Old Masters Sales December 2024

Posted on January 9, 2025January 13, 2025 by David Dallas

I was very alarmed when I previewed the December Old Master sales in London that there weren’t many pictures, no masterpieces and too high a percentage of pictures were in less than perfect state.

What was going to happen? I felt very discouraged. I have talked before about the effects of geo-politics and the economy on the timing of Old Master sales, but why weren’t there more paintings appearing out of necessity – the old 3D chestnuts of death, divorce and destitution? Sotheby’s had just 26 lots of which two were of prints and two of late 19^th Century pictures, hardly Old Masters. Christie’s was the same with 26 lots, one of which was sculpture and three late 19^th Century pictures. The Day Sales were even thinner with sculpture, 19^th Century paintings, watercolours, drawings and even Limoges enamels to bulk them out. It doesn’t bode well for the future.

As it happens, the sales, in relation to their estimates, were quite strong. Six lots failed to sell at Sotheby’s and the same at Christie’s, but there, the two auction houses diverge. The Sotheby’s total was £24.2M and Christie’s a very modest £13.99M.

The star of the Sotheby’s sale was a Botticelli Madonna and Child, that realized £9.96M; not far short of the Christie’s total. Botticelli is, of course, a magic name and this picture hadn’t been on the market for 120 years. They also had a handsome Stubbs of a Pointer in a Landscape. I love his work, but the colouring in this oil painting was most peculiar. The landscape, instead of being a vibrant green, as Constable would have painted it, was made up of smudgy pinks and browns, making it look like an aquatint! It made a sound £1.8M, nevertheless.

Christie’s had a powerful oil sketch of a prancing horse by van Dyck, which had a hastily sketched landscape on the reverse, so the purchaser, at £3.4M, got two for the price of one. They also offered an unusual still life by Clara Peeters of a Stack of Cheeses. This made £655,000 against an estimate of £100-150,000, just showing the continuing interest in works by female artists, especially when they are slightly off-beat.

My favourite offering of the week was the pair of what I suppose one would call ‘fancy pictures’, rather than portraits, that Bonhams offered. They were of a girl selling watercress and a girl selling flowers by the German artist Johan Zoffany, who worked for many years in London and was a founder member of the Royal Academy. I had catalogued this pair of paintings 30 years ago and was very surprised and sad when they failed to sell then. This time round, having established that a distant ancestor of the vendor had bought them directly from the artist, they took wing at a very healthy £991,000 with premiums.

What do these results tell us? That the supply of good/great is diminishing, but there is a market for them and the prices are strong. The same cannot be said of third-rate Old Masters. There is almost no demand at all. It’s not just a price correction, there aren’t any bids.

There will be more Old Master news after the February sales in New York, which looked much more interesting than their London counterparts, when I viewed the best lots in London last week. In particular, Sotheby’s are selling the remnants of the celebrated collection of Aso Tivitian. He was a philanthropic, Armenian billionaire who made his money out of microchips. He started life in New York as a cab driver before getting a scholarship to Columbia University. He has left a painting to the Frick and one to the Met in New York and over 330 works of art to the Clark Art Institute in Williamstown, Massachusetts.

The “remnants” are by no means lesser fry, they just don’t fit with the public collections he has supported. They are significant paintings in a wonderful state of preservation. He also collected great English furniture and European sculpture. Their sale should give us a more accurate idea of how much taste there is for Old Masters, currently.

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]

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)

Old Master Sales July 2024

Posted on August 6, 2024August 9, 2024 by David Dallas

The Old Master market, judging by the London sales in early July, continues to be split between the desirable and the unloved. The Day Sales, for the “unloved” were very flat affairs. Christie’s managed a total of £3.489M for 170 lots, with 36 unsold – mostly sculptures and watercolours, which they now include with oil paintings as there is such a dearth of viable lots; while Sotheby’s total was £2.178M for 182 lots, 65 of which were bought in.

The evening sales painted a much rosier picture, with only 10 out of 58 lots failing to sell on the day, although they may have found buyers, subsequently. Christie’s had much the better sale, in fact, their wonderful Titian of The Rest on The Flight into Egypt made over £5M more than the whole of the Sotheby’s sale! It was estimated at £15-25M and was knocked down for £17.56M including buyer’s premium. Other star lots at Christie’s include the beautiful Quentin Metsys of The Madonna of the Cherries which made £10.66M including buyer’s premium to the Getty Museum, against an estimate of £8-12M. It is interesting to note that this picture was offered by Christie’s in 2015 described as a studio work and made £200,000. At that time, a green curtain, painted at a later date, obscured the beautiful landscape seen through the window. Subsequent cleaning and restoration have revealed that this is the prime version of a much-copied composition. There was also a handsome Frans Hals Portrait of a Gentleman, which made a solid £5.7M.

It was a bad week for George Stubbs the great Liverpudlian, 18th Century horse painter, however. His magnificent Mares and Foals offered by Christie’s with an estimate of £7-10M failed to find a buyer, as did the fine double horse portrait by him offered at Sotheby’s with an estimate of £400,000-600,000.

The Christie’s evening sale achieved a very healthy £43,594,800, which was their best result for 10 years, while Sotheby’s total was a less impressive £12.366M.

One of my favourite pictures of the week, was the view of a Baroque Sculpture Gallery by the Dordrecht painter Samuel van Hoogstraten, which made £356,000 including buyer’s premium at Bonhams. Hoogstraten was a man of many talents, poet, painter, art theoretician and sometime pupil of Rembrandt. There is a wonderful trompe l’oeil, peep show with views of the Interior of a 17th Century Dutch House, by him in the National Gallery, London. It is well worth a visit.

The message from the week’s sales is that if you have a masterpiece by an Old Master make sure the insurance value is high enough and if you have works by minor masters, check current values to make sure your premium isn’t too high.

Angelica Kauffman

Posted on May 14, 2024August 23, 2024 by David Dallas

Angelica Kauffman (1741-1807), who was a founder member of the Royal Academy and one of the most soughtafter portrait painters of her generation, is the subject of a major retrospective Exhibition at the Royal Academy, the first of its type in Britain in my lifetime.

The press release from the R.A. describes her as “one of the most celebrated artists of the 18th Century” and indeed she was. She was born in Switzerland and trained under her father before moving to various cities in Italy, ending up in Rome in 1763 where she became friends with Nathaniel Dance, the English portrait and history painter.

He, like many of his male contemporaries, fell under the spell of Angelica and sent her portrait of the actor, David Garrick, painted in Rome, to the Free Society in London, where it caused a stir. Who was this Swiss girl in her very early 20s who could paint such a powerful portrait? Even the thought of this young girl staring into the face of a man 25 years her senior, as Garrick was, must have caused a frisson. When she arrived in London a year later, she was inundated with commissions to paint portraits. These she undertook and specialised in painting the most famous women of the day and “history” pictures, whose subjects were taken from classical history or literature and which depicted female protagonists, for the most part. This altered the direction of European Art.

History painting, despite the promotion of Sir Joshua Reynolds, President of The Royal Academy, who was rumoured to have had an affair with Angelica, whom he referred to as “Miss Angel”, was not very popular in England and Angelica left London for Italy in 1781. In that year she married Antonio Zucchi, a Venetian painter working in England and they lived first in Venice and latterly in Rome, where her salon/studio was to quote the R.A. flyer “a hub for the City’s cultural life”. Goethe and Canova were frequent visitors and Canova organised her funeral. She took Goethe on art appreciation trips every Sunday in Rome and contemporaries described her as “the most cultivated woman in Europe”.

But what of her paintings themselves? I confess that I have always found them rather unlovable. I was steeped in classical mythology and history as a child, so I don’t find her subject matter dry or forbidding. It is her palette and technique I don’t like. She is painting in the age of Neo-Classicism, so one expects a clarity of line, which is wholly missing in her work. It may be that the smudgy outlines are a result of her early training in Italy, where the Sfumato Technique was so popular. This avoids harsh outlines and encourages a smokey, blurred edge to figures and draperies. This blurriness has, to my mind, crept into her choice of colours too, which lack purity and brilliance. Angelica likes dirty golds, muddy oranges, and beige. Compare her self-portrait with that of her younger contemporary Elizabeth Vigee-Le-Brun (1753-1842) and tell me who you think is the greater painter. Finally, with so much of her work based on ideas of Classical beauty, I am not sure she is any good at catching a likeness. Compare her portrait of her friend and admirer, Sir Joshua Reynolds, with one of Reynolds’ own self-portraits. We know exactly what Reynolds looked like, because he painted himself so many times and they do not vary, except in age.

Angelica’s portrait does not look anything like him. It could be anybody.

I am sorry, Angelica, to make these harsh judgements about your work, but I have always felt you were overrated as a painter, not as a human being. I would have loved to have sat next to you at dinner.

Anyway, don’t take my word for how good or bad Angelica Kauffman is as a painter. It is just my opinion.

Over the past few decades, her reputation has soared and she has an international following. Her prices at auction have followed suit. Twenty-two of her paintings have made six figure sums and the top price is $1.1M. Most of these pictures have been group portraits, but not all. In 2001 Sotheby’s sold a self-portrait by Angelica, in a painted oval, for over £420,000. Anyone who has inherited a painting by Angelica Kauffman should be aware of current auction prices to make certain they are properly insured.

Bonhams: The Crown Auction

Posted on February 20, 2024September 5, 2024 by Stephanie Connell

We are in the era of prestige television.

Historically, T.V. programmes have been looked upon as the lesser relation to cinematic releases – movies traditionally viewed as pinnacle of film making. Today, television shows are often highly respected productions. As series run over weeks or even years, they can capture the public imagination with scores of fans and followers alike. These shows are essential to the success of streaming
platforms – with large budgets and famous casts the quality of productions has improved enormously.

As such the field of Entertainment Memorabilia collecting has expanded with those objects featured in major television series, being broader and highly sort. Production companies have apparently become more aware of the value of these assets. Once filming ceases and series end, auctions of costumes and props are becoming more of a common occurrence.

It is with this backdrop, and several months of planning that Bonhams, London announced they would be holding an auction of costumes, props and designs used during production of the Netflix series ‘The Crown’.

The Crown has done a tremendous job of creating fictionalised accounts of historic events – capturing World Affairs and global politics from the 1930s to early 2000s. The series managed to recreate the costumes and settings enjoyed by the Royal family.

The Bonhams auction was arranged as two separate sales – a one day Live Auction including 161 lots and many of the most valuable pieces, held at their New Bond Street headquarters. The second being an Online Auction of the more affordable and decorative objects, closing the following day. Proceeds from the Live Auction are to be donated to the National Film and Television School for a scholarship programme.

The pre-sale viewing for the auction was very popular with over 30,000 people attending – it is not very often that one can be photographed standing in the doorway to Number 10 Downing Street (be it a prop or otherwise – which eventually sold for £10,800 plus BP) or next to so many recognisable costumes.

The skill of the prop makers and set designers for the series was clear throughout the sale. One of the most impressive lots of the live auction was lot 80 – a reproduction of the Golden State Coach.

This is a highly accurate facsimile of the famous original, which has been used at every Coronation ceremony since 1831. The coach is a magnificent achievement in prop making. The replica was
designed and manufactured by specialist team including film horsemasters The Devil’s Horsemen and prop design company Anarchy. To achieve an accurate copy the coach was constructed in part from fibreglass, clay and 3-D printed elements. This stunning lot was sold for £56,280 (inc. BP).

A similarly important prop relating to the Coronation was lot 20 – a reproduction of Saint Edward’s Chair, otherwise known as the Coronation Chair. The chair – central to British history and the Coronation ceremony was predominantly manufactured out of fibreglass and had featured in the 5th episode of series one of the show. This precise replica of the 14th century original, such an important symbol of Royal authority, sold for £25,660 (inc. BP).

Another feat of prop making was lot 158 – a replica model of the funeral procession of Her late Majesty Queen Elizabeth II. According to the catalogue the model had taken between six and eight weeks to produce, being over 12 meters wides, including over 500 Britains soldiers, two hundred 3-D printed models (all having been designed and produced by The Crown team and hand-painted with accurate costume) devised by a group of experts. The selling price here was £53,740 (inc. BP).

As with the props, costume was an important element of the sale with detailed reproductions of famous regalia, evening wear and everyday outfits being included. The highest price achieved for costume in the Live Auction was for lot 21 – a replica of Queen Elizabeth II’s ceremonial Coronation garments. The original was in part designed by Norman Hartnell – the multi element costume worn by Claire Foy sold for £19,200. Also from the Coronation ceremony was lot 22 – a replica of Princess Margaret’s Coronation gown and robe. This time the lot sold for £6,144 (inc. BP).

Lot 238 was a cornelian jewellery suite designed for Vanessa Kirby as Princess Margaret and featuring in season 2. The set was specially commissioned by costume designer Jane Petrie and made by jewellery designer Katy Hackney. The catalogue detailed the inspiration behind the suite, conceived to act as a direct contrast to Her Majesty’s pearls. The lot included ear clips, triple strand
choker, together with original design. This fashionable suite sold for £5,376 (inc. BP).

For the fashion savvy lot 125 – a Christian Dior ‘Lady Dior’ handbag. This example, in black lambskin had been worn by Elizabeth Debicki during Season 5. The bag is closely associated with the late Princess Diana and was named ‘Lady Dior’ after Lady Diana. It is believed she owned the bag in every colour and was regularly seen carrying it, after she first received one as a gift from the First Lady of France in 1995. This bag sold for £10,880 (inc. BP).

Arguably one of the most iconic costumes in the auction was lot 134 – a replica of the black silk and chiffon cocktail dress worn by Princess Diana in November 1994. Dubbed the ‘Revenge’ dress, it had featured in Season 5, Episode 5 ‘The Way Ahead’. Unsurprisingly, one of the most sought after outfits in the sale (the lot additionally included bag and shoes) it sold for £12,800 (inc. BP).

In direct contrast one of the more affordable lots of the sale was 314 – A blouse and dungarees worn by Emma Corrin portraying the young Lady Diana Spencer. This lot costume achieved £435.20 (inc. BP).

Costume designs themselves were also popular with a number being offered for sale. Lot 170 was a collection of three watercolour and pencil designs executed by Michele Clapton for the character
of the Queen. The illustrations, which included fabric swatches and detailed annotations gave an insight into the Emmy Award winning costume designers work. They sold for £5,376 (inc. BP).

Interestingly, many of the pieces featured in the sale were not modern replicas but fine antique furniture and decorative objects. To reproduce the interiors afforded to a Royal household, pieces
had been carefully selected by the set designers. Chimney pieces, toys, ceramics and glass were all available.

Within the Online Auction lot 168 was a William IV rosewood breakfast table used as part of the Buckingham Palace set. This traditional antique sold for £8,320 (inc. BP).

Lot 200 was a typical lot one might expect to see in a sale of Fine Furniture – a George II chest on chest. This 18th century and later piece of crossbanded walnut had been used as part of the set
for the Queen’s bedroom. With strong bidding it eventually sold for £21,760.

Lot 322 was a French 19th century kingwood, parquetry and cross banded brass mounted liqueur set. The set which is visible in the Audience Room scenes included glasses and decanters. It fetched £5,632 (inc. BP).

The most expensive piece of furniture included in the two auctions was lot 237 – A parquetry and gilt metal mounted cylinder bureau in the Louis XVI style. The bureau, having only been estimated at £2,000 – 3,000 was used by all three of the actresses playing the Queen (Claire Foy, Olivia Colman and Imelda Staunton). The lot was offered with set dressing, including framed
photographs and desk accessories. The piece was important to the history of the show, having served as a prop during the London stage production of ‘The Audience’ in 2013 – the inspiration
for The Crown series. The eventual online selling price was £46,080 (inc. BP).

On a different note, was lot 58 – two Beswick porcelain models of corgis. A common sight in Antique Centres across the UK, they had been chosen by the Set Decorating Department due to their similarity to pieces found in Windsor Castle. Offered together with an Edwardian silver photo frame containing a picture of a corgi – against a pre-sale estimate of £200 – 300 the charming lot sold for £3,328 (inc. BP).

The highest price paid during the Live Auction was for lot 102 – a 1987 Jaguar XJ-SC car – the vehicle had been used as a double for the late Princess Diana’s Jaguar, driven from 1987 – 1991.
The original, now part of the collection of Jaguar Heritage Trust, was adapted from a two-seater to allow Princes William and Harry to be passengers. Elizabeth Debicki as the Princess can be
seen driving it in the show. The car eventually achieved £70,250 (inc. BP).

The Crown auction highlighted the research and detail required when staging a production such as The Crown. This was evident during the online auction, where seven lots from The Crown’s reference library were on offer. Lot 498 included 90 volumes on the Royal Family – the books were no doubt invaluable to the team involved. The footnote detailed how the production used five full time researchers and other full-time staff to achieve historical accuracy – this lot sold for £2,816 (inc. premium).

This white glove sale of over 470 lots eventually realised over £1.6 million.

Old Master Sales December 2023

Posted on January 30, 2024August 9, 2024 by David Dallas

The December Old Master Sales were rather lacklustre with the three major London salerooms, Christie’s, Sotheby’s and Bonhams reporting combined totals for their five sales of £55.8M, just less than December 2022’s feeble total of £56.3M.

One can hardly blame consignors for not wishing to offer great paintings at auction in the current geo-political climate. These totals would have been nearly 40% lower but for an early Rembrandt of the Adoration of the Magi sold by Sotheby’s to the guarantor for £9.5M and two Canalettos (1697-1768) (not a pair, but part of a set of Venetian views), sold at Christie’s for £8.2M. They had never previously been published and were, therefore, ‘fresh’ to the market.

Interestingly, the Rembrandt at Sotheby’s, had been offered by Christie’s Amsterdam, two years ago, as ‘Circle of Rembrandt’, with an estimate of €10-15,000. It was knocked down to the Sotheby’s consignor for €860,000. So, somebody else had recognised its potential, too.

My favourite painting from all the sales was the most unusual ‘The Virgin in Prayer’, by the enigmatic Flemish artist, Michiel Sweerts (1618-1664).

This is a picture within a picture. Sweerts paints himself, peeping shyly round the edge of a framed picture of the Virgin in Prayer, which he has painted and, which he is showing to you, the onlooker, with a cloudy sky behind him. It is a touching picture, not only for the sacred nature of the central subject, but because here is the apprehensive artist, watching anxiously to gauge your response to his painting. It made a well-deserved £1.4M hammer price, 3 ½ times the lower estimate.

If the market is wary of exposing Old Master masterpieces at the current time, no such worries affected the group of beautiful Rembrandt etchings collected by the discerning Sam Josefowitz. There were some great rarities offered amongst the 70 lots offered in a dedicated catalogue and every print was in excellent condition. This was a collection for connoisseurs and museum curators. Every lot sold, mostly well above the top estimate and 51 world records were achieved for individual subjects. This catalogue and the 5 prints offered in their Old Master sale, grossed Christie’s £10.2M including buyer’s premium. The front cover lot of a Sea Shell, (Conus Marmoreus), which measures 97 x 132 mm and is an etching, engraving and drypoint on laid paper, made £730,800 with buyer’s premium. It is a natural object of profound beauty and simplicity. It was the top price of the sale and proves that whatever market conditions prevail, masterpieces will find their true level.

The Art Market 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Adoration of the Magi and Shepherds

Posted on December 20, 2023December 13, 2024 by David Dallas

“A cold coming, we had of it, just the worst time of year for a journey and such a long journey”, is how T.S. Eliot’s ‘Journey of the Magi’ begins. Semi-desert can be very cold on a clear night, and we know it was clear, because the wise men were following a star.

No-one knows when our saviour was born, but the early, persecuted Christians, probably celebrated Jesus’ birth on December 25th because the Romans were celebrating ‘Sol Invictus’, the birth of the unconquered sun, and Saturnalia when people feasted, exchanged gifts and did not have time to watch what the subversive Christians were up to.

In 336A.D., when Constantine, a Christian convert was Emperor, the church in Rome began to formally celebrate Christmas Day on December 25th.

As a child, I was fascinated by descriptions of the aftermath of his birth – the Adorations by Magi and Shepherds and started a collection of secondhand Christmas cards of these subjects. What particularly fascinated me was the contrast between the elaborately dressed Magi, a Magus is a wise man, with their extravagant and costly gifts adoring the Christ child and the simplicity and piety of the shepherds in their ragged clothes and offering a precious lamb as a gift.

Two of my favourite treatments of this subject are The Adoration of the Shepherds by Gerrit van Honthorst in The National Gallery and the Portinari Altarpiece in the Uffizi. Honthorst (1592-1656), was a Dutchman from Utrecht, who with two friends visited Rome in the early 17th Century and fell under the spell of Caravaggio and adopted his dramatic use of chiaroscuro (light and shade). He was known as Gherardo dalle Notti, Gerard of the Night, in Rome. This picture was painted there in 1610.

The Portinari Altarpiece was commissioned by Tomasso Portinari, a prominent banker, working for the Medici in Bruges, from the brilliant Flemish artist Hugo van der Goes (c.1430/40-1482) around 1472-5. The shepherds have coarse, sunburnt faces, rough hands and grimy fingernails, all of which is accentuated when one looks at the beautiful Virgin Mary, with her pale skin and delicate hands.

Contrast these depictions of simple, pious shepherds, with Benozzo Gozzoli’s (c.1421-1497) ‘Procession of the Magi’ in the Palazzo Medici Riccardi in Florence.

The richly caparisoned horses, the smartly attired attendants and the exotically dressed Magi exude a sense of wealth and power. Benozzo and at least one assistant completed this miraculous fresco over a few months in 1459.

These paintings remind me of happy Christmases past, and my scrapbook of Old Master adorations.