CLA Fine Arts’ service provider, Dreweatts 1759, demonstrated the success behind this theory recently with a simultaneous offering of mixed contents from the homes of four titled families, including a ‘typical’ country house library.

The result was an astonishingly high sales total of just over £1,250,000 with over 90% of the 1,150 lots offered finding new homes. In many ways the greatest surprise was the level of private interest in unremarkable brown furniture and other collectibles.

CLA Fine Art offers a comprehensive auction service at all price levels and is the only such organisation in the United Kingdom that will offer, in the same illustrated catalogue, lots in a price range of under £100 to over £100,000. Our team of over 50 in-house experts and external consultants offer sophisticated and wideranging advice across the entire art, antiques and chattels market.

Art Market update and commentary

Back in 1982 the government was persuaded to exempt all mechanical items from CGT on the basis that they are wasting assets, and to include in class items such as clocks, watches and classic cars, thereby exempting them from CGT.

Our experts would be more than happy to advise on the tax consequences of raising funds from the sales of chattels.Wine is also exempt from CGT as it is defined as a wasting asset! In fact it has withstood the price declines of other assets in the recent past and our sales calendar for fine wine has doubled in size to become a bi-monthly event at Donnington Priory (near Newbury).

Another example of beneficial fiscal terms enjoyed by the art market relates to service medals owned by the family of the individual to whom they were awarded. In such cases the medals will be exempt from IHT. Given that a Victoria Cross with proper provenance now sells for around £250,000 and the rest of the broader market for decorations can command significant sums, the tax position can make a significant difference.

These factors take on additional importance in times of recession or when returns on other forms of holding one’s money look uncertain or unrewarding.

At such times it pays to get good advice and CLA Fine Art offers CLA members just that at discounted rates. Please feel free to contact Will Richards on 07917 603208 or email: clafineart@dnfa.com.