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Words: Virginia Blackburn Many art experts agree that much of the output from modern British artists those working between 1950 and 1970 is still seriously undervalued. We tell you where to look for an eye-catching nest egg THE COMMON GOAL when investing in art is to discover the Next Big Thing: anyone lucky enough to have bought a couple of paintings by [...]
Words
Many art experts agree
that much of the output from modern British
between 1950 and 1970 is still seriously
to look for an eye-catching nest egg
alt="Invest in Art and Sculpture" class="picright">
COMMON GOAL
when investing in art is to
discover the Next Big Thing: anyone lucky enough
to have bought a couple of paintings by Jack
Vettriano a few years back would now be able
to retire on the proceeds. But sometimes it is as
sensible to look back as it is to peer into the future
and that certainly applies to modern British art, as
opposed to contemporary British art, which is
current. Modern British art actually describes the
art of the last century, rather than that which is
currently being created, and in this piece specifically
means the art of the 1950s to 1970.
Although many of the artists working 50 years
ago are world famous, their work commands
nothing like the prices of their American and
European counterparts on the international stage,
with the result that many experts believe they are
seriously undervalued. Even the expensive work is
relatively cheap: you might have to pay a seven-
figure sum for a major work by sculptor Barbara
Hepworth (a major figure in the British abstract
art movement), but that pales into insignificance
compared to the $140m (£73m) paid for a Jackson
Pollock piece at the end of last year.
alt="Invest in Art and Sculpture" class="picright">“After
World War II, a new generation of artists
emerged, including Hepworth, Henry Moore and
Ben Nicholson, who were the Damien Hirsts and
Tracey Emins of their day,” says James Rawlin,
director of modern British art at Sotheby’s, which
holds five sales devoted to the subject every
year. “They received great acclaim at the time
and it’s not quite accurate to say they’re all
undervalued: a Moore can cost up to $8m. But a
great many of them are no longer so prominent
and their prices reflect this. These include the
sculptors Kenneth Armitage, Lynn Chadwick and
Reg Butler, and the painters William Scott,
Patrick Heron and Peter Lanyon. Patrick Heron,
for example, had a fabulous reputation at the
time and was well supported, but simply does
not command the prices of the Americans.”
Tania Buckrell Pos, director of Corfield Morris, an
independent specialist consultant to buyers in the
art market, with offices in London and New York,
believes that there is another reason the British
artists lag behind the Americans, and that is partly
to do with British reticence (Buckrell Pos herself is
Canadian) and partly because they did not have a
cheerleader in the art market as influential as their
colleagues across The Pond once did.
alt="Invest in Art and Sculpture" class="picright">“Clement
Greenberg was a great art critic and
spokesperson for the American abstract expressionist
painters, writing about them and leading them
forward,” she says. “There was no equivalent figure in
Britain. And indeed, it was the Americans who led
the way after the war; plus their
work was physically bigger, which
affects prices. But the St Ives group,
Terry Frost and Barbara Hepworth all
had similar ideas about composition, even
if they were doing it on a smaller scale, and
should be judged accordingly.”
The London-based dealer Caroline Wiseman,
author of Modern Art Now, From Conception To
Consumption, agrees. She also adds the names
William Scott, Victor Passmore, Howard Hodgkin,
John Piper and Graham Sutherland to the list.
“After World War II, a lot of these artists who
went to America were hugely influenced by what
was going on and produced important work of
their own,” she states. “Meanwhile, it’s Victor
Passmore’s centenary next year and there will be
an exhibition of his work at Tate Britain, which is
bound to arouse more interest.”
While there have already been some movements
to redress the imbalance of prices Peter Lanyon’s
work, for example, sold for £20,000 to £30,000 a
decade ago and now goes for 10 times that there
is value still to be had. James Rawlin believes that
one artist in particular, Alan Davie, is due for a major
revival. “In the 1950s he held a small exhibition in
Venice, where he met Peggy Guggenheim, the great
patron of the abstract expressionists,” he said. “She
initially assumed he was an American and bought
one of his works, understanding that it had a quality
and a flavour of the period that went beyond
national boundaries.” Nor was Peggy Guggenheim
his only famous admirer: his work was recommended
to a buyer by Jackson Pollock, no less.
But what was good enough for Guggenheim and
Pollock was not, rather surprisingly, good enough for
everyone else. Alan Davie is now almost unheard of
outside the art market and his work, while not
exactly cheap, languishes around the £30,000 to
£40,000 mark, which is where it was 10 years ago.
This has created a vicious circle, for most people
who own a Davie don’t want to sell at such low
levels, being aware that the work is worth a great
deal more. However, Sotheby’s is auctioning one in
its forthcoming July sale: Goddess of the Green, from
1954, is estimated at £25,000 to £35,000.
Another name to look out for is Terry Frost. “In the
middle of the 1960s his work changed and became
much lighter and more spontaneous, but without
the same depth,” Mr Rawlin says. “His early works
are now beginning to gather momentum. They have
moved in price from about £21,000 to £135,000 in
three years, but you can still buy a small work on
paper for £5,000 to £7,000. Prices may be moving,
but this is still a very affordable field.”
A CHEAPER ALTERNATIVE
alt="Invest in Art and Sculpture" class="picright">Even
at their current levels, these works are
beyond the pocket of many, but there are
ways to break into the field of modern
British art at much lower prices.
The first is to buy minor works by major
artists. “Take someone who was incredibly
prolific in lots of different media, like
Henry Moore,” advises James Rawlin. “The
major works might cost a fortune, but you
can still get a little sculpture for about
£15,000 or a small drawing for £4,000 to
£5,000. You may be going in at the bottom of the ladder, but
you’ll still own an original
work by Henry Moore.”
alt="Invest in Art and Sculpture" class="picright">The
other way is to invest in a limited-
edition print (this is totally different from
posters you can buy anywhere.) These are
editions that should be signed and numbered
by the artist typically a print run will be 50
to 200 and can include screen prints and
lithographs. Find them at print fairs or at
dealers such as Caroline Wiseman, who
currently has a Patrick Heron screen print
(pictured), one of 50, at £2,500, and a William
Scott lithograph, one of 80, at £5,500.
