Rediscovering the Allure of the Cultured Pearl

Posted on July 23, 2019August 15, 2024 by Mary Waterfall

Ancient cultures considered natural pearls to be ‘tears of the Gods’. They were believed to bestow mythical powers and wisdom to whoever possessed them. In today’s society the cultured pearl is considered the ‘stone of sincerity’ and represents purity. It symbolises the birthstone for June and the third and thirtieth wedding anniversary. Jackie Kennedy once said ‘Pearls are always appropriate’.

A set of cultured pearls gifted to Marilyn Monroe in 1954 by Joe Dimaggio

Yet for many years pearls have fallen out of fashion, with people associating them with their grandmothers and the older generation. However, as with the cyclical nature of all things, pearls are now enjoying a renaissance. Iconic women such as Michelle Obama can be seen wearing both a classic cultured pearl necklace as well as more contemporary cultured pearl set jewellery. The Duchess of Cambridge often sports a pair of cultured pearl earrings.

Cultured pearls are making a comeback but not just in the traditional sense of the simple necklace and stud earring set. The classic string of cultured pearls, such as the set gifted to Marilyn Monroe in 1954 by Joe Dimaggio (pictured), will always have a place in our hearts, however we appear to be moving away from the need for a string of perfectly round pearls and contemporary designers are embracing the irregular shapes of baroque pearls to make innovative and unique pieces. Freshwater cultured pearls such as the fireball are being combined with diamonds and gems to make beautiful, abstract creations.

The production of pearls is a fascinating business. Whether the end product is perfectly round or completely irregular in shape the process is the same.

When it happens naturally a ‘foreign body’ invades the mollusc and as a way of protecting itself the mollusc secretes nacre. Gradually layer upon layer of this lustreous substance containing microscopic crystals of calcium carbonate, covers the ‘foreign body’ and a natural pearl is formed. When it happens artificially and a piece of mantel tissue or bead nucleus is inserted into the mollusc the pearl is cultured.

It’s of little wonder that before Mikimoto commercialised the cultured pearl industry in the late nineteenth century, pearls were only accessible to royalty and the very rich. This is because of the many mollusc varieties known to us only a small number can produce pearls. Of the pearls that they produce only a small number will be of a desirable shape, colour and quality, and only a fraction of these will actually be discovered by man. Consequently natural pearls are extremely rare and very expensive.

So how can you tell the difference between natural and cultured pearls? If you take a look at the drill hole you may be able to see the bead nucleus of a cultured pearl. A factor in the value of natural pearls is weight, so the drill hole tends to be a lot smaller compared to cultured pearls. Also a string of naturally formed pearls will tend to be slightly mismatched and irregular in shape, they will be smaller and almost always graduated. However to be absolutely sure the pearls need to be sent to a laboratory for certification, where they will be x-rayed.

In 1937 the Yaguruma, a sash clip with interchangeable settings in 12 different forms, attracts crowds at the Paris Expo. Its unique design is a breakthrough in multi-functional jewellery. Sold in Paris, it disappears from public view, then reappears at an auction in New York in 1989. It is purchased by Mikimoto Pearl Island where it remains today.

There are many different types of cultured pearl but they fall into two categories and are either saltwater or freshwater.
Freshwater cultured pearls are cultivated in mussels, in lakes and rivers. Mantle tissue from another mussel is often used to start the process and this is why they are often irregular in shape. However bead nucleation is becoming more and more common in order to cultivate larger more rounded pearls. Up to forty freshwater cultured pearls can form within a single mussel, making them more readily available on the market.
To cultivate saltwater cultured pearls is a slightly more labour intensive process. They are grown in a variety of oysters. Often just one pearl per oyster, using both mantle tissue and a bead nucleus to produce a more round pearl.
There are three main types of saltwater cultured pearls: Akoya, South Sea and Tahitian. Akoya cultured pearls are farmed in Japan, China and Vietnam. They are usually white and cream in colour and measure from 2mm to 11mm.
South Sea cultured pearls are grown in Australia, Indonesia and the Philippines. They come in shades of white, silver and gold and typically measure from 8mm to 20mm.
The Tahitian cultured pearl are cultivated in French Polynesia and The Cook Islands. They are much darker in colour, blacks, greys and browns and measure from 8mm to 18mm.

This natural pearl and diamond necklace was recently valued for the purpose of insurance at £10,000.

Pearl jewellery is often passed down through generations and many people are unsure if it is natural, cultured or imitation.
When we consider that cultured pearls have gone up in value by approximately 10% over the last 5 years, and South Sea cultured pearls have gone up even more significantly, the question is, does your inherited pearl necklace have an accurate, up to date valuation and is it properly insured?

LS Lowry

Posted on July 23, 2019August 15, 2024 by Jonathan Horwich

I have been involved in Modern British painting and sculpture since 1987 when I took charge of Christie’s Modern British department. This brought me into direct contact with the artists themselves, their families, friends and collectors, which I found totally absorbing and fascinating. My fate was sealed, and I think I became a Modern British ‘Lifer’ in 1988 when we held the Camden Town Group exhibition. However, little did I know back then just how large a part Lowry would play in my working life over the next 32 years.

‘The Village Street’ appeared in the Christie’s Review of the Year for the 1964-65 season having been sold for a then record price of 1,600 Guineas

I think it’s fair to say that L S Lowry is probably one of the best known 20th century painters in the UK, with his work being more easily recognisable to British people than many other national or even international artists. This wide recognition and easy acceptance have led to a healthy and consistently strong level of interest from private collectors over the last 60 or more years.
For the first-time art collector, Lowry’s signature pieces are immediately engaging and have a broad appeal. Typically, a first and second Lowry purchase would both be signature pictures, after which would follow less obvious works, such as a minimalist sea piece or a dreamlike, haunting, empty landscape. This interest in collecting a single artist led to the formation of some great collections, many of which I have had the privilege of either helping put together and or selling over the years.
Critical and financial success for Lowry, like so much in his life, came late. Although born in 1887, his first London exhibition at the Lefevre gallery was not until Autumn 1939, then again in 1943 and the third in 1945, when Britain had other things on its mind.

‘Northern Race Meeting’ which achieved £5,296,000 in 2018

Lowry served the War out as a Fire Warden in Manchester and when life and exhibitions began again at Lefevre in the 50’s, buying Lowry pictures suddenly became very fashionable and fun and his exhibitions were sell-outs. So strong was the interest that at one point in the early 60’s Lowry’s prices at auction exceeded his then current gallery prices. As if to illustrate this, an article featuring a 1935 picture called ‘The Village Street’ (pictured) appeared in the Christie’s Review of the Year for the 1964-65 season having been sold for a then record price of 1,600 Guineas.
If the sixties marked the beginning for Lowry acquisitions and collections, then March 1995 and the Rev. Geoffrey Bennett collection sale at Christie’s, marked the beginning of a series of collection sales at auction. Bennett was followed by the Frederick Forsyth collection, 2002, Laurence Ives, 2004, Lord Forte, 2011 and the Thompson collection in 2014. All of these single owner, single artist sales helped to expand the market and to increase the awareness of Lowry and also spawned new collectors many of whom I have got to know well.

‘The Football Match’ sold for £5,641,00 in 2011

Although there haven’t been any significant collection sales since the Thompson sale in 2014, Lowry prices and interest have remained strong with top prices still being achieved for signature pictures such as Northern Race Meeting (pictured) in 2018, which achieved £5,296,000.
Equally many records still stand from 2011-2014 such as The Football Match (pictured) in 2011at £5,641,00 and Piccadilly Circus (pictured) at £5,122,000 in 2014.
Lowry painted and drew continuously throughout his long and very productive life, so happily there are still many new works out there still to be discovered. I have been fortunate enough to have seen hundreds of works by Lowry over the years through my work with collectors and involvement with the Lowry collection in Salford and I look forward to seeing many more…

‘Piccadilly Circus’ achieved £5,122,000 in 2014

Emperor Nicholas II’s Fabergé Gift to an English Nobleman

Posted on July 23, 2019August 15, 2024 by Cynthia Coleman Sparke

The Fabergé name catapults us back to the late 19th century when the Romanovs ruled over the vast Russian Empire. The firm’s fortunes were tied to the lavish spending of an international network of royalty and socialites, until the first world war took its toll on such conspicuous consumption. When the House of Fabergé folded in 1918 alongside the collapse of the Russian monarchy, the Soviet authorities lost no time in nationalising personal property.

Jewelled Kovsh, 1886, presented to Victor Albert Spencer, 3rd Baron Churchill. Image courtesy of Bonhams

Although Fabergé, as a brand name, was revived to represent a string of unrelated products from fragrance and toiletries to household bleach, its association with Imperial splendour was never fully extinguished. Beginning in the 1920’s Western dealers acquired art that was considered ideologically surplus to Soviet requirements. A lucrative market for Fabergé was established, particularly in America, and inspired the trade of spurious ‘Fauxbergé’.
Russia has since re-established its purchasing power and, with it, an unflagging appetite to repatriate its lost patrimony. The learning curve necessary to negotiate heavily restored and imitation pieces is steep. Longstanding collectors who have experienced sharp fluctuations of dizzying prices and market corrections are, as a result, increasingly discerning.

Victor Albert Spencer, 3rd Baron Churchill

A recent Russian sale at Bonhams featured a jewelled kovsh (pictured) presented by Emperor Nicholas II to an acquaintance, Victor Albert Spencer, 3rd Baron Churchill, at Balmoral in 1896. As the son of Queen Victoria’s longest service Lady of the Bedchamber, Churchill grew up in the royal household and moved in court circles. The presentation gift, shaped as an abbreviated ladle carved of agate stone, was enhanced by a jewelled double-headed eagle on its handle. This underscored the Imperial provenance and the bowl carved of native hardstone acted as a reminder of Russia’s vast mineral wealth.

One of Faberge’s legendary Easter designs, The Rose Trellis Egg (1907) Courtesy of The Walters Art Museum

Hallmarks confirmed the gift was the work of Michael Perchin, head workmaster for Fabergé in St. Petersburg in 1896. Further inventory numbers scratched on the handle matched up with the firm’s surviving ledgers, corroborating the kovsh’s purchase by the Imperial Cabinet: the office in charge of the treasury, property and institutions belonging to the Russian Imperial family. The Cabinet’s list documenting gifts offered by their Imperial Highnesses abroad in 1896 cited Churchill as the recipient.

Emperor Nicholas II, the last ruling Romanov, and family

The original sale invoice from Fabergé of 335 roubles represented a considerable amount of money. A 1902 Baedecker travel guide suggested budgeting 6-10 roubles for a night’s stay at the legendary Europa Hotel in St. Petersburg, so the presentation was a generous gift to an English acquaintance held in high esteem.
Clarifying the kovsh’s documented provenance offered the buying public the fullest understanding of its historical context and attracted a great deal of interest at Bonhams in November 2018. Churchill’s descendants were gratified by the results of their consignment to the Russian auction when the kovsh sold for £236,750.
As is often the case, Fabergé objects in private hands are repeatedly undervalued as the market has recently become more buoyant, scholarship has advanced considerably and access to Russian archives has improved. It is therefore imperative that any insurance valuation be refreshed every three years and required where none has been undertaken within five.
Call us today to enquire about an appointment on 01883 722736 or email
[email protected] or visit our website www.doerrvaluations.co.uk

The Art Market and Brexit

Posted on July 23, 2019August 15, 2024 by Ben Hanly

With the final phase of Brexit looming ever nearer and no defined solution yet emerging, all sectors of the UK economy are thinking ahead nervously to discern what effect this messy divorce with Europe will mean for them – this is no less the case than with the UK Art Market.

The British art and antiques market is the third largest of its kind in the world with a global share of 22%, and a 65% share of the European Union’s art and antiques market. It represents total sales of over £10 billion annually and it is comprised of 7,850 businesses, providing direct employment for 41,420. The British art market is defined as being a ‘entrepot market’ in that it serves as a conduit for sales of artwork which are often imported into the UK solely to be sold here and then re-exported out of the country – one only has to look at the main Impressionist, Contemporary and Russian sales to demonstrate this, together with the top tier of international art fairs such as Frieze, Frieze Masters, Masterpiece and PAD. The Art Market is therefore particularly active and dependent upon cross-border trade.

Mark Carney, Governor of the Bank of England, originally predicted that Britain would probably suffer a moderate Post Brexit downturn in the economy; this prediction now seems to be highly conservative with current estimates ranging from post-Apocalyptic melt down to a simple short-term realignment of the UK economy.

What is certain is that the strength of the Pound will continue to fall until clarity has finally emerged. This, in itself, is not universally bad for the UK Art Market as it makes purchasing UK goods cheaper for foreign investors – UK collectors, however, find it more expensive to buy internationally in the short term. The one category of high-value secondary art that will be affected negatively post-Brexit is art where the primary market is British buyers. Consignors may choose to wait for the Pound to stabilize and uncertainty to decline. The obvious category is Modern British Art of the 20th century. It is also possible that he Old Master market will be similarly hit in the short term as UK buyers make up a small but significant portion of the collector base.

Having said this, it is not all doom and gloom for the UK market, typically UK collectors only represent between 10% of the total turnover at the main London Auctions – this figure includes purchases by foreigners living in the UK. Many Eastern European and Middle Eastern buyers will still prefer London over New York. Although it is true that some consignors may prefer to offer their works in New York rather than in London.

Post Brexit, London may indeed even emerge to be a stronger auction market compared to Paris and the rest of Europe as it should be free of EU regulations, particularly the Artist’s Resale Rights levy (ARR). This had final implementation in the U.K. in 2012, after six years of strong resistance by the government. ARR entitles creators of original works of art to a royalty each time a work is resold through an auction house or dealer for more than €1,000. It is levied at 4% on sales between €1,000 and €50,000, declining to 0.25% on sales at more than €500,000. ARR continues for 70 years after the artist’s death.

ARR has put the U.K. at a distinct disadvantage for art sales compared to dealers and auction houses in New York, Switzerland, or Hong Kong, which do not levy the charge. It has been suggested that the UK’s global art market share in post-war and contemporary (the sector most affected by ARR) fell from 35% to 15% from 2008 to 2013, due mainly to the implementation of ARR in 2006.

Brexit or not, London will continue to be the preferred choice of residence for international Non-Dom Billionaires, many of whom are major art purchasers, and it is doubtful that a new government will do nothing to make the city or its tax advantages less attractive. London is a major centre for professional and financial services because of the rule of law, and attractive because of its cultural life and quality of infrastructure. The Brexit vote did not change any of this.

The uncertainty surrounding the whole Brexit negotiations has led to a great deal of money being transferred around the money markets to gold, US Treasuries and similar investments deemed a safe store of wealth. Historically, when financial markets are in turmoil, art is seen as a good store of long-term value, and a hedge against inflation and changes in the relative value of currencies. For iconic works, there’s a chance to to peg the purchase price against the future value of the US Dollar. The new financial fragility of the EU means that investors will be concerned about high-debt, high-risk member countries—notably Greece and Portugal, but also Spain and Italy. Borrowing for art purchases against assets in these countries may become more problematic and expensive so it is reasonable to expect that these national art markets will experience a downturn and will languish for a while.

In periods of uncertainly such as Brexit, art investors tend to moderate risk by investing in works by Blue Chip artists and more established genres rather than emerging artists since Blue-Chip artist are believed to be safer stores of value, even if the upside profit potential is less. Undoubtedly this will strengthen the high-end Impressionist and Modern markets, which are already the main players of the total market. This same trend will no doubt be experienced at the top end of the Jewellery and collectors watch markets. There is a consensus in the art market that this ‘flight to the better-known’ will be the case at least over the next year or two.

In conclusion, as with everything surrounding Brexit, no certainly exists about how it will play out and the affect it will have on the UK Art and Antiques market – but in fairness, why would we expect there to be certainly following the messiest and most expensive divorce in world history? One thing is clear, in the medium to long term the Art Market will survive and adapt to any and all challenges thrown at it, but in the short term the domestic market will undoubtedly show signs of significant market contraction – but this, in itself, will potentially create new investing opportunities for collectors in the medium term.

As ever, it is the top end of the market which will weather the storm best with top examples by established artists attracting attention and achieving strong prices as investors diversify into these Blue-Chip works. Paradoxically, the strong prices that this alternative investing produce will no doubt inadvertently do much to help bolster global confidence in the art market in the medium to long-term.

Call us today to enquire about an appointment on 01883 722736 or email [email protected] or visit our website www.doerrvaluations.co.uk

The Importance of Having your Watches Valued

Posted on July 23, 2019August 14, 2024 by Alastair Meiklejon

You can buy a perfectly reliable and accurate watch for £100 or you can buy one for £1million plus. Of the top 10 brands, most have about 10 ranges each with about 10 models – plus the myriad of other lesser brands, so getting watch valuation prices accurate is very important.

It’s in the makers’ interest to ring the changes and bring out new models on a regular basis – no self-respecting Manchester United footballer’s wife could be seen today wearing a 2010 model Cartier watch and it’s not often a new model will sell for less than its predecessor, so a watch can quickly become underinsured.

With very, very few exceptions the second-hand value of a watch can be as little as a half or quarter of its new retail price of the current comparable model. So from both the insured’s and the insurers’ points of view (and the watch valuer’s too!) it is very important to establish if the policy offers ‘new for old’ or ‘like for like’ cover.

There are only two UK based watch manufacturers so 99% of watches sold here are imported so are subject to currency fluctuation. Precious metal and gem stone prices are also prone to price changes – and as most of the top brand models are hand made the cost of skilled watch makers is an important factor in a watch’s retail price.

Condition can be an important factor and should be checked and commented on in a watch valuation. Particularly in a precious metal watch with a bracelet rather than a leather strap where clasps, buckles and links can wear over time, there’s a risk of the watch falling off with consequent damage or loss. Also, gem set watches should be checked for claw and setting wear – to source a suitable replacement stone and get it mounted by a skilled setter can be a very expensive exercise.

Watch fakes (or replicas!)

I must mention fakes – or replicas as the makers prefer to call them! 30 years ago the first Rolex fakes came on the scene and even to the untrained eye they were unconvincing, they weighed half what an original did, they often had quartz movements rather than automatic and some even had spelling mistakes on the dial. The 18 carat gold parts of the original watches were made of thin gold plate which could wear through in a couple of months. The new ones are very much better and can be embarrassingly convincing, however most of the better watch brands will have a numbering system, stamping an individual serial number on a watch and in some cases the model range number, so with a bit of research we can be pretty sure. Just a quick ‘trick of the trade’ note on fakes – since about 1980 all Cartier watches with roman numerals will have a secret ‘signature’ on the dial. You may need a quizzing glass or similar but look carefully at all the straight lines of the roman numerals and one of them will not be a line but is the name Cartier spelt out in tiny letters – it’s a detail very hard and expensive to replicate. Cartier change where this ‘signature’ is each year, so you can get an approximate date for the watch, also.

If the insured is in the position of having to buy a replacement for a lost or stolen watch we do recommend that for the major brands they go to an official agent. There are many ‘on line’ sites offering very tempting discounts, but problems can occur with warranty and repair claims. Also, in the event of wishing to sell the watch, having original receipts, paperwork and boxes will add value.

We normally recommend an annual review and a revaluation every 3 years and a condition inspection every three.

Our watch valuation document will give full details of the watch, noting individual serial numbers and model references where possible, and a close-up photograph, so in the event of a claim or a ‘post loss’ identification situation.

Call us today to enquire about an appointment on 01883 722736 or email [email protected] or visit our website www.doerrvaluations.co.uk