Latest news with #artauction
Daily Mail
12-07-2025
- Entertainment
- Daily Mail
'Lost' work by Turner bought last year for $500 sells for $2.5m
A antiques collector who paid $500 for an oil painting is celebrating after it sold for $2.5million because it turned out to be a lost work by JMW Turner. The vendor took a chance on the late-18th century unsigned landscape painting at a sale last year and paid the nominal fee for it. They had it professionally cleaned and this exposed the signature of the great English artist. The painting depicting a former hot spa in Bristol was shown to Turner scholars who agreed it was by the master. They were able to say that Turner produced the work in 1792 when he was aged 17. This was three years before what was believed to be Turner's earliest exhibited work. Its whereabouts was a mystery for 150 years until it came up for sale last year. The 23in by 2ft 5in painting was attributed to an artist follower of English landscape painter Julius Caesar Ibbetson and was bought by the anonymous vendor for the lowly sum. It was then entered for sale at London auctioneers Sothebys titled The Rising Squall, Hot Wells, from St Vincent's Rock, Bristol by JMW Turner and given a pre-sale estimate of $270,000 to $400,000. Four serious bidders drove the hammer price up to $2m. With auctioneer's fees added on the total price paid by the winning bidder was $2.5m. A spokesperson for Sotheby's said: 'The painting was pursued by four determined bidders, selling to a UK private collector for $2.5, nearly eight times the estimate. 'The rediscovery and auction coincided with the 250th anniversary of Turner's birth, with institutions across the United Kingdom celebrating the legacy of one of Britain's most beloved and influential artists.' Research has shown the painting was produced by Turner based on an on-the-spot drawing by him that was found in his sketchbook from the time of his tour of the West Country in 1791. The finished work was shown at the Royal Academy in 1793 where it was bought by the Rev Robert Nixon who was a friend of Turner. When he died in 1837 the painting was inherited by his son, the Rev. Dr Francis Russell Nixon who took it with him when he emigrated to Tasmania in 1842. While living there he lent the painting to two exhibitions held in Hobart in the mid-19th century. In 1862 he returned to England, bringing the Turner with him and he died in 1879. Before his death he sold the painting to art dealer Joseph Hogarth who sold it at auctioneers Christie's in London in 1864. Since then the painting had been in private hands and 'lost' to the art world until its re-emergence last year when it was bought for $500.
BBC News
02-07-2025
- Entertainment
- BBC News
Lost Turner painting sold as Bristol art museum outbid at auction
An art museum has been outbid at auction - despite what it called its "Herculean" efforts - to bring a JMW Turner painting home to the city that inspired it following its rediscovery after 150 in 1792, when Turner was 17, The Rising Squall features a former hot spring and spa in Bristol, as seen from the east bank of the River Avon before Clifton Suspension Bridge was Sotheby's auction house on Wednesday, the painting sold to a private UK collector for £1.9m, nearly eight times the estimate Museum & Art Gallery had been fundraising to acquire the masterpiece, but the combined total of £109,000 will now be returned to those who donated. It is the earliest-known oil painting ever exhibited by the artist, and is believed to be the only one depicting a Bristol painting had been lost for 150 years before the artist's signature was rediscovered last year during a restoration its one-week campaign, more than 1,700 people contributed to the Bring Turner Home fundraiser. But, despite the dedication from art enthusiasts across the country, Kate Newnham, senior curator at Bristol Museum and Art Gallery, said "it just wasn't our night". "The response from the public has been simply extraordinary," she said."Of course we would have liked a different outcome but we're still very positive, this isn't the end of the story."Ms Newnham revealed plans were under way to celebrate the public's generosity with a rare display of Turner's watercolour collection later this year - to coincide with the 250th anniversary of Turner's to their delicate nature, the four paintings have not been exhibited for 11 years. "It will be a chance to really celebrate the work Turner did in Bristol and the inspiration he got from the amazing landscape of the Avon gorge," Ms Newnham continued. "It really was the city and landscape that got his career off to a flying start. "We are proud to be at the heart of a city that believes in access to art and culture and that comes together to support it."
Telegraph
02-07-2025
- Business
- Telegraph
Painting once owned by first British prime minister fetches record fee
A Canaletto painting of Venice owned by Britain's first prime minister has fetched a new auction record for the artist. Venice, the Return of the Bucintoro on Ascension Day (c. 1732), was sold to an anonymous bidder for £27.5 million (£31.9 million with fees) at Christie's in London last night. The painting adorned the walls of Number 10 Downing Street during the 20 year tenure of Sir Robert Walpole, in the 1700s. Andrew Fletcher, Christie's global head of the Old Masters Department, said the piece was 'unquestionably the greatest work by the artist to have come to the market in a generation.' He said: 'Seldom does a true masterpiece such as this – particularly by a painter as important as Canaletto – appear on the art market. 'This extraordinary painting of the grandest and most familiar view of Venice, by the city's most recognisable painter, dates to Canaletto's finest period and is as notable for its illustrious provenance as much as for its impeccable condition.' Christie's King Street headquarters had been decorated with a reproduction of the painting in the lead up to Tuesday's Old Masters Evening Sale, where the Venetian's work had been expected to fetch £20 million. The oil on canvas artwork was formerly accompanied by a pendant showing The Grand Canal, looking north-east from Palazzo Balbi to the Rialto Bridge. The pair had remained together until Venice, the Return of the Bucintoro on Ascension Day, was last sold at Paris auction house Ader Tajan in 1993. Appearing at auction for the first time in nearly 250 years, the Venetian's work fetched 66 million French francs (£7.5m), setting a record for an Old Master sold at auction in France. The pendant, Grand Canal from Palazzo Balbi to the Rialto, was later sold at Sotheby's in London in 2005, for £18.6m, which was formerly the record auction price for a Canaletto. Discovery The painting's presence in Sir Robert's collection was first noticed by British Art historian Sir Oliver, who discovered a reference in the 1736 manuscript catalogue of paintings at 10 Downing Street and in the 1751 auction catalogue when they were sold by Sir Robert's grandson, George. While it is not known when Sir Robert acquired the Canaletto, it is likely that his son, Edward, facilitated the deal after his time spent in Venice between 1730 and 1731. Purchase of the paintings may have been prompted by the refurbishment of 10 Downing Street in 1732-35 after the residence was offered to Sir Robert by King George II in 1732. Falling on the fortieth day after Easter Sunday, the Feast of the Ascension of Christ was a staple of the Venetian calendar until the fall of the Republic in 1797. On this day alone would the Doge use Bucintoro, the official galley of the Doge of Venice and a symbol of the Serenissima, to sail out to the lido and cast a ring into the water as a symbol of Venice's marriage to the sea. The vessel depicted in Canaletto's work, the last to be made at the Arsenale, was designed by Stefano Conti, and decorated by the sculptor Antonio Corradini. Giovanni Antonio Canal, known as Canaletto, was born in Venice in 1697. He became a favourite of British collectors, visiting England repeatedly between 1746 and 1756.
Yahoo
21-06-2025
- Business
- Yahoo
How global art auctions expose FX fees imbalance
Imagine for a minute that you were the winning bidder last year for Claude Monet's Nymphéas. It sold last year at Sotheby's, New York after a competitive bidding war lasting only 17 minutes. And the price? $65.5m. That is just for starters. One might be forgiven for thinking that the auction house commission for the sale would be paid by the seller. One would of course be wrong. There is the buyer's premium to calculate. In this case, if Sotheby's standard fees applied, that means a 27% buyer's premium for works up to $1m; 22% for the part of the transaction between $1m-$8m and 15% for the balance above $8m. The Monet is now going to set back the buyer almost $76m. And there is more to come. Let us also imagine that the buyer is based in the UK and is working through his or her bank, say one of the traditional big four banks. The bank will typically add to the cost of the Monet by charging an FX fee of at least 2%, probably closer to the 3% to 4% range. Even at the midpoint of the FX fees scale, that adds about another $2.3m to the final cost to the buyer. For the sake of brevity, let us avoid the tricky question of VAT on the buyers premium or VAT on imported works of art and just focus on FX fees. The total cost of the Monet in question, including VAT, is now way over $80m for a UK buyer. A saving on the FX fee is do-able and it is almost akin to negligence if the theoretical winning UK bidder uses a traditional bank and meekly pays a 3%-4% FX fee. It also offers disrupters in the market such as iBanFirst, an outstanding market opportunity to highlight the benefits of its smarter, fairer FX fees structure. Vivek Savani, UK Country Manager at iBanFirst, is on a mission to address the imbalance in the FX market. 'Whether we're talking about high-net-worth individuals or not, the foreign exchange imbalance is an unnecessary premium that really doesn't represent smart financial management. It also affects businesses. And I think when we look at it, there are exorbitant fees and premiums built into FX pricing and services that many banks offer. 'Over 70% of businesses are still using their bank. If we extrapolate that to the private market for individuals, it's probably vastly more than 70% moving up towards 80% and 90% of individuals that have currency transfers and requirements, that are using their bank. And it's there that these fees really start to kick in. Typically, they may charge between 2% to 4% and ultimately, that's a really, really high price to pay for, ultimately what is quite a straightforward transaction. And they offer, essentially an execution only service. They seldom offer the quite bespoke service that many of these individuals and businesses require. So yeah, I'd say it's quite a vast problem.' To suggest that the global art market is struggling, as some have claimed, might be stretching it a little. If you want a quick but comprehensive summary of the sector, the annual Art Basel and UBS Global Art Market Report 2025 by Arts Economics is a good starting point. It reveals that the global art market recorded an estimated $57.5bn in sales in 2024. The number of transactions grew 3% year-on-year, demonstrating continued interest from collectors worldwide. On the other hand, that total for the year of $57.5bn is down by 12% y-o-y. The US and UK continue to lead the way with 43% and 18% respectively of global sales by value. But their 2024 sales of $24.8bn and $10.4bn are down by 9% and 5% respectively. Given the decline in the total value of art sales, Savani argues that it is time for the art world to start paying closer attention to FX and says this could support the entire ecosystem. It would encourage higher bids for auction houses/dealers, support a better seller experience and increasing buyer strength. And he highlights the support iBanFirst provides in the global art market and says that its business model, built around close relationships, mirrors the art world. Specifically, iBanFirst can help buyers and sellers better track payments, meaning that they are better equipped when it comes to buying and selling based on the real-time cost of currency. 'Purchasing art is a sizable investment for many people, and those fees add to the overall cost of that transaction. They're quite opaque. So ultimately, I would argue that this really deters many people from potentially participating in an overseas auction. It erodes confidence and penalises the sellers potentially from having a wider audience to bid on those particular pieces of art. Having overall transparency would really encourage people to participate and help the sellers and help the buyers at the same time, as well as the intermediaries, the brokers and the auction houses that are a central part of that particular ecosystem.' Savani says that there has been a rise in levels of interest in working with FX specialists instead of banks for such international transfers and in the specialist service that bespoke disruptors can offer. But he adds: 'It's not moving at as quick a pace as one would hope. From the consumer perspective, we want to work with more individuals, more dealers, more brokers, to try and bridge that gap. It is improving. There's still a lot of work to be done, and we hope that we can get the message out there that there is an alternative to the bank. There are better levels of service, of convenience, of information, of assistance that are out there.' Savani summarises the iBanFirst proposition as offering a combination of technology mixed with the human touch. 'We have a really nice piece of technology. Many clients find the platform really convenient, very easy to use, and very different to what a banking system would offer them. We also offer that human touch, so someone that is there to speak to the client from the beginning of the transaction right until the end. And this is something that is really missing from a banking solution and many of our competitors. 'That is, a specialised individual that can provide guidance in terms of setting up the transaction, even more insight and a real, healthy overview of what's happening in the market at any particular time. Ultimately, we hold the hand of the client from the beginning until the end. And that is a very important feature, I would say, when it comes to these high value transactions. They're not small amounts of money, and it's a comfort for clients to know there is someone at the end of a phone that will help them with any situation, whether it's funds, whether it's the payment, whether it's making the transaction, the FX piece.' Founded in 2013 and headquartered in Belgium, iBanFirst is regulated as a payment institution, passported throughout the EU and is a serious competitor to the traditional bank offering for SMBs. Its core banking platform offers fast and secure multicurrency transactions and it wins on cost versus banks, thanks to no setup fee, no tiered monthly subscription costs and no transfer fees. Savani says that what the client sees is exactly what the client pays. The iBanFirst pricing structure is designed with scaling international businesses in mind. iBanFirst gives a standard exchange rate spread that applies across all of a client's transactions. This means they can predict their costs even as payment values increase, rather than watching fees eat away at profits. Its offering best suits established small and medium businesses that are outgrowing entry level payment providers and that need advanced tools for things like FX risk management. It will suit importers and exporters with international supply chains seeking the tools and expertise to manage complex payments, that do not want fees eating into their margins. And it suits wholesalers who rely on FX risk management tools that crave detailed payment tracking and hands on responsive support. What's more, iBanFirst clients are able to track international payments every step of the way, with detailed, timestamped updates and tracking links that clients can share with their partners and suppliers. This is, however, a competitive market, and iBanFirst is competing with some serious players. For example, Wise Business can claim that it keeps things simple, both in terms of pricing and functionality. It targets both individual consumers and businesses, especially those looking for a cost-effective solution. On the other hand, once you are regularly moving over, say, €100,000 euros annually, across borders, iBanFirst would argue that Wise's per transaction fees soon start adding up. And if a business is growing, foreign currency risks will become more of a concern. Wise doesn't offer the kind of FX risk management tools or dedicated support that iBanFirst offers to protect margins from exchange rate swings. Another competitor is Airwallex, a cross-border payment provider that offers multi-currency accounts. Airwallex is a payment gateway allowing e-commerce businesses to collect online payments, and it offers virtual and physical cards for expense management. On the other hand, it's a more complex platform, and its features are plan dependent, that may require a steep learning curve for some users. And iBanFirst might argue that the Airwallex pricing structure is not the most SMB friendly. Another competitor is Payoneer, which specialises in facilitating payments to and from freelancers, contractors and online sellers. But with a split focus across multiple audiences, freelancers, businesses and marketplaces, Payoneer, arguably isn't so focused on developing solutions that meet the specific needs of SMBs. And then there is Ebury. Ebury offers forward contracts and other FX hedging tools and offers mass payment capabilities for handling multiple international transactions. However, its complex tailored pricing structure can make it harder for businesses to predict costs or compare Ebury to other providers. In addition, iBanFirst may argue that the Ebury platform is not so user friendly, making it harder to integrate into a modern tech stack. Two other competitors are Convera and Revolut. Convera does suit large businesses with more complex FX needs across multiple countries, but some SMBs may find the Convera platform overwhelming and potentially more expensive than alternatives like Wise or iBanFirst. And finally, there is Revolut. It features a tiered monthly subscription model and each plan comes with a monthly allowance for currency exchanges at the interbank rate. Revolut business does work well for companies that want a single platform to handle most of their financial needs. So, it does have a lot to offer in terms of functionality, but iBanFirst could argue it's not a specialised tool for a specific business type, because it tries to cater to vastly different audiences. Accordingly, some clients may find themselves paying for features that are not relevant to their business needs. And Savani can argue that if human support is a must have, iBanFirst can win against any of what is a very competitive peer group. "How global art auctions expose FX fees imbalance" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
BBC News
19-06-2025
- Entertainment
- BBC News
Mermaid tails and elephants auctioned by charities after trails
Dozens of giant elephants and mermaid tail sculptures are to go under the hammer at two separate auctions to raise money for two hospice and Julia's House each hosted their own fundraising art trails in Dorset featuring the individually decorated elephants displayed in Bridport, West Bay and Lyme Regis for Weldmar's Stampede by the Sea event are going under the hammer in Dorchester on Thursday Great Tail Trail sculptures, which were displayed in Bournemouth, Christchurch and Poole, will be auctioned for Julia's House in Poole on Friday. Julia's House fundraising manager Laura Maidment said: "We'd love it if every single sculpture could find a new home - they are all beautiful and unique pieces of art that deserve to be pride of place somewhere special."More than 50 elephants were on display in west Dorset from 28 March to 26 May, before being gathered together for a farewell exhibition at Dorchester's Corn Exchange ahead of the will open at £3,000, with proceeds going to Weldmar House said more than 2,000 people came to see 88 mermaid tails at its farewell exhibition at Bournemouth International Centre, which raised about £8,000 for the Ross, of BBC's Bargain Hunt, will lead the auction of tails at Compton Acres' Italian Villa in Poole on Friday evening, with bids opening at £1, in both auctions must register before the events, with bidding taking place in-person and online. You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
