations

Visit the Farrer & Co website here: www.farrer.co.uk

Visit the Doerr Dallas Valuations website here: www.doerrvaluations.co.uk

A Glimpse into Asian Art in London: Highlights from a Vibrant 2024 Edition

Posted on November 7, 2024November 11, 2024 by Ashley Crawford

Over the past few days, I have enjoyed attending Asian Art in London (AAL), which is always a focal point of the year. Whether you are an arts professional, a seasoned collector, or a complete newcomer to the world of Asian art, AAL offers a multitude of valuable experiences for everyone.

As an Asian art valuer, I always make sure to attend as many Asian art fairs as possible to assess current market trends, widen my knowledge of objects outside of my specialties, meet new colleagues, and, of course, enjoy some world-class Asian art! This year, I attended Asia Week in New York, Printemps Asiatique in Paris, and AAL, which is currently running through 8 November. Over a 10-day period, AAL celebrates galleries from all over the world, local Asian art auctions, and, for the first time ever, a full-day symposium on various Asian art topics at SOAS, University of London. While all of the Asian art fairs I’ve attended have been very successful, Asian Art in London is unique because it is the oldest, currently celebrating its 27^th year. This is the third year I’ve attended, and thus far, 2024 has been my favorite. Here are three highlights from my experience this year:

The Asian Art in London Gala

The annual gala was held at the V&A this year, where guests networked, learned about the winners of each of Asian Art in London’s prize categories, and were able to view the Asian galleries outside of the hustle and bustle of opening hours. I enjoyed attending a curator-led tour of the Japan collections, particularly the kimonos on display. One of my favorite kimonos was a bright and bold contemporary work by Ueoka Taro, which was a striking juxtaposition placed next to the traditional kimonos.

Ming Gu Gallery’s Lecture with Artist Li Chevalier

This year, Sotheby’s is hosting several gallery participants from AAL. Ming Gu Gallery, a contemporary gallery specializing in East Asian art, very kindly invited me to attend a lecture with Li Chevalier, the artist of the gallery’s solo exhibition Unveiled Silence. As an antiques specialist, I greatly benefitted from learning more about contemporary Asian art trends and techniques. Chevalier has led a fascinating and international life, reflected in her mixture of Chinese and Italian art techniques. Her career began in music, rather than art, at the age of 15, when she joined the Chinese army as an opera singer. She has since lived in Italy and France and often works in the UK. Today, her work remains heavily influenced by music, poetry, and a multicultural identity. This is demonstrated in her painting In der Fremde (In a Foreign Land), named after Robert Schumann’s Lied. [1]

The SOAS Symposium

As a SOAS alumna of both the Postgraduate Diploma in Asian Art and the MA in History of Art, I was excited to attend SOAS’ first ever symposium for AAL, Asian Art: Objects in Focus. I attended to learn more about the specialist topics offered, but also as a Travel Hands volunteer guide for a deafblind participant, as I frequently provide museum tours for this organization. SOAS has a very engaged alumni community, so it was wonderful to see so many familiar faces. Two major recurring themes across the lectures were provenance and dating, topics that are always at the forefront of an Asian antiques valuer’s mind!

My favorite lecture was Dr Johnson’s Chinese Teapot: Tracing the History of a Celebrity Object by Professor Stacey Pierson. This keynote presentation explored the fascinating and complex provenance of a teapot at the British Museum that had been incorrectly labeled as having been owned by Dr Samuel Johnson, the British lexicographer. Professor Pierson raised important questions about the implications of naming an object after a famous person or place, a term called “provenance branding”. She cited other examples such as the Hope Diamond and the Benin Bronzes. In the case of the Dr Johnson teapot, the issue extended far beyond a single object, as many stylistically similar teapots were also misattributed. Going a step further, auction lots of similar teapots (such as here and here) that had no contact with Dr Johnson at all often still include reference to this celebrity somewhere in the listing.

As valuers, we employ the same provenance research skills when assessing objects. The correct provenance is crucial when determining values, and, as Professor Pierson’s lecture demonstrated, it’s important not to automatically assume that the provided provenance is accurate! I learned so much from the various case studies at the SOAS symposium and was very grateful for the invitation from the SOAS-Alphawood Diploma in Asian Art. I hope the symposium will become an AAL tradition in future years!

Asian Art in London runs through Friday, 8 November. You can learn more about the events offered here.

You can learn more about Ming Gu Gallery’s current exhibition Unveiled Silence here.

You can learn more about the SOAS-Alphawood Postgraduate Diploma in Asian Art here.

You can read Professor Pierson’s article about the Dr Johnson teapot here.

[1] Some examples of her previous similar paintings are here and here.

To arrange a valuation of your Asian Art call us on 01883 722736 or email [email protected]

Exploring The Boodles National Gallery Collection

Posted on November 6, 2024November 11, 2024 by Aurélia Turrall

I was recently privileged enough to handle a very unique piece of jewellery by Boodles: The Boodles National Gallery Collection’s Play of Light Lake Keitele bangle.

In light of one of the nation’s favourite museum’s 200^th anniversary, Boodles has created a special National Gallery Collection of jewellery. The National Gallery is considered one of the world’s greatest art collections and open its doors in 1824, after the British government purchased 38 paintings from the heirs of John Julius Angerstein that same year.

The museum now holds paintings by Botticelli, Caravaggio, Cézanne, Constable, Ingres, Holbein, Seurat, Titian…to name but a few. But it wasn’t always a guarantee that these masterpieces would be remain within the collection, safely. During the Blitz, the collection was distributed in safe houses, until it found its way to a Welsh slate mine, where the artwork stayed between 1941-45. When the bombing was less intense, the museum decided to show one painting a month. This is the origin of the museum’s current Picture of the Month. The picture was taken down every evening for safe storage in the museum’s underground strong room.

Now, 200 years after the museum opened, Boodles have celebrated the extraordinary collection by creating a unique line of high jewellery inspired by the artists and their creations.

The paintings have generated four specific themes around which the jeweller “plays” with: Perspective, Brushstrokes, Motherhood and Play of Light.

Perspective

Inspired by Canaletto’s view of Venice and mastering of perspective, Boodles have created the Perspective Collar set with 12 main Ashoka diamonds weighing 9.04cts total, and 14.29cts of remaining diamonds. A jewelled architectural delight, it is mounted in platinum and reflects the Doge’s palace beautifully.

“The Ashoka cut diamond was perfect for Perspective, the vertical lines and unique cut worked so well with the idea of an architectural landscape” says Boodles Director of Design, Rebecca Hawkins.

Brushstroke

For the Brushstroke collection, “we drew on for inspiration [from] the brushstroke technique used by particular artists. We found that within some paintings, such as Van Gogh’s Sunflowers, 1888, the brushstrokes employed were very visible- you could literally see the way in which the paint had been applied to paper. This in turn inspired our Brushstrokes suites.”

The use of aquamarine in this collection is a statement to the use of blue brushstrokes in Cézanne artwork, along with the feminine rose gold and scintillating diamonds, giving this collection a dynamism echoed in his technique.

Motherhood

In Motherhood collection, there is a clear selection of “soft” gems and colours. The pendants, rings and bracelets all use diamonds, but also pink diamonds, and moonstone, where “pear and oval shaped diamonds [are] nestled together, reflecting the idea of an embrace.”

In the Motherhood Aquamarine pendant, the use of aquamarine reminds me of water and of babies in utero, with the moonstone’s shimmering warm colours, all encompassed within the solid and indestructible diamond frame. But of course, it also echoes the Madonna with child. The interpretation is up to the eye of the beholder. This pendant retails for £15,000, while its counterpart in diamond and pink diamond retails for £29,000.

Play of Light

In the fourth collection, Boodles designers concentrated on colour and how the same colour can have many different tones. Just as a diamond can range from D-Z and fancy colours range from Faint to Fancy Deep.

“In our Play of Light collection for example we used different gradients of the same colour diamond or gemstone to reflect the detailed dabs of colours found in the paintings. We used yellow diamonds, which gradually became lighter until they flowed into white diamonds, or soft pastel blues deepening to a darker blue.”

Four main pictures were the base for inspiration: Seurat’s The Morning Walk, Monet’s Water-Lilies, Pierre-August Renoir’s Moulin Huet Bay, Guernsey, and Akseli Gallen-Kallela’s Lake Keitele.

The Play of Light Rose Gold Drop Earrings use a variety of gems, including vari-coloured sapphires, tsavorite garnets (green), vari-cut diamonds and rose gold for added softness and extra shimmer. They retail for £23,500 and are accompanied by a necklace and a bracelet, each retailing at £28,000 and £76,500

The piece in this collection I was lucky enough to discover was inspired Finnish painter Akseli Gallen-Kallela’s Lake Keitele painted in 1905.

“Boodles designers responded to the distinctive zigzag pattern on the water’s surface in Lake Keitele, 1905 by Akseli Gallen-Kallela, now mirrored by rows of marquise cut diamonds.”

In each of the pieces, the reflection of the water is represented with the use of graduated brilliant and marquise-cut diamonds, each serving as a mirror of light, with more or less fire depending on the light. Just as in the painting by Akseli Gallen-Kallela there are white and blue tones but also specs of red and green and yellow. It is the special always varying shimmer of the stones, that make this collection so unique.

The earrings use 2.79cts of marquise-cut diamonds and 1.44cts of round brilliant-cut diamonds. The necklace uses respectively 3.05cts and 0.86cts and the bangle is set with 22 principal marquise-cut diamonds weighing 6.99cts, and 4.59cts of brilliant-cut diamonds. The water’s movement is here “mirrored by rows of marquise cut diamonds to create a mesmerising piece.”

It was also mentioned that the design reminded someone of a DNA chain. Whether you take your inspiration from impressionism art or science, if the result is as beautiful as this collection is then there truly is no limit!

To book your jewellery valuation call us on 01883 722736 or email [email protected]

Limited edition watches – when exclusive just isn’t exclusive enough…

Posted on October 30, 2024November 15, 2024 by Alastair Meiklejon

Why do people buy luxury timepieces? It is a question that many people will ask, but nobody can truly reply with one answer.

Is it to tell the time? Highly unlikely.

Is it a status symbol? Possibly.

Is it to stand out from the crowd? Again, quite possibly.

This is where the allure of a limited edition watch comes into play, lets picture the scene;
You are in your local bar on a Thursday evening (for those that work in London, you will know that this is the post covid night to be seen outside a bar in your gilet and trainers) and every other person in your office has a Submariner, or a GMT…when you arrive with a brand new limited edition watch that catches everyone’s eye. Irregardless of cost, the words that come out your mouth will be;

“Well, they only made 25 of these – and my authorised dealer managed to get me to the front of the queue”

In that very instant you will be launched into the higher echelons of the watch enthusiasts in your office, and demand respect among the other ‘watch guys’ who took the ‘obviously boring route’ into luxury watch ownership by buying a black bezel Submariner.

What is very clear though is that limited edition watches are actually almost an addiction for the hardened watch collector, the possibility of owning a watch that you are very unlikely to see another one of, apart at watch collectors evenings (yes, these things do exist) has such an appeal that many limited editions will be sold out months and years before they ever see the light of day.

So, why do limited edition watches even exist?

There are many schools of thought in this department and originally, they were formed in order to move old stock – the old adage of ‘How do you make something old more interesting?’ – by making it appear new again. Car manufacturers still use this trick by giving a tired old model that nobody wants to buy any more by putting in some new seats and a slightly different paint job.

Are they a good investment?

Well, given the date of October 2024, they are still a good investment but given the recent cycle of insane watch prices, it’s hard to determine where things might go but if we take one of the most noticeable and ‘mainstream’ limited editions and use this as an example.

The Rolex Submariner 50th Anniversary 16610LV

The Rolex Submariner 50th Anniversary 16610LV
What on earth is that I hear you cry – well like many iconic things on the planet, such as Plato, Voltaire, and Shakira, it goes by a simple one word name of (the) Kermit.
When this watch was released in 2003 it caused a minor stir amongst Rolex aficionados and remember that this was a time when you could consider buying a Rolex after seeing it, as opposed to just being told about it on the phone or email.

The green bezel was not considered to be in keeping with the Rolex ethos, despite the fact that all their boxes were this colour, and nobody considered that the GMT was a little too outlandish – and so this watch was discontinued in 2010, a mere 7 year run, which at the time was considered to be a major failure. Back then I was offered two of this model, with a discount on retail price of £500 a watch, roll on 14 years and the story is very different.

This watch still retails on the secondary market for around £14,000 – I am aware that at the absolute peak of the market some people were paying up to £21,000 for them, but that was ridiculous, as was most of the market around this period.

When compared to a standard black bezel that you will see 35 of every night at The Ned, it has performed better due to its limited run – so much so that Rolex released similar watches following this such as ‘The Starbucks’ and ‘The Hulk’ – FYI, Rolex don’t actually come up with this names, thankfully.

Patek Phillipe Nautilus 5711 40th anniversary

Whether or not this could be considered a ‘Limited Edition’ or not, is a good question – by any definition all luxury watches are ‘limited’ purely down to the fact that creating and manufacturing processes dictate that they cannot pull one off a production line every 30 seconds, considering that Rolex makes around a million watches a year, one could debate if this is down to supply to market rather than ability.

Another very good example of how the smallest detail can change not only the appearance of a watch, but also the heart rate of the collector is the Patek Phillipe Nautilus 5711 40th anniversary. From any distance this watch just looks like a standard 5711, (currently riding high in the top ten of the stockbroker mugging chart) but in fact it’s made from platinum and has an extra detail on the dial to indicate that you are very special, so special in fact that you were allowed to buy this watch. These small details now will tell the great and good that not only did you buy a Nautilus, but you also probably had to have owned a few in order to own this one – and now have to insure this particular watch for around £300,000.

Audemars Piguet Royal Oak Selfwinding Frosted Gold “Carolina Bucci” Limited Edition 37mm

There are many other watches that are released as ‘Limited Editions’ by the big boys in the horology world and they vary as much as anything else in terms of investment – one simply cannot tell until the market decides, and this means taking the plunge sometimes.

Whether or not history will be kind to the pink dial Tudor Chronograph is a question I have been asked quite a lot, needless to say – I have been diplomatic in most of my conversations about it.

Even in the sales pitch from Tudor, they say ‘It might not be for everyone’…but because it’s a limited edition, you should buy it anyway.

Why pink you may ask, but it’s actually a fairly simple answer – David Beckham. As one of the brands main ambassadors, and staple signature of masculinity, a pink dialled watch to go with his pink shirted football team Inter Miami seems to make sense in the celebrity endorsed watch world. For a price of £4,880, it does seem to be a reasonable outlay if you can live with that dial.

Tudor Black Bay Chrono Pink

The Legacy of Elisabetta Sirani: Art, Fame, and Mystery

Posted on October 22, 2024November 25, 2024 by David Dallas

This week’s female artist is the fascinating Elisabetta Sirani (1638-1665).

She was born in Bologna on January 8^th 1638 to Margherita and Giovanni Andrea Sirani. Fortunately for her, her father Gian’Andrea Sirani was a favourite pupil of Guido Reni and took over his practice as teacher and master in the first Life School in Bologna. Naturally, Elisabetta studied under her father and, therefore, absorbed the technique of Guido. She also studied the paintings of other great Bolognese baroque painters such as Annibale Carracci, Simone Cantarini and Carlo Cignani. She was well educated, liked music and was familiar with the Bible, lives of the Saints and classical mythology, all of which provided subject matter for her paintings.

By 1654, when she was only 16, she took over the running of her father’s workshop, as Giovanni Andrea had become incapacitated by Gout. I am not sure why Gout was so prevalent in previous centuries and caused so much trouble. Joseph Banks in the late 18^th Century, for example, would take to a wheelchair for several months at a time. Enough on Gout!

Elisabetta Sirani Timoclea killing the Captain of Alexander the Great

Elisabetta Sirani – Self Portrait

From this moment on, Elisabetta, the eldest of four children became the family’s main breadwinner by a combination of income from her portraits and other commissions and tuition fees. She had more than a dozen pupils and set up the first lay, as opposed to convent, school for women artists. She was also a prolific painter, as well as celebrated teacher. She produced over 200 paintings, 13 altarpieces, 15 etchings and hundreds of drawings. In fact, she was so prolific that many people accused her of using pupils to paint the pictures, which was, after all, standard studio practice. However, Elisabetta tended to sign her pictures and in order to rebuke the accusations that she did not paint them herself, invited her accusers on May 13^th 1664 to her studio to watch her paint a portrait in a single sitting!

She became a celebrity and anyone of status visiting Bologna would ask to be invited to her studio to watch her at work. Her clientele was made up of Kings, Princes, Dukes, Cardinals, rich merchants and the church, not only from Bologna but across Europe. All of this is surprising, as she was dead by the age of 27. The cause of her death is the subject of mystery and speculation. Some say she was poisoned by a jealous maid, others that she developed ulcers because of her excessive workload.

Elisabetta Sirani – Madonna and Child

Portia wounding her thigh

In any event, the city of Bologna went into mourning at her death and she was given a most elaborate funeral. A massive catafalque was created with a life size sculpture of Elisabetta inside it. There was music composed in her honour by the most famous musicians in Bologna and orations and poems written in honour of the “Lamented Paintbrush”. She was buried in the Basilica of San Domenico in Bologna, in the same tomb as Guido Reni, who had been her father’s tutor.

A word on the Catafalque (temple of honour)

What we are looking at is a design for the catafalque by Matteo Borboni (c.1610-1667) who oversaw the decorations for her funeral. The finished monument was made of wood painted to look like marble and the life-size statue of Elisabetta at her easel was made of wax. This gives you some idea of the scale of the temple and the high regard in which Elisabetta “Gem of Italy” was held.

If you are lucky enough to own one of her paintings, make sure it is properly insured. An average Madonna and Child is worth between £50,000 and £80,000. The top price at auction is $505,000 for “Portia wounding her thigh”, sold at Sotheby’s New York in 2008.

A drawing of Elisabetta’s Catafalque by Matteo Barboni (1610-1667)

Silver’s Time to Shine: How Rising Prices and Unique Pieces are Reviving the Market

Posted on October 17, 2024November 15, 2024 by Jenny Knott

Over the last few years, the silver market has perhaps been viewed as a rather quiet part of the art market, reliable but somewhat disregarded.

You may remember Woody in one of the later Toy Story movies. Silver, like Woody, is proving that you should never write off something just because it isn’t quite as shiny and new as it used to be. It may well prove to be your best bet as a long-term friend.

It is undoubtedly true that some areas have been stagnant. Life-style changes make it unlikely that we are going to see a revival in the taking of tea from an early 20th century silver tea set, or the use of peppers and sugar casters. However, that only paints a partial picture because nothing is ever completely one-dimensional.

I kilo silver bar.

An article in The Antiques Trade Gazette neatly summarised the situation thus:-

‘The increase in bullion prices can influence antique silver prices in several ways. It can make owning silver appear more attractive as an investment, it can create a sense of urgency among collectors and enthusiasts as prices rise and lastly it can raise awareness of the craftsmanship, beauty, and historical significance of antique silver over other tangible assets.’

There has been much made of the increase in precious metal prices over the last few years. The price of these precious metals is usually tagged to global financial and political stability. The turbulence of recent years has seen a huge increase in the price of some metals, particularly gold. However, this should be counterposed against a reduction in the price of other precious metals notably platinum and palladium. This is largely due to the decline in use of these metals, along with rhodium. These are collectively known as the platinum group metals – PGMs. Car manufacturers have turned to battery powered electric vehicles which do not need PGMs in catalytic convertors causing a downturn in demand, and consequently the raw metal price. For many years platinum prices tracked or surpassed the price of 18 carat gold; at present both platinum and palladium are worth less per gram than 9 carat gold.

A 1962 silver owl mustard pot on sale for £2250.

How does this affect silver?

In September 2019 silver was trading at about £15 per ounce, and by August 2020 it was over £21.60, and as of today it is trading at £23.28. There is much speculation that the price of silver has a long way to rise. Unlike the PGM group metals silver is still widely used in industry, in medical technology, cameras and in the electronics sector in the manufacture of machinery requiring electrical contacts such circuit boards and semi-conductors. What, you may well ask, has this to do with the valuation of domestic silver?

As one silver dealer put it to me recently, much domestic silver is now scrapped to be used to make 1 kilogram bars of silver which are sold to ‘stackers’. These are people who believe that the price of silver will soar when the increasing global demand far outstrips the annual output. What is far more optimistic is a flourishing of rare, novel, ancient, esoteric and unusual pieces. This has seen some stunning prices at auction recently including a set of rare Scottish late 17th century provincial trefid spoons which sold for £13,000 , against an estimate of £3,000 – £5,000, and a stunning George III candelabra centrepiece which made £44,000 at Dawsons last month. This piece had been found in a suitcase under a bed where it had lived for the last 45 years. This is particularly relevant as the auction house revealed that the last insurance valuation has been conducted in 1987. Dawson’s research had partnered it with a similar pair of four branch candelabra sold by Sotheby’s in October 2022. This undoubtedly helped the piece achieve over twice the higher end of the estimate.

Thus, you have high prices because of the inherently high price of silver at the moment, offsetting the lack of interest in some areas of domestic silver; coupled with even higher prices for anything that is a little out of the ordinary or even very splendid as above.

In terms of making sure that insurance values are pegged to the current market, it is worth considering whether good pieces are adequately insured and whether more modest silver may be over-insured. Perhaps some pieces might be better sold if they are only gathering dust in drawers and cupboards rather than being used and enjoyed.

Whatever you decide to do with your silver it is always worth ensuring that you have the best up to date information to help you make informed choices that are right for you and your family.

An American novelty stamp box for sale at Peter Cameron for £425

Sotheby’s Pop Culture Sale: A Star-Studded Auction from Music to Film

Posted on October 10, 2024November 25, 2024 by Stephanie Connell

During September, Sotheby’s London held their inaugural ‘Popular Culture’ sale.

The market for memorabilia has been a focus for international auction houses in recent years. Sotheby’s historically was one of the first major players in memorabilia but chose to move away from the field in the early 2000s. Recently, with several highly successful sales internationally and after the unprecedented interest generated by last year’s Freddie Mercury auction, Sotheby’s announced in early 2024 the introduction of their European Popular Culture department.

This first online auction contained 65 lots from across the spectrum of music, television, and film memorabilia. The exhibition preview drew over 1,000 visitors making it clear the appeal of Pop Culture for potential buyers.

The earliest pieces were early 1960s Beatles related memorabilia – while the most modern was a costume from the yet to be release Gladiator II.

One of the most eye-catching pieces was a CyberMaster helmet worn in the 2022 series of Doctor Who! (Lot 61). The CyberMaster’s are villainous characters with a design reminiscent of the iconic Cybermen – instantly recognisable to Sci-Fi fans. The lot had been donated by the BBC to the auction and was one of several items sold to benefit the Film + Television Charity, who support those who working behind the scenes in the industry. The combination of a charitable cause and striking headwear led to the lot exceeding its estimate of £4,000 – 6,000 – fetching £9,600 (inc. BP).

Sotheby’s London, Popular Culture, August/September 2024, Lot 62, Gladiator II: A Screen-used Hero Costume for the Rhino-Riding Gladiator ‘Glyceo’, Paramount Pictures, 2024, £9,600

Sotheby’s London, Popular Culture, August/September 2024, Lot 61, Doctor Who: A CyberMaster Helmet, BBC Studios, 2022, £9,600

Other lots sold on behalf of the Film + Television Charity were the (aforementioned) complete costume used in the highly anticipated Gladiator II (Lot 62). The movie is due for release in November 2024 – the costume providing a sneak preview into production quality and characters. It is rare for a complete outfit to appear at auction prior to the film’s premiere. The costume has been visible in the trailer and will feature as uniform of a gladiator ‘Glyceo’ who can be seen riding a rhinoceros into an arena prior to battle. This lot was an opportunity to acquire a piece from a future classic. Against the estimate of £5,000 – 8,000 it achieved a total of £9,600 (inc. BP).

Vinyl proved popular with collectors during sale – and indicated the ongoing strength of this market.

Lot 28 was an example of a collectable sought by Beatles and vinyl aficionados alike – a sealed 1^st state copy of the controversial ‘Yesterday And Today’ LP. This version of the album has a sleeve dubbed the ‘Butcher Cover’. It was one of the most shocking images of The Beatles and the era. Released by Capitol Records in Canada and the USA in 1966 the cover photograph for ‘Yesterday and Today’ was taken by Robert Whitaker (1939-2011).

Sotheby’s London, Popular Culture, August/September 2024, Lot 39, Freddie Mercury: A Jean-Paul Gaultier Studded Black Leather Jacket, Stage-Worn By Freddie Mercury At The Dominion Theatre, London, 14th April 1988, £72,000

Sotheby’s London, Popular Culture, August/September 2024, Lot 37, Queen: A Rare Set Of Four Autographed Promotional Photographs, circa 1980, £22,800

Lot 33 was a Steinway grand piano, manufactured in 1972 and purchased by EMI for use at their Abbey Road Studios in 1973. The piano, which was installed in Studio 3, was in constant use from 1973 to 2016. The quality of the piano, appreciate by those recording on it.

The Steinway Model A was used on recordings of notable artists including Pink Floyd, Radiohead, Amy Winehouse, Paul McCartney, Kanye West and Lady Gaga amongst others. Pieces used at Abbey Road seldom appear at auction and garner high prices. The estimate of £150,000 – 200,000 proved accurate with the eventual total cost being £192,000.

Queen collectables have been a growth area over the past decade. Lot 39 was a Jean Paul Gautier designed leather jacket. The garment was worn by Freddie Mercury during his final stage singing performance, in April 1988. This jacket had been gifted by Freddie to a close friend, she had subsequently donated it to charity and the provenance stated it had benefited the Angles Aids Orphanage in 2001. Here against the estimate of £20,000 – 30,000 it sold for £72,000.

Lot 37 was a good set of four autographed promotional photographs of the band. Despite the estimate of £6,000 – 8,000 they sold for £22,800. Meanwhile, lot 34 was a varied collection 325 polaroid photographs of stars, obtained during the 1970s – 1980s. The collection not only included the members of Queen, but also The Rolling Stones, The Eurythmics, Status Quo, Bee Gees, Run D.M.C but actors and sports stars such as Muhammed Ali, Michael Caine, and Ben Kingsley. This unique archive sold for £108,000 (*est. £20,000 – 30,000).

Two important musical instruments achieved the highest prices of the auction.

Lot 33, Abbey Road Studios, A Steinway Model A Grand Piano Housed And Used In Studio 3, 1973-2016, £192,000

The image, depicts The Beatles in white lab coats, surrounded by decapitated dolls and butchered meat. It was created as a black humoured, surrealist breakaway from the usual images of the group and apparently inspired by Whitaker’s own reflections on Beatlemania.

So shocking was the image to audiences it was swiftly withdrawn and recalled. To save costs, many of the ‘Butcher Cover’ sleeves were overlayed with a new photograph of the band, known by collectors as the ‘Trunk Cover’ – a rather vanilla image of The Beatles surrounding a steamer trunk.

Sotheby’s London, Popular Culture, August/September 2024, Lot 28, The Beatles: A Rare ‘Yesterday And Today’, First State Sealed Mono Alan Livingston Copy, 1966, £48,000

Lot 36 was a rare, limited edition 7” blue vinyl copy of Queen’s ‘Bohemian Rhapsody / I’m In Love With My Car’. Only two hundred pressings of this blue vinyl were produced by EMI. They were created as gifts for the attendees of a dinner held at Selfridges in July 1978. Despite Queen not attending the event, they were presented with framed copies – Freddie’s own (numbered 2) appearing in last year’s Freddie Mercury auction and selling for £69,850.

The copy for offered here, numbered 108, was presented to a typist secretary who worked at EMI’s Hayes offices. Included with the lot, were a further gift from the dinner two ‘EMI Records’ branded wine glasses – the lot far exceeded the pre-sale estimate of £5,000 – 7,000 eventually reaching £18,000.

Lot 36, Queen: A Rare Blue Vinyl Pressing Of The Single ‘Bohemian Rhapsody / I’m In Love With My Car’, 1978, £18,000

The version of the LP available here was a rare unopened and sealed copy of the ‘Butcher Cover’ record. The lot had been part of the collection of the former President of Capitol Records. This piece had been intended to be returned to the factory and pasted over, with the ‘Trunk Cover’ image. Instead, it was taken home by the record companies President, and subsequently forgotten – only to be discovered years later, alongside thirteen other LP’s (four stereo and ten mono).

The pre-sale guide of £40,000 – 60,000 reflected the scarcity of the piece, eventually selling for £48,000 (inc. BP).

Timing can be everything with auctions – three guitars contained within the sale had important Oasis provenance. Their sale was announced coincidentally as Oasis revealed their reformation and 2025 reunion tour.

8. Sotheby’s London, Popular Culture, August/September 2024, Lot 43, Oasis: An Epiphone Les Paul Standard Electric Guitar, Owned & Used By Noel Gallagher, £132,000

Sotheby’s London, Popular Culture, August/September 2024, Lot 43, Oasis: An Epiphone Les Paul Standard Electric Guitar, Owned & Used By Noel Gallagher, £132,000

Sotheby’s London, Popular Culture, August/September 2024, Lot 44, Oasis: An Epiphone EA-250 Electric Guitar, Owned & Stage-Played By Noel Gallagher, £48,000

Sotheby’s London, Popular Culture, August/September 2024, Lot 45, Oasis/Johnny Marr: A Gibson Flying V Electric Guitar Formerly Owned By Johnny Marr, Used By Noel Gallagher, £36,000

All these instruments had previously belonged to or been used by Oasis’s, legendary founder, songwriter, and guitarist Noel Gallagher. The most important of these was lot 43 an Epiphone Les Paul Standard – immediately recognisable to fans and a seminal instrument for the group. The guitar was key in the band’s early history (1993/4) when Noel Gallagher owned only a small number of guitars (just two guitars and a bass being available the group). Noel played it on stage, on television, as well as during the recording of the music video for the record breaking single ‘Supersonic’.

With a pre-sale estimate of £60,000 – 80,000 it achieved the second highest price of the auction at £132,000.

The other two instruments offered by Sotheby’s included Lot 44 an Epiphone EA-250, previously owned by Noel Gallagher and again featured on the sleeve of the ‘Supersonic’ single. It was notably played during an early television performance in July 1994. Here, the cherry redburst finished guitar sold for £48,000 (est. £20,000 – £30,000).

Lot 45 had a dual Smiths / Oasis provenance. The 1980 Gibson Flying V was acquired by The Smith’s iconic guitarist and songwriter, Johnny Marr in 1989. Marr loaned it to Noel Gallagher – who subsequently used it on the 1994 recording of Oasis’s debut album ‘Definitely Maybe’. This guitar, a baton in British and Manchester music history sold for £36,000 (est. £20,000 – 30,000).

Overall, the sale achieved a total of just under £1 million.

Celebrating breast cancer awareness with pink ribbon jewellery

Posted on October 4, 2024November 25, 2024 by Aurélia Turrall

As we come to October, I wanted to focus on pink ribbon jewellery to celebrate breast cancer awareness month which runs from 1st – 31st October.

One particular jeweller has created pieces with the aim to wear beautiful, original jewellery with a strong message. David Yurman. This New York jeweller partnered with the Breast Cancer Research Foundation in 2008 and the total of his sale contribution, possible with the sale of such jewels, surpasses the $2.5 million, which equates to over 55,000 hours of funded research.

His collection “Cable Collectibles” ranges from $20 to $1,450. The $20 bracelet is made of pink rubber with a reeded design.

The jeweller has promised on his website that 100% of the net profits from every pink rubber bracelet sold during the month of October will go to BCRF, and David Yurman will also donate $16 of the $20 purchase price from every pink rubber bracelet sold through July 31, 2025.

At the other end of the collection is the Cable Collectibles® Ribbon Chain Bracelet, mounted in rose gold, the chain with lobster clasp, decorated with a reeded bow, pavé-set with 0.09ct of circular-cut pink sapphires. It retails for $1,450.

The matching design is also available as a necklace

Though these sapphires are most likely treated to enhance the colour and perhaps durability, it does not take away from the valuable message and David Yurman’s extraordinary commitment.

Other items of the collection include a pin, and bracelet and necklace mounted in silver, which therefore means are less costly but still set with pink sapphires.

Whilst not many jewellers, if any other than David Yurman, create lines of jewellery with the pink ribbon motif, pink is nonetheless available in a wide range of collections sold by the top brands.

De Beers, for example, sells its Enchanted Lotus pendant in rose gold, diamond and pink enamel for £2,575. It is set with 0.21ct of diamonds, the reverse being almost as pretty as the front.

But if the purse can stretch… quite a bit, a De Beers ring set with a 0.44ct Vivid pink diamond ring within a surround of pink diamonds is also available, for just under £100,000.

If £100,000 is simply not in the budget, then why not choose a pink sapphire ring instead? Tiffany & Co. currently sell a pink sapphire and silver bracelet for £350!

Color by the Yard by Elsa Peretti for Tiffany & Co.

The sapphire weighs 0.08ct and just as with David Yurman’s gems, have most likely has some enhancement. But for that price… Does it matter?

What matters is showing support, in any way shape or form, whether it’s holding a Macmillan coffee morning on the 27th September, or wearing pink rubber bracelets, sapphires, diamonds or enamel, the choice is endless and all are rewarded one way or another.

To find out more about our valuation services, visit www.doerrvaluations.co.uk or call us on 01883 722736.

Coining it in: How a Routine Valuation Unearthed a Six-Figure Treasure

Posted on October 2, 2024November 25, 2024 by Alastair Meiklejon

A recent discovery by one of our experienced valuers, Alastair Meiklejon during a Walk-Through Valuation, led to an exceptional financial opportunity for our client, highlighting the crucial importance of the need for everyone to have a valuation and greater understanding of their assets.

The item, part of an inherited collection, had never been insured and was presented to Alastair alongside several other pieces during the assessment. The owner, unaware of its true value, had initially dismissed it as insignificant.

However, due to Alastair’s sharp attention to detail, this valuable asset was uncovered, turning what could have been an overlooked piece into an exciting opportunity, weeks of discovery and a big decision for our client.

Read on to discover Alastair’s account of this remarkable find.

“If there is a specific thing that fills me with an equal mix of terror and expectation it’s an unchecked or unloved box/bag of coins….

While the market for coin collecting seems to have become less popular over the last few years, it is clear that amongst the higher echelons of the hobby – it has boomed – with the rarest of coins hitting the highest prices ever known.

This brings me to one of my favourite encounters with coins, or in fact for any items I have dealt with – and it happened earlier this year.

It happened during a Walk Through Valuation – a brilliant product that presents a great option for clients to get a good overview of the items they have in their property, without needing to have a full valuation. While it doesn’t offer such an in-depth report, it does cover a lot within the three or so hours needed to complete it, and this was one such valuation that was worth its weight in gold.

And, as I was to discover, this was worth far more than that…

The client presented me with a box containing a few gold coins, and whilst this isn’t unusual, there was a good collection of American Double Eagles. These are usually considered to be a pretty good find in most valuations, however there was more at the bottom of the box.

There in an unassuming taped-up box, with ‘Polish Money’ scribbled on the tape, was what could well be one of the biggest numismatic discoveries of the last decade.

King Sigismund III of Poland and Lithuania ruled from 1587-1632, and like all good leaders, autocrats and despots – he loved a gold coin with his face on it, usually to commemorate a battle or something along those lines.

One of these such coins was a 10 ducat piece, one of the most valuable pieces of its time and usually given as an award to dignitaries or important people to the crown. This specific coin has been described as commemorating ‘The Siege of Moscow’ and ‘Treaty of Dywilino’ and was minted in 1618.

So, if you can picture the racing heart and brain overload when before me, in a small brown box was one of these coins. The client was from a Polish family who had to come to Britain in the 1930s following Nazi persecution, and sat me down to tell me the history of the coin, and the family.

Whilst I cannot give too much away, the heart-wrenching story of something that was all too common less than a hundred years ago is still fresh in my mind to this very day, and in my mind adds to the historical value, if not the financial value.

So, what happened next?

After discussion with the client and authentication from one of the most knowledgeable coin academics in the world, it was decided that for them to keep the coin would be too much of a risk and the part it could play in changing the lives of the owners was too much to ignore.

The coin was featured as the final lot in Spink’s Coinex auction in London on September 26th. With nearly 700 items up for sale, it was a lengthy auction, but this coin stole the spotlight. Bidding opened robustly at £85,000 online, even before the live auction kicked off. However, what followed exceeded all expectations. Not only did the final bid shatter the top estimate, but it also set a new world record; it was the most valuable Polish coin to sell at auction! The coin ultimately sold for an astounding £130,000, delivering an unforgettable result for the client.”

You can watch the moment the gavel went down here: