Autumn 2014
Four Decades in an Evolving Market
price for the best French furniture. A Louis XIV library table by André-Charles Boulle made £2,254,906. Christie’s and Sotheby’s were losing their British identities. Sotheby’s had been bought by Alfred Taub- man in 1983, and Christie’s fell to François Pinault in 1998. Both firms soon became Americanised. Soon afterwards came the merger of Bonhams with the ma- jor part of Phillips, which created a third expansionist London-based auction business. The new Bonhams, however, has taken more care of its traditional roots, and although operating globally, may be better placed than its rivals to realign itself when fashion turns against contemporary commodification. The British trade had been remarkably resilient through what had then been the ‘deepest recession since the war’, to which it had responded by seeking new markets, and, in some cases, opening branches abroad. However, London remained the leading art market in Europe, handling between half and three- quarters of EU business, and dealers accounted for about 55% of turnover against the auctions. A loom- ing problem in 1994/5 was the imposition of VAT on all imports of works of art. Later came the extension to Britain of Artists’ Resale Right. Both of these caused casualties, but both have been absorbed by the trade. A natural response to the passage of time, changing fashion and shortage of older stock, was to extend the concept of ‘antique’ to 20th century, and indeed con-
Above From the mid-1990s works such as Andy Warhol’s The Reigning Queen, 1985, 30 of 30, Tanya Baxter Contemporary, began to command market attention.
temporary, design. The globalisation of the fair busi- ness from the 1980s continued ever more strongly into the 21st century, with many leading dealers doing more of their business at fairs around the world rather than through galleries. At the same time, cooperation among dealers became more effective. In 1998 Asian Art in London was launched. It was an immediate success, and has become more impressive almost every year. Three years later Master Drawings in London followed, which inspired Master Paintings and Master Sculpture weeks, and these three have now amalgamated into London Art Week. These initiatives have been export- ed to New York with equal acclaim. Beyond London cooperation has also proved its val- ue. Also in 1998 the then 20-year old Cotswold Antique Dealers’ Association held its first co-ordinated fortnight of members’ exhibitions. Eventually the format proved unsustainable, and for the last three years it has been re- placed by a members’ spring fair at Blenheim Palace, con- sidered to be one of the best events of its size in the country. Throughout the past 20 years, the art and antiques
market has faced 9/11 and 7/7, Iraq and Afghan Wars, re- cessions, currency and banking crises, developers’ as- saults on markets and traditional centres, EU and home bred regulatory interference, shortage of stock and many other woes. The trade has not only survived, but surmounted them, with its characteristic blend of pessi- mism and resilience. LAPADA has been at the heart of it.
Above Chair, from a set of 4 by Ico Parisi, 1948. 20th century design from De Parma, an early member of LAPADA Modern.
Adapted from articles which first appeared in Country Life, May 14 and May 28, 2014.
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