Phoenix Ancient Art S.A.

"...Hicham Aboutaam, co-founder of Phoenix Ancient Art SA in Geneva, comments on this development: “It has been exciting to see that the upsurge in prices has tempted some individuals whose collections have been dormant for years to offer their possessions, which has led to more spectacular artworks coming to the market for the first time."

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The past year has seen a concerted effort by auction houses and dealers to put past troubles in the
market behind them, and concentrate on well-provenanced objects of high
quality. 1 Head of Tiberius, Roman, c. ad 14. Parian marble. Acquired by the
CarlosCollection of Ancient Art in 2003. Photo: Bruce White The turbulence
experienced by the antiquities market in recent years was thought at times to
be severe enough to damage greatly, or even bring down,the entire trade.
Riddled with criminal convictions, lootings in Iraq, cancelled art fairs, new
import laws, and ever-growing restitution and provenance demands, many
speculated that these issues were just too heavy for the market to bear.
However, a surprising resilience and unexpected buoyancy has emerged during
the past year. This upswing is due in large part to the positive, proactive
stance taken by auction houses and private dealers, who have proven that they
are willing and able to meet the growing demands from museums and private
collectors for beautiful and legitimate objects. This transformation has
slightly reduced the size of the market, which is now dominated by those
objects demonstrating importance, aesthetics and excellent provenance.
Compared to the huge prices realised in the modern and contemporary
markets lately, antiquities provide an excellent opportunity for the
collector who seeks to purchase great art within a reasonable budget. The
global market for antiquities is still much undervalued, as great objects,
including ancient jewellery, can be purchased for as little as $1,000. Joanna
van der Lande, director of antiquities at Bonhams in London, comments on
their strategy for attracting new buyers to the market: 'We strongly believe
in offering the lower value lots of £1,000 and less which enable new
collectors and dealers or those with a more modest pocket to participate in
this market.'This value-based approach is certainly a much-needed balance to
the many world records attained in the past year, a fact that has swayed
some established antiquities collectors to let go of part or all of
their collections. Great works are now regularly surfacing at sales from
renowned private collections, giving the market a much-needed dose of
credibility and an infusion of excitement. Hicham Aboutaam, co-founder of
Phoenix Ancient Art in Geneva, comments on this development: 'It has been
exciting to see that the upsurge in prices has tempted some individuals whose
collections have been dormant for years to offer their possessions, which has
led to more spectacular artworks coming to the market for the first time. 'An
important new trend of 2003-2004 saw private collectors bidding
for themselves for top lots at public auction. In December 2003, Christie's
in New York sold an impressive Roman bronze figure of an emperor, dated to
the 2nd/3rd Century AD at $1,799,500, the year's highest price for any
antiquity at auction. It went from a renowned collector, Asher Edelman, to
another private collector. At Sotheby's sale in June 2004, six of the top ten
lots sold to private collectors, including two objects - an Egyptian granite
head of a king and a Syrian bronze figure of a warrior - selling to the same
New York private collector bidding for himself in the room. Also in June
2004, Christie's sale in New York had private collectors from the US and
Europe bidding in full force, successfully obtaining seven of the top ten
lots, including a remarkable Roman marble torso of Hercules, of about the
1st-2nd Century AD, sold to an American private collector for $791,500, a
world auction record price for a Roman marble torso. This trend is due in part
to the positive changes made by the auction houses, which are making efforts
to publish as much of an object's known history as possible. Dealers are
certainly aware of the growing demand fromcollectors and museums alike for
verifiable provenance. Robert Haber, director of Robert Haber & Co. Ancient
Art in New York, notes, 'Within the complex world of the ancient art market
it is becoming more apparent that a good provenance has a very positive
effect on the value of a work of ancient art. 'However', Jasper Gaunt, curator
of Greek and Roman art at the Michael C. Carlos Museum in Atlanta asserts
that 'provenance is a crucial aspect that must be considered, but it is not
the overriding factor. Beauty and importance are also significant: by far the
most important aspect to consider when acquiring an object is the object
itself.' Among the works recently acquired by the Carlos Museum is arguably
one of the finest Roman imperial portraits in America and certainly the
finest portrait of the Julio-Claudian emperor Tiberius. Purchased by Gaunt
from the US Trade in 2003, with a provenance dating back to the 1960s, this
monumental marble portrait is one of the most impressive acquisitions in the
museum's history. Collectors' demand for provenance has created another
interesting trend. Antiquities dealers that in previous years kept an
intentionally low profile, rarely opening their gallery doors to the public,
have recognised that education and connoisseurship are fundamental aspects of
keeping the trade alive. Last year Ward & Co. held a museum-quality show of
Byzantine and medieval art at their Park Avenue gallery in New York. Phoenix
AncientArt plans to bring its Geneva exhibition 'Idols and Mediterranean
cultobjects' to its New York gallery this December.  2 Head of a nobleman
(The Josephson Head), Egyptian, c. 1878-41 bc. RedQuartzite, 18.5 x 24 x 21
cm. Acquired by the Museum of Fine Arts, Boston,in 2003 from a private
collection. Open market estimate: in excess of $2 million  3
Constable-Maxwell cage cup, c. ad 300. Blown or cast glass, diam 18.2
cm.Bonham's, London. Highly Important Antiquities (14 July 2004), £2.65m   4
Torso of Hercules, Roman, c. 1st-2nd century ad. Marble, ht 132
cm.Christie's, New York, Antiquities(8 June 2004), $791,500.  Significant
acquisitions by museums throughout the world have also added a positive facet
to the antiquities market, as is revealed by the review on pages 50-55. Qatar
will soon be the beneficiary of a new museum in Doha that will house one of
the greatest ancient art collections known, if the purchases made by Sheikh
Saud Al-Thani in recent years are any indication of what will be on view.
Masterpieces recently acquired by the Sheikh are reported to include the
famous Constable-Maxwell cage-cup that sold for £2,646,650 at Bonhams in
London this July, breaking  its own world record, set in 1997, for the highest
price ever paid for ancient glass. Asia is back on the purchasing scene
after a hiatus of several years. The Miho Museum in Japan is home to some of
the finest western antiquities in the world, and has quietly amassed their
collections by purchasing both at auction and through the trade. It
reportedly bought two important objects at the sale at Christie's in London
in October 2004 of the Leo Mildenberg collection of ancient animals (see
pages 62-63): the Middle Kingdom faience hippopotamus that set a world record
for the highest price paid for Egyptian faience (£621,250); and a
Mesopotamian inlaid limestone leopard dating from the 4th millennium BC. On
the occasion of the celebrations in 2003 of the centenary of the
Egyptian collection of the Museum of Fine Arts in Boston, Rita Freed, chief
curator of Egyptian art, was encouraged by the museum's director to acquire
one incredible object that would enhance their already world-class
collection. Freed was able to purchase a masterpiece through the kindness of
renowned New York collector Jack Josephson. Nicknamed 'Nobleman' but
formally referred to as The Josephson Head, this Middle Kingdom (Late Dynasty
XII, 1878-1841 BC) quartzite portrait of a man is considered by many experts
to be one of the finest Egyptian portraits known. Although the museum will
not divulge the cost of the sculpture, it is thought that it would easily
sell in the $2 million-range on the open market. The December New York
antiquities sales continue to impress, including beautiful objects with solid
and interesting provenances, such as the famous ‘Marlborough cameo’ at
Christie's (see pages 40-41). In turn, Sotheby's will offer the Charles
Pankow collection of Egyptian art, one of the largest private collections of
fine Egyptian antiquities to appear on the market in recent memory, assembled
in the 1970s and early 1980s. Among the many highlights are an alabaster jar
inscribed for King Merneptah (1213-1204 BC) discovered in the king's tomb by
Howard Carter shortly before he discovered the tomb of Tutankhamun, and an
impressive bronze figure of the god Osiris, formerly in the renowned Hilton
Price collection, which was sold by Sotheby's, London, in 1911. Notable
recent prices 2002-2004 Western antiquities Roman bronze figure of an emperor,
c. 2nd-3rd Century AD, (Christie's, NewYork, 11 December 2003) -
$1,034,195Greek marble head of a horse, 6th century BC, (Boisgirad, Paris, 7
October2004) - ?2,849,259Roman fluorspar cup ('The Barber cup'), c. AD 1st
century, (Charles Ede, London, January 2004) - £150,000The 'Constable-Maxwell
cup', c. ad 300, (Bonham's, London, 14 July 2004) -£2,646,650Egyptian
faience hippopotamus, (Christie's, London, 27 October
2004) -£621,250Egyptian limestone bust of a man, 5th Dynasty, 2520-2360 BC,
(Sotheby's, New York, 9 December 2003) - $232,000 End of article.

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