Tag Archives: contemporary art

L.S. Lowry – Going to the match

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Lowry’s painting, ‘Going to the Match’ from 1953 depicts a bustling throng of football fans gathered at the former home of Bolton Wanderers. It won Lowry first prize in a 1953 exhibition, which was sponsored by The Football Association.

Jonathan Horwich with L.S Lowry's 'Going to the match'.

Jonathan Horwich with L.S Lowry’s ‘Going to the match’.

The painting, last came up for auction in December 1999, just days away from the new millennium and the dawn of the new technology that has changed all our lives and turbo charged the Art and Auction world.

The estimate back then was £700-900,000 which was itself a world record estimate and the final price of £1.9 million was also a new record which stood for almost 10 years! ‘Going to the Match’ was bought by Graham Taylor, bidding via phone, on behalf of the Professional Footballers Association, (PFA) the footballer’s Trade Union.

From the auction it went on long term loan to the Lowry in Salford, where until April this year it was on permanent display to the public.

Last night in London, 22 years on, it was back on the auction block, again with a world record estimate of £5-8 million and after a fierce auction battle it deservedly made a new world auction record price of £7.8, far exceeding the previous record for a Lowry of £5.6 million set in 2011.

The PFA recently transferred ownership of the picture to their charitable arm, the Players Foundation so that now all the sale proceeds
will go towards helping those in need. Even better, thanks to the generosity of the Law Family charitable trust run by Andrew and Zoe Law, the Lowry Gallery in Salford were able to bid successfully at the auction and so now they will soon have their visitor’s favourite Lowry picture back again on the wall in Salford Quays so we can all enjoy it now and into the future.

The one that got away…

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

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

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

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

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

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

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

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

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

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

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

The one that got away…

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Hindsight is a wonderful thing.

Back in 2005, I was newly married, London based and high on life. Money was tight, but we were cool. I’ve always loved poster art. Remember Athena? Later New York subway graffiti album cover art and band posters. Maybe because that’s all I could afford. At that time we read alternative magazines, went to all manner of clubs, listened to house music and drank Smirnoff ice.

However, the Country was also at war. Mobile phone and personal computers were becoming commonplace, and the traditional methods of communication and control were on the wane. There felt a real burgeoning of youthful expression against the ‘accepted norm’. Artists such as Faile, Eulus and Banksy, to name but a few, were hosting the odd show and having read an article on Banksy, an early Internet search took me to the now notorious and now defunct ‘Pictures on Walls’.

On their website was Banksy’s CND Soldiers and Jack and Jill. Signed copies were £156.50. I forget how much the unsigned copies were.

So, for my birthday we went all in and bought a signed Banksy CND soldiers. Limited Edition of 350. Arrived rolled up in a tube! It shows two soldiers in full combat gear surreptitiously painting a red CND sign on a wall. I loved it. It said everything about my views on the current war, the bold colours, glorious details and it was subversive in a very nice way!

We had it framed and it hung in our house, carefully shaded from sunlight for 10 years.

By 2016, I was a single mum of two boisterous boys whose parkour moves were practised upon all pieces of furniture and under the gaze of the, often wonky, CND soldiers. I had followed in the rise of Banksy and one day realised I really should insure it. An art broker friend suggested to have it insured for between £7,000 and £10,000. I was stunned. I simply did not have the money to insure the picture, coupled with the fact I needed a new kitchen.

So, with the help of my broker, a nice Belgian gentleman offered an astounding £14,000 (inc fees) and also offered to pay for packing and transport. I did offer it to the Andipa gallery in Knightsbridge, but they felt £7,000 was the most they would go to.

So, off my Banksy went to Belgium, as part of a pension pot, and I built a lovely kitchen. However, within a couple of years the same picture went for £32,000 at auction and now commands in the region of £50,000.

Yes, I am gutted I sold the picture, as it would be in my pension pot now. However, that piece of art gave a single mum the chance to have a new heart to her home. To feel good about having people over and to look to the future. The one that got away, yes, but left great memories, and sometimes that might be more worthwhile.

Helen Bradley (1900-1979)

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

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

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

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

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

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

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

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

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

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

Marilyn Monroe – Shot Sage Blue Marilyn

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She was THE film star of her day, and at the auction on 9th May 2022 at Christie’s New York, she proved that her star power was as strong as ever!

In under four minutes of bidding, Andy Warhol’s 1964 painting of Marilyn Monroe, Shot Sage Blue Marilyn, sold for $195,000,000 to an unknown buyer, making it the highest price achieved for any American work of art at auction – comfortably beating the world record of $110,500,000 that Basquiat’s Untitled, 1982 made at a Sotheby’s auction in New York in 2017.

Described as ‘the most significant 20th-century painting to come to auction in a generation’, Shot Sage Blue Marilyn is one of only 5 works Warhol produced in this series – each in different colour variations.

The paintings were stored at The Factory, his studio on East 47th Street, Manhattan. It was here that the artist, Dorothy Podber, stopped by and asked Warhol if she could “shoot” them. Presuming she meant with a camera, he said yes, but instead she pulled out a revolver and shot all but the turquoise print in the forehead! Warhol had the four paintings restored and they became known as the “Shot Marilyns.”

The work was the undoubted and much-anticipated star lot of the Christie’s Monday sale, which itself kicked off New York’s spring season of mega auctions. As such, it was always going to attract huge interest, eventually selling to Larry Gagosian for an undisclosed client.

The sale itself was made up of 36 lots consigned from the estate of the legendary Swiss dealers Thomas and Doris Ammann, with all of the proceeds going toward their foundation, which supports health care and educational programs for children. Interestingly and very old school in approach, none of the works were backed by financial guarantees, which is a system whereby the auction houses provide sellers with a minimum price at which a third party or the auction house has committed to purchase the work even if it fails to sell on the day.

Perhaps a risky approach one might think, however, after 2 years of pent-up demand from collectors, and with huge amounts of money sloshing around, and with such star works on offer, it was a risk well worth taking, with the overall sale achieving $318,000,000 for the Ammann charitable foundation. Lucky them!

It all goes to show that quality will always win out, and the best works will always achieve the strongest prices. That said, having Marilyn on your side can’t hurt either!

Bridget Riley, Turning 91

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‘Nature is the origin and feeds what I make’

As Bridget Riley turns 91 we look back at the work of a truly groundbreaking artist whose life and work is influenced by nature in all its forms.

‘I am a painter and that’s what I do’ said Bridget Riley in a recent BBC interview and looking back to the 60s you see just how fresh and new her work still is and as the years have gone on it only looks better, fresher and more new. Bridget Riley has spent 60 years pushing the boundaries of what is possible in art and continues to do so. Cornwall has been a major influence on Bridget Riley’s work almost from birth. Her great grandfather had built a Cornish family home on the coast in the 19th Century and at the outbreak of the War in 1939, Bridget along with her sister, mother and aunt decamped to Cornwall where they remained for the duration. Her father was away fighting and early on in the war was declared ‘missing’ which remained the case until happily at the cessation of hostilities the family was reunited. So in these formative years her influences were all female as they shared a small four room Cornish cottage. Bridget didn’t go to school for the five years the family was in Cornwall which she described as ‘heavenly, there was no transport and nowhere to go and no particular reason to go anywhere ‘ She was able to absorb the world around her watching the way waves move the unique shapes they make, there was just nothing else to do but to look and appreciate the world around her in this extraordinarily beautiful coastal landscape. There was a war on so there was no petrol for private cars and no public transport so you had to walk everywhere. Bridget’s fate as an artist was probably sealed during this time as both her mother and aunt had studied Art at Goldsmiths College so probably the foundations of her artistic future where laid and set during these heavenly five years. The shapes the sea makes as it rolls in and out on the tides were endlessly fascinating to Bridget. As she says herself ‘they will never be the same again each and every time they’re different, every single wave every single ripple, every single breaking of a wave on a shore or rock all are unique and have never happened before and will never happen again.

After the war Bridget began her studies in London and was classically trained at Goldsmiths College then followed by the Royal College of Art for some more classical training, all focusing on painting, drawing and sculpture. Her class mates included Peter Blake, Frank Auerbach and John Bratby. Her student work while at the Royal College is very much what was expected of you in the 1950s, sombre and faintly French narrative paintings nothing at all like you associate with Bridget’s work now. Bridget left the RCA in 1955 and intent on being a painter she set out to find her style, she found the work of Georges Seurat resonated and strongly influenced her then and for the rest of her life. She saw in his work something similar to what she was looking for, something new and different. For a while during 1959, she experimented by both adopting his style and by faithfully copying one of his pictures called

Bridget Riley's Seurat style original work from 1960

Bridget Riley's 1959 copy after George Seurat's work titled Le Pont de Courbevoie

‘The Bridge at Cordova’ a work dating from 1887. Her progress towards what we see as her familiar work today moved more rapidly as the 60s dawned, when everything that was needed to change social barriers and norms fell away and everyone was open to new ideas and looking for ways to progress fashion and trends further and faster than ever before. Bridget viewed the Art world as pretty stagnant in the 1950s, indeed she had a particular phrase she used to describe it ‘ Infectious apathy and vicious insularity’.

At this time the Whitechapel Gallery in London was at the epicentre of what was new and happening in Art, its director Brian Robertson was bringing over the work of the American Abstract Expressionists such as Mark Rothko and Jackson Pollock which encouraged the young British artists of Bridget’s generation to claim this space to showcase their work with confidence that it was all new and fresh and of its time.

Bridget Riley was inspired to create work that looked like nothing anyone had ever seen before, she not only broke the mould she literally blew it up! ‘The Kiss’ appears as one of her earliest groundbreaking images in 1961, in her first show in London when she really hit her stride and she had finally broken away from all the 19th Century conventions she had been taught about constructing a work of art.

 

We use ‘Abstract’ to describe Bridget’s work, but for me and many others including Bridget it’s not the right or appropriate word, it’s something else that draws from nature and shows nature. In these early years all of her work is black and white, what changes are the shapes, forms and movement variations. By 1962 discs appears with the movement expressed by the fading of the discs from left to right strong towards the centre and then fading out towards the sides this picture marks the beginning of experimentation between what the artist sees and what the viewer experiences, experimenting all the time with what it feels like to look at a work.

At the same time, the early 60’s witnessed the arrival of the Op Art, Psychedelic Movement with the appearance of mind bending art experiences teamed up with light and mechanical ways of making patterns to create optical illusions for an audience hungry for Psychedelic experiences.

It was a blockbuster exhibition of mixed International Contemporary Artists at the Museum of Modern Art in New York in 1965 that sealed Bridget’s reputation as a major international artist. The exhibition took NY by storm, welcome as this was Bridget was totally taken by surprise and made uncomfortable by seeing how fast her art flowed out from MOMA onto the streets of NY. Within days of the opening her images had been siphoned off onto dresses, skirts T-shirts and fabrics of all sorts which defined the era for the rest of the 60’s.

However in commercial terms it was all out of her hands, imagine creating a series of paintings for a major exhibition and in the next morning it’s key elements are all in stock in Bloomingdale’s, all without your permission or involvement.

Colour appears in 1967 when along with the sculptor Philip King Bridget is selected to represent Britain at the Venice Biennial, where she becomes the first Briton and the first woman to win the International prize for painting.

Bridget’s work has continued to evolve and change over the intervening sixty years, in 2015 she returned to Black and White, Discs re-appear in her Annenberg Court painting for the National Gallery and now her work brightens up the long corridor walls of major hospitals in London and Liverpool. A trip to Egypt in the late 70’s brought a new series of works limited to the Egyptian palette of five colours only and the market for her work, once focussed only on the 1960’s has now broadened out to include all and everything and we all at Doerr Dallas wish Bridget a very happy 91st birthday on April 24th.

London Art Business Conference Report

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Jonathan Horwich at the London Art Business Conference

Jonathan Horwich, Modern & Contemporary specialist reports on the London Art Business Conference, 25 March 2002.

The scene was set as I entered the Gothic gateway into Deans Yard, behind me was Westminster Abbey and opening out in front of me was Westminster School to my left and in the air Westminster Abbey choir practising for the Duke of Edinburgh’s Memorial service for the following week. It felt and sounded a bit like a scene from a Harry Potter film as I walked up to the Church House were, after two years, finally we’re all back together again enjoying some proper face to face communication, which is so important in the Art world.

On arrival I bumped into Melanie Gerlis, the conference chair who is a powerhouse presenter and well able to hold the attention of a room full of noisy Art professionals. Melanie gave the opening address which was followed by a panel discussion on Sustainability and the Art World. The panel included Chris Bentley from AXA, speaking about sustainably insuring art in transit; Tom Woolston from Christie’s spoke about his firm’s 10 years to net zero programme. Imogen Prus from shippers Convelio spoke about new materials and methods of shipping and their plans to reduce the use of air transport. Lastly Cliodhna Murphy the Director of sustainability at International Contemporary Art dealers.

Hauser and Wirth spoke about their plans to reduce the galleries carbon footprint.

Louisa Buck from the Art Newspaper was moderating the discussions which focussed on reducing air travel which is the most significant and heavy polluter. The aim is to try and reduce movement of art by air, the majority of which is for auctions and travelling exhibitions, while at the same time not depressing the market. It’s a hard trick to pull off, there were discussions about moving art by sea container which comes with its own difficulties. The captain of the ship has the right to move or worse remove any container on board even if it is full of valuable pictures. However, I think we can look forward confidently to significant changes in sustainability for shipping in the art world going forward.

This was followed by an inspiring all-female discussion panel outlining just how extraordinarily quickly the African Contemporary Art market has moved up in value in very recent years, up 44% since 2020! particularly at Sotheby’s who only began selling in this category in 2016 following the arrival of the extraordinarily hard working and dedicated specialist, Hannah O’Leary. Not only is she running Sotheby’s very successful auctions in this category but she is also traveling the world, leading fundraising initiatives across Africa & Europe to enable artists to have access to safe living and studio accommodation, so they can just focus on making art.

Our next panel was also an all-female panel discussion on ‘women innovating in art’ with new tech. and finance. Stacie McCormack talked about her App, FairartFair, which enables you to buy art direct online via virtual exhibitions and studios tours all at very reasonable prices with no commission, it’s an amazing App. which is continuously evolving.

Anna Lowe of Smartify was a very inspiring speaker, she set up the app Smartify from scratch, the app allows you to take a photograph of any work of art in any museum and it will instantly identify the piece and give you the artists name and work details whatever and wherever it is in the world you’re looking at… the app was developed hand in hand with all the museums cooperation so they have embraced the idea and are moving away from earphone headset guides that you have to hand in at the end of your tour.

Smartify enables you to know what you are looking at and retains the art you saw on every trip so when you get home you can share the images and details in all the usual ways from any trip. The museum can use the App to see how popular their museum is in real time and also which are their exhibits are the most popular. I spoke to Anna later and she told me she is looking for new investment for the expansion of Smartify.

Rebecca Fine told us about her business, Athena Finance, they loan against owned art in order to allow owners to have liquidity on demand.

The final panel discussion on NFT’s was another fascinating session, with a strong cross-section of panel members including Xin Li-Cohen (founder of TR Lab, an NFT portal)

Alex Estorick (founder, right-click-save) who for some inexplicable reason had shaved his head and was wearing a bright green freebee tennis sweat band) Joe Kennedy (Unit London) and Brendan Dawes (NFT artist).

Alex’s presentation was an extraordinary tour de force, his app ‘right click save’ really led us through the pluses and minuses of NFT’s and his depth of knowledge and grasp of the details was quite extraordinary.

Joe Kennedy of unit London similarly is involved in NFT’s and was a contrast to Alex in his description and very engaging. Brendan Dawes the NFT artist was a revelation, he told us that as an artist, NFT’s have absolutely transformed his life, he was no longer thinking how to pay his bills, he was now very comfortably off, making art and engaging with his collectors, often one-to-one through the website ‘discord’ that enables collectors to communicate directly with Brendan and other NFT artist. He did say that it sometimes can be quite exhausting but stimulating, after an hour with 1000 voices asking you questions you really need a lie down!

Xin Li-Cohen (TR Lab) was personally involved in advising Chinese clients on the record breaking $69 million sale of Beeple’s NFT ‘5,000 days’ sold at Christie’s New York in 2021. She founded TR lab after the auction to sell NFT’s. Brendan Dawes is one of TR Lab’s top artists.

The NFT and Contemporary African art panels were highlights for me, however the whole event was wonderfully run and gave out very positive vibes confirming that the Art World is busy getting back to normal…

What is an NFT?

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Will they stand the test of time? Non-fungible tokens explained.

Non-fungible tokens (NFTs) seem to have come out of nowhere, however the technology has been around since at least 2014 if not before. The catalyst seems to have been Lockdown, if you can’t go to the saleroom then let the saleroom come to you, albeit virtually. Auctioneers, Galleries and Artists transformed their web presence almost overnight in order to offer NFTs that take the form of art and music and everything in between and are selling like hotcakes, some for a few £ and others for millions and millions of £, sometimes it feels like ‘Tulip Fever’ has re-visited us from the 17th-century…

What is an NFT?
An NFT is a digital asset recorded on the ‘Blockchain’ that represents actual objects such as art, music, in-game items and videos. An NFT is created, or “minted” from digital objects that represent both tangible and intangible items. They are bought and sold online, mainly using cryptocurrencies and are generally encoded with the same or similar software to that used by many crypto currencies. I think it’s best to assume that to be involved with buying NFTs you will have to embrace crypto currencies, the most common one used in NFTs is Ethereum. The value of Crypto currencies changes minute to minute day to day, before Christmas one Etheruem was worth around £3,000 to 1 Ethereum today its down to nearer to £2,200 to E1. Ethereum’s value is not only affected by the usual world events and demand but also by the sale of significant numbers of NFTs. Just like the Stock market, a collector offloading significant numbers of NFT’s creates downward price pressure on both crypto currency and the value of NFTs.

New NFTs are announced as ‘Drops’ and are either unique one off pieces or part of a limited edition exactly like limited edition prints, which interestingly were all the rage exactly 100 years ago back in 1922!
NFT ‘editions’ can be one off unique works or one from of a very limited run, large or small and each will have a unique identifying codes or features. Similar to Banksy print editions that are produced in total numbers of either 150 or 500, each print is individually numbered and carries formal certification and the ownerships changes are recorded, the smaller edition of 150 is also signed, typically numbered by hand in pencil, 7/150 the larger 150/500 etc.

What does fungible mean?
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. For example I give you a fiver you give me one back and we are quits, i.e. they are fungible and equal in value – one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the Blockchain.

What is Blockchain?
NFTs exist on a blockchain, which is a public ledger that records transactions and ownership. If you are already familiar with Crypto currency then blockchain is the same underlying process that makes cryptocurrencies possible.

Specifically, NFTs are typically held on the Ethereum blockchain, although there are other blockchains that support them as well.

Each individual unique NFT is different. Each one has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
NFTs can have only ever have one owner at a time their unique data verifies their ownership and transfers ownership to new owners and artists can sign their artwork by including their signature in an NFT’s metadata.

Are NFTs here to stay?
I think yes, and they offer new opportunities and life enhancements. For example artists can now cut out the gallery and sell direct to the public and also engage with them face to face and online. Owners form communities who join together to discuss the artists they collect and follow. The discussions are not just about money, the NFT is very inclusive and no longer the exclusive domain of the mega wealthy collector and in buying NFT’s you support artists and get the inside track on the latest news and drops.
Also its all virtual you don’t have to worry about where to hang your piece, it lives in the secure ‘wallet’ on your phone and you can look at it anytime you like.

Who are the big names in NFT’s and why do collectors spend such huge sums of money on them?
The most famous and valuable digital artist is Mike Winklemann, better known as “Beeple” he made a composite of 5,000 daily drawings he made over five years to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christies New York in March 2021 for £69 million. However you don’t have to own the Beeple NFT to see it, anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Owning the NFT allows the buyer to own the original item. Blockchain offers authentication and provenance which offers proof of ownership.
Artists can also program in future royalties so they can receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature for artists as generally they don’t always receive future proceeds after their art is first sold.

How do I Buy NFTs
First, you’ll need to get a digital wallet that allows you to store your new NFTs and cryptocurrencies. You’ll need to purchase some cryptocurrency like Ethereum, which you can buy using a credit card on platforms such as Coinbase, Kraken, eToro and PayPal. There will be fees so watch out for these, most exchanges charge a percentage of your transaction when you buy crypto.
Once you’ve got your wallet set up and funded, you are good to go. Currently, the largest NFT marketplaces are:

  •  OpenSea.io
  •  Rarible
  •  Foundation

These platforms are host to thousands of NFT creators and collectors, equally you can also go to auction as all the main International auction houses now have fully staffed departments dealing only with NFT’s with private and regular auctions and ‘Drops’. Also the bigger galleries such as Pace now have a separate NFT department.

Should I buy NFTs?
NFTs are risky because there is no discernible secondary market as yet and so there are no comparable secondary sale prices that you might be looking at if collecting mainstream art. It’s all just so new, so maybe it’s worth just dipping your toe in the water and go for individual artists selling direct like ‘Waxbones’ via the site knownorigin.io. I was very impressed when I heard him on Radio 4 recently, as he says himself ‘I design information and wayfinding for cities by day and expel my creative juices under the alias ‘Waxbones’. by night.. his prices start at around £300 for his limited editions.

Buying NFTs must be a personal decision and only if you have money to spare and remember that the value is based entirely on what someone else is willing to pay for it. An NFT when it comes to resale may go for less than you paid for it, or you might not be able to sell it at all if nobody wants it.

I heard a collector speaking on the radio recently, he owns 15 NFT’s which he has bought as part of his broader investment portfolio, he has valued them all at £O! This way as he says ‘the only way is up’!

There lots to study and see out there on NFTs so take a good look around and enjoy!



Love is in the

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Nothing says I Love You more on Valentine’s Day than a big red heart – so if you’re the romantic type with deep pockets and a love of Urban art, why don’t you pop down to Sotheby’s on 2nd March and buy a belated Valentine’s gift for your better half?

Robbie Williams, the former Take That singer and one of the UK’s most successful pop star of the past 30 years, has decided to sell three major works by Banksy from his personal collection at Sotheby’s London contemporary sale. No doubt hoping to capitalise on the strong prices original works by Banksy have achieved in the last couple of years, Williams is offering a strong selection of iconic works for sale.

‘These works unite the cultural legacies of two of Britain’s biggest stars: Robbie Williams and Banksy,’ said Hugo Cobb of Sotheby’s. ‘Like their creator and like their owner, they are acerbic, iconic, irreverent and unique.’

The earliest work of the group is a 2002 unique version of Banksy’s famous Girl with Balloon, painted on a metal sheeting. This work is earlier than the infamous 2006 version which was shredded live during a Sotheby’s auction in 2018, and which subsequently sold again last year at Sotheby’s under the new titled of Love is in the Bin, making £18,500,000 – a world record for the artist. The Williams version might not have the notoriety of the shredded work, but its strong rock ‘n roll provenance, and the fact that it is the only version painted on metal to come to auction, will no doubt ensure a strong result. The work is estimated at £2m-3m.

Also up for sale is a 2005 version of Kissing Coppers, which depicts two male British police officers in a passionate embrace.

This image first appeared on the outside wall of the Prince Albert pub in Brighton in 2004 and was a very public demonstration for Banksy’s support for acceptance of homosexuality. The original mural was removed in 2014 after being repeatedly vandalised, but you can buy the Williams version at Sotheby’s, which is estimated at £2.5m-3.5m.

The third and final work being offered is a strong example of Banksy’s Vandalised Oil series, in which Banksy has superimposed a stencil of two military helicopters flying over and disrupting a serene pastoral landscape. It is part of a series of works the artist made in which he superimposes graffiti and stencilled images on top of traditional paintings. Flying Chopper, carries a pre-sale estimate of £2.5m-3.5m, but it will no doubt attract strong interest from buyers.

The three works were available for viewing at Sotheby’s New York between January 22nd-27th, Hong Kong between February 8th-9th, and are now heading back to London for the final public viewing from February 22nd before being sold on 2nd March.

Of course, if your Valentine’s Day budget is a little too modest to allow you to buy the famous big red heart for your loved one, I’m sure a box of chocolates will do just fine!

 

Macklowe Collection

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

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

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

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

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

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

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

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

Here are some of my highlights: