Antiquities and Ancient Art

Bonhams Unveils 'Greatest Classical Discovery' Since the British Museum's Portland Vase

A Roman cameo glass vase which has been unveiled by Bonhams as “the greatest classical find since the Portland Vase," according to a report in the Antiques Trade Gazette. Strikingly similar to the Portland Vase, one of the British Museum’s greatest treasures, it is larger, in better condition and with superior decoration, say Bonhams, who believe it could be the most important artefact of its kind in the world. Indeed, there is strong evidence that it is cut by the same hand. Chantelle Rountree, head of antiquities at Bonhams, said: “It is of major international importance. Academically and artistically it is priceless. Scholars will be evaluating this find for decades.” Read the full article here.

What Recession? Antiquities in Paris Soar to Surreal Levels

It was called the Greatest Sale of the New Century but it proved to be one of the most memorable -- and successful -- of all times.  The Collection of Yves Saint Laurent and Pierre Berge, sold February 23 - 25 by Christies Paris, was more than the dispersal of a great assembly of objets d'art, it was a grand test of the health and sustainability of the art market. 

More than 733 lots were lavishly described in French and English in the catalog which itself was a tour de force -- nearly 2-inches thick and weighing a whopping 8 pounds!  Many objects consumed multiple full-color, multi-fold pages. No marketing effort was spared to chase buyers for this sale but the question was whether would buyers chase the objects as fervently or would they merely be pecking for bargains.    

At the auction's conclusion, The Art Newspaper, the insiders periodical to the art market, victoriously proclaimed "Yves St Laurent sale smashes records despite global financial woes" in reporting the event's results. The sale generated nearly half-billion dollars (more than double pre-sale estimates) with all but a miniscule handful of lots selling.

More importantly for readers of this blog, the antiquities section of the sale -- 10 lots in all -- actually out-performed the auction overall delivering a whopping $3M in aggregate, which was nearly 400% of the low estimates total of $786K.

Let's analyze the results by lot:

687. Was a 17-inch Roman marble toros dating from the 1st-2nd Century AD. This type, with musculature indicating a contrapasto attitude, is generally referred to as a later derivative of the Greek sculptor Polykleitos. The surface was pocked, but not overly cleaned. At 46,600 Euro (est 40-60k Euro), this was the antiquities 'relative bargain' of the day.

688. An Attic red-figure krater, about 10.5 inches high, with a standard and otherwise unremarkable scenes of three females except that two were playing instruments. The seated woman was playing the lyre and one standing behind the the double aulos (a type of flute) and the third woman was holding a box and scroll. The reverse featured a typical genre scene.  Dirty surface and old repairs did not deter a buyer from paying 145,000 Euro (Est 15-25k Euro) nearly 10x the low estimate. As a comparison, a similarly dated Attic krater with a far more unusual Athenian patriotic scene from a 1970s Swiss collection sold in NY in December 2008 for $23,475. 

689. A 23-inch Roman spiral-fluted marble colum shaft from the 3rd-4th century brought a hefty 85,000 Euro (Est10-15k), most likely for its decorative appeal rather than its art historical value.

690. A 12-inch Roman marble head identified as Diomedes, the mythical King of Argos from the Trojan War, dating from the 2nd Century AD was sensitively carved but the proper right side of the face was damaged and stained. Still, it achieved 3.5x the low estimate bringing 145k Euro (Est 40-60k Euro).

691. Wonderfully carved wooden Egyptian anthropoid sarcophagus lid standing 80-inches tall and acquired by St. Laurent in 1975 from a Parisian dealer, was a relative bargain at 313,000 Euro (Est 50-70k Euro).

692. An Egyptian Late Period 9.25-inch bronze figure of a striding Mahes (the relatively rare "savage lion" deity) had an esitmate of 15-20k Euros, and achieved a remarkable 49,000 Euros despite missing its left foot and a rough surface patina. 

693. This was the stunner of the antiquities portion. A lovely, large Greek black-glazed hydria from South Italy and dating to about 350 BC.  The propotions, as is typical of the type, exude femine grace and beauty. Carrying an already ambitious estimate of 15-20k Euros, buyers fought over the object until it was hammered down for a surreal 253,000 Euros.  

694. This 33-inch Roman marble torso of Mercury dated to the 1st-2nd century AD topped its presale estimate of 150-250k Euros by bringing a staggering 481k Euros. 

695. Arguably the rarest of the objects in the sale was this Roman marble statue of a bull-headed man (Minotaur) that stood scarcely taller than a yardstick and once decorated St. Laurent's outdoor garden. Estimated at 300-500k Euros, the winning bid was just shy of 1-million Euros. 

696. The final antiquities lot was a dimunitive 11-inch torso of a Roman athlete estimated at 20-30k Euros and eventually hammered down at 97k Euros. 

With the exception of the Minotaur and the Sarcophagus Lid, the balance of the antiquities lots were quality objects but hardly the rarest or most exceptional examples of their type.  The pomp and frenzy of the sale carried overtones of the Jackie Onassis auction held in NY several years ago. Bidders' eyes were struck by the aesthetic appeal of objects generally obtainable at significantly lower prices in the general art market, but were bllinded to relative values as the most persistent fought to pay whatever it took to own a piece of the Saint Laurent aura.  And the fact that the objects had published provenances from the 1970s and 1980s proves that provenance is valuable, but aura is priceless.     

Why Antiquities May be Your Best Hedge Against the Financial Crisis

The year 2008 will forever be linked with 1929 as a time when the fundamental fuel of global economic expansion- confidence - collapsed.  Spectacular, heretofore unfathomable, failures dominoed while management, employees, investors, governments, and the public watched. Lehman Brothers. Bear Sterns. AIG. Countrywide.  Merrill Lynch. Banks. Airlines. Car companies.  Even Bank of America, the most important and arguably one of the best run financial institutions in the world, has seen its stock plummet from $45 to $7 in less than a year. 

In contrast, the art market so far has largely weathered the storm.  Sure, certain areas of the art market such as Contemporary Art, where hype and an atmosphere of pretentious subjectivism can frequently drive prices, have been noticeably affected. Along with modern and Impressionist artwork, contemporary art prices have so far tumbled 30% or more according to the Wall Street Journal. But what of antiquities? Ancient art is often regarded -- or disregarded, as the case may be -- as a cerebral, sleepy backwater of the market. 

On December 9th and 10th in New York, the epicenter of the global financial meltdown, two of the major antiquities auctions were held.  The results?  The best objects were fought over fiercely and realized "absolutely astounding prices" according to long-time international art market journalist Souren Melikian.  Christies sold nearly 70% of its 331 catalogeded antiquities for a total of more than $4 million, while Sothebys on the next day more than doubled that with $8.9 million achieved with a mere 124 lots -- an astonishing average of $71,775 per lot! 

What's more remarkable is that this occurred over the same two-day period that the government was debating a $15 billion bailout of the automakers, and the parent company of the Chicago Times, LA Times, Baltimore Sun, and Chicago Cubs declared bankruptcy.

So what does this augur for the antiquities market?

It could be that antiquities will remain a strong hedge against the current global financial morass.  I am no economist, but I'd like to offer 6 reasons:

1)  Lack of Froth.  Like old masters, the value of ancient objects has largely been driven by the eyes of the connoisseur rather than by the checkbook of the speculator.  There has been some, but not much froth in the market over the past decade.  Any correction in the antiquities market will expose those who overpaid for the wrong objects.  Successful long-term collectors know there is no substitute for diligent research and breadth of market knowledge.   

2) Dwindling Supply.  Again like Old Masters, supply is not just fixed, but dwindling. Important (and this does not always translate into the most expensive) objects continue to make their way into museums, or increasingly the private collections of wealthy dealers as a way-station to their eventual bequest to an institution. These items are effectively permanently siphoned off the market driving demand for what remains in circulation with quality provenance. The double whammy of dwindling supply and increased focus on pedigree provenance creates a dynamic that is very different than other areas of the art market.  

3) History Lesson I.The crash of the US stock market in 1929 had very little initial impact on the global antiquities market, which was primarily centered in London. In 1929, the Duke of Portland sold his famous blue cameo vase (i.e. The Porland Vase) which brought £30,450 at auction (2859% increase in value) and in 1930 the Marquess of Lansdowne sold a collection of marbles acquired 80 years earlier for £10,680 for a total of £68,502 (541% increase in value). There was little weakness in the fine art market until the autumn of 1931 when the crisis of the British Pound set in.

4) History Lesson II.  In his epic 3-volume treatise entitled The Economics of Taste in which he evaluated the prices of art from the 1700s to the 1960s, Gerald Reitlinger drew this conclusion from his analysis of fine art prices in the period following the Great Depression:

"When the important pieces advance in price, the poorest things in the same category move with them in the end, but they are a great deal less likely to fall back when the very important pieces slump. As you get more down to earth, there is a measure of protection."

5) Global Currency.  The market for classical antiquities is truly international, with important buyers and museums in every corner of the globe.  In a crude sense, the objects themselves represent a fungible worldwide asset class that empowers the owner with options on where and when to redeem them.  (Unless carelessly treated, these objects are destined to survive outlive their owners so 'redemption' is a way of thinking about the act of passing these on to the next generation of stewards.)  The strength of your local currency and your macro-economic climate, may favor selling in the USA or selling in Europe or Asia under different circumstances. Few collectors may engage in this type of international arbitrage, but this is one of the hidden benefits of working with seasoned dealers.  In a sense, they provide an underpinning of stability and rational prices within the global market. The best dealers are unconstrained by local borders.  They are constantly studying the international markets and legally purchasing the very best objects wherever the economics are most favorable while managing the logistics of selling to an international client base.        

6)  Local Currency.  While it is difficult to predict currency fluctuations, the strength of the US dollar is creating a buying opportunity for American collectors.  Today only $1.45 is required to purchase the same British Pound that cost $2.00 in March of 2008, or about a 27% discount.  A Euro can be purchased for about $1.32 today versus more than $1.55 during five months of 2008.  American dealers are once again buying more aggressively, albeit more prudently, in Europe which means an increasing quantity and quality of selection for American collectors.    

No market iswithout risk.  However, the relative obscurity of the antiquities market may be its biggest blessing.  Any collector whose portfolio includes Bank of America stock will tell you that their 18th Dynasty Egyptian limestone inscription from Amarna or their Greek 5th Century BC red-figure amphoraby the Meidias Painter have retained far more value through this crisis.  And the dividends offered by ancient objects -- both aesthetic and intellectual -- remain far more secure than the quarterly dividends of many stocks, including Bank of American which last week slashed its quarterly divided from $.32 per share to $.01 per share this past week. 

Another Look at the Life of Cornelius Vermeule

We reported the passing of Cornelius Vermeule in our blog on November 30.  For more insight into this legend of the classical world, we recommend this just published obituary in the Antiques and Arts weekly.  

Who's Digging Holes at Stonehenge and Why?

For the first time in more than a generation, they're digging at Stonehenge again. The diggers are not modern druids performing some ancient ritual, rather archaeologists working to unearth the socket holes from the first stone circle in the hope of fine tuning their theories about the original date.  They are also hoping to find evidence that the site may have been known in the Bronze Age as a healing center for the seriously ill.  Some have called it a sort of Bronze Age Lourdes.   

The digging will be confined to a trench about 12 feet long and 3 feet deep.  Scientists will be examining the strata for organic material, such as pollen grains, snail shells, and fragments of tools and bones, to apply new analysis techniques that were not available when last excavated.

Before there were stones at Stonehenge around 5000 years ago, scientists believe the site was pretty much a run-of-the-mill henge, i.e. a large circular mound and ditch.  Then, around 2,500 BC, at least 80 "blue stones" (actually made of Dolomite) weighing between 2000 and 6000 pounds each were hauled from Wales and set up at the site. The Welsh have believed that blue stones held special healing powers up through modern times. 

Some time later, local sarsen stones -- the massive grey stones that we come to associate with Stonehenge were set up in the circle which given the site its distinctive outline. But it is the original bluestone foundation that may yield the greatest secrets from the builders who devoted their energy to creating such an enduring and mysterious monument.

Click for daily video of the excavations.

Which Museum Exhibitions of Antiquities were Hottest in 2007?

It is interesting to analyze museum exhibition attendance each year because it offers a broad, though admittedly imperfect, reflection of the public's current appetite and relative interest in the different cultural segments of antiquities.

Not surprisingly, the heavily promoted blockbuster Egyptian exhibition entitled Tutankhamun and the Golden Age of the Pharaohs which moved to Philadelphia and Chicago topped the charts again this year, each drawing more than one million visitors.   This is significantly more than the third most attended exhibition, Ancient Peru Unearthed, held at the Royal Ontario Museum in Toronto, which managed 369,699 attendees.

But total attendees can be a false barometer because it is a function of the length of an event. By comparing average number of attendees per day, the two Egyptian mega-events still top the list at 5,375 (Phila) and 4,771 (Chicago) visitors each, but the Praxiteles exhibition held at the Louvre was the third most popular bringing in 2,223 attendees per day, with Ancient Peru Unearthed dropping to fourth place at 2,077 attendees per day.

Oddly, Egyptian antiquities captured only three slots this year -- #1,2 and 10 -- which is unusual given its propensity to draw visitors and dominate the rankings. Also Asian art had but one entrant in the Top Ten -- the Angkor: Sacred Heritage of Cambodia -- exhibited in Bonn, and Pre-Columbian antiquities were represented in two of the Top Ten.

In what is one of the most interesting aspects of the Top Ten this year, no less than four exhibitions of ancient Greek and Roman antiquities, including The Perfumes of Aphrodite, The Capitoline Wolf and A Bronze Horse for Many Knights, all of which were held during the year at the Capitoline Museum in Rome.   

The Time Magazine Article: Thoughts that Didn't Make it into the Article on Collecting Antiquities

The Time magazine writer Maria Baugh who interviewed me for the article "Antiquities: The Hottest Investment" did a fantastic job capturing in just 625 words some key points for those who may be considering a first step into the world of collecting antiquities.  Thinking back on the discussion I had with her, I thought I'd share a few additional points that did not make it into the article but are great pointers for those who want to protect and grow their investment in antiquities:

On Value:  There are three critical value components to an antiquity: Quality, Condition and Provenance.

On Provenance:  Provenance is more important than ever. A reputable dealer will certify the provenace on your receipt so it is preserved with the object. (Keep your receipts!)  Better still, buy from a dealer who produces a printed catalog.  The objects in the catalog should all include a statement of provenance.  Keep the physical catalog in which your object is published -- this documents the provenance and ensures you get full value for the object when you sell it in the future.  Some of the most highly sought-after provenances of today are objects published in dealer catalogs in prior years.

On Authenticity:  Be wary of dealer claims that every one of their objects have been "scientifically certified" or "museum tested."  There are very few tests for reliably dating ancient objects, and they only work on certain objects (like terracottas) which were once kiln fired.  The best dealers in the world rely on their knowledge, eye and experience handling thousands of objects each year.  Dealers will rely on thermoluminesence testing only under very rare circumstances. There are only a handful of recognized labs in the world that do such testing. 

On Buying from Web Auctions:  Be very careful.  Sellers are easily "here today, gone tomorrow" on the big online auction sites where anyone can simply register and sell. These auctions can be a dangerous place to "learn" unless you know the dealer or know that the dealer has a significant established presence beyond his or her virtual identity.  Local auctions (either live or over the web) are conducted by generally reputable auctioneers but they handle everything from oriental rugs to furniture and almost always lack the specialized skills to determine authenticity in the rare case they are consigned a group of antiquities. In most cases, you are buying "as is" with no recourse if the object turns out "not right."

On Buying from Dealer Web Sites:  Better to buy from established dealers who have permanent websites and a solid reputation. Read their bios. Avoid any 'dealer' website that does not openly disclose the dealer's background, expertise, professional affiliations, etc. Even then, do your homework. Ask around. If your local museum has a classical department, check with them.  They will not refer you to a dealer, but if you ask about a specific dealer they will more often than not offer a polite but helpful reaction.  Only buy from a dealer who guarantees authenticity (the best dealers will guarantee authenticity for life!) and who will be around to stand behind the claim.

As an antiquities collector and professional antiquities dealer for more than 30 years, I am happy to share my expertise and offer guidance for anyone wanting to get started with collecting antiquities. 

- John Ambrose, Founder and Director, Fragments of Time, Inc.

3.25-inch Ancient Lioness Smashes World Records for 'Antiquities' and 'Sculpture of Any Kind' at Sothebys NY

This afternoon, in a packed salesroom at Sotheby’s, The Guennol Lioness, one of the last known masterworks from the dawn of civilization remaining in private hands, sold for a remarkable $57,161,000, a record for any sculpture at auction That outstanding price also eclipsed the previous record for an Antiquity at auction and more than tripled the pre-sale high estimate of $14-18million.

Richard M. Keresey and Florent Heintz, experts in charge of today’s sale said, “It was an honor for us to handle The Guennol Lioness, one of the greatest works of art of all time. Before the sale, a great connoisseur of art commented to us that he always regarded the figure as the ‘finest sculpture on earth’ and it would appear that the market agreed with him!”

A total of five different bidders, three on the telephone and two in the room, competed for the 3 ¼ inch limestone treasure. After auctioneer Hugh Hildesley opened the bidding at $8.5 million, four bidders jumped into the fray. When the bidding reached $27 million, a new bidder, standing in the back of the salesroom, raised his paddle for the first time. An intense battle ensued between that bidder and one determined client on the phone. When Mr. Hildesley brought the hammer down to several rounds of applause, the successful bidder, who was standing in the salesroom, would only identify himself as an English buyer who wishes to remain anonymous.

The Guennol Lioness eclipsed by nearly double the previous record for a sculpture at auction which was $29,161,000 paid for Pablo Picasso’s Tete de Femme (Dora Maar). It also smashed the previous record for an antiquitiy at auction, the bronze Artemis and Stag, which sold for $28.600.000 on June 6, 2007 at Sothebys.

The Guennol Lioness was included in a sale of Antiquities which brought a total of $64,955,839 (est. $16.7/22.2 million), the highest total ever for a sale in this category. The sale was 97% sold by lot and 100% sold by value with 80% of the sold lots exceeding their high estimate.

Diminutive in size, but monumental in conception, The Guennol Lioness was created approximately 5,000 years ago in the region of ancient Mesopotamia. Its creation was contemporaneous with the first known use of the wheel, the development of writing, and the emergence of the first cities. The sculpture was acquired in 1948 by Alastair Bradley Martin and his wife Edith, whose revered Guennol Collection of choice masterworks across countless periods and cultures has been celebrated by scholars and museums for decades.

The Guennol Lioness had been on view at the Brooklyn Museum of Art for nearly 60 years and extensively published. The proceeds of the auction will benefit a charitable trust formed by the Martin Family.

New Color Catalog Features Antiquities from Ancient Greece, Rome, Egypt and More

Fragments of Time, Inc., a leading international dealer of antiquities, announces the release of it Catalog XLII.  A complimentary copy is available on the company's recently website.

The catalog features nearly 70 museum-quality objects spanning more than 4,500 years of history -- from the early dynastic period of Egypt to the Islamic Period of the Dark Ages.

The catalog features several breath-taking objects of exceptional rarity including:

• Roman bronze plaque (cover) depicting Victoria inscribing SPQR on a military trophy of arms with a mourning captive (possibly Judea?) at her feet.
• Spectacular East Greek Marbled-ware Lydion painted in yellow and red to simulate the look of freshly hammered gold or bronze.
• Attic Greek vase modeled int he form of a female head with superb, original details
• Laconian (Spartan) drinking cup with the interior  decorated with four swimming dolphins
• Fine Egyptian turquoise faience openwork bracelet
• Etruscan terracotta lid depicting a reclining figure holding a ribbon
• Roman portable marble altar inscribed to Jupiter and dating to the 2nd-3rd century AD

Still, you need not be a museum to purchase. There are many objects under $500, including a superb collection of Roman pottery.  Prices are listed for each object, along with complete descriptions, condition reports, provenance and scholarly references. Every object is backed by the company's lifetime guarantee of authenticity.

Egyptian Antiquities Exhibitions Top List for 2006

Tutankhamun and the Golden Age of the Pharaohs exhibit at the Fort Lauderdale Museum of Art topped the list of the 10 most attended Antiquities events for 2006.

Just over 700,000 people flocked to see Tut in Florida, for an average of 5,443 per day. Two other shows of Egyptian antiquities -- Egypt's Sunken Treasures (Martin-Groupius-Bau Museum Berlin) and Hatshepsut: from Queen to Pharaoh (Metropolitan Museum, New York and the DeYoung Museum, San Francisco) captured the honors for second, third and fourth place.

The only event in the top 10 to feature Roman antiquities was the Antique Treasures exhibit held at the Musei Capitolini in Rome which finished sixth with 159,253 visitors.

Near Eastern antiquities held two slots in the top 10 with Treasures from the Royal Tombs of Ur (St Louis Art Museum) finishing eighth, and Forgotten Empire: the World of Ancient Persia (British Museum, London) finishing tenth with 155,404 visitors.

The continued domination of exhibitions of Egyptian antiquities underscores the broad appeal and parallels the current scarcity of affordable quality Egyptian antiquities on the market.