Georgiana, the Duchess of Devonshire Portrait Diamond Miniature Jewel
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A VALUATION JOURNEY Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Jewel Presented by Benjamin Zucker Precious Stones Company David Wolf ASA/MGA® Just Appraisals, LLC. ©2019 by David Wolf & Benjamin Zucker Introduction to the Diamond Collector World On exhibition at the Metropolitan Museum of Art of New York 2019 Ring with three uncut octahedral diamonds, 12th century –Zucker Family Collection ©2019 by David Wolf & Benjamin Zucker Introduction to the Diamond Collector World Also, on exhibition at the Metropolitan Museum of Art of New York 2019 16th Century Venetian uncut diamond Medici uncut diamond ring ring –Zucker Family Collection on 17th century Italian textile ©2019 by David Wolf & Benjamin Zucker Introduction to the Diamond Collector World Elihu Yale & the Indian Diamond Trade By Diana Scarisbrick & Benjamin Zucker ©2019 by David Wolf & Benjamin Zucker Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Jewel Meet the Players Hostage & Survivor Georgiana The Duchess of Devonshire Hostage Taker U.S. Customs Collector & Donor Mr. Benjamin Zucker Resting Place Metropolitan Museum of Art NY ©2019 by David Wolf & Benjamin Zucker Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Jewel The U.S. Customs & Appraisal Issues Where’s my Jewel With U.S. Customs Why Seized Cause They Can Really Endangered Species Act How To Begin Compose a Preliminary Report Based on Assumptions (CYA) ©2019 by David Wolf & Benjamin Zucker U.S. FEDERAL LAW& NY SATE LAW Federal law prohibits the import, export and interstate sale (across state lines) of species listed (or their parts) in the Endangered Species Act (ESA). Federal law 16 U.S. Code § 1539 cites exceptions to 50 C.F.R. § 17.40 regarding mammals for items that qualify as “antique” and for items containing less than 200 grams de minimis quantities of African & Asian ivory. Also, New York law, limits the interstate sale, offer for sale, purchase, or distribution of elephant & mammoth ivory or rhinoceros horn with the following exemptions: A. Is an antique that is 100 years or older; is composed in whole or in part of an ESA-listed species; and has not been repaired or modified with any such species after December 27, 1973; and B. Contains only a de minimis quantity of ivory (African and Asian Elephant & Rhino). Interstate sales are defined as any sale, offer for sale, purchase or distribution of an ivory article or rhinoceros horn conducted in part within New York State and in part in another state or foreign country. Interstate transactions include those where legal transfer of the article occurs in another state, or where the purchaser or seller is in another state. C. Has a Federal ESA Permit (NYS allows a sale to a NYS chartered Museum) ©2019 by David Wolf & Benjamin Zucker QUALIFIED APPRAISERS & THE ENDANGERED SPECIES ACT - ESA Appraisers must meet the following U.S. Customs criteria COMPETENT 1. The person executing the appraisal either has earned an appraisal designation from a recognized professional appraiser organization for demonstrated competency in appraising the type of property being appraised or can demonstrate verifiable education and experience in assessing the type of property being appraised. INDEPENDENT 2.The person executing the appraisal is not the importer, exporter, buyer, recipient, or seller of the article and does not benefit from the results of the appraisal (other than for the cost of the appraisal); is not a party to any of the transactions associated with the article (including any person acting as an agent for the transaction); is not an employee of any business that is a party to the transaction; and is not related to the person claiming the exception. ©2019 by David Wolf & Benjamin Zucker QUALIFIED APPRAISALS & THE ENDANGERED SPECIES ACT – ESA Appraisal Guidelines for U.S. Customs 1. The article description is so detailed that a person who is unfamiliar with the type of article can determine that the appraisal is about the article in question. 2. The name and address of the qualified appraiser, or if the appraiser is a partner, an employee, or an independent contractor engaged by a person other than the person claiming the exception, the name and address of the partnership or the person who employs or engages the appraiser. 3. The date on which the article was appraised 4. The scientific, or other, method in detail used to determine the age or species. 5. Descriptive information on the article, including but not limited to: the size of the article, the medium, the artist or culture, approximate date the article was created, and a professional quality image of the article. 6. A detailed history of the article, including proof of authenticity. 7. The facts on which the appraisal was based including analyses of similar works by the artist on or around the creation date. ©2019 by David Wolf & Benjamin Zucker Why the Miniature Portrait Jewel Was Exempt from ESA Truth Be Told The miniscule volume of ivory used as a canvas is no thicker than a piece of paper. FED code states under 200 grams is exempt. The entire article weighed 5 grams. So, all portrait miniatures meet the FED criteria for exemption. NYS Dept of Environmental Conservation requires the ivory be less than 20% (intrastate) or 50% (interstate) by volume… case closed. The second exception of 100 years of age was evident given the participating stakeholders and given the attributes of value clearly expressed in the auction catalogue. Bonhams London is a notable authenticator and broker of British treasures and works of art. The Metropolitan Museum Art in NY had vetted the gift for two compelling reasons. First, Georgiana was the great, great grand daughter of the 1st Duke of Marlborough, John Churchill – a Commander & General under five Monarchs – the Duchess of Marlborough was a recipient of one of the earliest portrait diamond jewels, a portrait of the Duke, a rare and honorable gift from Queen Anne who also gifted this illustrious General Blenheim Palace. Secondly, the jewel comprises a diamond imported by Rundell, Bridge & Rundell into England from India. King George IV was the “greatest patron and best friend” as Rundell stated in 1807. ©2019 by David Wolf & Benjamin Zucker Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Jewel The Valuation Issues Before we Begin Assumptions vs Reality Subject Background The Spencer Family Historical Background Social Political Context Market Study Collect Comparable Sales Find a Basis for Adjustments ©2019 by David Wolf & Benjamin Zucker Who is Georgiana, The Duchess of Devonshire (1757-1806) Her Family History & Aristocracy Eldest daughter of John Spencer – John Spencer (1734- 1783)was the Great Grandson of General John Churchill (1650-1722) (1st Duke of Marlborough, 1st Prince of Mindelheim, 1st Count of Nellenburg, Prince of the Holy Roman Empire. John Spencer was a Member of Parliament (Whig) for Warwick from 1756 to 1761. He was also High Steward of St Albans in 1772 and Mayor of St Albans in 1779. On April 3, 1761, he was created Baron Spencer of Althorp and on November 1, 1765, he was created Viscount Althorp and Earl Spencer by King George III. At age 17, Georgiana Spencer married the 5th Duke of Devonshire, William Cavendish, 28 years old. The marriage propelled her into high society where "her youth, flowing good nature, sense of lively modesty and modest familiarity made her a phenomenon" according to Horace Walpole (1717–1797), English historian, Member of Parliament, connoisseur, playwright and novelist, said to have coined the term “serendipity” and wrote the Gothic novel William Cavendish, 5th Duke of Johann Heinrich Hurter, 1779 Castle of Otranto (1764). Devonshire, painted in Rome by ©2019 by David Wolf & Benjamin Zucker Pompeo Batoni, 1768 The Duchess of Devonshire, Political Hostess of the 18th Century The Salon at Devonshire House in London's Piccadilly as shown in a watercolor by William Henry Hunt (1790–1864). ©2019 by David Wolf & Benjamin Zucker Georgiana Duchess of Devonshire Social, Political & Cultural Impact on Society “The association of her name with a performer, a play, a book or a piece of china could ensure success" (Excerpted from Dictionary of National Biography). She became First Lady of Fashion: Georgiana, with many political, literary and society figures day including the Prince of Wales, later King George IV, Marie Antoinette, Playwright Richard Brinsley Sheridan and Charles Grey, with whom she had an illegitimate daughter. Her signature FEATHERED HAT was a symbol that inspired many political shakers… the likes of the "Battling Bella" Abzug in New York City politics in the 1960’s. Her lover, Charles Grey later become Prime Minister of the United Kingdom from November 1830 to July 1834. A member of the Whig Party, Thomas Gainsborough's celebrated portrait of was a long-time leader of multiple reform movements, most famously the Georgiana, Duchess of Devonshire, from the Reform Act 1832. collection at Chatsworth. ©2019 by David Wolf & Benjamin Zucker Rock Star Impact on Society Georgiana, “The Duchess” Portrayed by Keira Knightly She was played by Keira Knightly in the 2008 film "The Duchess" based on Amanda Foreman's best-selling biography. Today, we might better remember her as the great-great-great-great-aunt of Lady Diana Spencer, Princess of Wales. ©2019 by David Wolf & Benjamin Zucker Friendship & Virtues – Georgiana, The Duchess of Devonshire GEE & BESS In 1782 when, visiting Bath with her husband, she was introduced to Lady Elizabeth Foster (known as Bess). Bess was estranged from her husband and in financial difficulty. Gee and Bess struck up a very close friendship, and Gee invited Bess to live with her and her husband. This developed into a type of relationship that approached what might be termed ‘polyamorous’. Bess became the duke’s mistress, an arrangement which lasted 25 years.