COMMERCIAL Van Gogh, race horses, best buys last year

Press, Volume CXVI, Issue 34072, 9 February 1976, Page 18

COMMERCIAL Van Gogh, race horses, best buys last year

(N Z P A -Reute-r—Copyright) NEW YORK. French impressionist paintings and race horses were among the best buys that an inflation-worried investor could have made last year, according to a leading currency publication.

"Art and manuscripts again attracted the 'eyes of the super-rich, while precious stones, the fancy of oil princes, returned to the spotlight," says Pick’s World Currency Report in its current issue, which examines shifts in esoteric investments. “Therefore, 1975 was a fascinating year — despite! the decline of the gold price! and of snuff boxes," the report adds. The 1975 surprise was the 5 return to prominence of! French impressionist paint-1 ings, up 230 per cent over! 1974 prices, Pick’s says. The publication points out that 5 in 1974 such paintings drew; a top auction price of I $756,000, for Cezanne’s “La Moisson”. Last year's top came with; the purchase, for $2.5m of| the Van Gogh “Portrait de Patience Escalier”.

Derby winners Pick's also reports fhat Gauguin's canvas “Hina Ma-j ruru” was sold by Sotheby Parke Bernet, in New York, for $950,000 after having, fetched only $275,000 in 1965. Another impressionist painting cited was Monet's "Cathedrale de Rouen", which brought a price of §459,000 at Sotheby's in London. “Race horses, still costly; hobbies of the very rich, rewarded them with a price rise of 125 per cent against; a 1974 decline of 50 per; cent,” Pick’s says. The publication notes that! while the thoroughbred Apa-i lachee was sold for s2m ini 1974, 1975’s Kentucky Derby; winner, Foolish Pleasure, I fetched $4.5m. In a Lexington, Kentucky j auction, Pick’s says a colt of | the same lineage of an earlier Kentucky Derby winner. Majestic Prince, was purchased for $715,000. Watercolours by masters and post-impressionist paintings fared almost as well as impressionist works, Pick’s reports. In watercolours, the rise was given as 128 per cent above 1974 levels. A small 1842 gouache by .1. M. W. 1

Turner, "Lake Lucerne". was[ sold at Sotheby’s London, for §187,600. while Picasso's “Nature Morte a la Guitare et Clarinette’’, fetched $31,600 at a Christie’s auc-i tion. Picasso almost singlehandedly turned around a 1974 decline of 80 per cent! in post-impressionist paint-1 lings. Pick’s points out that hisi “Harlequin Avec Violon — s si Tu Veux’’ was purchased iby the Cleveland (Ohio) Muiseum for 51.35 m, while his. i 1900 still-life “Outside the i Bullring” was offered fori .Sim and a 1901 self-portrait was sold at auction for s -.5572,670. Other “objects of art and/or sophistication" that proved to be excellent investments in 1975, according ’to Pick’s include antique silver, up 45 per cent; oriental paintings, up 90 per cent; books and manuscripts, up 84 per cent; and jade, up 61 ; per cent.

[ Others were, paperweights, up about 52 per cent after a decline of about 45 per cent in 1974; topquality diamonds, up about 134 per cent per carat; ancient glass goblets and vases, up about 30 per cent; ; tapestries, up a bit after a (substantial 1974 rise; modern European paintings, up about 18 per cent; icons, up (10 to 12 per cent; and (French furniture, up two per cent after a 1974 increase of (115 per cent. Items of esoteric investment interest that (declined in value in 1975 according to Pick’s included •firearms. clocks and watches, violins and stringed instruments, motor cars, old masters. contemporary American art, war medals and other decorations, American furniture, snuff boxes, vintage photography, sculpture, surrealist paintings, coins. Chinese art. etchings and drawings, and pasdels.