“An art collector is like a hunter, only that

instead of dogs they have art advisors.”

Artsy.net

Contents 4 Welcome to Maddox Fine Art

6 Introduction
8 Art as an Investment
10 The Current Global Art Market
13 The Two Art Markets
14 Artist Classifications
16 An Emerging Artist - Bradley Theodore
18 An Established Artist - Banksy
20 A Blue Chip Artist - Andy Warhol
22 Factors that Drive the Art Market
24 Reasons to Invest in Art
25 Why Invest with Maddox Fine Art
26 Selling Art
28 Portfolio Management
30 Making a Purchase
32 Ancillary Services
34 Visit us
Richard Hambleton
‘Shadow Horse & Rider’, 2009
36 Art Market Terminology
267 x 166 cm
Oil on Canvas
39 Contact us

2 Maddox Fine Art 3

Welcome to
Maddox Fine Art
We are a specialist art investment consultancy
and the sister company of Maddox Gallery,
an international group of six contemporary art
galleries headquartered on Maddox Street
in Mayfair, London.
We provide clear, unpretentious art investment
advice to our clients in order to help them
navigate the sometimes dizzying landscape of
the contemporary art market.
As such, we have a core team of investment art James Nicholls in conversation with Luke Blackall
specialists dedicated to providing art investors and on the London Live TV art show.
collectors with the tools needed to invest wisely in
contemporary art. We specialise in identifying and Our team is headed up by our Chairman
supplying works of art by emerging, established James Nicholls.
and blue chip artists which have the undoubted
potential to drastically increase in value. James is an internationally recognised investment
art specialist with many years of experience.
He is the resident art critic for the London Live
TV channel; the resident investment art expert for
British Airways – featuring in BA’s long-haul in-
flight programming for the last four years; and a
contributing art expert on myriad publications.
James is also a Patron of both the National
Portrait Gallery and the Royal Academy of Arts.
His expertise covers a wide diversity of works
from Caravaggio to Banksy, and cutting-edge
James Nicholls presents the Columbian ‘Oro emerging artists, such as Bradley Theodore.
Exhibition’ to the Countess of Wessex. Over the coming pages, we provide a guide to
the art market and our services.

Inside our flagship

Maddox Street Gallery

4 Welcome to Maddox Fine Art Maddox Fine Art 5

Introduction

The global art market has grown exponentially in the last

two decades, and collecting art is no longer the preserve of
an aristocratic elite. The hunger for contemporary art is now
insatiable, with a broad spectrum of society desiring to buy
and collect works, not only to enrich their lives via aesthetic
appreciation, but also as a serious investment for the future.

At Maddox Fine Art we help both the novice and We firmly believe that every acquisition should
expert navigate the ever-shifting landscape of the be a marriage of aesthetic appreciation and wise
global art market and provide advice and investment, and we make it our business to offer
guidance on making the right kinds of investments both the novice and experienced investor the
– make no mistake, contemporary art is big perfect marriage of an enriching and sophisticated
business, with leading galleries in the UK appreciation of contemporary art and the financial
attracting in excess of 15 million visitors last satisfaction of investment performance.
year alone.
Accordingly, the acquisition of art as a high-
performance asset class is no longer considered an
alternative financial investment, but a key one.
In a 2017 poll conducted by Deloitte, 88% of
Wealth Managers believe Art should be a key
component of an investment portfolio.

“The contemporary art segment of the

Mei Moses Art Index has delivered a
compounded average annual return of
8.80% over the last 58 years.”
Date: 26th March 2019
Source: www.sothebys.com
Andy Warhol ‘Campbell’s Soup II’: Vegetarian Vegetable, 1969 / 63 x 84 cm / Silkscreen Print in colours on paper

6 Introduction Maddox Fine Art 7

Art as an
Investment
At Maddox Fine Art we can supply investors
with access to investment grade art from as
little as £10,000. At this affordable level, you
can acquire something from an emerging or
established artist who has already created an
impression in the market, and whose work we
believe has the potential drastically to increase
in value in the future.
From the £20,000-mark we can often supply
investors with access to work by blue chip artists.
At this higher price level, you can own a piece
by an artist whose name is widely known– one
who has already attracted significant attention
in both the media and the market, and from
serious collectors.
“88% of Wealth Managers believe Art
should be part of a Wealth Management
offering (up from 78% in 2016).”
Source: Deloitte & ArtTactic Art
& Finance Report 2017
8 Art as an Investment
If you have a particular artist whose work you
would like to buy, then we can often ascertain
exactly which works are available, and at what
price – through our extensive international network
of art market contacts we can usually source work
from artists, studios, agents, collectors, and other
galleries. If it’s work by one specific artist that you
want to acquire, then we can act as your buying
agent for a small commission.
Mel Bochner Mel Bochner
Conversely, if you have something you are keen ‘Ha Ha ’ 2017 / 87 x 91 cm / Monoprint with collage, ‘Blah Blah Blah ’ 2017 / 70 x 56 cm / Monoprint with
to sell, we’ll certainly consider displaying it in engraving and embossment on hand-dyed collage, engraving and embossment on hand-dyed
Twinrocker handmade paper Twinrocker handmade paper
our gallery (providing it meets our criteria for
price performance potential), handle any interest,
and administer the resulting sale – again, we will
charge a small commission for work of this nature.
At Maddox Fine Art we provide an extremely The Sotheby’s Mei Moses Index: 1950-2018
comprehensive service, and we can take care of
framing, hanging, delivery, storage, and much 1,000
more besides – for further information on
these ancillary services please see page 32
Index value (since 1950)
of this guide. 100
10
1
1950 1960 1970 1980 1990 2000 2010 2018
The graph above shows the Sotheby’s Mei Moses Index for the broader art market
from 1950 to 2018. The index benchmarks at 1 in 1950 and shows the trajectory
in demand for the overall market, a compound annual growth rate of 8.8%.
Source: Sothebys.com
Maddox Fine Art 9
The Current Global Art
Global Art Market Market Share
With $67.4 billion in total sales during 2018, the global art economy grew The US once again confirmed its position as the largest market for art
for a second consecutive year - a rise of 6% from the 2017 total of $63.7 sales, with its share of total global sales by value increasing by two
billion and just under the 2014 high of $68.2 billion. percentage points to 44%. The US, together with China and the UK,
accounted for 84% of total sales by value.
Sales in the Global Art Market 2008-2018
Other than in 2011 when China achieved a dominance until 2014, as its sales went through
Billion $ marginally greater share of world sales, the US an unprecedented boom and the British market
has been the leading global sales territory for recovered from the fallout of the global financial
$80
the last 20 years. It’s position at number one has crisis. The UK recovered share in 2015 and
$70 $68.2
been underlined in recent years as its lead over its 2016 and regained second place, but a strong
$64.6 $63.3 $63.8 $63.7 $67.4
$62.0
$60 $57.0 $56.7 $56.9
closest competitors has risen to more than 20%. year of sales in China and a weak Pound meant
The countries occupying second and third places China was once again in second position by a
$50
have fluctuated in recent years. small margin in 2017. However, in 2018 the UK
$39.5
$40
regained its position as the second-largest art
Having had less than 5% of global sales until
$30 market (21%), while China was the third largest,
2006, China overtook the UK’s long-established
with 19%.
$20 second place in 2010. China maintained its
$10

$0 Global Market Share of the US, UK and China 2008-2018

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

US China UK Others
Source: © Arts Economics (2019)

100%

18% 16% 17% 17% 19% 17% 16%

22% 21% 23%
Sales in the global art market in 2018 reached The UK had a strong year of sales, shrugging off 80%
28%

$67.4 billion, up 6% from 2017. This second year Brexit worries, with values rising 8% to just 23% 22% 21% 20% 21%
22% 21%
22% 20%
of strong growth has brought the market to its over $14 billion. 60% 34% 23%
second-highest level in the last 10 years. Meanwhile in the rest of Europe, many of the 19%
20%
21% 19%
25% 23%
9%
23% 9%
30% 9% 9%
24% 9%
The auction sector made up 46% of the market, larger markets declined. 40%
9% 18%

down 1% year-on year, while the dealer sector Sales in China cooled slightly to $12.9 billion
(gallery and online retail sales) accounted in 2018, a decline of 3% on the 2017 figure
20%
35% 34% 36% 33%
39% 43% 40% 42% 44%
31% 29%
for 54%. for that market.
0%
Sales in the US totalled $29.9 billion in 2018,
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
the highest-recorded level to date.

Source: © Arts Economics (2019)

10 The Global Art Market Maddox Fine Art 11

 The Two
Art Markets
If you are investing in art for the first time, it’s vitally important
to understand the distinction between the two art markets –
primary and secondary.

The Primary Market The Secondary Market

The first sale of a piece of art, directly from an
artist, a dealer or even a commissioned work, is
primary. Thereafter, all sales are referred to as
secondary, and sources include galleries, private
sales and art auction houses.
The primary market sets the benchmark in value
and is where the skill to predict a potential future
art star comes most into play.
The secondary market is where the value of a
piece of art can increase drastically, sometimes
as much as ten-fold, and in the last ten years
that has applied increasingly to artworks in the
contemporary sphere – at the height of the boom
in 2007, total auction sales of post-war and
contemporary art exceeded those of Impressionist
and modern for the first time in history.
In terms of these markets it is vital to recognise
the standing of an artist in the holy trinity of
‘emerging’, ‘established’ and ‘blue-chip’ – the three
sectors that define the value of an artist
or artwork in the public sphere.

“But as jitters hit the global economy,

the world’s wealthy tend to turn towards
RETNA
alternative assets that are seen as more
This One’s Been
Untitled, 2017 consistent stores of value, modern
244 x 183 cm artworks being prime among them.”
Oil, enamel and
acrylic on canvas Source: Artsy.net

12 The Two Art Markets Maddox Fine Art 13

Artist
Classifications
At Maddox Fine Art we specialise in identifying key works by
emerging and established artists: those artists who may have the
potential to become household names, or what we tend to refer
to in the industry as blue-chip artists. Allow us to elaborate on
these different artist tiers...

When it comes to contemporary art there are
three sectors of interest to the investor:
Emerging Artists
An emerging artist is one in the early stages of
their professional career, and their work will
usually be sold on the primary market. They
have begun to become noticed, and may already
have a minor auction record. Their work is now
being collected and they will likely have won
prizes, and have started to attract press coverage.
You may have to wait some time for their prices
to appreciate, and for a secondary market in
their work to become established. However, this
sector is increasingly attractive to investors as the
opportunity to buy work at this level offers the
potential for large levels of return on investment.
may well be names you will recognise
from various press articles that have been
penned about them in the public sphere.
The best examples of their work offer outstanding
investment opportunities.
Blue-Chip Artists
Blue Chip Artists are household names, and are
widely known even outside of art circles. Their
works will be found hanging in national galleries
and international collections. Many blue-chip
artists are now in the twilight of their careers
or are no longer with us. The most desirable
examples of their work will sell for six or seven
figure sums. Although blue-chip works are very
tradable, returns may not be as impressive in
percentage terms as those from the emerging
or established sectors.

Established Artists
Established artists are widely known within the At Maddox Fine Art we deal in all three
art market and their work will change hands at categories but we specialise in the emerging
auction. They will have a gallery sales track record and established sectors.
and their work will be found hanging in public
galleries, as well as in private collections. They
KAWS ‘Dissected Companion Set’ 2006 / 38 cm / Painted cast vinyl

14 Artist Classifications Maddox Fine Art 15

An Emerging Artist
– Bradley Theodore
Bradley Theodore is a visual artist. Born in the Turks and Caicos
Islands, he now resides in New York City. Theodore gained
prominence as an artist through the popularity of a street art
murals of fashion icons Anna Wintour and Karl Lagerfeld.

Theodore’s work includes murals and paintings
of fashion influencers, including Kate Moss,
Coco Chanel with Frida Kahlo, Tom Ford, and
Diana Vreeland. He also does digital artwork,
and was included in Google’s virtual reality-
focused Artist in Residency program.
Theodore has worked on campaigns for brands
Moët, Jordan Brand, RMK, Kent & Curwen,
and Moleskine. He has also worked with hip-hop
collective Wu-Tang Clan, provided images for
Sony and Universal Records, and created logos
for camera manufacturer Leica Camera and
board game Monopoly.
Theodore is known for making his art accessible
to everyone and not confining his work
exclusively to galleries. He has collaborated with
PUMA to bring his soulful, introspective style to
the brand’s Suede’s 50th anniversary. Applying
his unique style to streetwear staples – he has
reimagined them with bright pops of colour and
rich symbolism that explore the human condition.
PUMA silhouettes are enhanced with hand-
painted symbols like skulls, hearts, and hashtags
that reference today’s culture of representation
and communication.
An alum of the School of Visual Arts,
Theodore’s works are recognised by his “use of
saturated colors, skull motifs and vivid skeletal
interpretations” of popular cultural icons and
celebrities. His life and entrance to the art world
was the subject of the documentary “Becoming:
Bradley Theodore,” which premiered at the 2016
Tribeca Film Festival.
An illustration of Theodore’s success is that prices
for his smaller works on paper have doubled in
the last 3 years – they were changing hands for
£3,750 each in 2016, you would now be lucky to
acquire one for £7,500.
This is driven not only by his rapidly rising
profile, but also due to simple demand-and-supply
economics. The supply of his work is constricted
because virtually all of his works are original
pieces, and thus take time to produce.
Furthermore, his last three solo shows ‘Son of the
Soil’ in April 2016, “The Second Coming” in April
2017 and “The Coronation” in October 2018, all
held at Maddox Gallery were huge successes, all
selling out in a matter of days.

16 Maddox Fine Art 17

An Established Artist
– Banksy
If one artist has made graffiti respectable, if one artist has carved
a path from back streets to international galleries, it’s Banksy.
Like graffiti artists worldwide, he prefers anonymity. We do know
that he is male, English, and that his work first appeared in and
around Bristol in the early 1990s.

Working freehand, with stencils and spray cans,
his output is instantly recognisable not just by
his technique, but also for his subject matter.
His work is often subversive and anti-establishment
but with a generous helping of humour. In a
Banksy expect to find rats, apes, policemen,
bombs, soldiers and children.
His initial popularity as a street artist appealed
to gallery owners. Consequently the first Banksy
exhibition was organised in 2002 by the 331/3
Gallery, Los Angeles. His work then began
appearing at auction – often without his approval
– and frequently sold for rather more than the
high estimates. Among the buyers were celebrities
like Christina Aguilera.
Banksy’s popularity with the celebrity crowd was
on show at 2015’s Cannes Film Festival. At an
auction held at the ultra-chic Hotel Eden Roc to
raise funds for amfAR, an AIDS charity founded
by Elizabeth Taylor, Leonardo diCaprio donated
Banksy’s work ‘Copper on Cardboard’. It quickly
sold to one of the well-heeled Hollywood bidders
for $1 million.
A typically Banksy gesture was the temporary
exhibition Dismaland – an anti-tribute to
Disneyland – that he organised in the neglected
seaside town of Weston-super-Mare. In place
for five weeks during summer 2015, it aped the
famous Mickey Mouse amusement parks around
the world, sold out every day and is estimated to
have bought over £20 million of extra income to
the town’s traders.
It’s not just as an artist that Banksy has proven
to be a star – but also as an investment. The price
of his work has grown 20 times in the last 10
years, 200% in the last 3 years alone. His success
in galleries and salerooms has had the effect of
increasing interest in the work of other ‘street’
artists and he has created a growing market for
this genre of art.

Banksy ‘Girl with Balloon’, 2004 / 50 x 60 cm / Screenprint

18 An Established Artist - Banksy Maddox Fine Art 19

A Blue Chip Artist
– Andy Warhol
If any one artist in the last fifty years has created and dominated
a market in an art genre, it’s Andy Warhol. His variations-on-a-
theme, creating many distinctive images from a single master, are
recognisable from afar, hugely collectible, and publicly popular.

Born in 1928 in Pittsburgh, Pennsylvania, Warhol
died in 1987 in New York City. During his 58
years he became – and remains – America’s most
famous 20th century artist. From Warhol comes
the term ‘Pop Art’: Pop for popular, which his
work has been in galleries and auction rooms ever
since. Warhol is the second top-selling artist in
the world’s sales rooms, with over $1.58 billion
of work sold, beaten only by Pablo Picasso, with
$3.02 billion.
Amongst his distinctive output are many iconic
images: portraits – most famously of Marilyn
Monroe and Chairman Mao; Campbell’s soup
cans and Coca-Cola bottles; dollar signs; flowers;
Elvis Presley as a gun-slinging cowboy; car
wrecks; and shoes (early in his career he worked
as an advertising illustrator, and drew hundred
of shoes).
His New York studio was aptly named
‘The Factory’. He worked there with an
ever-changing staff of assistants.
The silkscreen technique that he developed
allowed the studio to produce many images from
a single master, with each copy adopting different
colour variations.
This semi-industrial output means that even
today there is an ample supply of Warhol’s work
available – no collection is complete without one
or more.
Although the price record for a Warhol is a
massive $105 million, much of his work
is rather more affordable. One example: a silk
screen print of Marilyn Monroe which sold at
Sotheby’s New York for £21,800 in 2002 and
resold at Christies London for £158,500
12 years later.

Andy Warhol ‘Marilyn’, 1967 / 101 x 101 cm / Screenprint

20 A Blue Chip Artist - Andy Warhol Maddox Fine Art 21

Factors That Drive
The Art Market
When entering into the world of art, there are several key
factors to consider that drive the market, all of which can
act as a powerful catalyst to increase the value of an artwork.
We outline some of these below and opposite.
Gallery Representation & Solo Exhibitions
Gallery representation often plays a critical role
developing an artist’s profile. When an artist
has established a long-term relationship with a
gallery, then it is a sure-fire sign that the artist has
considerable merit – as such, a solo exhibition is a
considerable mark of confidence.
Maddox Gallery has recently held solo exhibitions
for several key artists, all of whom we supply
investors with access to, including: Bradley
Theodore, The Connor Brothers, David Yarrow,
Mr Brainwash, and Richard Hambleton.
Lack of Availability of Work
If you should be at a solo or group show where
‘red dots’ predominate beside the work on display,
it means the artwork has been sold. An artist that
is in such high demand will have representation in
a number of respected galleries, and a waiting list
for commissions, both of which are great signs.
These factors are particularly relevant to take
into consideration when investing in emerging
artists, such as Bradley Theodore, whose solo
show at Maddox Gallery in April 2017 sold out in
a matter of days. Unsurprisingly, such popularity
means he has a backlog of commissions.
22 Factors That Drive The Art Market
Auction Results
When price records tumble in the dramatic
amphitheatre of a crowded auction room the
media love it. More often than not, there’s a story
combining the wealth (of the buyer) and the fame
(of the artist), which enables print and broadcast
journalists to write attention-grabbing headlines.
That’s fine if you’re buying big name artists with
a track record on the secondary market. However,
many emerging and mid-career artists won’t have
an auction track record.
Often primary sales of their work are in original
ownership, so while any auction results will give a
measure of an artist’s standing, it’s always worth
looking for evidence of price movement in other
art market indicators.
A story… All those multi-million Warhols
were once affordable to those with limited
means. in the 1960s and 70s Dorothy
and Herbert Vogel – a postal worker and
a librarian from New York – saved hard
to buy small works by emerging artists,
paying a few hundred dollars for each.
The Vogels’ collection is now worth hundreds
of millions of dollars.
Jeff Koons ‘Balloon Rabbit, Monkey & Swan’, 2017, / Porcelain
Press
If an artist achieves strong press coverage in
specialist art magazines, newspapers, radio,
television arts programmes, online blogs and
respected publications, then it does a lot to raise
the profile of that artist. Media attention has
inarguably elevated the profile of now widely
known artists, such as Grayson Perry and Tracey
Emin, to the financial benefit of the early buyers
of their work.
Many of the emerging artists that we recommend
purchasing work from at Maddox Fine Art have
already had excellent press exposure.
Public Galleries & Museums
Public galleries and museums are keen to acquire
and show work that they consider to be of
contemporary significance. The same is true of
major private collectors.
If an artist’s work is sought out by the curatorial
staff of important collections, then that’s as good
as a guarantee that an artist’s work has great
investment potential.
Corporate Endorsement
Corporations with money to spare in their
marketing budgets like the kudos of being
associated with art – a recent example of this was
the Maddox-represented artist Retna’s work
appearing on a Justin Bieber album cover.
Art Fairs
Art fairs provide buyers with a single venue where
they can see a wide range of work from myriad
genres. For artists it provides exposure to a much
bigger audience, and often an audience that would
otherwise be unfamiliar with their work.
Most of the higher profile galleries and auction
houses will have booths at art fairs and play their
part by inviting their established customers
to attend.
Books & Journals
When an artist has gained a certain level of
recognition, they will often feature in art
reference books or have magazine editions
dedicated to their work. These are key
milestones, and often function as a
springboard for the value of the work.
Maddox Fine Art 23
Reasons to
Invest in Art
Capital Growth Potential
When isolated the contemporary art segment
of the Mei Moses Art Index reveals that
contemporary art has delivered a compounded
average annual return of 8.8% per annum
between 1950 and 2018.
Investing in a piece of Art means your investment
is Fully Asset Backed
When you invest in a piece of Art you become
the owner of a tangible asset which will always,
unlike some other investments such as stocks and
shares, have a residual value.
Satisfaction of Ownership
Investing in a piece of art won’t yield an income as
it’s a capital growth orientated investment. Instead
your dividend is the ability to enjoy owning your
piece of art by living with it hanging in your home
or even in your office.
Diversification  At Maddox Fine Art we believe that actions speak louder than
The global art market is by and large completely
uncorrelated to the world’s major stock markets.
It can therefore be used by investors as an
excellent portfolio diversification tool in times
of economic uncertainty. Post-Brexit the UK is
certainly facing a period of economic uncertainty.
Inflation
Investing in Art can be an excellent hedge against
inflation, as shown in the graph below. At the time
of writing (January 2019) inflation is running at
2% per annum.
Why invest with
Maddox Fine Art
words. The best way we can demonstrate to investors that
we are worth taking seriously as art advisors is our track record.
We are very proud of the following tangible results:
Between the 1st January 2018 and 31st December We have a dedicated section on our website which
2018 the average percentage profit achieved by features numerous signed client case study forms,
Maddox Gallery clients was 25.2%. demonstrating the purchase and subsequent
This is the mean figure calculated from the sale sale of works of art by clients which have
of every piece of client-owned work between contributed to this excellent average return https://
1st January 2018 and 31st December 2018. maddoxgallery.co.uk/art-investment/case-studies
(All of which were the sales of works that (password: ‘MaddoxStreet’)
we had previously supplied to clients).

Performance When Inflation is High and Rising

Bonds (US) 5%

Art (Mei Moses Art Index) 18%

Commodities 13%

Equities (US) 2%

Asset class in period from 1973-2012

David Yarrow ‘The Wolf of Main St III’, 2017 / 132 x 193 cm / Archival pigment print
(source: JP Morgan 2016. ECJ Capital Research)

24 Reasons to Invest in Art Maddox Fine Art 25

Selling
Art
Before you invest in a piece of art, whether it be a piece by a
blue-chip, established or emerging artist, it is important to have
a clear understanding of the potential exit strategies available
in order to realise a profit further down the line.
Auction Houses
This exit strategy is ideal for works by blue-chip
or established artists, where there is an existent,
large and well-established secondary market.
However, what needs to be taken into account
before deciding to send a piece to auction,
are the fees for doing so. The leading auction
houses can often charge from 12% - 25%
of the hammer price.
Gallery Sales
Due to our relationship with our sister company
Maddox Gallery we are able to market our
client’s artwork via three prestigious London
gallery spaces – Maddox Street, Shepherd Market
and Westbourne Grove.
Through this route we have been able to achieve
significant profits for our clients, various examples
of which can be seen in the case studies section of
our website.
Artsy
Maddox Gallery has an excellent gallery presence
on Artsy - one of the world’s busiest online art
platforms, and we can arrange for any of our
clients’ pieces to be listed for sale on the Maddox
Gallery Artsy gallery page.
26 Selling Art
Private Sales
Any major market consists of investors looking
to buy and investors looking to sell. At any time,
we can market clients’ work on their behalf,
aiming to identify an investor or collector who
would like to add the work to their art portfolio.
This exit strategy can be extremely lucrative for
owners of works from sold-out exhibitions, or
collections where pieces desired by would-be
purchasers are simply no longer available from
the primary market.
Exhibitions
Maddox Gallery regularly holds exhibitions –
these can be either group shows or solo exhibitions
for individual artists. We will often look to include
clients’ pieces in a group show exhibition in order
to achieve a secondary market sale.
Artnet
Maddox Gallery also has a well established
profile on the online Art platform Artnet. Artnet,
similarly to Artsy, is one of the pre-eminent online
art platforms. We can arrange for any of our
clients’ pieces to be listed for sale on the Maddox Richard Hambleton
Gallery Artnet profile. ‘Standing Shadow - Blue’, 2018
132 x 51 cm
Hahnemuhle Photo Rag 308gsm
Maddox Fine Art 27
Portfolio
Management
Those seeking to invest in art without in-depth market
knowledge, or the time to learn and research the market, can be
at risk – our role is to minimise that risk. The traditional advice
given by the art trade is simply to buy work that you like.
At Maddox Fine Art, we believe that you should indeed buy
art that you like, but only if it has significant potential to grow
in value.

The art market is unregulated, unlike many other
areas of investment. It doesn’t take too much
research to uncover stories of fakes, ownership
disputes, questionable provenance, and even
mis-attribution. The three core values that define
Maddox Fine Art are reputation, expertise and
trust – primarily in our client relationships, but
also in our dealings with artists, artists’ agents,
and secondary market suppliers. The unique
combination of art market expertise and financial
and investment skills gives us the ability to
help both new and more experienced collectors
acquire – and dispose of – growth portfolios of
modern and contemporary art with confidence.
Gallery
Our head office is situated just off New Bond
Street in London’s Mayfair – the beating heart
of the fine art district.
We have our own three-floor gallery, which
includes a sumptuous private viewing room,
where you can see the works we suggest
purchasing in intimate surroundings, and learn
about the provenance of both the artist and the
work. The gallery runs a regular series of solo and
joint exhibitions, evening openings and meet-the-
artist events.
Track Record
We are extremely proud of track record.
Our advice and ability to supply art at the right
price has meant that the average percentage profit
we made for our clients in 2018 was 25.2%.
Harland Miller ‘High On Hope’, 2015 / 109 x 50 cm / Screenprint
Evidence of this track record is located
on the client Case Studies section of our website.
http://maddoxgallery.co.uk/art-investment/case-
Inside The Secondary Market Keeping You Informed
studies (password: ‘MaddoxStreet’)
The visible arena of the secondary market consists The art market is one of the world’s most dynamic
of auction houses, galleries and fairs. But there’s market places – prices can rise and fall fast, and
Portfolio Managers
another very significant element that doesn’t want there is always something happening. We keep our
The key to our business is understanding our to be visible – art collectors often want to dispose clients well informed regarding their portfolio,
customers and their investment objectives. of work discreetly through private sales. We have potential acquisitions and disposals, and on news
Our expert Portfolio Managers work together excellent relationships with many high-profile on the market in general.
with our clients to define their investment and collectors and are often approached by them
collecting goals and then seek out and offer when they want to release equity, or simply
works we think meet those objectives. Every refresh their portfolio. When this happens,
client of Maddox Fine Art is allocated to a we make works available to our customers that
dedicated Portfolio Manager. they would otherwise not have access to.

28 Investing with Maddox Fine Art Maddox Fine Art 29

Making a
Purchase
When you choose to invest in a piece of art with us we will
always provide you with some important documentation relating
to your purchase, including a signed Certificate of Authenticity
and a signed Insurance Valuation.
A Certificate of Authenticity
A Certificate of Authenticity, commonly referred
to by the acronym COA, is an important
document which vouches for the authenticity
of a work of art. We will always issue you with
an individual, signed Certificate of Authenticity
for any piece of art supplied by us at the time of
purchase. Our advice is simple – never buy a piece
of art without a COA.
A Valuation
A Valuation is essential for insuring your piece
of art and we will always supply you with a
signed valuation with any purchase you make
through us.
“It’s not what you look at that matters,
it’s what you see.”
Henry David Thoreau
30 Making a Purchase
Taking Delivery
If you have the space, adequate security and
insurance then we will always recommend taking
delivery of any artwork you purchase through us.
This is because art, unlike some other asset classes,
is an investment which can be enjoyed at home.
If you choose to take delivery of your art, then
we can arrange this for you at highly discounted
commercial rates – we will never add a profit
margin to a delivery of a piece of art for a
customer but instead organise delivery for you
using one of our trade partners at the true cost.
Storing your Artwork
If you would prefer not to have your artwork
delivered to your home or office, then we can
arrange for your art to be stored with our partner
Art Logistics Limited (www.artlogistics.co.uk).
Art Logistics are a well-established operator of
secure art storage; their high security storage
facility is ideally located midway between the
London gallery districts and Heathrow airport.
It is fully covered by CCTV and has climate
controlled storage rooms. Their expert staff
have years of experience in handling and storing
valuable and often fragile works of art.
Jean-Michel Basquiat
‘Flexible’, 2016
153 x 116cm
Silkscreen Print
Maddox Fine Art 31
Ancillary
Services
At Maddox Fine Art our primary objective is to assist investors in
profiting from a considered investment in art, but we realise that
when you buy an artwork there may be a number of other aspects
with which you require assistance. We offer a comprehensive
service to assist and guide you in ownership of an artwork.

As with many other investments, when you buy Framing

an artwork there can be several other costs to
consider, and without guidance these can mount
up and eat into potential future profits. We do
what we can to minimise these for you, and we
can often supply you with access to services, such
as framing and hanging, at commercial rates.
Insurance
If you are choosing to take delivery of your
artwork, then most household or commercial
contents insurers will require works of art above
a certain value to be declared to them individually.
Insurers will often require a valuation proving the
items’ value when amending your insurance policy
to cover your purchase.
You can use the complimentary Insurance
Valuation we provide you with at the time of
purchase to satisfy this requirement.
In the event that your regular contents insurer
quotes an unreasonable revised insurance
premium to insure your artwork, we can
introduce you to a specialist fine art insurer
who will provide you with an extremely
competitive quote.
The right frame can significantly enhance the
appearance of an artwork, but critically, it should
also protect it. The vast majority of the pieces
we will supply you with will already be framed –
however, if you are buying an unframed piece it is
important to choose the right frame.
Maddox Fine Art works with a number of
renowned framers and we are happy to arrange
for your piece to be framed. We will do so at the
commercial cost price, and we will never apply a
profit margin to the framing of a customer’s piece.
Hanging
Where and how you hang art not only helps to
enhance the aesthetic appearance of your artwork,
but also helps to protect its investment value.
We are happy to advise you on where to hang
your art and, if you should require, we can
arrange for a specialist to visit you at home to
offer further advice, or install the piece for you.
The Connor Brothers ‘Tell Me Beautiful Untrue Things’, 2018 / 185 x 115 cm / Oil on canvas

32 Ancillary Services Maddox Fine Art 33

Visit us
It is said that beauty is in the eye of the beholder,
and it’s certainly the case that to truly appreciate
an artwork you need to experience it first-hand
– pictures simply cannot do a work of
art justice, even with modern ultra-high
resolution photography.
As such, the majority of our clients – whether
they be investors or collectors – pay us a visit to
view an artwork in person, prior to, or just after,
making their first purchase.
34 Visit Us
This is something we greatly encourage, and it
serves a dual purpose, in that not only can you
come and see some fantastic art hanging here at
the gallery, but you can also meet us in person
over coffee – or even something a little stronger
– in our sumptuous meeting room.
We would love the pleasure of your company,
so please do come and pay us a visit.
Maddox Fine Art 35
Art Market
Terminology
Acrylic
A rival to oil paint, coloured pigment is held in
a clear plastic solution. It provides bright, long-
lasting colour.
Board
A more modern substrate, board is heavy card
with a smooth or embossed surface. A description
of a work might, for example, say ‘acrylic
on board’.
Canvas
The classic substrate for painting, canvas is a
heavy fabric stretched over a wooden frame
– a stretcher.
Collagraph
A hand printing technique using many separate
printing plates to provide limited editions with the
visual appeal of an original painting.
Condition
You’d expect a primary market purchase to be in
perfect or ‘mint’ condition. An artwork that has
led a hard life might well be ‘poor’, ‘damaged’,
‘dirty’, ‘crazed’, ‘creased’, ‘deteriorated’,
‘flaked’, etc.
Conservation
A skilled technique to repair damage
and deterioration.
Diptych
A painting consisting of two panels, each complete
in itself, but complementary when displayed next
to its partner.
36 Art Market Terminology
Etching
A printing process resulting, usually in a work
with a limited colour range.
Gouache
A thick, heavily pigmented water-based paint.
Impasto
The application of paint so thickly that it stands
out in relief from the substrate.
Intaglio
A portfolio word covering printing techniques like
drypoint, etching, engraving, where ink is pressed
into marks on the printing plate, the ink then
transferring to paper as the plate and paper pass
through a press.
Limited Edition
A print made in a limited quantity, each identified
with an edition number so that, say, 14/25 would David Yarrow ‘Africa 2’, 2018 / 180 x 243cm / Archival Pigment Print
be the 14th print of an edition of 25. After the
edition has been completed the printing plates
are destroyed.
Medium Proof Resale Rights
A word describing the way an image is put onto When prints are made, the first off are ‘proofs’ When a work is sold on the secondary market for
a surface, such as oil, acrylic, pastel, watercolour, which let the artist or printmaker examine €1000 or more, the original artist may be entitled
collage, etc. them in detail to see whether any corrections or to a royalty on the sale. The royalty is calculated
amendments are needed. on a sliding scale that peaks at 4%.
Oil
A paint type where pigments are mixed in an oil, Provenance Triptych
often linseed. Oil paint dries slowly and some A very important concept in the secondary A work consisting of three panels. Often they
art techniques exploit this to build up mixed and market, ‘provenance’ is the record or records that are hinged, with the two outer panels forming
layered colours within the work. let the work be traced back to its primary market ‘doors’ over the central panel, thus providing
introduction. Without adequate provenance it is some protection when not on view. The outside
difficult for a work to be accepted as definitely of a triptych may also be decorated, but usually
by a particular artist. not as elaborately as the inside.
Maddox Fine Art 37
 Street
Va
le
Lis

Hun
so Euston
n

ter S
s G Square
en ro

W
a rd ve

ob

t
nG

re e
ur
Ed
ifto Warren
BLOOMSBURY

nP
l

t
Regent’s Park

gw
C Street

lac
nt
Great Portland

ar
Russell Gu

eP
ce
ar

e
Baker Street

Go
k C re s Street

P
Square

Ro

lac
Maddox Gallery Contact us
Marylebone

we
oad

e
ad

rS
R
bone Russell

tre
ry l e
Ma

Grea

et
A5
Square

So
To
Portl
Locations

t Por

ut
Edgware Road et
ington Stre

tt

ha
en
Padd Goodge Street

and

m
ha
Marylebone H
Westway

tland
A40 MARYLEBONE

pt
t

m
Edgware Road

on
S
ge

Place

Co
od

R
G l ou

Stree

B lo
Go

ow
rt R
HO

om
PA D D I N G T O N

ce s t

oa
t

sb
et

d
Bake

ury
e
r Str

igh Stree
er Pl
ad ime
Ro Mort

S
MaddoxridgStreet Westbourne Grove

r Str
e et

t
ac e
’s B
Paddington re Street
h op St ns et O xford rn Ho

eet
Bi s d Stre New bo

t
ae de r e l
Pr a r
Wig m
o
Street h Ho
x
G Oxford Tottenham
Hig
sse Court Road

e
Su

ue
ad Oxford Circus
Street

tQ
Ro tre et Oxfor
d
our S

ea
en m

Ne
Sey
av

Gr
r reet

w
C
Oxford S
t Bond Street Maddox Fine Art

Bo
n

Cha
i ll re
SOHO

dS
9 Maddox Street
v enH Marble Arch Ac
d eet

tre
ter Roa
Mayfair, London W1S 2QE ng
Cra

ring
r
Bayswa x St Lo

et
Tel: 020 3781 7590

Re
o Covent
add

St Martin’s Lane
C
M

ge
info@maddoxgallery.co.uk
B AY S W AT E R Garden

ross Road
Park
Lancaster Gate r
veno

nt
Road Gros re COVENT

Sa

Str
swater Squa Leicester

St r
y

vil
B a
9 Maddox Street, Mayfair, London W1S 2QE 112 Westbourne Grove, London W2 5RU

ee
M AY F A I R Square GARDEN

eR
Co ld
eet

t
St A

rk
Shepherd Market Maddox Editions

ow
O
St nd
eley

udle
Berk re

ree S
us

B
irc

o
ua nd
t Sq

t
C

yS
National

Re
illy ra

Do
e
tre cca
d Gallery St

treet

g
ve
ll S

t
Pi

re

en
Hi

rS

et

tStr
The

tre
Charing Cross
ster

et

ee
HYDE PARK Dorche

t
Embank

St
KENSINGTON

Ja
n Street Green Park Hu
Curzo

me
all
n
GARDENS MOpening hours ge
erd

Whit
Shephket l

s’s
al
M a r P Monday: 9.30am – 6.00pm

St

kment
e h al
Tuesday: 9.30am – 7.00pm
ST JA M E S ’9.30am
Wednesday: S – 6.00pm

Emban
Thursday: 9.30am – 7.00pm
GREEN PARK Friday: 9.30am – 5.00pm

Parliament Street
8 Shepherd Street, Mayfair, London W1J 7JE 5 Shepherd Street, Mayfair, London W1J 7HW
Saturday: Closed

a
Hyde Park Corner

Victori
Gstaad Los Angeles ST JAMES’S PARK
Sunday: Closed
A4
tsb ridg e
Ken Knigh
s i ngto Kensington Rd Knigh tsbridge
n R oad Kensingto n Gore Knightsbridge Buckingham
Westminster
Palace

G
BUCKINGHAM Westminster
Palac e Gat

KNIGHTSBRIDGE v

ro
WESTMINSTER
d

s
a

PALACE
Ro

Houses of

en
GARDENS Parliament
Sloane

o Bu

or
pt
n

cki St James’s Park Westminster

n

Pla
Disclaimergh
om
e

a Abbey
Maddox FA Limited trading as Maddox Fine Art is not regulated by the Financial ConductmAuthority and is not authorised to offer
Br B E L Gregulated
R AorVunregulated.
I A If you are making investment decisions you should seek advice fromGan
t advice on investment, whether

ce
r ee or other regulated professional.
S

at independent financial advisor

t
SOUTH e S
treet

ia
Investments in art can go down as well as up. The information in this document should not be relied on for investmentrdecisions.
Glou ce ster

Maddox Fine Art (together with its

icto
KENSINGTON
affiliates, officers, directors and employees) gives no guarantee, warranty or representation as to the accuracy, completeness,
V suitability or content of the information
provided in this document and shall not be liable or responsible for any errors, omissions or inaccuracies herein.

Promenade 7, 3780 Gstaad Switzerland 8811 Beverly Blvd, West Hollywood, CA 90048

Millbank
A4
R oa d

Ro ad
Victoria
ar
Cromwell
e
B r om

w
Ec

u
Sloane

Ro
Sq
cle

38 Maddox Gallery Locations n Maddox

orseferry RFine Art 39
ad
st

r
to H

ste
pton Rd

oad
on

a St Lambe
Ro

E th Brid

che
ge
Street

Mars
Ro
lac

Gloucester Road
“I dream of painting and
then I paint my dream.”
Vincent Van Gogh

9 Maddox Street
Mayfair
London W1S 2QE
Tel: 020 3781 7590
www.maddoxgallery.com
info@maddoxgallery.com
Maddox FA Limited 09833235