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The eccentric aesthete
TDN
Sunday, August 7, 2005
FEATURE
Portobello Road
The Islamic Gemstone captures within it the various controversies of science and faith, as the images speak a thousand words
ANDY MCSMITH - TDN Guest writer
In May 2004, Picasso's "Garcon a la Pipe" went under the hammer for a
whopping $104 million to an anonymous buyer that left even the experts
flabbergasted. Prior to this, Van Gogh's "Portrait of Dr. Gachet"
was the record holder for the most expensive painting when it was
sold in May 1990 at the princely price of $82.5 million.
Why has art been able to command such prices? Is it because, as
Stephane Le Pelletier of Opera Gallery puts it, there is a diminishing
supply of masterpieces as more famous pieces get snapped up by museums
or are donated to these public institutions for the enjoyment of the
masses? While many are unable to comprehend and find justification for
such prices, there are those who remain unfazed by the prices offered.
History determines value:
Demand and supply is a small factor of its worth and is only tangential
to the reasons behind why one is willing to offer so much. Generally,
the history behind the artifact or artist or both determines much of
its value and significance. As Tobias Meyer, Sotheby's director of
contemporary art, once said: "A work has to have historical importance
apart from aesthetic merit. There is a direct price correlation. Of
course, there are works that are very important historically but are
aesthetically difficult, which makes them somewhat challenging to
sell." Another factor of high prices is of course attributed to the
bidding frenzy.
In 2002, the Black Star of Queensland went up for sale at a reserve
price of $88 million.
February last year, we saw the Forbes family sell off their fabled
collection of Faberge imperial Easter eggs to Russian oil magnate
Victor Vekselberg. This was just months before they were to be sold
at auction. The price remains undisclosed; however, many estimated
it to be around $90 million, if not more.
In March of last year, the Islamic Gemstone was offered a price
of around $70 million; however, its price has continued to spiral
upwards since it was put up for sale. Today, it is valued at close to
$100 million. The sale of the gemstone is planned to conclude by the
end of this year, but many believe that it may even end up being sold
earlier like the Faberge eggs when all requirements (and expectations)
have somewhat been exceeded.
According to the Weekly Independent, experts believe that the gemstone
may eventually be sold for over $100 million as in the case of many
other highly sought after rare paintings, sculptures and artifacts. The
owner has appointed his friend, who is also the chairman and CEO of
the O&S Group, Eli Oliveiro, to oversee the entire process. "Money
is an issue, but it is not the issue. Even if someone offers $150
million tomorrow, it will not lead to an immediate conclusion of
the sale. There are other things that have to be considered. The
gemstone is exquisite and extremely rare in its own right, simply
one of a kind. It carries with it a deeper symbolic meaning, which
gives it the intrinsic value unlike the norm and we all know that. We
want to ensure that the gemstone ends up in the best possible hands,"
says Oliveiro. Among those who find the gemstone captivating include
Muhammad Hamad Al Nasr, vice chairman of the National Council for
Culture, Arts and Heritage of Qatar, who said, "It is really a
splendid one."
Putting a price is near impossible:
Owing to the danger of fakes going around, a painting, or for that
matter any other art, will generally be sought after if it has been
well documented in the literature of its period.
The Islamic Gemstone, and other of such art, however, is an exception,
as the distinctive patterns on this gemstone cannot be imitated. This
leads to some, including the Friday Times, to conclude that perhaps
putting a price to an art piece like the Islamic Gemstone is nearly
impossible.
"Garcon a la Pipe" was considered a "minor painting" by Picasso expert
Pepe Karmel as he expressed surprise at the price at which it was
sold. Art is truly subjective, as the maxim goes, "Beauty lies in
the eye of the beholder."
The histories of both the Black Star of Queensland and the Islamic
Gemstone are unique. For the former, legend has it that a 14-year-old
Roy Spencer was reported to have found the sapphire in 1935. After his
father dismissed the stone as worthless, it was used as a doorstop
at their back veranda. It wasn't until almost a decade later that
the rock's value was realized and word was put out that it was up
for sale. In 1947, Armenian-born jeweler Harry Kazanjian traveled
from his home in Los Angeles to buy the prized stone. Spencer may
have initially been a little slow on the uptake, but he managed to
obtain the stone for $18,000. When weighed, it tipped the scales past
the 1,100-carat mark. It was then cut and polished by Kazanjian, to
reveal a brilliant six point star sapphire weighing 733 carats --
dwarfing the fabled Star of India sapphire's 563 carats. Despite
the cost, the stone brought "great luck" to the Kazanjian family,
who went on to become one of the biggest gem dealers in the world.
The Islamic Gemstone, on the other hand, captures within it the
various controversies of science and faith, as the images speak a
thousand words.
Quite unexplainably, its images depict a bearded man in a Middle
Eastern outfit and wearing an imamah (Arab turban). He seems to be
seated cross-legged and reading from a book in what looks like a
cave. Some believe the book to be holy scripture. Beside him against
the wall lies a scimitar. What remains even more of a wonder is the
unusually clear facial profile of the man.
Most extraordinarily, potential owners in this case can only be
invited, and those not invited, although having offered what is
considered a very high price, will usually not be considered. "There
are certain things that money just cannot buy," says Oliveiro.
TDN
Sunday, August 7, 2005
FEATURE
Portobello Road
The Islamic Gemstone captures within it the various controversies of science and faith, as the images speak a thousand words
ANDY MCSMITH - TDN Guest writer
In May 2004, Picasso's "Garcon a la Pipe" went under the hammer for a
whopping $104 million to an anonymous buyer that left even the experts
flabbergasted. Prior to this, Van Gogh's "Portrait of Dr. Gachet"
was the record holder for the most expensive painting when it was
sold in May 1990 at the princely price of $82.5 million.
Why has art been able to command such prices? Is it because, as
Stephane Le Pelletier of Opera Gallery puts it, there is a diminishing
supply of masterpieces as more famous pieces get snapped up by museums
or are donated to these public institutions for the enjoyment of the
masses? While many are unable to comprehend and find justification for
such prices, there are those who remain unfazed by the prices offered.
History determines value:
Demand and supply is a small factor of its worth and is only tangential
to the reasons behind why one is willing to offer so much. Generally,
the history behind the artifact or artist or both determines much of
its value and significance. As Tobias Meyer, Sotheby's director of
contemporary art, once said: "A work has to have historical importance
apart from aesthetic merit. There is a direct price correlation. Of
course, there are works that are very important historically but are
aesthetically difficult, which makes them somewhat challenging to
sell." Another factor of high prices is of course attributed to the
bidding frenzy.
In 2002, the Black Star of Queensland went up for sale at a reserve
price of $88 million.
February last year, we saw the Forbes family sell off their fabled
collection of Faberge imperial Easter eggs to Russian oil magnate
Victor Vekselberg. This was just months before they were to be sold
at auction. The price remains undisclosed; however, many estimated
it to be around $90 million, if not more.
In March of last year, the Islamic Gemstone was offered a price
of around $70 million; however, its price has continued to spiral
upwards since it was put up for sale. Today, it is valued at close to
$100 million. The sale of the gemstone is planned to conclude by the
end of this year, but many believe that it may even end up being sold
earlier like the Faberge eggs when all requirements (and expectations)
have somewhat been exceeded.
According to the Weekly Independent, experts believe that the gemstone
may eventually be sold for over $100 million as in the case of many
other highly sought after rare paintings, sculptures and artifacts. The
owner has appointed his friend, who is also the chairman and CEO of
the O&S Group, Eli Oliveiro, to oversee the entire process. "Money
is an issue, but it is not the issue. Even if someone offers $150
million tomorrow, it will not lead to an immediate conclusion of
the sale. There are other things that have to be considered. The
gemstone is exquisite and extremely rare in its own right, simply
one of a kind. It carries with it a deeper symbolic meaning, which
gives it the intrinsic value unlike the norm and we all know that. We
want to ensure that the gemstone ends up in the best possible hands,"
says Oliveiro. Among those who find the gemstone captivating include
Muhammad Hamad Al Nasr, vice chairman of the National Council for
Culture, Arts and Heritage of Qatar, who said, "It is really a
splendid one."
Putting a price is near impossible:
Owing to the danger of fakes going around, a painting, or for that
matter any other art, will generally be sought after if it has been
well documented in the literature of its period.
The Islamic Gemstone, and other of such art, however, is an exception,
as the distinctive patterns on this gemstone cannot be imitated. This
leads to some, including the Friday Times, to conclude that perhaps
putting a price to an art piece like the Islamic Gemstone is nearly
impossible.
"Garcon a la Pipe" was considered a "minor painting" by Picasso expert
Pepe Karmel as he expressed surprise at the price at which it was
sold. Art is truly subjective, as the maxim goes, "Beauty lies in
the eye of the beholder."
The histories of both the Black Star of Queensland and the Islamic
Gemstone are unique. For the former, legend has it that a 14-year-old
Roy Spencer was reported to have found the sapphire in 1935. After his
father dismissed the stone as worthless, it was used as a doorstop
at their back veranda. It wasn't until almost a decade later that
the rock's value was realized and word was put out that it was up
for sale. In 1947, Armenian-born jeweler Harry Kazanjian traveled
from his home in Los Angeles to buy the prized stone. Spencer may
have initially been a little slow on the uptake, but he managed to
obtain the stone for $18,000. When weighed, it tipped the scales past
the 1,100-carat mark. It was then cut and polished by Kazanjian, to
reveal a brilliant six point star sapphire weighing 733 carats --
dwarfing the fabled Star of India sapphire's 563 carats. Despite
the cost, the stone brought "great luck" to the Kazanjian family,
who went on to become one of the biggest gem dealers in the world.
The Islamic Gemstone, on the other hand, captures within it the
various controversies of science and faith, as the images speak a
thousand words.
Quite unexplainably, its images depict a bearded man in a Middle
Eastern outfit and wearing an imamah (Arab turban). He seems to be
seated cross-legged and reading from a book in what looks like a
cave. Some believe the book to be holy scripture. Beside him against
the wall lies a scimitar. What remains even more of a wonder is the
unusually clear facial profile of the man.
Most extraordinarily, potential owners in this case can only be
invited, and those not invited, although having offered what is
considered a very high price, will usually not be considered. "There
are certain things that money just cannot buy," says Oliveiro.