Never Buy Without Having The Funds Ready
I broke the rule as early as August 1987. I did not have the funds in place to pay the Dawson but I had one month credit of time to raise the money. It was plenty of time to do it.
Did I manage to put the money together? What happened?
When you deal in pictures you ought to know who buys what and where. I knew galleries in London, I knew galleries outside London and knew galleries in Athens, Paris, New York and Philadelphia. It was to my advantage to know about their stock and about what they were selling. I made it my business to know by visiting these galleries and by asking about future exhibitions and paintings they had in stock.
Stacy-Marks was a major gallery in Eastbourne E. Suussex, which I knew sold good quality paintings. I had a painting that I bought in March of 1986 for a few hundred pounds. The Potronat work was really tasty and of some size. More importantly it was provenanced by Stacy- Marks. Furthermore, I knew that they were actively buying the artist because I saw them bidding and buying Potronat works at Lewes in East Sussex.
Potronat and Deschamps Save The Boat In Private Sales
I liked the Potronat and I kept it for my recreation, enjoyment and for the future. It was a beautiful Mediterranean View of Southern France. It was an absolutely wonderful canvas and view of the best coastline on the planet. It gave me immense pleasure to look at it.
When in need of money, you need to sell what is the easiest and the quickest. Selling privately to a gallery was the quickest way. I knew the painting was worth a couple of thousand pounds. Could I sell it privately to Stacey – Marcs? Would they be interested?
How would I make up the missing 2000.00 pounds even if I sold the painting to that gallery? I was missing a few hundred pounds still.
Luck Was On My Side All The Way
A Gabriel Deschamps painting that was good enough, big and possibly a money raiser was for sale in the local neighbourhood auction. On the night of the sale nobody knew about the artist and I was allowed to buy it for 50.00 pounds. That was a blessing. One small step in paying for the Dawson. This was a really punchy picture and for that I managed to sell it straight away. I sold it privately immediately for 200.00 pounds plus a small other item of my own earlier purchases for another 300.00.
I had already 500.00 towards the watercolour of Dawson but….
Too far away from 3000.00 required and for comfort!
Stacy – Marcks was one of those family galleries with old stock and shrewd old shoes running the business. My call to them was quick and to the point. On mentioning to them the name Potronat, they immediately asked me to take the painting to them in order to see it with the view of buying the painting, if we came to an agreement.
No promises but that was a promising initial contact. I was very anxious to raise the money for the Dawson and I could not mess up in this transaction. I was very apprehensive, I was very unsure of the outcome but I was sure they would make me an offer, which I had to weigh on the spot and moment and react to it accordingly.
The Deal
There is no waiting in this business. Hit while the iron is hot. I drove to Eastbourne on that Saturday. It was not difficult to get to the impressive gallery of Stacy – Marcks.
They liked the painting but did I hit my target of 2000 pounds. Was my trip more worth while or was it a waste of time, money and energy?
The transaction was supposed to be straight forward or just about straight forward.
I am selling the painting at 2000.00, I stated. It is a lovely painting and it’s worth every penny of the money I ask for it, I added convincingly.
Yes, the old man responded, it is worth that much but we are dealers and we want to make a little bit of money too. I think a Fair deal is 1500 pounds to you.
Their offer of 1500.00 I rejected in the hope of making a little more. Back and forth and hesitation here and there and the compromise was 1800.00 on the spot. I kept my cool, I hid my delight and immense relief until a cheque of 1800.00 was handed to me.
Armed with an 1800.00 pounds cheque I felt like flying back to London.
I was thrilled to pieces. Selling for the first time to a gallery was so satisfying. Four years after I started dealing in art, I could sell directly to them at a good profit. The trip back to London was like a minute. I was so proud of myself. It was such a satisfying experience and money making experience as such. I was full of beans and sure that I wouldn’t have a problem paying for the Dawson I bought without having the funds in place two weeks earlier.
I already had 2300.00 for the Dawson and before long I had the 3000 to pay for it. I was lucky to sell the Potronat, I was lucky to sell a couple of minor paintings of my old stock for 500.00 and then the rest I had to dig deep into my reserves to make up.
There was a will and there was no stopping me from buying what I wanted to buy. I was determined! I was driven!
Three weeks after the purchase of the Dawson I paid for it and I was happy having it on the wall. I admired it, I loved the style and colours. I accepted the artist as a major artist and nothing in his work was second rated. What made me more happy about the watercolour was the knowledge that it was a very much sought after work and it was worth at least 100% more than what I paid at Bonhams in August 2007.
Was that really the case or was that another dream and fantasy? Did I know my market or was off the mark and in deep waters?
