Museums and galleries only have a few weeks left to save William Blake’s watercolour illustrations accompanying Robert Blair’s poem “The Grave”, before they are dispersed at auction in New York on 2 May. Last month Sotheby’s told us that it is still open to offers for the entire group. Estimates for the 19 individual works range up to $1-1.5 million, adding up to a total of $12-17.5 million for the set.
The decision to break up the album, made by London dealer Libby Howie on behalf of a small group of investors, has been widely condemned. Martin Butlin, a former Tate curator and the Blake scholar who authenticated the watercolours, describes it as “philistine”. The works tell a story, and have remained together for just over 200 years.
Last month the Tate commented: “It was very much Tate’s hope that the works could be secured for the nation and join the gallery’s major Blake collection for the public to enjoy in perpetuity. By splitting up the group for purely financial reasons, this opportunity is now highly unlikely.”
The baton to save the Blakes has effectively been passed to US institutions. Those with important Blake collections are the National Gallery of Art in Washington, the Morgan Library, the Huntingdon Library in California, Harvard’s Fogg Art Museum and Boston’s Museum of Fine Arts.
The Yale Center for British Art in New Haven also has a special interest, since it holds the only other known watercolour from the set, which was probably separated by the mid-19th century. The Metropolitan Museum and the Getty might also be interested.
Ms Howie is believed to have approached four US institutions and two private collectors, but not all the museums with major Blake holdings. “I got the impression that 19 Blakes was simply too large a number for any of them,” she told us.
Changing estimates
The Art Newspaper has uncovered evidence suggesting that the recommended price when a UK export licence was deferred last year may have been unduly high. This could help explain why the Tate failed to raise the necessary money.
At March 2005 exchange rates, the recommended £8.8 million price for the set was equivalent to about $17 million. This compares with the current mid-estimate of $14.75 million for the individual works in the auction.
Over the past year, exchange rates have fluctuated, and at last month’s rate the latest mid-estimate of $14.75 million does equate to £8.5 million. Nevertheless, the main market for Blakes is in the US, and in dollar terms the estimate has fallen by over $2 million.
This is a surprise, since the market for such fine material has generally strengthened. It is argued that breaking up the set should yield a higher sum, so it is surprising that the dollar value has fallen after the decision to sell individual works. However, Sotheby’s specialist Nancy Bailler, said the auction estimates had been set “at an attractive level, to encourage bidding”.
The bottom line is that the Sotheby’s estimate of last year was higher than it is now, although the degree would depend on how one interprets exchange rate changes.
However, it is obviously impossible to predict how the Blakes will actually perform on the day, and they could end up exceeding the estimates.
Last month, Ms Howie told us: “Obviously I would have preferred the works to stay together, and if someone comes forward now with an offer for the whole set, it would be considered.”
The Story So Far
The story of the Blake discovery was revealed by The Art Newspaper three years ago (May 2003, p.42). The works were painted in 1805, to illustrate the Blair poem, and the set was auctioned in Edinburgh in 1836, fetching just over £1. The folio of 19 works then passed into the family of the Bedfordshire watercolour artist John Stannard. After being kept for five generations, in 2000 they ended up being sold with a collection of ordinary books, to a Glasgow dealer, Caledonia Books.
It was then assumed that the works were simply coloured prints and were thought to be worth around £1,000. They were acquired by Ilkley bookdealer Dr Paul Williams, who linked up with Leeds dealer Jeffery Bates. In June 2001 the two Yorkshire dealers took the portfolio to Swindon specialist book auctioneers Dominic Winter, where their importance was spotted. Mr Butlin was called in, identifying them as lost originals.
The Blakes were then privately offered to the Tate. Originally the gallery said it would pay £2 million, but when the Yorkshire owners asked for more, the sum was later increased to £4.2 million. This was agreed in March 2002. The Tate began fundraising, but a legal battle then erupted between Caledonia Books and the two Yorkshire dealers, which put fundraising efforts on hold. The dispute was resolved in November 2002, but the following month the owners told the Tate that the deal was off. London dealer Libby Howie came on the scene, buying the Blakes for around £5 million on behalf of a very small group of investors, whom she advises.
On 14 January 2005 Ms Howie had a meeting with Sir Nicholas Serota, at which she offered the works for what she believes was their true value, presumably close to the £8.8 million figure later accepted by the Export Reviewing Committee. The Tate responded that this was too high. It also appeared that the major potential source of money, the Heritage Lottery Fund, was unenthusiastic.
An application for a UK export licence was submitted shortly afterwards. The Art Newspaper has established that it was made by a family trust registered in the British Virgin Islands and that the Blakes were to be delivered to the freeport at Geneva airport.
The export case was heard on 16 March 2005, and a valuation of £8.8 million was agreed, and an export licence deferred until 30 May. The Tate then decided to try to buy the Blakes, and there was therefore a further deferral to 30 September 2005. In the end, however, the money could not be raised, and the licence was therefore granted, with the works going abroad on 24 October.
On 16 February Sotheby’s announced the sale. The Blakes are to be on view at Sotheby’s in London (9-15 March), and then in Paris, Chicago, Los Angeles and New York, before the 2 May sale.