Art and antiques sold from state

Last week London auctions saw more than £50 million worth of art and antiques sold from British stately homes; a trend that is expected to continue*.

Some of the biggest sales were pieces from the Althorp estate; these were sold in order to restore the roof of the family home of Diana, the Princess of Wales.

However, much of the artwork and antiques sold are expected to be exported from Britain due to the majority of sales (697 out of 757) being awarded to foreign buyers as far afield as Albania and Kazakhstan.

Before being exported, the works are likely to be reviewed by a governmental committee who can delay them being sent abroad. This often gives private British buyers or museums the chance to match the price, therefore keeping the pieces in the country.

This occurred in December when a Domenichino was sold for £9.2 million; it was due to be exported, but a financier secured the funds in order to keep it in Britain. It is currently on display at the National Gallery in London.

As more of the stately homes across Britain require repair during these difficult economic times, it is likely that more valuable pieces of art and other antiques will be sold at auctions in the months to come.

Insurance experts recommend that homeowners who purchase art and collectables should ensure they are fully protected on their contents insurance policies in the case of damage or theft.


*Source: The Telegraph, at http://www.telegraph.co.uk/culture/art/artsales/7886148/Stately-homes-sell-the-silver.html