Collectors' focus: English silver: the recession is fuelling interest in silver but dealers and auction houses are having to adjust to changing interests.
There seems little doubt that the market has shrunk. According to the dealer Daniel Bexfield, 'Both high-end and small dealers are going out of business and I'm hearing a lot of dealers say there is not much coming up at auction.' However, Nicholas Shaw of Bonhams says, 'More dealers and buyers are concentrating on better things. In percentage terms, in any sale around 45% to 50% is in the good category, the rest is more commercial.' Mr Hartop says that dealers now play a larger part in this market. 'It used to be a given that when a significant collection came up it would go to an auction house. It was just a question of which one. That's not the case anymore. For example, in 2007 the Albert collection was sold to a consortium. 20 years ago it would have been an obvious candidate for auction.' The Albert collection, of which a catalogue was published (APOLLO, July 2005), was perhaps the most distinguished collection of silver formed by a private individual in Britain in the past 30 years.
At the top end, pieces with particular artistic or historic significance are achieving excellent results. As the dealer Lewis Smith explains, 'It has taken many years to get to the level of excitement that we are currently seeing.' Pointing to the Seaton Delaval Hall sale at Sotheby's in September this year, Mr Smith says, °This was interesting because more minor items made great prices. It illustrates how the top end has lifted up the middle market.' For example, a pair of George III wine coolers sold for 12,500 £ against a top estimate of 8,000 £. 'This lot showed that things once regarded as not top level have gone up by around 30%'.
Anthony Phillips of Christie's explains that serious money is made in two categories: very decorative functional pieces, and novelty items. In the former category, a pair of candelabra dated 1792 sold at Christie's in 2007 for 341,000 £ on a top estimate of 60,000 £. The pair was originally part of a set of four, sold in 1967 for 16,000 £. Victorian novelty items, such as decanters decorated with animals, are particularly popular: for example, an 1882 kangaroo claret jug sold at Christie's in 2006 for 60,000 £, three times its top estimate.
Other once popular areas have waned. Rupert Slingsby, auctioneer with Woolley & Wallis--an auction house that has cornered the market in small silverware an set records for such objects as nutmeg graters--comments, George III top-end silver is making very good money, but a standard toast rack, for example, from the same period has been a flat market over the last few years. 15 years ago a Georgian coffee pot might fetch 1,500 £ to 2,000 £. A plain coffee pot by a run of the mill maker might go today for 600 £ to 800 £ or possibly 1,200 £. That's a big drop.'
The recession has revived interest in silver, because people trust its intrinsic value. Mr Smith says, 'I've had collectors back recently whom I started doing business with 30 years ago. It heralds a return to more traditional areas of collecting.' But little is appearing on the market as a consequence of needing to sell. Nicholas Shaw says, 'There are "wait and see" people I know out there, so in 2010 1 think we will see more silver coming onto the market as conditions stabilise.' Philippa Glanville, former keeper of metalwork at the V&A, identifies Christie's sale last year of the Lord Harris of Peckham collection as a notable exception. The sale united a late Elizabethan ostrich-egg cup with a painting by Pieter van Roestraten in which the cup is depicted. Both were sold to the Art Institute of Chicago for 577,250 £ (Figs 3 and 4).
Around half a dozen American museums are actively developing their collections of English silver. Mr Hartop, who now acts as an agent working mostly with museums in the us, explains, 'Curators feel silver is rather like porcelain in that it offers a lot of bang for your buck.' Chicago, St Louis, Boston and the Minneapolis Institute of Art (Fig. 1) have all recently made significant acquisitions. The areas sought out by curators are broadening. Mr Hartop explains, 'Now the second half of the 18th century has really developed and overtaken early 19th century as an area most actively growing, especially neoclassicism. Curators have said to me they want known names, such as Sir William Chambers, Robert Adam and James Wyatt--the crossover of architect as designer.' Last year, Sotheby's sold a George m soup tureen attributed to William Chambers for 99,650 £, comfortably above a top estimate of 80,000 £. In 2007 a pair of George m sauceboats designed by Robert Adam made 66,000 £ at Christie's, estimated at 30,000 £ to 50,000 £.
Institutional buying in the past few years has often been driven by a desire to return an object to its original setting or collection. For instance, in 2008 the National Trust acquired an epergne engraved with the Phelips family arms for Montacute, the Phelips house in Somerset. This is one of several recent examples of it returning historic silver to its houses.
Antique spoons are a buoyant specialist area. Mr Shaw says, 'Dealers and collectors fight over these things. The historical aspect makes them hugely collectible.' In July last year, Bonhams, London, sold a superb Henry VIII apostle spoon dated 1515 for 33,600 £ against a top estimate of 25,000 £ (Fig. 2). Mr Shaw comments, 'It was one of the best apostle spoons we've ever seen', adding, 'You don't want something that's been buffed to smithereens.' Daniel Bexfield has fostered the Silver Spoon Club for collectors, and produces a bi-monthly publication, The Finial, which taps into burgeoning interest in the history of silver. The journal publishes new research on marks and makers as well as running a postal auction for its members, some as far flung as Ethiopia and Australia. Prices range from 10 £ to 3,000 £ (the top sale was for a Paul de Lamerie spoon). Mr Bexfield says, 'The last auction was among the best, despite economic doom and gloom.'
Research on makers and marks has a direct effect on prices, as collectors are always attracted to well-known names. Top of the list are the celebrated 18th-century silversmiths Paul Storr and De Lamerie (whose Maynard dish made 1.485m £ at Christie's in 1991, still the world record for a piece of English silver). However, at Lyon and Turnbull's sale last year of the Chen collection, which saw some strong results, a number of pieces by De Lamerie failed to sell. The auctioneer Colin Fraser explains that the collection included a large amount by the maker for one sale. 'When that happens the market fluctuates and prices are re-evaluated.'
Performing particularly well today is Gilbert Marks (1861-1905), considered to have produced the finest chasing of his generation. In 2008 his royal presentation Arts & Crafts punch bowl soared past its top estimate of 10,000 £ to make 51,600 £ and this year a sideboard dish by him made 35,000 £--both at Bonhams. Mr Shaw says, 'He has taken off. No question about it. Obviously someone wants to build a collection of Gilbert Marks.'
Post-war silver by makers such as Gerald Benney and Stuart Devlin is also increasingly popular. Mr Slingsby says, 'It's the fastest growing area. There are new collectors here and it appeals to a younger generation. People have got in early and bought relatively cheaply.' In 2006 a pair of beakers by Stuart Devlin, aided by a royal provenance, fetched 13,200 £ against a top estimate of 600 £ at Christie's (Fig. 5).
What does the future hold? One factor may be the price of silver bullion. Mr Shaw explains, 'The price of silver has gone up dramatically over the last few years. Today it is 8.50 £ per ounce. Four years ago it was around 3 £.' As Mr Hartop remarks, 'If this takes off it poses an interesting question: if the bullion price went up to 100 £ per ounce, where would that leave a Georgian coffee pot that hasn't changed in price for 30 years?'
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|Date:||Nov 1, 2009|
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