October 2023: Modern British Art Autumn Report

As 2023 draws to a close the Modern British sales across the autumn period have been full of activity. Bonhams started the proceedings with their annual Blazing a Trail auction in September, bringing British women artists, and in particular British Surrealism into the spotlight. Last year’s stand out name, Ithell Colquhoun featured again, this time with four works on offer. While none surpassed the exceptional £258,600 result of Anthurium, 1936 (set by Bonhams Knightsbridge last November) two works: Sunflower, 1936 and Nativity, 1964 have now taken second and third place in auction records, selling well over estimate at £79,140 and £63,900. In a similar vein British Surrealist, Paule Vézelay’s rare 1930 painting Composition Objets et Soleil created a buzz, selling for £20,480 against an estimate of £6,000 - 8,000. Despite paying well over top estimate, the purchaser of the Vézelay may well reflect on making a very good and astute purchase. In our opinion the market for many of these artists, especially Vézelay still has room to grow.

Jessica Dismorr and Vanessa Bell additionally continued their strong market results from earlier this year. Two of three works by Bell on offer sold over estimate, including an unassuming oil on paper sketch Near Alfriston, circa 1940 which made over four times its low estimate (£17,920). Dismorr’s Fauvist inspired Venetian oil also drew much interest breaking the artist’s world auction record at £20,480, although this was swiftly overtaken at Christie’s day sale less than a month later. Considered to be one of Dismorr’s finest works, Portrait of a Woman Seated (Helen Saunders), 1919 sold in the King Street rooms for £35,280. (estimate £5,000 - 8,000). Christie’s further inclusion of women artists including Vanessa Bell, Gwen John and Pauline Boty and their equally sound results demonstrate a growing awareness of, and appetite for this once overlooked genre of Modern British Art that looks set to continue.

Gwen John (lot 207, Christie’s) provides an especially interesting snapshot into the current market. This small pencil and wash portrait of Auguste Rodin was listed at £7,000 - £10,000, a reasonably punchy estimate for a work on paper by the artist. The combination, however, of an artist whose works are both enduringly popular and currently in demand, coupled with the quality of draughtsmanship and a great subject (John was Rodin’s model and lover) led to spirited bidding with the work eventually selling for £40,320. It is worth noting that the artist was also the subject of a recent critically well-received retrospective at Pallant House Gallery. There is no doubting the effect such public shows can have on an artist’s market and that very strong prices can undoubtedly be achieved for works of rare quality and importance.

October also saw the landmark sale of designer Robert Kime, held at Dreweatts. Set over two days, auctions included works of art, furniture and antiques amassed over the illustrious collector’s lifetime. Eric Ravilious’ New Year Snow watercolour was included in day one of the sales which achieved £350,200 – now the second highest result for the artist at auction. It is important however, to acknowledge the impact that named collection sales have on the market. There is an unquestionable tendency for results to be driven higher than typically achieved compared to works coming from private vendors (as seen with Sir Nicholas Goodison’s collection in 2022).

In between auctions the British Art Fair took place at the Saatchi Gallery, showcasing a diverse range of Modern British works from trade. The demand for Ravillious was matched with a notable 6 figure sale of another work on paper. With a rise in visitor numbers, the fair was seen to be a very positive experience for all participants and Portland Gallery enjoyed sales to both new and existing private clients of works by David Spiller, Mary Fedden, Graham Sutherland and CRW Nevinson’s masterful oil Cloud Shadows of Spring. Elsewhere, trade appeared strong for well-known artists, particularly mid-century figurative painting. Major works by John Piper, Alfred Wallis and Winifred Nicholson found new homes, and the fair was commended by visitors for the quality of the works on offer. The fair, like much of the auctions, was notably light on good quality post-war abstraction, which we suspect is a reflection on the difficulties in sourcing such work as opposed to a weakening market (and the absence of one or two key dealers in the field).

At Christie’s, the Modern British & Irish Art sales achieved steady results overall yet lacked the impact of previous seasons. The evening sale totalled just over £11.5 million from the 26 lots on offer with top lots from Barbara Hepworth, LS Lowry and Ben Nicholson selling on one bid. Competitive bidding was seen towards Pop and abstract works by Allen Jones (£163,800) and Robyn Denny as his large 1959 commission The Austin Reed Mural (£352,800) marked a substantial new auction record for the artist. Cedric Morris’ striking portrait of illustrator Richard Chopping additionally sold well, just under double its high estimate (£239,400). Surprising results came from Lowry’s Going to the Match oil, Henry Moore’s unique stone Half Figure and Lynn Chadwick’s monumental bronze Walking Woman all failing to find a buyer. The day sale however, realising £5.1 million, did find greater success with these names. Once again abstract art proved popular, as John Cecil Stephenson’s Vortex No.2 sold over double low estimate at £47,880 and Adrian Heath’s Painting Black and Pink made £144,900, now the second highest result for his painting at auction.

Local auction houses also attained impressive results. Dennis Mitchell drew highly competitive bidding at Lyon and Turnbull’s Modern Made auction, where hand carved slate and wood sculptures Maen, 1976 (£1,000 - 1,500) and Ballet Dancer, 1949 (£8,000 - 12,000) exceeded estimates selling for £13,860 and £37,700. Rogers Jones & Co’s Cardiff saleroom additionally featured a bold 1985 Patick Heron gouache on paper. At an enticing £3,000 - 5,000 estimate it was no surprise that this attracted numerous buyers leading to a hammer price of £17,000. It is undoubtedly worth keeping an eye on provincial houses for works of this quality that would likely escape the larger rooms. Portland Gallery is very happy to offer advisory services to our clients looking to source works across all salerooms and via private sources.

More recently, Sotheby’s and Bonhams held their main Modern British sales. Under new department leadership from André Zlattinger, the content of Sotheby’s felt more cohesive compared to last year, however selling still proved difficult in places. Both Lowry and the Colourist market had noticeably softened across both evening and day sales; also apparent from Bonhams dedicated Scottish Art auction earlier in Edinburgh, where works by Hunter, Peploe and Fergusson sold largely below or just within estimate. Conversely, the market for John MacLauchlan Milne (the ‘fifth’ Colourist) appears robust. Portland Gallery sold 3 major oils over the late summer / autumn period and a 20 x 24 inch canvas titled Cornfield, Sannox took £50,700 against estimates of £20,000 - £30,000 at Bonhams Edinburgh in May. Elsewhere at Sotheby’s, Henry Moore took centre stage with a unique white alabaster carving once owned by Ben Nicholson selling for just under £4.5 million. Bonhams’ own unique ironstone head did not find a buyer the following day, demonstrating that buyers are still seeking the highest quality pieces and are not willing to take the next best thing.

This point can be amply demonstrated by contrasting the result of Adrian Heath in the aforementioned sale at Christie’s. Untitled (lot 263) was similar in scale and date (separated by just 4 years) to Painting Black and Pink (lot 126). The latter sold for £144,900 while Untitled failed to sell against a low estimate of £30,000. To our eyes, there was a clear difference in quality between the two works, but the difference in price was still remarkable. Another example can be found in John Cecil Stephenson’s paintings. Stephenson is a fascinating artist whose works seldom appear at auction. During the late 1930s he was a central part of the Hampstead set of Modernist artists including Nicholson, Hepworth, Calder and, briefly, Mondrian. It is rare that two major oils from this period should appear at auction in the same season, but quickly following Christie’s successful offering (highlighted earlier) was a larger, much darker canvas titled Tension, which formed part of Sotheby’s day sale. With an estimate of £20,000 - £30,000 (an increment higher than Christie’s gave their painting) it eventually hammered below the low estimate. This wasn’t a case of the work being substantially weaker, but the much lower selling price was a combination of more commercially difficult colours and over enthusiastic estimates.

It would appear that the Modern British market is overall still relatively strong, albeit with some necessary caveats. The market is increasingly selective, particularly when the artist is perceived as being relatively prolific and/or rather variable in terms of the quality of their work. Collectors appear to be fairly risk adverse: buying works by artist’s they know and where there is an established critical consensus rather than taking risks on new names. There is still plenty of enthusiasm for areas of the market which are perceived to be under-rated but where there is a demonstrable consensus of opinion as to that fact. The trend for exploring later or lesser-known works by artists whose prices are already high for what was previously considered their prime period is also evident, particularly with post-war abstraction (notably Wilhelmina Barns-Graham, Paul Feiler and Patrick Heron). We are often asked which artists are going to take off commercially in the near future – something which is impossible to predict (and beware of anyone who tries) – but the central tenant of rational collecting is truer now than ever. Buy the best example of a given artist you can within the budget you have.

 

N.B: all results listed include buyer’s premium (unless otherwise stated)

6 Dec 2023