Antiquities and Ancient Art

Day 2: No Ancient Ruins, Only Modern Ones

The executive summary of Day 2: Awoke at Gatwick; flight to Naples; Boat to Capri; Late Lunch; Hydrofoil to Sorrento; Drag luggage up a million stone stairs; Directed wrong way to hotel by police; Sweat profusely; Reverse direction and find hotel; Phenomenal dinner featuring local veggies and wine; Score free internet access in the lobby of the hotel because I have my own laptop...... 

Hard to believe I was in London 14 hours ago. I am sitting in the lobby of the Hotel Sorrento City using their free internet connection since I have my own PC. Weather is perfect. The doors of the lobby are open and a rare breeze flows in. But mostly the weather is just, well, perfect. I'm in shorts and a golf shirt. A bus just growled past. Some British tourists looking for a bus stop wandered in looking for directions. Unfortunately, their bus stopped running at 11pm. It is now 11:45pm.

The flight over the Alps was fine. When I lived in the south of France 1989-1990, I took that flight for granted. Today, the majestic, snow-capped peaks were a sight to behold. I planned to take the train to Sorrento.  But on the flight I got engaged in a conversation with a guy across the aisle who is a PhD candidate at a Glasgow university with a specialty in 'value co-creation.'  For those at SkillSoft, co-creation is a big part of Connect, He was attending a conference on the topic in capri and was taking a ferry from the Port of Naples. So, rather than training it, I decided to take the ferry, see a little of Capri and then catch a hydrofoil to Sorrento. 

I had to take a bus from the airport to the Port of Naples. A bargain at only 3Euro, it gave me a taste of the 'gritty, dirty' city. We leave the airport area and head to the motorway. 'Vesuiv' the driver declares to some German tourists standing near him.  The sight dominates the view beyond the crumbling city seemingly held together by graffiti and neglected stonework.  

Still, Naples (from the bus) does not appear as as bad as the guide books make it out. The funny thing is that cars just double/triple part in main streets. The bus snakes its route with a fog-horn-like auditory weapon that blast obstacles quickly from its path.  The driver always grumbles aloud something that sounds like "Qu'est la problema?"  as if this si the first time he's ever seen a street blocked by a wayward car. Makes me laugh. Welcome to Naples.    

Arriving at the bus terminal for the Port, dead reckoning is a required tool to find the ferries. After a short wait, I board the boat to Capri and sail through the harbor past the gargantuan Mediterranean cruise ships and the sight of Vesuvius.  I am surprise that Vesuvius is so close to Naples. The guide books leave you with the impression that it is further away.  It must have been a frightening sight for ancient Romans living in Naples in 79 AD when the second, and most fatal eruption of a generation, occurred. Maybe that helps explain the live and let live psyche of the Napolese.  

The view of the Bay of Naples from the water is magical.  As we near Capri, I am struck by the sheer bulk of the island. It is sheer granite, rising out of the ocean, topped with a lush green toupee that is home to many species of birds and more than 800 variety of plants. A veritable Garden of Eden. The Roman Emperor Tiberius built a palace on the Southwest corner of the Island  - ruins barely visible high above the marina.   Not enought time to do a 1 hour tour of the Island; so I opt for a late lunch of cheeseless vegetarian pizza with a local drink of frozen lemonade that the waiter warns me is 'sour.'  He is right; but is pairs perfectly with the pizza under the hot sun. 

I take the 6:30PM hydrofoil to Sorrento. With my luggage in tow, I climb an eternity of stone stairs carved into the cliff face to reach the center of Sorrento. Silly me. A woman walking near me offers words of encouragement at each landing. Sorrento is a small city that appears much larger when a policea gives you directions in the opposite direction to where you need to be going. The misdirection, the heat, the mopeds, and the cobblestones conspire to make the journey  to the hotel harder than it had to be. 

A shower is a wonderfulthing.  Refreshed, I explore the Sorrento streets as night falls. A beautiful sunset from the Hotel Royal. I wander until I find the Ristorante Pizzeria S. Antonio, which has two dozen vegetarian dishes mixed among the local Sorrento fare of carne and pesce.  At 10pm, I settle in for a relaxing Sorrento vegan meal of mixed marinated local vegetables (two types of mushrooms, sun-dried tomatoes, grilled eggplant carpaccio, fava beans, chick peas), a mixed greens salad (the iceberg lettuce in the salad actually had flavor!), and a 1/2 litre of local red wine. The waiter takes my order on an HP handheld wireless device!  He shows me how it works -- has the entire menu programmed in and he has no problem handling special orders. Has been using this device for 2 years and loves it.

Not much on the ancient Roman ruins front today, but hey, this is Italy. Relais!  Tomorrow is another day.

Ciao!

Looking for Ancient Rome: Naples Adventure Begins

American Airlines 156 from Boston to London was a nice smooth crossing.  Landed 20 minutes ahead of schedule.  Made a beeline for the Heathrow Central Bus station and now I’m on the National Express bus to Gatwick.

What a beautiful night in London.  9:30pm and a spectacular northern summer dusk of striped orange, red, yellow and blue is painting the sky above Heathrow Terminal 5. 

Will be hoteling at Gatwick tonight.  Mercure, an Accor hotel.  Dependably clean and a great value, the Mercure also has the extra advantage of being a stone’s throw from Gatwick airport.  Besides, I like to patronage hotels with a business connection, and my friend Allen Krom works for Accor -- he is a good guy despite his one flaw as a diehard Yankees fan.   

Tomorrow the Naples adventure begins.  Pompeii, Herculaneum, Naples National Museum.  Will use Sorrento as home base for most of the trip, except for Friday and Saturday when I’ll stay in Naples to focus on the museum collections.  Will be blogging the sights and sounds of ancient Bay of Naples (as wireless connectivity permits). 

Naples seems so far from the ‘civilized world’ of England.  But 2,000 years ago Naples and London were both part of the same empire.  Terminal 5 was built on the remains of a settlement that was continually inhabited from the Bronze Age through through the period of Roman colonization.  One wonders how many Romans might have been born in the Bay of Naples region and then marched north through Italy, across France, and eventually across to England.

 As the colors soften in the sky, it is worth considering how many Romans looked at this same sky long ago and reminisced longingly for their southern Mediterranean homeland.  Modern travel has a way of experiencing in a week a taste of what these earlier generations experienced in a lifetime.

New Manuscript Sheds Light on Roman Jokes

Maybe it's because we just take the classics so seriously, but Greeks and Romans are seldom thought of as sitting around belly-laughing at the latest knock-knock jokes.  According to an article in today's California Chronicle, we may want to revise our mental image and yuck it up a bit.

Classical professor Mary Beard has discovered a Roman manuscript dating from the 3rd Century AD containing 265 honest to goodness ancient jokes and riddles. Interestingly, some of the jokes sound positively modern.  Like the 'Doctor, doctor' joke where the patient says "Doctor, when I wake up in the morning I'm dizzy for half an hour, then I'm ok."  Doctor: "Well, then, just wait a half an hour before getting up."

It's not clear whether the ancient book was a comedian's jokebook or whether some ancient author was trying to collect and classify the jokes. But, they have been preserved which means the next time your hear an old joke, it might be very old indeed.

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.     

What Does the Ancient Coin Market Portend for Antiquities?

Against the backdrop of a deepening financial crisis, December was a record shattering month for the antiquities market. Now, nearly two months later, what do we know about the direction?

Unfortunately, until we get further in the spring season with major fairs across Europe, there is little new direct data on the antiquities market. However, we do have some very interesting news coming out of the ancient coin market that could offer a barometer.

Specifically, I'm referring to the fifth annual Gemini Sale which took place in New York in January in conjunction with the annual New York International Numismatic Convention.  Timing couldn't have been worse. The lingering financial crisis, the holiday hangover effect, a pre-emptive missive by Dutch journalist Arthur Brand asserting that one of the star coin lots was a fake, and the bitter cold temperatures in the Northeast all conspired into a perfect storm that in other times might have dampened collectors' enthusiasm and their budgets.

Despite all, activity was brisk and dealers pleased. The 905-lot ancient coin auction was a major success ringing up over $3.7M including buyers commission. Observers and dealers at the event declared confidently that there is no evidence of a downturn adversely impacting the ancient coin market. 

In fact, Peter Weiss, treasurer of the American Numismatic Society, was quoted in press reports as saying "All nice-condition ancient coins have doubled in value in the last 18 to 24 months."

Like antiquities, aancient coins have come under tighter import/export scrutiny in recent years.  Provenance has also become a more element affecting the overall value of an objects. The similarities between the ancient coins and antiquities markets suggest that both remain somewhat insulated from the speculation that drove more popular areas of the art market.

It may also suggest that collectors understand that in a global highly specialized market like antiquities and ancient coins which is fueled by growing scarcity, opportunities to acquire great objects in every price range are fleeting. 

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.  

'Rare Antiquities Show Remarkable Succes at New York Sales'

Journalist Souren Melikian, one of the smartest observers of the fine art market, provided a keen analysis of this week's New York Fine Antiquities auctions for yesterday's International Herald Tribune.  

Some of his observations:

"The art market is gradually returning to its natural ecology. Far from crushing it, the current recession is ruthlessly paring down the artificial inflation that was recklessly encouraged by auction houses egged on by speculation-oriented consignors. At the same time, spectacular prices can still be achieved when highly important pieces of world museum level turn up."

"Rarities on which no collector wealthy enough to pay the price can gladly pass were fiercely fought over and realized absolutely astounding prices, confirming that the art market stands alone in the overall economy."

"It was not just Egyptian art that had buyers bidding frantically."

"In the market as it now stands, works that require an art lover's eye to be recognized are no longer targeted by speculators. And that, too, is welcome news."

Click here for the full article.

New York Antiquities Sales at Christies and Sothebys Top $28-Million for 2008

Despite the economy, savvy collectors continue to buy quality objects with an odd mix of conviction and caution. 

At Tuesday's morning sale of Antiquities and afternoon session of Ancient Jewelry, Christies hammered down a total of $4.7-million.  The total was respectable despite the fact that several significant items, including a superb early Christian silver paten circa 4th-5th Century AD, estimated at $600-800k) failed to find a buyer.  Of the more than 300 lots offered, more than 63% sold. 

Sotheby's sale the following day achieved a spectacular $8.9M in sales (including buyer's premium) with a very strong 81% of lots selling. Three lots were hammered down for more than $1-million each, including a 13.8" Egyptian greywache figure of a man from the Late 26th/30th Dynasty which was the top lot at $1,650,500 against a $600-900K estimate. The other two lots topping a million dollars were an 18th Dynasty Egyptian limestone figure of a princess from the reign of Akhenaten ($1,082,500) and a superb 18.5" marble Cycladic statue of a goddess circa 2500-2400 BC ($1,022,500).

Richard M. Keresey and Florent Heintz, experts in charge of the sale said, “We were very gratified with the results of today’s sale. Rare objects of great quality and with good provenance sold extremely well, as well in fact as they did in our June sale. The overall total of $8.9 million was nearly

The two December auctions bring the total of antiquities sold between the two firms in 2008 to more than $28-million.

Oil Lamp Collectors: Archaeologists Pinpoint Site of Major Roman Factory

In the First Century AD, demand for molded terracotta oil lamps throughout the Roman empire led to commercialization of a large industry that for the first time competed for consumer demand by blending form and fashion...an important milestone in the evolution of lighting and commerce. Archaeologists reported yesterday that have now pinpointed the factory responsible for making the "Gucci" and "Armani" of ancient oil lamps. 

Oil lamps had been used in antiquity for hundreds of years before Christ.  But during the early years of the Roman Empire, one workshopp in Italy began manufacturing a large volume of lamps decorated with superb and innovative images of gladiators, animals, gods, goddesses and even elaborate important events. More importantly, some of these lamps were "signed" on the bottom with a Latin name that became synonymous with the factories where they were made as they were exported to Roman consumers on three continents.  One of the trendiest of these early lamps was the name FORTIS, and others included STOBILI, COMMUNIS, PHOETASPI, EUCARPI.  Until now the ancient location of these workshops was unknown.

So posh were some of these brands, that they were later copied by workshops in other locations, perhaps illustrating one of the earliest examples of consumer brand piracy!

Construction on a residential complex near the ancient walls of the city of Modena (also famous for its aged balsamic vinegar, Ferrari and the birthplace of Pavarotti) in central-northern Italy has uncovered a large dumping ground which they say confirms for the first time the location of the most famous early lamp workshops in Modena (known as Mutina in ancient times).  While this has been suspected, this is the first physical evidence that a large cluster of lamp workshops existed in the area. That the dump was found near the walls is significant as it is believed that the kilns were outside the ancient walls to prevent fire breaking out in the city.

Ancient Roman lamps are among the most affordable and portable antiquities sought by collectors today.  Most lamps fit in the palm of an adult hand and can cost as little as a hundred dollars. One very interesting facet of ancient lamps is how they evolve to reflect the events of this important period of Western civilization.  First Century Roman lamps tend to have beautiful yet austere decorative motifs reflecting Julio-Claudian taste and are highly desired; certain Second Century lamps can get more elaborate and interesting mirroring the increased complexity and diversity of the Roman empire. During this same period, lamps made in Palestine mirrored Jewish cultural and decorative traditions.  Roman lamps continue to evolve even into the Fourth and Fifth Centuries as secular images are replaced by those with significance to the early Christian community as religion spreads.    

Some useful reference books on ancient lamps and motifs include:

• Roman Pottery in the Royal Ontario Museum

• Light from the Age of Augustine 

• A Catalogue of the Lamps in the British Museum:  Volume IV Lamps of Metal and Stone, and Lampstands

• Ornamented Jewish Oil-Lamps: From the Destruction of the Second Temple Through the Bar-Kokhba Revolt  

• The Dendrites in Pre-Christian & Christian Historical-Literary Tradition and Iconography