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 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.

“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.

“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

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.”

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.