Restrictions and records: auctioneer year of discovery

Although 2021 started as a challenging year for many, with another lockdown and ever-changing restrictions, the requirement for valuations to be carried out remained. Lyon & Turnbull, one of the UK’s premier fine art and antiques auctioneers, adapted its practices to allow for the provision of both virtual and socially distanced valuations, thus providing a constant service to clients throughout 2021.

The year, as it turned out, was to reveal some of the most surprising finds for the firm’s specialist team on relatively routine valuations.

In January, in the midst of yet another lockdown, a valuation in rural Aberdeenshire turned up a rare and valuable French gothic ivory box, tucked away in a cupboard. Lyon & Turnbull’s valuer was able to explain to their client that changes in the laws on the sale of ivory were due to be enforced in 2022, which could make open market valuations of the box problematic in future. They decided that it would be better to sell and so, after extensive research confirming the box’s rarity, it was offered for sale in May 2021 when it made a world record price of £1.45 million.

Lyon & Turnbull European Ceramics specialist with rare maiolica dish

To coincide with US Independence Day at the start of July, the team offered their second record-breaking historical rarity of the year: a “signer’s copy” engraving of the US Declaration of Independence. Printed in 1823 by William J Stone, it turned out to be one of the last six copies known still to be in private hands. It was discovered by Lyon & Turnbull’s Books & Manuscript specialist in a pile of pamphlets during a valuation of books and papers brought down from an attic during a house contents valuation in a Scottish country house. Working in partnership with Lyon & Turnbull’s sister company, Freeman’s of Philadelphia, it was sold in the US for a world record price of $4.5 million (£3.23 million).

The third major world record of the year came in October, when the contents of Lowood House, Melrose, were offered as a single-owner “house sale”. The process started with a current market valuation being carried out, during which one of Lyon & Turnbull’s team of specialist valuers discovered a rare maoilica dish, in pieces, in a drawer. They knew it was more than just a broken plate, and subsequent research attributed it to Nicola da Urbino, the “Raphael of maiolica painting”. A museum quality restoration was instructed before the dish was offered at auction, where it established a new world record for maiolica of £1.26 million.

The provision of professional valuation services is a core element of the specialist auctioneer’s business and one which Lyon & Turnbull are pleased to have been able to maintain. They continue to offer valuations in a variety of formats in order to assist with tax planning, the management of estates, market valuations and insurance during these continuing challenging times.

Lyon & Turnbull Manuscripts specialist with rare signer’s copy of the US Declaration of Independence

Lyon & Turnbull have been in the business of valuing fine art and antiques since 1826 and rank as one of the UK’s oldest and largest firms of valuers & auctioneers. They have more specialist valuers than any other auction house in Scotland, and their locations in Edinburgh, Glasgow and London enable provision of a nationwide service to clients. International business is supported through their partnership with Freeman’s of Philadelphia, America’s oldest auction house, and their Hong Kong subsidiary company.

The team, led by Gavin Strang, regularly review their services, taking into account legal and regulatory changes and other circumstances which might affect the form and content of valuations. The firm is represented on HMRC’s Chattels Valuation Fiscal Forum, the committee of the Society of Fine Art Auctioneers and Valuers (SOFAA) and other professional bodies. Participation in the international art market provides an extensive knowledge of current market trends and prices which inform all valuations.

Valuations remain at the heart of what Lyon & Turnbull do, and they look forward to providing you and your clients with a seamless service in 2022; and perhaps discovering more forgotten rarities along the way!