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

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

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

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

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

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

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

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

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

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

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

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

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

£5,000 to buy art – sounds wonderful, doesn’t it? It is certainly a decent chunk of change to play with – large enough to focus the mind and to open the possibility of buying something a little bit more special than a decorative wall filler. Conversely, the moment one starts looking at works in a slightly higher price bracket, and by artists who have more pedigree, suddenly £5,000 doesn’t seem that much at all! A strategy is, therefore, needed if the canny buyer is to maximise their buying power.

For me, if I had £5,000 to spend on one artwork, I would adopt a twofold approach – firstly I would look to buy as good a work on paper as I could find by an artist whose work I loved, but whose paintings are out of my reach. Secondly, in order to maximise my buying power, I would concentrate my search entirely on the auction market rather than buying from a retail gallery. Buying from auction can take a little more time, and it needs a little more research by the collector, but it often allows one to buy works considerably cheaper than retail level. As a famous supermarket says – every little helps!

The artist I would buy with my £5,000 is an artist who I think is significantly undervalued in the current market, both in terms of his talent as well as in comparison to the values many of his contemporaries achieve. Keith Vaughan is a relatively overlooked Modern British artist who was born in 1912 at Selsey Bill in Sussex. He was a self-taught artist with no formal instruction in art, yet he went onto forge a highly individualist and distinctive career which has until fairly recently has been overshadowed by the giants of his generation – Henry Moore, Barbara Hepworth, Terry Frost, Ivan Hitchens etc.

Vaughan started his career as a commercial artist when he was apprenticed at the Lintas advertising agency, from which he gained an understanding of composition and form – both essential skills in commercial art. From 1939, after he left Lintas, Vaughan became a full-time artist. With the outbreak of World War II, Vaughan declared himself a conscientious objector and joined the St John Ambulance; in 1941 he was conscripted into the Non-Combatant Corps.


During the war Vaughan formed friendships with the painters Graham Sutherland and John Minton, with whom after demobilisation in 1946 he shared premises. Through these contacts he formed part of the neo-romantic circle of the immediate post-war period. However, Vaughan rapidly developed an idiosyncratic style which moved him away from the Neo-Romantics. Concentrating on studies of male figures, his works became increasingly abstract.
Vaughan worked as an art teacher at the Camberwell College of Arts, the Central School of Art and later at the Slade School.

Throughout his life, Vaughan’s struggled with his own internal demons. Keith Vaughan was a gay man living in a time when homosexuality was illegal and actively frowned upon by Society. His struggle with his sexuality is reflected throughout his work and in his source of subject matter. Studies of figures and male nudes feature heavily in his work, although they are simplified and abstracted showing the influence of both international Modernism, Cubism his love of ballet and dance. Vaughan suffered from habitual depression and alcoholism, which eventually resulted in his suicide in 1977.

One might be forgiven for thinking that in light of all this Vaughan’s work would be negative and dour, however, this is wrong. As is often the case, personal struggles can produce works of great sensitivity and subtly. Vaughan’s work has a graphic quality that is softened by the use of a very sophisticated colour palette. They are very beautiful, elegant images.

The commercial art market has begun to reflect the increasing interest in, and appreciation of Vaughan’s work, with good examples now regularly achieving six figure sums at the auction. His works are also appearing more frequently at high end art fairs, where wall space has a commercial value, and a dealer’s decision to show a Vaughan instead of another artist is a calculated strategy, and one that reflects growing demand.

And yet, even with this increased visibility Keith Vaughan’s work is still undervalued in relation to many of his contemporaries, and it represents significant investment potential. His drawings in particular are surprisingly accessible financially and it is entirely possible to buy lovely pencil or pen and ink studies for a thousand or two, sometimes less; and more important, finished watercolours and gouaches can be bought within our £5,000 budget at auction.

How long this relative accessibility will last, I cannot say, but in my opinion now is definitely the time to buy Keith Vaughan’s work if like it and respond to it. Clearly, as always, liking an artist’s work is the primary reason for buying it, but it’s always nice to have a healthy upside too.