Buying art: the power of provenance
Buying art as an investment, just like any financial investment, is a tricky business. Just as stocks and shares can go up or down, art prices can fluctuate. While I could provide a list of trusted art advisors and market statistics to get you started, there are some simple first steps that can be made to better understand the art market and discern which works are more likely to retain their value.
A good place to start is getting to grips with the power of the word ‘provenance’. Provenance is understood as the origin of something or the record of ownership of a work of art. The provenance is used to determine the authenticity and quality of a work and subsequently its value on the open market. The stronger the provenance, the greater the credibility; making the object considerably more desirable and usually more valuable.
EXPERTISE: THE PROOF IS IN THE PROVENANCE
On December 8 this year, Sotheby’s Paris brought to market the private collection of Robert and Nadine Schmit titled ‘A Chaser of Masterpieces’. In 1964, Robert Schmit established Galerie Robert
Schmit in Paris. The gallery exhibited a museum quality collection featuring works by artists from Monet to Cezanne. Schmit’s knowledge and expertise in impressionist to modern art fuelled his success and he went on to publish several Catalogue Raisonnés, the first being that of Eugene Boudin, Schmit’s most admired artist. It is therefore no surprise that when Schmit’s collection came to the market at Sotheby’s, prices for the works by Boudin soared. Deauville, Le Champ de Courses en 1866 sold for over 2 million euros (approx £1.7 million) against an estimate of 300,000. To own a Boudin from the collection of the expert, Monsieur Schmit, well that is a once-in-a lifetime opportunity.
INTRIGUE: A PIECE OF HISTORY
For some, owning a work of art or an object is about possessing a piece of history which has been loved by generations before them. Just think of all the stories it could tell about the previous owners or the events it has witnessed. This can capture the imaginations of buyers, which can translate to competitive bidding at auction.
In November Dreweatts held the auction of ‘Weston Hall and the Sitwells: A Family Legacy’ selling the contents of Weston Hall in Northamptonshire, a seat of the illustrious Sitwell family since the early 20th century
and their ancestors since the 18th. One of the most interesting results was for the personal address book of poet and author Dame Edith Sitwell. The small book sold for £52,500 against a pre-sale estimate of £200-300. There was spirited bidding from around the globe.
REPUTATION: TRUST IN TASTE
At the beginning of December, Christie’s hosted a timed online auction of works from ‘The Collection of Victoria,
Lady de Rothschild’. Lady de Rothschild was the second wife of banker Sir Evelyn de Rothschild; she championed art and design, buying objects that moved her for her private collection. The sale was a statement of taste which emphasised Victoria’s discerning eye with a beautiful selection of modern design furniture by Mattia Bonetti and André Sornay.
Prices across the sale surpassed all expectations, a screenprint by Henry
Moore made nine times the estimate, selling for £187,500 including fees and the highest price of the day was for a pair of mirrored glass and gilt frames by prestigious furniture maker and interior designer Armand-Albert Rateau. The frames had been commissioned in 1934 by Monsieur Duplan, who resided at 14 Avenue Foch in Paris. A photograph of the pair hanging in this apartment was uploaded online with the lot listing and had been previously published in a book dedicated to Armand Albert Rateau in 1992. The frames sold for £525,000 against an estimate of £40,000.
QUESTION THE SOURCE
Who has owned the work of art? How does the ownership strengthen the credibility of the piece? Whether the owner is an arbiter of taste, accredited expert, celebrity or politician it adds to the desirability. When Angelina Jolie decided to sell her painting by Winston Churchill, the art market together with their publicists nearly fell off their seats and, just like that, the work sold for over £8 million against an estimate of £1.5 million at Christie’s in March this year.