| JGW- Published papers | |||||
| Art | Furniture | Art & Antique Market | Law Enforcement | Insuance Industry | Resume |
This document is written to provide a market report on two paintings, the discussion relates to the paintings and those artists that are connected by genre or school. Though some macro affects are covered the limitation and purpose of the document controls the opportunities to express these fully. In addition the volume of an artist work in the market place at any one time is not recorded or available and thus the results only relate to objects sold.
To critically analyses why a painting or object achieved such a price at auction is dependant on a number of factors outside of the auction. Moreover on the day of the sale two or more particular bidders may drive the price beyond any analytical theories without reason. The information of the buyer is now kept private and without this key information a decisive reason to why a particular piece reached a peak is sometimes not achievable.
Christie’s Sale Kauffman
The work is of a neo-classical female artist Angelika
Kaufmann[i]
and her narrative of ‘The Triumph of Venus’ and ‘Cimon and Iphigenia’,
circa 1782-1795[1] sold as a
pair at Christie’s, British Pictures (1500-1850) sale (number 6134) on
the 11th June 1999. Obtaining a hammer price of 75,000 GBP against
an estimate of 40,000-60,000.
General comments on the sale
The lot description offered has inconsistency with the
spelling of the artist surname with a single ‘n’[2]
and that of the second image Cimon[3]
and Iphigenia is often spelled ‘Cymon’. Prior to the internet revolution these
would have appeared in the catalogues distributed via the auctioneer without
little effect on the sale attendees. The internet and text searches for this
different spellings would limit the browsers search results. A smaller room or
provincial auctioneer audience would be affected by these small mistakes.[4]
The date of birth is a similar vein correctly stated as 1741 a year after many
quoted dates in reference works and auction catalogues.[5]
The pieces are given title by the inclusion of the
provenance that implies the family were the original patrons there is reference
to a single exhibition. According to the sale results on Christie’s website,
64% of the 87 lots sold and totalled 991,850 GBP averaging 17,700 GBP per lot.
In 1999 Modern British artist sales where achieving an average of un-sold lots
at 37 percent of the sale[6]
by the November.
The artist market
The placing of Kauffmann as a British seems strange being of Swiss nationality, training in Britain under Reynolds during her stay in Britain until 1782. She was commissioned for portrait work perhaps from the Palladian association via Adams, prior to departing for Italy and marrying for the second time. This complex life and her relationship with the Royal academy as a founder did not perhaps allow the time to produce the volume of works that her peers and mentors had done. Her execution of the mythical subjects in the classical style is not dissimilar to that of her school and more recently has been regard as an equal though perhaps not in monetary terms.
The
portrait work at auction is averaging higher than that of neo-classical works
as seen in the graph ‘Kauffmann’ the solid area represents the portraits
average prices for the majority of the time period 1968-99.
The graph also display’s the neo-classical works exceeding that of the portraits[ii] in 1993. The extract of data from the ASI produced 199 prices for the thirty-one year period for works on paper and oils. This small quantity yields an average of 6 pieces a year, often a small volume would produce a volatile graph with peeks and troughs more sporadic than those included for Kauffmann.
To understand the volumes and focus on the oil medium and
classical subject the following graphs display the details and the hammer
adjusted to1999 prices by linking to the Retail price index. The first graph
reveals an upward trend in the five years leading up to the sale from the
10,000 in 95-96 that coincides with a ten percent of the total volume being
sold; previously it took 5 years in the 80’s for this quantity to be sold. The
95/96 period is unlike that of the historic prices tending to run in parallel
with a low volume and maintaining a low price overall which maybe a reflection
of the lower quantities. On line archives and accessible storage do not allow
access to events that may have caused these small peaks and troughs prior the
mid 1980’s. A number of influences may have affected the price on the day of
the sale such as the intervention of lottery funding. “. Britain's National Lottery is
having a major impact on the acquisition of works of art, with nearly £20
million provided for nineteen purchases, but with national institutions
applying for, and taking, the lion's share. ” [7]
The
collapse of the British contemporary and modern markets in late 89-91 and the
slow recovery of the same in the 94/95 seasons. However Kauffman’s graph shows
an unprecedented peak in 92 of 64,000 (rpi adjusted) only two paintings being
sold for a total of 108,000 preceded by three paintings in the following year 1
at 1,589 lowest and the upper at 70,000. After the rush that started in 1992
Kauffman’s came out of the attic with record volumes in 95-96 (9 & 10 p.a)
reducing the average.
In 1995-96 seasons the Heritage Lottery Fund assisted in the purchase of arts for various museums across the country. “Kauffmann painting "Portrait of Henrietta Laura Pulteney" for the Holborne Museum, Bath. 20 December 1995. £5,000 towards the £51,686 cost (£15,000 from MGC/V&A Fund, £7,500 from NACF and £5,000 from Pilgrim Trust)[8]” bringing new money in the market. Private sellers and dealers alerted to this would see this as a way to capitalize on the painting/s retained. Exhibitions are a large improver in a painters position within the market probably the biggest display of Kauffmann’s[9] (250) at one time at Kunstmuseum Düsseldorf closed 28th March1999 and was in close proximity to the Maastricht European Fine Art Fair 18th-21st of March the same year[10] attracting the worlds dealers and art followers. The same or similar audience in London for the June/July season of society meetings and the Fine art fairs the time of the sale in 1999.
The pair of works in question rank number four in the mixed mediums of the one hundred and ninety nine extracted from ASI. The average value in 1998 was 41,500 and RPI adjusted 42,100. The simple logistics of two paintings being for sale in one lot would assume that a doubling of an average from the previous season would be more accurate, less 10 percent to allow for a reverse of the previous years upward trend[11]. If compared to the pair of similar style sold in 1988 the same logical calculation can be used. 1987 average 5,700 GBP (=10,260[12]). Diana and Iphigenia. Orpheus and Eurydice sold for 11,000 GBP in 1988, a hammer price of 17,000 (rpi adjusted) at 1999 values.
The interest in the particular artist brings those related players as discussed with the Düsseldorf exhibition.
However the relationship with other artists reaching high prices or quality can push the realize price further than normal.
The
Old Masters Index of paintings from ASI 1975-2003 shows a steady growth from
the dip in 1993. Gainsborough follows a similar pattern to that of Kauffmann,
whilst Reynolds nearly reaching the magic million distorts the graphic layout
that includes a rise 95 & 98 before dropping in 1999
Christie’s Sale Sandby
The work by the artist Sandby, Paul[iii]
‘The North Terrace of Windsor Castle looking west, circa and was sold at
Christie’s, Important
British Art sale (number
6133) on the 10th June 1999. Obtaining a hammer price of 68,000 GBP
against an estimate 60,000-80,000.
General comments on the sale
The lot description fairs much better than that of Kauffman’s the exclusion of the date the painting was created is an issue with both works. However the volume of information in the lead description of views of Windsor and that of the literature must have saved the intending bidder a huge amount of basic research for this and the other three Sandby lots[iv] in the sale[13]. Or were Christie’s talking the artist up after seeing the almost vertical upward trend in the works relating to Windsor in the preceding years. Bouncing off their 1996 sale of Sanby’s lost works [14] when they achieved his top price of 340,000 GBP for “Gentlemen conversing on drive at Luton, old house beyond” on the 3rd July.
According to the sale results on Christie’s website for the 1999 sale, 77% of the 35 lots sold and totalled 4,947,800 GBP averaging 183,251 GBP per lot. A much smaller sale in terms of lots however with a much increased average lot value.
The artist market
Market commentaries imply Sandby’s close relation on subjects connected with Windsor mainly the castle itself. In fact Windsor works contributes only 8.5 percent of the total works reported as sold by Art Sales Index up to the 10th June 1999 (450). Born in Nottingham and living in London Sandby did paint landscapes of other areas[15], however the lack of pre sale information on volumes presented for work prohibits the discussion on content and subject matter from the ASI[16].
The Windsor Perspective
The assumption of buyers tunnel vision of the artist is
confirmed by the 12,323 visitors to exhibition at The Queen's Gallery London 9
May 97 -13 Jul 97[17]
including Sandby’s Windsor views and the 5 million visitors to the Royal
Palaces[18].
The low volume of Windsor works (shaded area) that have been sold at auctions prohibits any quality analyses however the volume and price combination between 1996-97 with a previous blip in 1975-78 require analysing. This sudden rise maybe in close relationship with vernacular events interestingly the fire at Windsor[19] did not make buyers snap up or bid high for these works sold in 1992. Twenty five percent were of local Windsor scenes, the majority of prices in 1992-97 where below those pre 1981. The curve/rise is in 1997 is at the time when the restoration work was being completed[20]. In July ‘Windsor a view of round tower’ reached pole position for Windsor views in the Sandby group selling for 145,000 in the same month of 1998 another reached 68,000 the ‘Windsor - North Terrace looking east’. This contradicts the statement made in the lot literature “The North terrace at Windsor Castle was the most popular of Paul Sandby’s subjects, particularly the view looking west” in financial terms (both views reaching the same hammer price) if not aesthetically. Lot 7 under rights the reverse of the comments “North front of Windsor Castle from Datchet Lane sold at 80,000 GBP”.[21]
Sandby watercolour drawings market
The graph presents the averages for all Watercolour/drawings by Sandby, Paul and shows the reverse of the focus on Windsor graph in the 98-99 periods. This reflects a pattern that when Windsor’s are on the up other subjects are down and visa-versa. The 1996 peak indicates the activity of the July sale of lost works with seven of the lots from the twelve lost works in the top ten prices for the artist all in excess of 80,000 GBP.
The lot under discussion achieved the lower side of the auctioneer’s estimate, which is a reflection of downward movement of the overall average price for the artist. The rise in those works relating to Windsor reflects in the optimistic higher estimate. Other subject’s works show an average around 80-100,000 during in the period and perhaps the expectations was for the Windsor sector to meet that of the 93 percent of the artist market.
Conclusion
“The art market is a conspiring business with a protective bubble surrounding it”[22]. The market as a whole is on the increase by average prices, historical practices[23] of control and talking up pictures by entertaining members of the press from the larger rooms are now under deliberation from the public, as more information is made available to them. The non-utilitarian use of paintings creates a market that is driven by the availability of disposable income and the more affluent members of society, as counter to support the academic world from organisation such as Heritage Lottery fund has also brought new money, which may also raise prices. The creation of new wealth from the electronic boom years on the stock market and that of overnight successful for artisans and alike supplemented the alternative investments, bringing another chunk of money. Reports on the 1999 imply that the private collector[24] is on the increase at British sales
We see from Kauffman’s picture the traditional exhibition route may have increased the price of the work at auction or the supermarket’s two for the price of one offers is adopted when values are considered. This aside as a member of the Old Masters club her work like her peers is on a steady growth pattern.
The value of Sandby’s work overall is on a downward slope however perception of him as an artist of a particular subject has supported an almost separate market for his Windsor works. This steady market probably created the foundation for the huge prices when new works were discovered and reflects in the prices achieved. Sandby’s almost repetitive six year cycle was surprised by the discovery of lost works which brought an increase in volume a year later creating a reduction in price in a random manner as opposed to Kauffman who has a steady supply and demand relationship.
