Tag Archives: valuations

dealing with art and chattels on divorce

A fine art: dealing with art and chattels on divorce

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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

Silver's time to shine

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

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

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

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

I kilo silver bar.

I kilo silver bar.

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

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

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

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

How does this affect silver?

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

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

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

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

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

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

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

Under Pressure – The Exponential Growth of Underinsurance

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The Exponential Growth of Underinsurance

As 2023 drew to a close, I look back on the year and reflect on the subjects I have found myself discussing most and even on the morning of the 27th of December at 9am I received a call from a long term client of ours whom is not only well respected, but incredibly astute, and this case highlights without a shred of doubt, the biggest problem in our collective industry currently.

A client of theirs is looking to insure a collection of jewellery with insurance values ranging from £1,000 – £20,000 – individually not huge sums, but collectively a significant amount. The figures have been gathered through somewhat standard avenues of what was paid for the item and “what we think it is worth/or worth to us”.

In my estimation, the collection is probably underinsured by a figure close to 50%, and on some individual items, close to 75%. We are now working out when we can get to the client as soon as possible in the New Year.

Whilst it may have been considered the ‘elephant in the room’ for many years, brokers and insurers are now discussing the problems that underinsurance can cause. We all know that the implications of underinsurance can be catastrophic, but how do we pass that knowledge on to clients and give them the knowledge that they need to make an informed decision about their cover, and having a professional valuation?

A recent example occurred during the summer, of which I was part of the team assessing a large estate that had been inherited from parents of a well known farming family. The figures provided were done so in the mid 1990s, and index linked from that date, with a figure of around £250,000 for the entire contents of the property.

Following the valuation, the figures were certainly surprising to the client, and the broker.

  • A general contents figure of £200,000
  • An antiques and collectibles figure of £210,000
  • A silver figure of £101,000
  • An art figure of £210,000

What astounded me is that despite being a heritage property, the insured still had all the contents in one general contents pot, with no specific categories indicated on their policy. Following the valuation, the client and broker now have a far better image of what they are insuring with correct figures for different areas, representing far better value for the client and a far better risk evaluation for the broker and insurer.

A recent survey completed by one of the biggest insurers of hight net worth clients in the United Kingdom has revealed that 67% of their clients need more guidance and assistance with their collections. This offers great potential for brokers to have the conversation with their clients about how they can help and offer an ever greater service.

What is clear is that the market is changing, with people’s tastes moving from more traditional avenues of collections and investment. The same survey indicated that 44% of high net worth clients invested in jewellery, and the same percentage in watches, which have both seen exponential growth in the last decade.

The great opportunity that a valuation always offers for the client is not only knowing the value of specific items within their collections, but also the figures of the collection total in addition to the individual items mentioned previously, so one can gather a ‘snapshot’ of the property.

So, should the subject of under insurance still be swept under the rug? Well, if its increased in value by 60% in the last five years, probably not.

Investment Handbags

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The handbag industry has grown by over 65% in the last few years and is showing no signs of slowing down. Demand for handbags on the resale market has never been higher, and this once small industry is booming. In fact, investing in a handbag is a smart way to spend your money.

The industry

Luxury is synonymous with quality and quality promises longevity. Many of the popular handbag brands such as Hermès, are hand stitched by specially trained artisans, and made from the world’s most luxurious and fine materials. They are built to last and that’s part of the reason they remain staples forever. The same can be said for many of the other luxury brands such as Chanel and Louis Vuitton.

Over the last few years there has been a substantial rise in demand for preowned designer handbags, with brands such as Hermès, Chanel and Louis Vuitton making excellent prices on the resale market. Consumers are willing to pay a premium for a second-hand handbag, and this is one of the reasons why they are becoming such a great investment. In fact, some brands can achieve more at auction than what they are currently retailing for, and those retail prices are increasing year-on-year.

See below Hermès Birkin selling at auction for £15,300.

Why the rise in popularity?

The main reason this industry has soared is because the consumer has gained trust and confidence in buying preloved designer handbags. There are simply more experts and places to buy than ever before. If we look back 10 years, a Hermès handbag going through auction, would have been a single lot at the end of a jewellery sale, it was unusual to see a handbag at auction and they certainly did not warrant their own specialist sale. Now, most auction houses hold their own designer sales with teams of experts in the field.

See below increase in a Kelly handbag in 2007 selling for £400 and in 2023 selling for £7,650.

See below Louis Vuitton and Chanel classic from a sale in Christies 2006 as a group lot and selling for only £480. Now you could expect the LV to make that on its own.

As well as auction there has also been in an increase in online shops and boutiques. There are also handbag spas who specialise in the restoration of luxury handbags, so even one in used condition can be brought back to life.

The preloved industry has seen an increase in popularity over the last few years. One of the reasons for this increase is a desire for people to reduce their carbon footprint, as well as having a more active role in the circular economy. Buying second hand increases the life of a handbag and this keeps fashion out of landfills.

There is also so much more choice for the consumer on the resale market. This is because every season, fashion houses unveil new collections, and stop producing the older models. Anytime you shop directly from a brand, there are a finite number of pieces available for purchase. When buying resale, the consumer can choose from a wide selection of designs and vintage styles. This means access to limited-edition runs, discontinued colours and rare pieces that are no longer available from the labels themselves.

Hermès

As one of the most desired handbag brands in the world, the Hermès Kelly and Birkin make a great investment and are highly collectable. Due to the slow and precise crafting of the bags along with materials and leathers that are difficult to source, only a handful of bags are made by Hermès each year. This limits the ability to purchase new bags directly, hence the extremely lengthy waiting list, if you can even get on one to begin with. These are all factors that make the resale market such a popular place to purchase a Hermès bag; you get an amazing amount of choice and no waiting, and consumers are willing to pay a premium for this.

Look below at the examples of the same bag sold in 2005 £5,760 and 2022 for £11,000.

Kelly and Birkin handbag

Hermès, like many other brands, increase their retail prices at least once a year and when we look at this over their lifespan, we can start to see why they make such good investments. In the 1950’s a standard Kelly bag could have been purchased for $900, by the 60’s the same bag cost $1,300, the 70’s $2,400, the 80’s $4,000, the 90’s $5,100 and at the turn of the century it cost $7,400. Today, that exact bag has increased in value to $10,000 – $15,000. The same increase is seen with Birkin bags with a standard Birkin setting customers back $2,000 in 1980, $2,750 in 1990, $4,000 at the turn of the century, and today they sell for up to $20,000!

On the open market The Kelly and Birkin handbags will often sell for more than their recommended retail price (RRP) and as RRP’s increase, so will the resale price.

Below is a table showing the increases in the Kelly bag.

Below is the table showing the increase in a Birkin bag.

Special Order

Hermès produce a few custom designs each year, also known as Special Order or HSS and are identified by their Horseshoe Stamp. They are only offered to a select number of collectors, and the waiting time can be years before you are invited to purchase one, that is if you are lucky enough to get on the list. They are typically, in the Birkin, Kelly or Constance style and are one off mixes of fabrics, colours, and often bi-colour or tricolour with special hardware. These exclusive designs make a fantastic investment and are very popular on the second-hand market due to their uniqueness.

See below example of a special order.

Exotic skins

Hermès bags made from exotic skins are often in demand the most, with these typically increasing in value at a faster rate than standard skins. Exotic skins include lizard, ostrich, crocodile and alligator.

One of the most exclusive and expensive handbags in the world is the 30cm Himalaya Birkin, made from niloticus crocodile hide and has a subtle gradation in colour from white to grey, said to resemble the snow-capped Himalayas. Seen in the Birkin and Kelly style, the hardware is white gold and pave set with diamonds. These bags are the epitome of luxury and in 2021, one achieved over £400,000 at auction.

A very important thing to remember when purchasing a Hermès exotic skin handbag is to always buy one with its original CITES (Convention on International Trade in Endangered Species) certificate, this is the passport for the skin.

Colours

Hermès are known for their vibrant and unique colour combinations, however they also have an expert eye for neutral colours and offer a wide spectrum of neutral shades. These are very popular when it comes to the secondary market because they are so versatile when worn and remain timeless, however they also offer some fabulous brightly coloured versions, which are also very popular.

See below price example of Hermès handbag at auction.

Chanel

The demand for Chanel handbags and the lack of supply in most boutiques has led to the resale market rising at the same rate as retail prices.

Chanel increased their prices again in March this year (2023) with the ever-popular Chanel Classic Flap Bag increasing by 16%, making its new retail price more than £8,500, up from £7,250 earlier this year. Some other models increased by 14% and increases are expected to continue throughout the year.

The price of a Chanel handbag has steadily gained momentum since 2008 with prices accelerating faster over the last 5 years. Global demand for Chanel is high and despite their steady increase in prices, demand hasn’t fallen as evidenced by the strong resale market.

Let’s look back, in 1955 the Chanel 2.55 first sold for around £150 and currently retails for £8,530.

See below example of the 2.55.

The Chanel Classic Flap was first released in 1983 and sold for about £600 and now retails for £8,500.

A medium Chanel Boy Bag has increased from £3,600 in 2018 to £5,580 today and similarly the Wallet on Chain from £1,600 in 2018 to £3,210 today (2023).

See below example of the Chanel Boy Bag.

Chanel retail locations are still supply constrained and the classic bags are regularly sold out, this only fuels the demand on the resale market.

Resale prices for Chanel are also at record levels and pristine bags are in high demand. Collectors are looking for rare bags from previous seasons and sold-out new styles like the 2022 CC “In Love” Chanel Heart Bag.

Below is an example of a Chanel Classic exceeding its sale estimate.

Here is an example of a Chanel handbag selling at auction in 2003 for only $200.

Louis Vuitton

Louis Vuitton also can make a great investment!

Their classic designs are timeless, for example the Louis Vuitton Speedy, first released in the 1930’s, is a great handbag that can be purchased for under £1,000 on the resale market.

Other classic models that are very popular include the Alma, Keepall and Pochette.

See below examples of an LV going through auction.

See below Limited-Edition Louis Vuitton Speedy selling for $2,500 at auction.

See below Limited-Edition selling at auction.

The very best investment pieces by LV are the Limited-Edition versions.

While Marc Jacobs was creative director for LV he partnered with Stephen Sprouse, Takashi Murakami and Yoyoi Kusama to create Limited-Edition bags that remain highly sought-after in the secondary market (see three examples below).

Conclusion

With styles of Hermès making six figure sums, and auctions selling handbags totalling over £1.34 million in a single sale, now is a great time to review your handbag’s value, you’ll be pleasantly surprised.

All Part of the Service!

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Thomas Gainsborough, R.A. (British, 1727-1788)

 

A Day in the Life of David Dallas, Old Master Specialist

Last spring, I went to value a collection of pictures, in which there was reputedly an early portrait by Gainsborough painted in Suffolk in the 1750s.
The client believed the work to be by Gainsborough as it was a family descendant and heirloom, however they had no provenance for the work to authenticate it and had been asked by their insurer for a valuation.

Was the work worth £800 or £80,000 was the question?

So, it was arranged for me to visit the client at his home to view the works. When I saw the painting, I immediately recognised it to be by Gainsborough, it was not only by him but also in a perfect state of preservation in its original carved and giltwood frame.

Thomas Gainsborough, R.A. (British, 1727-1788)
Portrait of Mr Pattison, bust length wearing a brown coat and white stock

Happily, I know the current Gainsborough experts, Hugh Belsey and Sue Sloman, and arranged with the clients approval to tell Hugh of its whereabouts in time for him to photograph it and include it in his Catalogue Raisonne of the artists’ portraits.

Our client was delighted as this will enable future generations of his family to be able to confirm with authority that the work is in fact a work by Gainsborough and in the Catalogue Raisoone. This firmly establishes the painting in the current most authoritative work on the artist, adding lustre to its reputation, as an authentic Gainsborough and, therefore, enhancing its value.
This is all part of our service and at no added cost to the client.

Our team of renowned and internationally recognised specialists are available to assist you covering all areas of Art, Antiques, Silver, Jewellery, Watches, Cars, Books and Manuscripts and other valuable collectables.

We provide a personal, professional, friendly, discreet and completely confidential service providing independent Valuations for insurance, inheritance tax purposes, divorce and family division and providing independent advice on buying and selling.

The Importance of Keeping Your Values Up to Date and How to Avoid Under Insurance

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Over my 28 years working in the Private Client industry working for specialist insurers, and consulting in the High Net Worth (HNW) space, I have seen numerous cases of inadequate cover. Incredibly up to 75-80% of HNW homes are estimated to be underinsured (Datamonitor report 2015).

I recall going with a broker to see one of their clients in London to review the value of their contents and valuables. The client’s wife casually enquired what the general contents were covered for and I’ll never forget her response when she was informed of the amount … ‘darling, that wouldn’t even cover my handbags’ – which incidentally were ‘serviced’ annually in New York. The sums insured were subsequently reviewed and there was a more than threefold increase in cover.

In another example, following an unfortunate fire at a substantial home, the total contents cover was almost exhausted in one room where the curtains alone were worth £70,000. They were completely damaged by smoke, rather than the fire itself. Whilst the insurer was sympathetic to the client’s position, they had not received adequate premium as the sums insured were hugely understated, and the insurer asked the client to pay backdated premium for the correct sums insured. The broker involved was grateful for the insurers approach, although had not spotted the degree of under insurance.

Why are HNW homes more at risk from underinsurance?

Value of certain items increase over the years such as jewellery, art and even wine.
Items made of precious metals and valuable stones are highly influenced by fluctuating markets, which can lead to significant increases.

Bill Baker of Porticus Insurance Consultants Ltd, a specialist HNW broker based in London commented on his experience:
‘We recommend that our clients’ jewellery is valued every 2-3 years to avoid under-insurance. We know many are not properly covered and when they do have a new valuation, we see very significant uplifts in values. We also regularly see under-insurance of contents in the high net worth sector. The replacement costs of contents in a typical detached family home can easily be £250,000 or significantly more depending on the quantity and quality of clothes, shoes, handbags, carpets, curtains, sports equipment and furniture’.

So how do insurers deal with under insurance at the time of a claim?

HNW insurers stipulate in their policy terms that items of contents and valuables need to be insured for their full value, and their adequacy will be reviewed at the time of a claim. If the amount is not adequate, they will require as a minimum that the sums insured be revised, and the correct premium collected. At worst they can potentially void the policy if there is deliberate misrepresentation, and or non-disclosure.

These insurers often individually list on the policy items over a certain value for jewellery, art and precious metals, and then cover them on an ‘agreed value’ basis. At a time of loss, the insurer will pay out the amount on the schedule, although not a higher amount if the item costs more to replace, which can be the case if the item has not been recently valued.
Most non-HNW insurers will apply average, where the amount paid out is proportional to the amount underinsured, so if the underinsurance amount is 50% for example, then only 50% of the claimed amount will be paid.


How to avoid underinsurance:

  • Have a professional assessment by a specialist valuer such as Doerr Dallas Valuations, to keep the values of your contents and precious items current. They offer an initial walk through valuation for £500 plus VAT, which will highlight any underinsurance on contents, as well as comment on the adequacy of jewellery cover. If there is significant underinsurance a full valuation will be recommended
  • Review your sums insured on a regular basis, considering movement in prices, for example the recent increase in gold prices
  • Undertake a full review of your home contents, including carpets and curtains, clothing and shoes, sports equipment, and items kept in cupboards, garages and garden rooms
  • Speak to a specialist HNW broker, who will offer you independent professional advice about how to protect your valuable assets, and recommend a suitable insurance policy for your needs

The Importance of Consulting Industry Recognised Art Specialists

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Reports in the press recently about fake paintings loaned to a country house in Scotland and the London art dealer who paid £1m for a painting and proceeded to sell it on for £8m, highlight the importance of consulting recognised industry specialists when buying or considering selling. Unfortunately, these examples are only the ones in the press and not the works we see where clients have overpaid or the works are not right and we are the bearer of bad news.

This then reminds me of a very sad story that happened nearly 50 years ago, when I worked on the front counter at Christie’s, King Street.

A middle-aged man came to the desk with a large canvas of Diana and her hand maidens, wrapped up in brown paper and string. He said it was his family’s ‘Rubens’ and he wanted it valued. By pure chance, Christie’s Old Master Department had just taken on Gregory Martin, who for the previous 10 years had been curator of Flemish paintings at The National Gallery and was a Rubens expert. He examined the picture and pronounced it an old copy worth £1000-£1,500. I went back downstairs with the painting, wondering how best to break the news. He took it very badly, the blood draining from his face and slumping backwards into a chair. I bought him a cup of hot sweet tea like you do for trauma victims and he told me the story of how the painting came to be his.
His father had died a year ago and as the elder son, he was allowed first choice from the collection. The ‘Rubens’ was undoubtedly the most significant thing in the castle, and he had always loved it, so that was what he chose. His younger brother got everything else, which amounted to a little over three hundred paintings. I just prayed his brother was the accommodating type.
If only he’d taken a second opinion from a recognised specialist in the field of Old Master paintings prior to making his final choice. Please don’t make the same mistake.

In the art world there are many different genres of works and consequently experts who are authorities in their chosen field. Here are a few of our specialists who help to showcase the breadth and depth of knowledge we offer to our clients.

David Dallas,
Old Masters Specialist

David Dallas joined Christie’s in 1969, where he was the youngest person in a Technical Department (Old Masters). He subsequently became deputy head of the Picture Department at Phillips Son and Neale and ended his auctioneering career as International Director (Global Head) of Old Masters at Bonham’s in January 2015.

In between he worked for more than twenty years with Johnny Van Haeften, specialising in Dutch and Flemish paintings of the 17th Century. He is a specialist in British Landscape Paintings 1750-1850.

He was for many years on the Vetting Committee of the Summer and Winter Art and Antiques Fair at Olympia and Chairman of the Picture Vetting Committee at Grosvenor House Fair and has also been on the vetting committee of Masterpiece. He is a trustee of the Reading Foundation for Art, a former Chairman of The Friends of Readings Museum and Gallery and an external advisor to the Collections Committee of Eton College.

Jonathan Horwich,
Modern British Art Specialist

Jonathan Horwich began his career in the art world in 1973 with the picture dealer Thomas Agnew. In 1976 he joined the picture department of the recently opened Christie’s South Kensington, where he valued and catalogued their many multi- discipline picture sales. He was involved in all aspects of ‘CSK’s business including their innovative ‘ Roadshow’ valuation days held at locations across the UK. Jonathan became a regular auctioneer from 1984 onwards and an Associate Director in 1985.

In 1987 Jonathan was recruited to join Christie’s in King Street as Director and head of the Modern British picture department. During this time Jonathan continued as an auctioneer and gained a strong reputation for the sale of single owner Modern British Art collections, including those of Frederick Forsyth , Peter Meyer and many others and also became recognised as an expert in Modern British Art. In addition to his role in Modern British at Christie’s, Jonathan was appointed head of British and Irish Art in 1998, International Director of the 19th European picture department in 2003 and Deputy Chairman in 2006.

After 22 years at Christie’s King Street, Jonathan joined Bonhams in late 2009 as Global Director of picture departments, where he continued his involvement with Modern British auctions, while at the same time building up Bonhams worldwide picture auctions. This included setting up Impressionist and Contemporary sales and departments in London and New York. In January 2016 Jonathan was recruited to join Phillips in London as a Senior Specialist Director with a focus on Modern and Contemporary British Art a position which he held until December 2018.
Jonathan is recognised as an expert in the Modern British field and maintains close links with experts and galleries and also keeps abreast of all current market developments, trends and issues. Jonathan has a particular interest in and knowledge of the work of L.S. Lowry. As a result he has appeared on ITV’s ‘ Looking at Lowry’ and a Lowry focussed episode of the BBC’s ‘ Fake or Fortune’ .

Jonathan serves as a Council member and Steward for the Artists charity, the Artists General Benevolent Institute (AGBI) and is a member of Chelsea Arts Club.

Ben Hanley,
Contemporary Art Specialist

Ben is an established contemporary art specialist. He began his career working in the Old Master and 20th Century markets before moving into the contemporary market. He has over 20 years’ experience working in the UK and international art markets.

A graduate of Trinity College Dublin and the Courtauld Institute of Art London, Ben has developed specialist level knowledge in Old Masters, Impressionist, Modern and Post War & Contemporary art. In addition to this Ben has extensive project management experience having curated and produced over 100 art projects spanning highly complex multi-venue festivals to smaller bespoke events. He has worked with governmental, institutional and commercial partners including the National Gallery, V&A, the Serpentine Gallery, the Courtauld Institute, Christie’s, Sotheby’s and the Russian Ministry of Culture.