Jul 15, 2019
I don’t know what it is about the art and antiques business, but it certainly attracts some strange and rather wonderful characters, many of whom delight in turning up at auction in person.
There is a tale of how, many years ago, an eager young man on the front desk at one of our leading auction houses was horrified to see a shambling wreck of a figure shuffle through the front door and start to make their way to the saleroom during a view.
Eager to save his employers and their well-to-do clients the embarrassment of having to rub shoulders with this tramp, he shot round the counter to intervene, politely but firmly escorting him back the way he came. Imagine his surprise when, having reached the front entrance, the elderly man was greeted by the doorman, who tipped his hat, adding: “Leaving so soon Your Grace?” Far from being an undesirable who had come in off the street to escape the cold, the aged eccentric was, in fact, a well-known landed duke and one of the auction house’s wealthiest patrons.
It is a lesson well learned in our industry not to judge a book by its cover. Somehow, the fine arts and first class craftsmanship attract the more singular characters of society – and often they are the ones with the deepest pockets, so a smile, friendly greeting and polite welcome is a prerequisite for all.
Jul 8, 2019
A car number plate, a luxury yacht, a gym sweatshirt, a copy of The Beano and a chesspiece. What do they all have in common? They are all items that have made the news over the past week or so either because they have sold at auction or are soon to be sold.
This snapshot of the variety of sought-after lots that can appear at any one time is one of the best illustrations I know of why this is a great business to be in, whether as an auctioneer, specialist, dealer or private collector.
Take the yacht, for instance. The 85ft motor yacht, named Caviar, had once belonged to a criminal and had been auctioned off by the police after being left abandoned for some time in Southampton. Although valued at several millions pounds, a young family snapped it up for just £66,000. Ok, they then spent a further £300,000 doing it up, but this auction opportunity gives them the chance to live the dream in considerable style as they set off on a round-the-world trip.
Renamed Juliette after the couple’s young daughter, the yacht will eventually return to these shores, providing the family with a substantial uplift o their original investment.
Jul 1, 2019
What is art? It’s a question whose answer has evaded us for centuries. Attempts to define it clearly have never worked because, like the wind, we can see and feel it all around us, but can never quite pin it down.
Frustrating as this might be, mostly we know art when we see it; this elusive quality is what makes it so fascinating and versatile. In turn, that means that art is forever reinventing itself and can appear in the most surprising forms, especially these days when fairly mundane items created for a different purpose are remodelled or redefined as art – folk art, for instance.
A good example of this is the EU entry gate sold at auction last year when the entire contents of Terminal One at Heathrow came up for sale. The hammer came down at £1000 and no one thought any more about it until the Royal Academy Summer Show opened a couple of weeks ago and there it was, transformed by Banksy into a new work of art combining humour and political statement. The gate itself looked almost the same as it had done when auctioned off. Banksy had added a shutter and painted the words Keep Out on it, rendered as Keep Ou because his signature rat had removed the T to use it as a hammer to break the padlock at the bottom. Not to everyone’s tastes, maybe, but with Banksy’s transformative touch, this work of art will be worth a great deal more now than its original auction price.
Jun 24, 2019
In many ways, what must be one of the most astonishing auctions of recent years has just taken place. The lot in question? The gun with which Vincent Van Gogh is supposed to have killed himself.
The astonishing thing about it is that even the auctioneer selling it was clear that no evidence exists to show that this was the actual gun, yet it made the equivalent of £144,000.
The troubled artist died a few days after walking into a field near Auvers-sur-Oise and shooting himself in the chest. It was July 27, 1890. No one knows what happened to the gun, but in 1965 a corroded revolver was dig up in a field near the chateau where he had been staying and tests indicated that it had been in the ground for between 50 and 80 years – so about right.
That’s as far as it goes, so the buyer was acting in faith, just as pilgrims making their way to shrines that house anything from St Catherine’s finger to a thorn from Christ’s Crown of Thorns are also taking it on trust that these relics are genuine.
Ordinary everyday items acquire a unique symbolic status when they have been touched by inspirational figures like Van Gogh, who will remain forever out of reach themselves. Akin to holy relics, they hold a special attraction for bidders at auction.
Jun 17, 2019
It’s that time of year when sporting heroes come to the fore again. Lewis Hamilton continues his dominance of Formula One, Rafa Nadal wins his 12th French Open title – aged just 33!! – and England’s Women’s Football team leads its groups in the initial stages of the World Cup… I could go on.
Along with music, sport serves a vital role of bringing all sorts of disparate people together in a common cause – something we need now more than ever – and it is not always the obvious candidates who become heroes. Look at how the Mexican underdog Andy Ruiz Junior, trolled for appearing overweight and flabby, took out Anthony Joshua in the boxing ring at the beginning of the month.
Sport is not just about achievement and titles; above all, it is about character. That’s why Babe Ruth’s baseball jersey sold for $5.6 million at auction on June 15, to become the most expensive piece of sports memorabilia in history, breaking the previous record, which was also for a Ruth jersey.
Known to have survived largely on hot dogs and beer, Ruth was a big man but, along with his penchant for cigars, he could not have been in the best shape and, indeed, he died of cancer aged 53. This didn’t stop him from recording 714 home runs across 22 seasons, winning seven World Series.
The greatest slugger of them all remains a hero, transcending his sport to enter America’s national conscience as a cultural icon.
Jun 10, 2019
One of the most important factors affecting value for many items going to auction is the maker. This is particularly true when it comes to fine art, whether drawings, prints, paintings or sculpture.
It can be quite hard to get your head around how this works with conceptual art – an idea conceived by an artist but actually executed by their assistants, without them having a hand in its manufacture. Certainly, with Old Master portraits, many of which were completed by studio assistants, it is only when we know that the most important parts – usually the face and hands – were painted by the master himself that we can call it an autograph work and the price shoots up. This is why catalogue descriptions can range from ‘attributed to’ all the way down to ‘Circle of’, ‘School of’ or ‘Follower of’.
The magical hand of the artist has made all the difference to the star of this year’s Royal Academy Summer Show Keep Ou. Another comment on Brexit by the mysterious Banksy, he has used as his ‘canvas’ an arrivals gate from Terminal One, Heathrow, sold off last year as surplus to requirements. I have no idea what the price was when the hammer fell then, but you can bet that the RA price tag is considerably higher.
Jun 3, 2019
There is no doubt that the most transformative development for auctions over the past twenty years has been the internet and online bidding. With potential buyers able to log in and bid from anywhere in the world, a typical auction might now have bidders taking part from dozens of countries around the world – and that’s on top of those bidding via the phone or commission. That’s good news for consignors, who now enjoy far larger audiences for their possessions, and good news for buyers, who can now gain access to multiple sales from the comfort of their armchair.
But with every bonus, there is also a catch: fewer people bother to come and bid in person in the saleroom. Why does this matter? In my opinion, it makes it more difficult to create an ‘atmosphere’ for any sale, making the auctioneer’s job a bit more challenging, but I also think that the less people visit auction houses, the more difficult it will be for them to grasp what a fantastic way this is of doing business for buyers and sellers.
So my advice is this: whether or not you end up bidding online, get to pre-sale viewings as often as possible and make sure you also attend the odd auction in person. That is the way to become a real expert and give yourself the edge in the long term.
May 27, 2019
The European elections operate by a somewhat complex system of proportional representation instead of the first-past-the-post arrangement used for local and general elections in this country.
The exercise of this last week reminded me that not all auction systems are the same either.
Traditionally, as we know, the auctioneer will offer a lot at a starting price and then accept bids on it as the sums offered rise. Assuming the eventual bid is above the reserve – or at least within the range agreed for the auctioneer’s discretion – when the hammer falls the lot is sold.
However, other methods include the Dutch auction, first used in the Netherlands during Tulip mania in the 17th century, where the auctioneer will lower the price from the starting offer on an item until it wins a bid.
This system developed because tulip bulb inflation rose at such speed that establishing a market value on any given day became impossible by any other practice.
Even more complex systems of bidding can be used under special circumstances, for instance when selling a large collection. Though the desire may be to keep the collection together, enough demand may not arise to achieve this, so a dual system can be employed to test the water in which all lots are first offered singly and then, once the collective price has been established, the auctioneer will see if any single bidder is prepared to outbid that sum, thereby winning the whole lot.
It’s nice to know that, with skill, auction professionals can adapt their service to the needs of any given situation.
May 20, 2019
It’s not often that something comes up for auction that is so outstanding and iconic that it stays in the memory forever, but something popped up in my InBox today that fitted the bill exactly: the world’s oldest Porsche sports car.
What a magnificent piece of design!
Dating to 1939, the Type 64 is the only model left from the three designed and built by Ferdinand Porsche. A compact coupé intended for road racing, its chief objective was to embody the might and pride of German engineering on the trip from Berlin to Rome. Its sleek lines and aerodynamic form were absolutely of their time, a fitting focus for a backdrop of Art Deco architecture, even if the engine itself was no more than the one fitted to the original VW Beetle.
Its provenance also helps when it comes to appeal and price; from Porsche himself, in 1948 the car passed into the hands of racing driver Otto Mathé before passing on to only two more owners in its 80-year history. Today it is considered the most historically important of all Porsche cars in existence.
So what is it expected to sell for when it comes up for sale in August in the United States?
A cool $20 million. It’s going to be an exciting day on the rostrum.
May 13, 2019
Politics has become a fairly ugly word in recent times, but it can create interest for the auction world, as we have just seen with the sale of items belonging to the late PM Harold Wilson. The sale came a year after the death of his wife, Mary, at the age of 102. A notable poet and confidante of the much-loved Poet Laureate John Betjeman, Lady Wilson was also a judge of the Booker Prize, so no slouch she.
Perhaps the most fascinating aspect of the Wilsons’ lives, as unveiled by many of the lots on offer in the sale, was just how ordinary they were in many ways for the leader of our country and his family. Of the 700 pieces on offer, Wilson’s trademark Gannex raincoat and pipe proved to be among the most sought after, with the latter taking a six-times-estimate £320. My favourite lot was the bottle of centenary HP Sauce made for the PM, which took £250.
Now, I understand, that the Wilsons’ bungalow in the Scilly Isles, where they spent many a happy holiday walking with packed lunches, is also up for sale. Devoid of luxury, it harks back to an era before the complex times we live in today.
The dispersal of the Wilsons’ rather simple and modest collection of belongings made me wistful in more ways than one.
