New British Law Banning Finders Fees/ Commisions

New British Law May Make Finder's Fees Risky

LONDON. Antique & art dealers in Britain could fall foul of new anti-bribery legislation which comes into effect next year. The Bribery Act makes it an offence to give or accept bribes and also introduces a new corporate offence: a company may commit an offence if it fails to prevent bribery by its employees or associates, even those working abroad. 

Art lawyer Pierre Valentin of legal firm Withers warns that the widespread practice of paying finders’ fees to individuals who bring in new business could constitute bribery under the new act.

“Whilst the payment of commission remains a perfectly legitimate business practice, the days when this is paid or received without consideration of the nature of the relationship between the payer, the payee, and the other parties to the transaction may well be over,” said Valentin.

The new act “will capture the payment of commission to intermediaries owing a duty of trust to art collectors…without the collector’s consent to such payment,” he explained. “For example, if you pay a commission to the decorator of an art collector because the decorator assisted you in selling a painting to this collector you could be committing an offence if the collector is not aware that you are making this payment.”

The new law has a wide territorial scope. If the representative of a British firm commits an act abroad which would amount to bribery if committed in the UK, the firm may be committing an offence even if it is unaware that its representative has acted improperly. 

The act is a strict liability offence so the prosecution will not need to show a dishonest intention on the part of the person giving the financial advantage or receiving it. It addresses behaviour which induces “improper performance” without the need to show corruption or fraud. The only defence available to a commercial organisation accused of the new corporate offence will be to show that the company took appropriate steps to prevent bribery. 

The government will issue guidelines before the act comes into effect detailing the measures companies can take to protect themselves from breaching the new law. Christopher Battiscombe, director of the Society of London Art Dealers, says firms will have to introduce new training procedures for employees once these guidelines have been published.

The act applies not only to the payment of money but also to practices such as excessive corporate entertainment. “Art market professionals will have to evaluate whether the level of entertainment is appropriate in the circumstances, or whether it risks inducing the recipient to act improperly,” said Valentin.

Although the act is not aimed at the art trade and will most likely be used to target large companies, Valentin warned that the prosecution of art dealers is not impossible. “It only takes one prosecutor to receive a complaint from a collector or a dealer in competition with another dealer for an investigation to be launched.”

The Bribery Act received royal assent in April and comes into effect in April 2011. The maximum penalty for individuals found to be in breach of the act is ten years’ imprisonment while companies face unlimited fines. 

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The Seasoned Collector: Books for the antiques lover on your gift list

By Steven Wayne Yvaska

The Seasoned Collector

Posted: 12/10/2010 02:00:00 PM PST

Every December I compile a selection of newly released books intended to please the antiques hobbyist on your holiday gift list. Here are my 2010 yuletide choices:

The 29th edition of "Schroeder's Antiques Pride Guide" with Amy Sullivan as managing editor (Collector Books, 608 pp., $19.95) has long been my top choice of books over the years. Unfortunately, this is the final time that the "blue book" for antiques and collectibles will appear. Free information found on the Internet has made this jam-packed volume obsolete. Or so says the publisher. I say it's a future keepsake.

Here's a book for folks interested in what my pal Chuck Zanolio calls "mantiques." It's the glove box-sized and easy-to-use "Antique Trader Tools Price Guide," third edition, by Clarence Blanchard (Krause, 304 pp., $24.99). The new edition has a chapter devoted to avidly sought "Stanley" brand tools, 2,000 individual listings, a useful glossary of terms and 700 color pictures of planes, routers, drills and the like. Let's level: You can't go wrong with this one.

Judith Miller's endearing "A Collector's Guide to Teddy Bears" (Firefly Books, 304 pp., $19.95), is a volume any admirer of these furry friends wouldn't mind discovering inside a stocking on Christmas morn. The lovable faces on all the bears on parade in this paperback are sure to elicit oohs and aahs over and over again. If you do not already have your own cuddly companion, this guide will likely have you rushing out to your nearest toy emporium to buy one.

It seems like most of us have been mesmerized by boxes ever since the mythical Greek siren Pandora opened one up eons ago. Jim and Susan Harran's "Antique Porcelain Boxes: Identification and Value Guide" (Collector Books, $29.95) satisfies our desire to know more about these treasures -- whether they are meant to hold stamps, snuff or sweetmeats. I like the large, clear photos of marks that help identify the origins of these precious goodies, and the chapter about the history of boxes.

Embark on the voyage of a lifetime with Canadian author Duncan O'Brien's extensively researched opus "The White Ships, 1927-1978" (Pier 10 Media, 284 pp., $80). This work was first published in 2008, but it wasn't until the writer made an appearance at Filoli last May that devotees of Matson Navigation Company became aware of it. As I turned each page of the weighty volume, I so wished I could have sailed out of San Francisco to some distant port on one of those glorious ships. To order, go to www.whiteships.com.

"Vintage Wristwatches" (Krause, 256 pp., $29.99) by Reyne Haines is a dazzling overview of timepieces crafted by some of the finest manufacturers past and present. Learn about a host of revered makers, including Patek Philippe, Rolex and Bulova. This generously illustrated treatise boasts more than 1,200 photographs, plus a roundup of terms used by collectors.

Most folks who enjoy history are also passionate about antiques. And that's why "At Home: A Short History of Private Life" by Bill Bryson (Doubleday, 512 pp., $28.95) is so appealing. The author gives a room-by-room tour of a Victorian-era manse. We find out minute details about furnishings, servants, bedbugs, food, electricity, toilets, even mattresses. We learn how life has changed the past 150 years. We realize how grateful we should be for what we have. This one is a real gem!

Silver Napkin Rings

INTERESTING ARTICLE FROM THE TELEGRAPH NEWSPAPER IN ENGLAND, December 12th 2010:

Young families are embracing formal dining, determined that Christmas meals will be as traditional as possible, sales figures suggest.

Marks & Spencer said that sales of its napkin rings had more than doubled over the last year, up 120 per cent. John Lewis also said that sales of the table accessories had jumped so much that it was now offering antique silver napkin rings in its Peter Jones store in Chelsea, London.

Charlotte Ward, in John Lewis buying office, said: "All our tabletop entertaining ranges are seeing strong sales this year, as the trend for formal dining throughout the festive season, rather than just Christmas Day, increases.

"Shoppers are buying everything from tablecloths to placemats but the strongest performing product area is napkin rings which are up 31 per cent on last year."

Some designs have increased by far stronger levels, with a set made of black slate proving particularly popular – allowing consumers to write in chalk the name of each member of the family on the ring.

Napkin rings were a French invention, pioneered by the bourgeoise during the eighteenth century as a way of families reusing their napkins for a few days on the trot before washing them. The rings, which were often personalised, meant the napkins did not get mixed up.

However, in recent years they have fallen from fashion along with most formal dining table accessories such as the coaster, salt cellars and decanters. Their decline has been blamed on the increasing popularity of ready meals, television dinners and the casual meals pioneered by the likes of Jamie Oliver.

Napkin rings came to represent the all that was fussy and pretentious about the era of Abigail's Party, the 1977 comedy pay by Mike Leigh.

But retailers said that formal table decorations were back on trend. M&S said its pre-folded napkins – a way of adding Michelin-star formality without needing any origami skills – had been a surprise hit this year.

Morrisons, the supermarket chain, said its range of place mats and coasters were selling very well, pointing out that consumers who had embraced the home-baking trend of a few years ago have taken an increasing pride in how they presented their foods.

For those of you interested in setting a formal table with style, feel free to visit 

our showroom in Manhattan for a selection of sterling silver napkin rings.

The History Of English Hallmarks

ENGLISH HALLMARKS
In 1300 Edward I enacted a statute requiring that all silver articles must meet the sterling standard of 92.5% pure silver and 7.5% other alloys and must be assayed in this regard by 'guardians of the craft' who would then mark the item with a leopard's head. In 1327 Edward III granted a charter to the Worshipful Company Of Goldsmiths (more commonly known as the Goldsmiths' Company), marking the beginning of the Company's formal existence. This entity was headquartered in London at the Goldsmiths' Hall from where the English term "hallmark" is derived. In the UK the use of the term "hallmark" was first recorded in this sense in 1721 and in the more general sense as a "mark of quality" in 1864. The form of the leopards head has changed over time, and was later used to signify silver made in London, whereas silver made in provincial cities had their own identifying mark. The Lion Passant was eventually used to signify English silver of sterling standard, and it is still illegal to sell silver in England that doesn't have English hallmarks, or if made overseas, it would have to be hallmarked with an import mark to prove it is up to the sterling standard. In 1478 a further mark was added, known as the date letter, which enables us to know not only the city it was made in, but the year it was made. Another mark that we see is the makers mark, each maker registered his own mark, usually initials. Hallmarks have been in use in England, continually for 700 years, and even though the European Common Market regulations no longer require these hallmarks, as they wanted to standardize all the member country marks the English have continued to use them as well as the European required marks, as a way of upholding the tradition. The hallmarks are still government regulated to this day, and the hallmarking is done by the assay office. As we can see the hallmark was really a form of consumer protection, and it is still a capital offense in the UK to interfere with or forge hallmarks, similar to forging currency. The simplicity of understanding English hallmarks, and the strict adherence to fineness is probably one of the main reason that English silver is still highly prized & collected 

A Small Selection Of Silver Items Available In Our Gallery

1031 Tax Deferral For Antiques

Intresting article on the option to defer tax on antiques if one is re-investing the proceeds into other antiques

1031 Tax Defeffal On Antiques

Is It Silver?

The word "Sterling" is stamped on all American sterling silver made after the 1860's.
The English have the legal set of hallmarks. (see my previous blog with links to halmarking websites)
On silver plated items, the following initials are common identification marks:
EPNS - Electroplated Nickel Silver
EPBM - Electroplated Britannia Metal (this has a high lead content and should not be used for food)
EPC - Electroplated Copper
Other common terms for silver plated items; A1, Quadruple Plate, Brittania, German Silver, Silver On Copper, Sheffield, English Silver.

Manhattan Art & Antique Center

This has got to be one of the best buildings for antiques in America. Over 80, quality dealers (including me) spread out over 3 levels. Silver, Jewelery, paintings, marbles, statues, books, oriental, furniture, lighting, African art, perfume bottles, bronzes, mirrors, rugs etc, etc. Based in Mid-Town Manhattan, 15 minutes from Times Square, this is one of New Yorks best kept secrets, and yet dealers all over the world are constantly walking in to buy. The building is open 360 days of the year, although most delaers are here Monday thru Friday. Building is open to the public from 10:30am to 6:00pm.

The web site is boring, but don't be fooled. When in New York pay us a visit.

Link to the web site

Silver At $30 and a 30 Year High

Silver reached $30 per oz today, the highest price since 1980, boosted by Bernanke's statement that the Fed may buy more bonds. The ratio between gold and silver is approx 47.4 to 1, the lowest in almost 4 years. Obviously inflationary fears and the fact that one is able to buy into a safe-haven asset such as silver easier than gold has caused silver to increase more than gold. We are also finding that people are buying higher priced antique items for the same reason, as time and again as inflation hits these items increase in value, and also due to the fact that slowly but surely the supply is decreasing has actually been pushing up the prices even more. As always, I have a selection of investment quality items in our store, that are not only a hedge against uncertainty, but are items one can use & enjoy in the interim period, and can also be used as a good hedge against estate taxes / death duties.

Replacement Epergne Crystal Bowls

For those of you who have broken an epergne bowl from an antique epergne/centerpiece. Not to worry. I have a huge selection of single bowls, as well as complete sets, larger center & 4 side bowls. I can often match a bowl to a set you have, but if neccesary, I can replace an entire set for around $1200.00. I have a variety of styles, sizes, cuts & periods, and if you email me a picture of your epergne, with a picture of any bowls you have, as well as EXACT measurements of the opening the glass sits in, I can usually find something to fit. Feel free to call or email me.
Thanks,  Anthony
My Web Page
Email Me

Great Web Sites For Hallmarks

3 great web sites to find information about silver hallmarks
www.925-1000.com
www.silvercollecting.com
www.silvercollection.it
http://www.silver-collector.com/

Silver At $29.00

Silver went over the $29 per oz today... Highest price in over 30 years.. I am buying scrap silver and paying premiums for good antique silver pieces.
Immediate payment on all purchases we make. We pay in full, unlike the auction houses that make you wait 30 to 90 days and then cream off 20% to 40% in commision, fees, insurance, pictures etc...

Where Do I Begin?

So here we go... Bringing the past into the 21st century. Not sure where to begin, so I'll just tell you a little about myself, and then figure out where to go.
Spent many school vacation days helping my Dad and Grandfather at their small storage vault in the London Silver Vaults in London. The business was strictly wholesale, absolutely no retail clients were allowed in. My father was on the road buying most days of the week, and when he wasn't travelling, he was in London buying & selling. Monday & Tuesday, buying in Scotland & Northern England, Wednesday selling in London, Thursday was buying in Brighton & surounding area,  Friday early morning he was buying at Bermondsey and then back to the Vaults to do more selling. Sunday morning was buying at Cutler Street and then he would have dealers over at the house in the afternoon buying from him. So I remember many a Sunday morning or vacation day, getting up early to follow along behind my father.
At the age of 17, I finally decided I had had enough of school, and against the advice of my father, I became aan "antique dealer" full time. 33 Years later, I am still an "antique dealer" and although I am no longer travelling the roads and highways of the UK, I am still buying and selling silver, with an active turnover, now based in Manhattan, New York City, USA.        www.EstateSilver.com

Well, I guess that's a good start to my blog, I'll add more as I have time..

feel free to email me Anthony@EstateSilver.com