British Selling their History

Vanessa Thorpe writing for the UK Guardian has an interesting article on the landed gentry of England selling many items from within their collections. The article is short, but still rather insightful.

Thorpe reports that experts believe the odd combination of a poor economics in general, but a strong art market at allows many with the prime opportunity of maximizing value.

Thorpe statees

Stephen Deuchar, director of the Art Fund, believes the aristocratic fire sale is "a combination of a difficult economic climate for owners plus a buoyant art market at the top end – an unusual combination".

Auction house experts have noticed that, while such sales are normally prompted by the need to fund death duties or to finance a divorce, owners of stately homes now commonly regard works of art as an asset to be deployed and not as part of their historic legacy.

Four days ago Earl Spencer, Princess Diana's brother, completed the London sale of hundreds of heirlooms from horse-drawn carriages to valuable artworks. More than 1,000 individuals made bids for the 750 lots at auction, with interest registered from China, Australia, the Philippines and Morocco. The Peter Paul Rubens work A Commander Being Armed for Battle sold on Tuesday for £9m and Thursday's final sale saw items from the family's historic London residence, Spencer House, go under the hammer. Seventy lots were sold for £4.8m.

Trustees of the Althorp estate said the windfall would provide them with money to invest in property. It could also be used for the stately home itself, which is undergoing major restoration.

To read the full article, click HERE.