News

A man who had a 17th century Dutch panel painting stolen from his home more than 20 years ago has failed in an Appeal Court to win compensation from Christie’s, who offered the picture for sale in 1997. Key to the test case was Christie’s ability to show they had acted in good faith, adding further legal weight to the importance of due diligence.

Dealers on London’s Pimlico Road will learn shortly the results of their efforts to fight rent increases proposed by Grosvenor Estates. A meeting with landlords has been scheduled for June 9 with Grosvenor promising a “positive solution” to the issue. Presumably this will mean reversing earlier proposals to raise rents to £95 per square foot that came after rises from £43 to £65 imposed in December 2000.

Vectis, the largest toy auctioneer in the world, with a turnover of £5m, is to open in America. Bryan Goodall, who has owned the Teesside company for seven years, has recently acquired The Diecast Toy Exchange, an auction house based in York, Pennsylvania.

THE Fine Art Auction Group, who have been building a network of salerooms in the South East and South West over the past two years, have acquired Bristol Auction Rooms.

One of several items consigned to Woolley and Wallis in Salisbury by descendants of the 7th and 9th Dukes of Newcastle for sale on May 13, this Regency mahogany centre table with profusely carved trestle supports in the manner of Thomas Hope surprised auctioneer and vendor alike when it breezed past its £800-1200 estimate to sell for £57,000 (plus 15/10 per cent buyer’s premium).

Clearly Tony Blair would be best advised to take round a bottle of Wooldings ’94, rather than Mouton ’89 the next time he pops over to the Palace for dinner. As has been widely reported in the media, the Prime Minister recently received half a case of Château Mouton-Rothschild’s 1989 vintage as a 50th birthday present from President Jacques Chirac.

IT will be some months before many deals are clinched and further money changes hands, but with some exceptions I think the 61 top dealers at the tenth International Fine Art Fair in New York from May 9 to 14 found their stay in Manhattan profitable.