Monuments by Paul Nash – £16,000 at Woolley & Wallis.

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But, for all its well-documented difficulties, it nevertheless retains an active collector base and has a lot of dealer activity to boot.

As a whole, the works on paper sector remains an important area for salerooms across the UK with many auctions containing either a dedicated section or featuring a scattering of drawings and watercolours mixed among the wider pictures on offer.

In terms of supply, the fact that the medium allows works to be executed more rapidly and in greater quantity (paper is a lot cheaper than canvas, remember) means, for the most part, plenty of material is available – although this does allow buyers to be selective.

More affordable

As a more affordable area than oil paintings, this sector can be a suitable starting point for entry-level buyers. However, balanced against this, the market vagaries (particularly those relating to condition) means a certain level of knowledge is normally required when it comes to assessing individual works.

Indeed, the fact that it is a sector well suited to the knowledgeable connoisseur and takes time to master has its attraction for many dedicated works on paper collectors, including some of the main players, most of whom have been collecting for many years.

As well as the newcomers and connoisseurs, broader art collectors who buy across different price points are often drawn to the works on paper sector too, seeking to own works by their favourite artists which show their skill across a variety of media.

This special report looks at some of the recent stand-out trends and results.

Attractive pitches push pictures to impressive prices

Cadell took a strong shine to Iona’s beauty

Peploes available at a more affordable level

Keith Vaughan works on the crest of a wave

Sandby takes third place but four figures at auction

Nash and Brangwyn fresh to the market