Antiques Trade Gazette 79 back page London is still the place to be
Left: Giuseppe Eskenazi with the Yuan dynasty guan that he bought for £14m at Christie’s in 2005.
to the artist. But now I have sold most of my collection formed over the years, at Sotheby’s.” Although Giuseppe says he could
never afford to buy at the top end of the paintings market, his works on paper collection is hardly inconsequential. Back in 2007, he sold four Cézanne watercolours at Sotheby’s New York, one of which, Nature Morte au Melon Vert (1902-6), reached $22.75m (£11.38m), an auction record for a work on paper by the artist. Not a bad return – Giuseppe had
bought it for £2.5m in the British Rail Pension Fund sale at Sotheby’s in 1989. He is strongly against dealers
collecting in their own field: “I know many who will disagree with me, but for me there is a conflict of interest. Not wanting to sound arrogant, but if I had wanted to I could have formed an exceptional collection of Asian art.” So the last thing he wants to look
at in the evening is another Ming vase? “Exactly, I want to look at something different when I go home.” “For years I have tried many times to
buy a Van Gogh drawing, I think they are wonderful, and there are so few on the market,” he adds. Whilst he has no plans to retire,
But recently, he and his clients have
been priced out of the top end of the market by the seemingly insatiable Chinese hunger for pieces. “There are still some big collectors
in France, Switzerland and America, but nothing to compare to the buying power in China. Western buyers definitely have the money, but do they have the appetite? Maybe at £1m or £5m, but not at £10m or £20m.” He is referring to the HK$225m
(£18.2m) paid only last month at Sotheby’s Hong Kong for a Qianlong (1736-95) mark and period famille rose double gourd vase. The buyer was the Chinese business magnate Alice Cheng. “I can’t buy at the level we saw in
Hong Kong, because now I cannot outbid the mainland collectors like Alice Cheng,” he shrugs. “It was within limits, but now it’s a bit insane. To me, £20m for one pot is a bit insane.” As with every business, it comes down
to the bottom line: “I have to justify buying a piece. Collectors do not have to justify what they spend, but I do.”
“I have to be able to justify buying a piece. Collectors do not have to justify what they spend...but I do.”
Nor does he see any sign of the
Chinese economy weakening: “The Chinese economy is amazing. Now when I step outside my hotel in Beijing to go to a gallery, Rolls Royces and Bentleys pull up. “When I first started going to China, it
was bicycles and you couldn’t get a taxi. So the economy is incredible, and I think it is going to last, and develop further.” He also believes that Mainland China
will become more receptive to Western businesses establishing themselves there. “China is becoming less closed, they
want to be seen very much as part of the world economy. The Chinese are responsible for around 50 per cent of the
luxury goods market. Now in Beijing they have huge shops for Western brands like Louis Vuitton and Armani, something I thought would never happen in the ‘70s when I first went to Beijing, or even 10 years ago. There is definitely more understanding between the West and China.” So does he have plans to establish a
gallery in Hong Kong? “No, because I think the business
would suffer. I would have to split my staff and my stock between two places, and inevitably end up with the client and object in different places. People know I am in London,” he says. Throughout our meeting, Giuseppe
has spoken on Asian art with the voice of a businessman. But such cool detachment evaporates when he talks about his personal passion, which takes him back to his early ambitions as an art dealer. “I have collected works on paper for
30 years. I could never afford to buy top- end paintings, but for me works on paper and drawings are exciting,” he enthuses. “They are more immediate, you are closer
Giuseppe does wish to concentrate more on his love of works on paper, by handing over more of the business to his son. And he is not immune to the mundane – “Like everyone, I’d like to do less admin,” he admits. As a final anecdote and with a
mischievous smile, he tells a story about an obsessive collector that I’m sure he has told countless times before and is perhaps a tad embellished. “I knew a collector who had a very
rare and valuable pot, and he loved it because he thought it was unique. But one day, someone came to him with another pot identical to his and asked him if he would like to buy it. He couldn’t believe it. It was a lot of money, but he bought the pot.” He pauses for effect. “But when he got it home, he
smashed it on the floor. So that his pot was still the only one. “To me, that’s a little scary!”
Eskenazi are participating in Asian Art in London (November 4 to 13). The Fiftieth An- niversary Exhibition: Twelve Chinese Mas- terworks will be held at the 10 Clifford Street gallery, London W1, from November 4 to 30.
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