“An art collector is like a hunter, only that

instead of dogs they have art advisors.”

Artsy.net, 2016

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
Michael Moebius
‘Audrey Hepburn, Tiffany Blue’, 2016
24 Reasons to Invest in Art
122 x 172 cm
Giclée print on canvas
25 Why Invest with Maddox Fine Art
26 Selling Art
28 Portfolio Management
30 Making a Purchase
32 Ancillary Services
34 Visit us
36 Art Market Terminology
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, a group
of 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
specialists dedicated to providing art investors and
collectors with the tools needed to invest wisely
in contemporary art. We specialise in identifying
emerging artists whose work has the undoubted
potential to drastically increase in value.
We source work from the next generation of
emerging artists attracting both first-time art
buyers seeking to invest, and established collectors
keen to add new blood to their art portfolios.
James Nicholls presents the Columbian ‘Oro
Exhibition’ to the Countess of Wessex.
4 Welcome to Maddox Fine Art
James Nicholls in conversation with Luke Blackall
on the London Live TV art show.
Maddox Gallery in Mayfair, which serves as
our headquarters, is our sister company and
committed to exhibiting the work of the most
exciting artists in the contemporary sphere.
Our team is headed up by our Managing Director
and Curator James Nicholls.
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
emerging artists, such as Bradley Theodore.
Inside the Ground Floor of Maddox Gallery’s
Over the coming pages, we provide a guide to flagship Maddox Street Gallery.
the art market and our services.
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.
The work of an emerging artist bought today
for thousands may, one day, be worth tens of
thousands or perhaps even hundreds of thousands
– therefore it is vital to know which artists to
invest in.

“The contemporary art segment of the Andy Warhol

Mei Moses Art Index has delivered a ‘Campbell’s Soup II’:
Vegetarian Vegerable,
compounded average annual return of 1969
10.85% over the last 50 years.” 63 x 84 cm
Silkscreen Print in
Source: Artsy.net, May 31st 2016 colours on paper

6 Introduction Maddox Fine Art 7

Art as an
Investment
In the highest echelons of the art world, headlines
are often grabbed by big-ticket auction sales
– a Lucian Freud, for example, will sell for
US$33 million, or a Renoir for US$15 million.
Results such as these get the salesroom cheering
but – be assured – profitable disposals are made
a very long way below that level; they just don’t
make the headlines.
At Maddox Fine Art we have work available by
emerging artists from as little as £4,000. At this
affordable level, you can acquire something from
an emerging artist who is already beginning to
create an impression in the market, and whose
work we believe has the potential drastically
to increase in value in the future.
From the £15,000-mark we can often supply
investors with access to work by more established
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.
“I think we’re going to see a 10-year boom
in the art market.”
Philip Hoffman, CEO of the
Fine Art Fund, 2013
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.
Conversely, if you have something you are keen
to sell, we’ll certainly consider displaying it in
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
comprehensive service, and we can take care of
framing, hanging, delivery, storage, and much
more besides – for further information on
these ancillary services please see page 31
of this guide.
Michael Moebius
‘Queen Bubblegum’, 2016
145 x 186 cm
Giclée print on canvas
Maddox Fine Art 9
 Market Share of Top 3 Art Countries Global Art Market Sales

The Current GROWTH

+20%
GROWTH
-18.75%

Global Art Market U.S. $27.9 $16.9 ESTIMATED

2016
TOTAL 2016
billion billion $45 billion
29.5%
U.K.
$23.25 $21.08 ESTIMATED

24%

2015
TOTAL 2015
billion billion $44 billion
After a small contraction the year before, 2016 saw the global
CHINA
art market expand slightly, increasing by 1.7% from 2015 to be
valued at $45 billion. 18% DEALER AUCTION

One of the catalysts for this increase was that
online art market sales rose by 15% from 2015,
reaching an estimated $3.75 billion. The global
insurance giant Hiscox actually predicts that
online art market sales will reach $9.14 billion
by 2021.
Conversely 2016 saw auction sales drop by 41%
in the U.S., by 13% in Europe, and by 1.6% in
Asia. Asia nonetheless grabbed the largest share
of the global auction market, at 40.5%.
Blue-chip artists such as Andy Warhol, Francis
Bacon, and Pablo Picasso all had lower volumes
of art sell at auction, reflecting the ongoing market
narrative of supply constraints on the open market
due to political and economic uncertainty.
An example of this is that a number of notable
sales in 2016, such as a $150 million Klimt
transaction, bypassed the auction market
altogether. Another major statistic is that buyers
are embracing the support, transparency and
discretion that dealers and galleries provide.
Private transactions through dealers are now more
important than ever, in 2016 they accounted for
62.5% of global sales, a 20% increase on 2015
when it had previously been estimated that the art
market was about half private sales and half sales
at auction.
The 2017 TEFAF Art Market Report found that
Art dealers reported being excited about building
their business through online channels. Web-based
channels were the most widely cited sales channels
through which dealers expected growth, with two-
thirds of those that responded reporting they saw
sales increasing in 2017 through both third-party
online platforms and through their own websites.
The same Report also stated that “the highest
growth looks to come from larger dealers with ten
or more employees, who expected turnover
to increase by 30% on average.
Taking into account retail sales from art and
antique dealers, Europe, with over half of world’s
dealers, is now by far the largest continent for art
and antiques sales in the world in terms of share
of sales volume in 2016.
Including the dealer market, the U.S. remains the
largest country in the world art market, with a
29.5% market share, followed by the U.K. with
24%, and by China with 18%.
(See opposite page).
Credits:
1. The TEFAF Art Market Report, March 2017.
This annual report is widely regarded as the most
comprehensive summary of the art market available.
2. Artsy.net. A major online resource for art collecting
and education.

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,

Retna the world’s wealthy tend to turn towards
‘Gambling, Numbers alternative assets that are seen as more
and Dope’, 2014
consistent stores of value, modern
262 x 244 cm
Enamel, acrylic, artworks being prime among them.”
crystallina and leather Source: Artsy.net 2016
on canvas

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
categories but we specialise in the emerging Mr Brainwash
art market and their work will change hands at ‘With All My Love’, 2017
auction. They will have a gallery sales track record and established sectors. 96 x 96 cm
Silkscreen and mixed
and their work will be found hanging in public
media on paper
galleries, as well as in private collections. They

14 Artist Classifications Maddox Fine Art 15

An Emerging Artist
– Bradley Theodore
In each generation, it is rare when an artist emerges that has
the potential to become truly iconic. New York City lays claim
to many such figures – Edward Hopper, Roy Lichtenstein,
Andy Warhol, Jeff Koons and Jean-Michel Basquiat. It looks as
though another name is about to join that list: Bradley Theodore.

Bradley Theodore lives in New York City where
his name has become synonymous with the
contemporary art scene.
Originally hailing from Turks and Caicos,
the former street-artist has left his mark on many
international cities, such as New York, London,
Los Angeles, Oslo and Paris. His depictions of
the likes of Anna Wintour, Karl Lagerfeld,
Kate Moss and Cara Delevingne in his brightly
coloured take on the Mexican Dia de Los Muertos
artistic heritage have become recognised by those
in-the-know the world over.
It is testament to his talent that a documentary
titled ‘Becoming’ has already been made about
his life and work. This premiered at the Tribeca
Film Festival in 2016.
In New York he has been compared to
Jean-Michel Basquiat for the unmistakable mark
he has made, and just like Basquiat the value
of his art has started to increase – in part because
a growing number of investors, as well as high-
profile collectors and celebrities, are acquiring
his work.
An illustration of this is that prices for his smaller
works on paper rose have risen by 62.5% in the
last two years – they were changing hands for
£4,000 each in 2015, you would now be lucky
to acquire one for £6,500.
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 all of his works are original pieces, and
thus take time to produce.
His last two solo shows ‘Son of the Soil’ , April
2016 and “The Second Coming”, April 2017 both
held at Maddox Gallery were both huge successes,
selling out in a matter of days.
Google gathers over 60 artists for Tilt Brush
art program.
In January 2017 Theodore was signed-up by
Google to become one of their first Virtual Reality
artists in residence. As such he is one of just
60 artists in the world whom Google have chosen
to partner with. Yet further evidence of his rapidly Bradley Theodore
‘Queen Elizabeth’, 2016
rising profile. 122 x 122 cm
Acrylic on canvas

16 An Emerging Artist - Bradley Theodore 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
‘Sweeping It Under
The Carpet’, 2008

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.

“78% of Wealth Managers believe Art

should be part of a Wealth Management Andy Warhol
offering (up from 55% in 2014).” ‘Liz Taylor’, 1964
101.6 x 101.6 cm
Source: Deloitte & ArtTactic Art Silkscreen ink, acrylic and spray
& Finance Report 2016 paint on linen

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

 Bran Symondson

Factors That Drive

‘Virtue of the Vicious, 2013
120 x 30 x 60 cm
AK-47 / Butterflies

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 emerging artists, all of whom we
supply investors with access to, including: Bradley
Theodore, Dan Baldwin, Chris Moon, Simafra,
Tyler Shields and Robi Walters.
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.
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.
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.

22 Factors That Drive The Art Market 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 10.85% per annum
between 1966 and 2016.
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. With negotiations for the UK to leave
the European Union deadlocked in 2017, UK
investors could be in for a rough ride in the
next few years.
Inflation
Investing in Art can be an excellent hedge against
inflation, as shown in the graph below. At the time
of writing (October 2017) inflation has just hit
a 5 year high of 3%.
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 2017 and 31st December We have a dedicated section on our website which
2017 the average percentage profit achieved by features numerous signed client case study forms,
Maddox Gallery clients was 29.8%. demonstrating the purchase and subsequent
This is the mean figure calculated from the sale of sale of works of art by clients which have
every piece of client-owned work in this contributed to this excellent average return https://
period which we had previously supplied to maddoxgallery.co.uk/art-investment/case-studies
clients between 1st January 2017 and (password: ‘MaddoxStreet’)
31st December 2017 .
The bar chart below compares the average return achieved by Maddox Gallery clients against the
performance of other asset classes between 1st of January 2017 and 31st of December 2017:
40%
30%

Percentage Increase
Performance When Inflation is High and Rising 20%

Bonds (US) 5% 10%

Art (Mei Moses Art Index) 18% 0%

Commodities -10%
13%
Equities (US) 2% Oil Gold FTSE100 Maddox Fine Art
oilprice.com lbma.org.uk londonstockexchange.com client case study forms

Asset class in period from 1973-2012 Asset Class

(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, Simafra
similarly to Artsy, is one of the pre-eminent online ‘Tree of Knowledge of
Good and Evil’, 2017
art platforms. We can arrange for any of our 160 x 160 cm
clients’ pieces to be listed for sale on the Maddox Mixed media on canvas
Gallery Artnet profile.
Maddox Fine Art 27
Portfolio
Management
Those seeking to invest in art without in-depth market
Harland Miller
knowledge, or the time to learn and research the market, can be ‘Who Cares Wins’, 2016
at risk – our role is to minimise that risk. The traditional advice 58 x 43 cm
Lithograph in colours
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 2016 was 31%.
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,
of work discreetly through private sales. We have potential acquisitions and disposals, and on news
customers and their investment objectives.
excellent relationships with many high-profile on the market in general.
Our expert Portfolio Managers work together
collectors and are often approached by them
with our clients to define their investment and
when they want to release equity, or simply
collecting goals and then seek out and offer
refresh their portfolio. When this happens,
works we think meet those objectives. Every
we make works available to our customers that
client of Maddox Fine Art is allocated to a
they would otherwise not have access to.
dedicated Portfolio Manager.

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 Bradley Theodore
‘The Only Queen’, 2017
have years of experience in handling and storing 152 cm round
valuable and often fragile works of art. Acrylic on canvas
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
The Connor Brothers
offer further advice, or install the piece for you. ‘Tell Me Beautiful Untrue
Things’, 2017
170 x 100 cm
Giclée, screen print
acrylic and oil and hand
applied varnish on paper

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
David Yarrow
‘The Untouchables’,
2017
180 x 190 cm
Photographic print
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
be the 14th print of an edition of 25. After the
edition has been completed the printing plates Proof Resale Rights
are destroyed. When prints are made, the first off are ‘proofs’ When a work is sold on the secondary market for
Medium which let the artist or printmaker examine €1000 or more, the original artist may be entitled
A word describing the way an image is put onto them in detail to see whether any corrections or to a royalty on the sale. The royalty is calculated
a surface, such as oil, acrylic, pastel, watercolour, amendments are needed. on a sliding scale that peaks at 4%.
collage, etc. Provenance Triptych
Oil A very important concept in the secondary A work consisting of three panels. Often they
A paint type where pigments are mixed in an oil, market, ‘provenance’ is the record or records that are hinged, with the two outer panels forming
often linseed. Oil paint dries slowly and some let the work be traced back to its primary market ‘doors’ over the central panel, thus providing
art techniques exploit this to build up mixed and introduction. Without adequate provenance it is some protection when not on view. The outside
layered colours within the work. 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
 Contact us

Maddox Street
9 Maddox Street
Mayfair, London W1S 2QE
Tel: 0203 781 7590
info@maddoxgallery.co.uk

Westbourne Grove
112 Westbourne Grove
London W2 5RU
Tel: 0203 150 3090
sales@maddoxgallery.co.uk

Shepherd Market
5 Shepherd Street
Mayfair, London W1J 7HW
Tel: 0203 150 2452
info@maddoxgallery.co.uk

RETNA
Disclaimer
‘Strong Arm’, 2015
Maddox FA Limited trading as Maddox Fine Art is not regulated by the Financial Conduct Authority and is not authorised to offer advice on investment, whether
183 x 152 cm regulated or unregulated. If you are making investment decisions you should seek advice from an independent financial advisor or other regulated professional.
Stainless steel Investments in art can go down as well as up. The information in this document should not be relied on for investment decisions. Maddox Fine Art (together with its
affiliates, officers, directors and employees) gives no guarantee, warranty or representation as to the accuracy, completeness, suitability or content of the information
provided in this document and shall not be liable or responsible for any errors, omissions or inaccuracies herein.

38 Contact us Maddox Fine Art 39

“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.maddoxfineart.com
info@maddoxfineart.com
Maddox FA Limited 09833235