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Georgiana, the Duchess of Devonshire Portrait Diamond Miniature Jewel

Georgiana, the Duchess of Devonshire Portrait Diamond Miniature Jewel

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 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 , 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. During that time Bess and the duke had two illegitimate children.

Gee’s own feelings towards Bess are made clear in the fervent letters she wrote to her, despite the fact that she was very aware that Bess was her husband’s lover: My dear Bess, Do you hear the voice of my heart crying to you? Do you feel what it is for me to be separated from you? … Oh Bess, every sensation I feel but heightens my adoration of you. Miniature portrait of Georgiana (right) and Lady Elizabeth Foster (left) by Jean-Urbain Excerpted from https://www.english-heritage.org.uk/learn/histories/lgbtq-

Guérin, 1791© The Wallace Collection history/romantic-female-friendship ©2019 by David Wolf & Benjamin Zucker Campaigner & Pre Suffragette - Georgiana, The Duchess of Devonshire In 1784 she became the first of four influential woman to campaign in a general election, using all her charms, her wealth and sex to elect Charles James Fox – A New (Whig) Member of Parliament.

'Woman of the People' There is no doubt that the Duchess threw herself into the election with considerable fervor. The Tory press tried to turn public opinion away from the Whigs by ridiculing Fox’s reliance on ladies to run his campaign and in particular, they targeted the Duchess, making derogatory comments about her unladylike involvement. It was one thing for Fox to be the ‘Man of the People’, but a ‘Woman of the People’ was a prostitute and unsavory prints rushed to make the lewd connection. Female influence; or the Devons-e canvas Excerpts Published May 7, 2015, Written by Rachel Knowles published by William Wells (1784) © British Museum ©2019 by David Wolf & Benjamin Zucker Society Influencer / Abolitionist - Georgiana, The Duchess of Devonshire

Although slavery was effectively illegal in England from 1772 and in Scotland from 1778, campaigns to abolish both the trade and the institution have continued ever since. Women participated in the campaign from its beginning and were gradually able to move from the private into the political arena as strategies changed.

In the early years, women influenced the campaign to abolish slavery, but they were not direct activists. This accorded with the prevalent view of women as a moral not a political force. As the campaign gained popularity, many women - ranging from the Whig aristocrat, Georgiana, Duchess of Devonshire, to the Bristol milk- woman Ann Yearsley - published anti-slavery poems and stories. https://madameguillotine.files.wordpress.co m/2010/01/a0003070.jpg Excerpted from BBC – 2014 Archives

©2019 by David Wolf & Benjamin Zucker Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Portrait Jewel

Circular miniature of Georgiana Spencer, wife of the 5th Duke of Devonshire (1757-1806), wearing a picture hat, covered by a portrait diamond - bordered by collet set diamonds. circa 1780; reset in diamond border circa 1880.

©2019 by David Wolf & Benjamin Zucker Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Portrait Jewel

Reverse - A royal blue enameled setting encrusted with seed pearls depicting monogram “G” and crowned “Ducal Coronet”

©2019 by David Wolf & Benjamin Zucker Background of the Duchess of Devonshire Portrait Diamond Miniature Portrait Jewel

This jewel belongs to a small, very rare group of miniatures known as "portrait diamonds" whereby the miniature portrait is protected under a very flat, very transparent sheet of polished diamond. This naturally occurring crystal formation is known as a macle which lends itself to this practical use as a cover. The cutter would polish the edges with facets so as to illuminate the subject.

This extravagant way of enhancing a miniature particularly impressed English royalty and aristocracy during the 18th and early 19th centuries.

©2019 by David Wolf & Benjamin Zucker Past Sale & Provenance of the Subject BONHAMS LONDON, NEW BOND STREET - FINE JEWELLERY - 20 Apr 2016 Lot 2Y Ф R – Sold for £ 32,500 (US$ 46,610.20) with BP Inflation Adjusted Value to October 1, 2018: $49,264.28

Provenance: Georgiana was devoted to her friends and children and would have given this miniature to one of them. It is not known how this portrait diamond jewel entered the collection of Lt-Col Bellhouse Gaskell in the 19th century but it has remained in the family ever since. Lt-Col James Bellhouse Gaskell (1848-1925) of Roseleigh, Woolton, Liverpool; descent to the current owner sold to S. J. Phillips, London as agent for Benjamin Zucker, care of Precious Stones Company, New York, NY. Presently resides as a permanent gift to The MET – New York.

©2019 by David Wolf & Benjamin Zucker ATTRIBUTES of DIAMOND & IVORY PORTRAIT MINIATURE BROOCH

A diamond miniature portrait in the style of , depicting Georgiana, Duchess of Devonshire, painted on a paper thin sheet of ivory is an important work of art as seen beneath a flat diamond crystal with faceted borders. It lays within a modified heart-shaped frame of twenty-four old brilliant-cut diamonds, surmounted by five larger similarly- cut diamonds.

Richard Cosway, foremost miniaturist of Georgian period noted by Diana Scarisbrick, jewelry historian

©2019 by David Wolf & Benjamin Zucker FURTHER DETAILS of DIAMOND & IVORY PORTRAIT MINIATURE BROOCH

The glazed reverse rendered in royal blue enamel overlaid with the initial 'G' and ducal coronet in seed pearls, later mounted as a brooch measures approximately 2.7cm at its length at the longest point.

Although the artist and jeweler are both unknown, the diamond covering the ivory miniature was imported into England by Rundell, Bridge & Rundell, the foremost jewels and gemstone manufactory in London during the late eighteenth to mid nineteenth century.

©2019 by David Wolf & Benjamin Zucker 1ST COMPARABLE SALE OF A RARE DIAMOND & IVORY PORTRAIT BROOCH

Sotheby’s IMPORTANT MINIATURES FROM A PRIVATE COLLECTION, London 16 APRIL 2008 - Lot 43 SOLD - 9,375 GBP US$18,463.80

PORTRAIT OF GEORGIANA, DUCHESS OF DEVONSHIRE (1757-1806) wearing a white dress and fichu, silver and silver-gilt frame set with circular-cut diamonds; signed with initials l.l.: A.P / 1786 ATTRIBUTED TO ANDREW PLIMER 5.9 by 4.9 cm.; 2 3/8 by 1 15/16 in. PRINT: Ivory ground. This miniature is in generally very good condition, save one small spot of mold on her brow. The setting of the diamond border is slightly irregular. The diamonds are worth approximately £800-1,200. PROVENANCE: The Cavendish family; E.M. Hodgkins, by 1903; Anonymous sale, Christie's London, November 27, 1979, lot 48

LITERATURE Williamson 1903, pp. 41-2, illustrated facing p. 22; Williamson 1904, vol. 1, pl. XII, fig. 1 ©2019 by David Wolf & Benjamin Zucker 2ND COMPARABLE SALE OF A RARE DIAMOND & IVORY PORTRAIT MINIATURE BROOCH

SOTHEBY’S TREASURES - July 4, 2018 LONDON - LOT 75 SOLD. 75,000 GBP US$99,108

EMPEROR NICHOLAS I: AN IMPERIAL PORTRAIT DIAMOND PENDANT, POSSIBLY DUVAL, ST PETERSBURG, THE PORTRAIT CIRCA 1815, THE JEWEL LATE 18TH CENTURY - centered with a miniature portrait painted on ivory of Grand Duke Nicholas Pavlovich, later Emperor Nicholas I, wearing the uniform of the Life Guards Regiment and the breast star and sash of the Order of St Andrew, below a table diamond, the border of graduated circular-cut diamonds in a silver mount, pendant loop, hinged gold back, apparently unmarked, 23 x 17 mm. Excellent condition. The join of the pendant loop may have been repaired at some point.

PROVENANCE: Emperor Nicholas I (1796-1855), by whom probably given to his future wife, Princess Charlotte of Prussia (1798-1860), later Empress Alexandra Feodorovna. Grand Duchess Maria Nikolaevna (1819-1876)

Thence by descent… Property of a European Royal Family

©2019 by David Wolf & Benjamin Zucker 3RD COMPARABLE SALE OF A RARE DIAMOND & IVORY PORTRAIT MINIATURE BROOCH

Christie’s The Exceptional Sale, July 6, 2017, London - Lot 14 Sold GBP 341,000 / $440,644

THE MARIA FITZHERBERT JEWEL - A diamond-glazed locket containing a portrait of King George IV when Prince of Wales (1762-1830). The portrait miniature, on ivory, by Richard Cosway, R.A. (British, 1742-1821), the locket attributed to Rundell, Bridge & Rundell, London, circa 1800. Oval, 37 mm. high, the gold locket centered with a portrait diamond and surrounded by 18 rose-cut diamonds, diamond set suspension loop, gold push-pin to release the spring mechanism.

Provenance: Commissioned by King George IV when Prince of Wales (1762-1830) and gifted to Maria Fitzherbert, née Smythe (1756-1837); Her adopted daughter, ‘Minney’ Mary Georgiana Emma Dawson-Damer, née Seymour (1798-1848) m. Colonel the Rt Hon George Lionel Dawson-Damer (1788 - 1856); Their eldest daughter, Georgiana Augusta Charlotte Caroline Dawson-Damer (d.1866) m. Hugh Fortescue, 3rd Earl Fortescue (1818-1905); Their eldest son, Hugh, 4th Earl Fortescue (1854-1932) m. Hon. Emily Ormsby-Gore; Thence by descent to the present owners. ©2019 by David Wolf & Benjamin Zucker 4TH COMPARABLE SALE OF A RARE DIAMOND & IVORY PORTRAIT MINIATURE BROOCH

SOLD PRIVATELY January 13, 2019. $400,000.00 EMPEROR ALEXANDER I: AN IMPERIAL PORTRAIT DIAMOND PENDANT, PROBABLY DUVAL, ST PETERSBURG, CIRCA 1809, ELEMENTS OF THE JEWEL PROBABLY EARLIER Centered with an earlier miniature portrait of Emperor Alexander I wearing the uniform of the Preobrazhensky Regiment, with the sash and breast start of the Order of St Andrew and the badge of the Order of St George, below a faceted table diamond, the bezel set with rose-cut diamonds, the border of graduated circular-cut diamonds, the frame a spiraling ribbon tied at the surmount and set with rose-cut diamonds, pendant loop, the hinged reverse of silk under glass; apparently unmarked, the reverse with inventory numbers 26597 and 3702, both crossed through; 36 x 28 mm

Condition: Generally, very good condition and a beautiful, impressive object. There is a small loss to the table diamond at the lower right; this is visible in the catalogue photo. There is an old repair to the hinge at the back. The glazed back with some surface scratches. The back most probably contained a lock of the Emperor's hair, now lacking. There is one tiny diamond lacking, at the ribbon frame, upper right. PROVENANCE: Emperor Alexander I (1777-1825), by whom probably given to his sister, Grand Duchess Catherine Pavlovna (1788-1819) at the time of her marriage, in 1809, to Duke George of Oldenburg (1784-1812) - With S.J. Phillips, London - Property from a Private American Collection of Historic Jewels

©2019 by David Wolf & Benjamin Zucker COMPARABLE SALES CHART

©2019 by David Wolf & Benjamin Zucker COMPARABLE SALES CHART CONTINUED

©2019 by David Wolf & Benjamin Zucker A DISCUSSION OF COMPARABLE SALE ONE & THE CURRENT MARKET

The first comparable sale is a far less valuable PORTRAIT of the same GEORGIANA, DUCHESS OF DEVONSHIRE (1757-1806). It realized an inflation adjusted sale of $18,464. The portrait is NOT a miniature and it is a portrait without a diamond crystal top. The realized price demonstrates that a larger size portrait WITHOUT the diamond top crystal is far less valuable even if ATTRIBUTED TO ANDREW PLIMER . At first you would associate the larger size to a higher value. But in actuality, the true miniature portraits with portrait diamond covers are the rarest kind of portrait and more valuable.

First, a portrait with a diamond top crystal is a rarity that spares no cost whatsoever. The diamond crystals associated with diamond portrait jewels are all chosen for their fine white color, near flawless clarity and their natural occurring flat crystal habit. All such examples were sourced from India’s top picks and were reserved for the pleasure of aristocratic and noble patrons who appreciated the extravagant cost to protect the painted ivory portrait below. While the larger portrait of Georgiana would have been a handsome gift to a dear friend or perhaps a family member; the subject diamond covered portrait miniature would have been reserved for Georgiana’s closest loved ones.

©2019 by David Wolf & Benjamin Zucker A DISCUSSION OF COMPARABLE SALE ONE & THE CURRENT MARKET Secondly, the larger portrait is an example of Georgiana as a distinguished lady in simple dress and vichu; while, the miniature diamond portrait reveals Georgiana… the aristocrat and socialite. Beneath the diamond cover she is lavishly dressed in her signature picture hat. And, her compelling charm and her nobility is captured in her swayed shoulders and eyes turned away. She exudes her flair for life and her charisma simultaneously under the diamond. The premium associated with the diamond covered portrait miniature which sold for an adjusted $49,000 in 2016 calculates to 2.67 times the value of the larger, less detailed portrait which sold for approximately adjusted $18,450. And the comparable sale occurred in 2008 just before the motion picture debut; “The Duchess” which was Georgiana’s life story. Had the movie debuted a few months earlier, the sale may have been ©2019 by David Wolf & Benjamin Zucker higher yet from publicity. A DISCUSSION OF COMPARABLE SALE TWO & THE CURRENT MARKET

The next and most similar portrait diamond miniature to Georgiana is the Grand Duke Nicholas Pavlovich, pictured under a slightly smaller diamond before becoming Nicholas I - Emperor of Russia. Both of these diamond covered portraits on ivory were coveted examples of aspiring historical figures verging on nobility. One a Duke, the other a Duchess. Each jewel is a national treasure that preserves the individual’s portrait under the most durable gem in the world.

This comparable sale occurred July 4, 2018, at Sotheby’s, for an adjusted price of approximately $99,100. And, it is important to note that this sale occurred well after the bubble burst for Russian art and jewels. So, this sale reflects a more normalized value after the Russian collecting mania had subsided. While both are in very similar and well-preserved condition, both of these portrayals appear soft and textural. The Russian miniature measures 23mm in height; a bit smaller than the Duchess at 27mm. In my conclusion, I estimated a 15% premium adjustment for the 4mm advantage of the Georgiana diamond and frame size alone.

©2019 by David Wolf & Benjamin Zucker A DISCUSSION OF COMPARABLE SALE THREE & THE CURRENT MARKET

Also, it is clear from my research that only one other near recent sale for a BRITISH diamond portrait miniature was found at auction. That is the third comparable Christie’s sale in 2017 which attained an adjusted $455,223. This diamond portrait miniature is of the Prince of Wales, later King George IV; measuring a full 10mm of height beyond Georgiana. King George IV gifted the portrait to Maria Fitzherbert, née Smythe, his Morganatic wife. Clearly, the combination of the grandiose size, the provenance and historical importance of this portrait jewel of a BRITISH King dwarfs the portrait of a RUSSIAN Grand Duke Nicholas Pavlovich by a 4.6 times factor. And, it is important to note that the portrait of King George IV, a BRITISH sovereign, sold for approximately a 14% premium compared to a diamond portrait of Alexander I, (see next slide) a RUSSIAN sovereign of a similar historic timeline which is the fourth and last comparable sale which sold privately for $400,000

©2019 by David Wolf & Benjamin Zucker A DISCUSSION OF COMPARABLE SALE FOUR & THE CURRENT MARKET

The previous comparable sale of Prince of Wales, later King George IV and this last sale of Alexander I, a RUSSIAN CZAR are in a different league altogether. They boast a larger 10mm to 9mm of extra height and diamond weight respectively. The table cut diamond tops are more sizable and prominent to complete the portraits protected below. They are classical lockets with prominent diamond frames and hinged compartments. Their provenance and significance of the gift is of a nobler status. This genre of jewel was reserved for their most beloved one or reserved for his most esteemed advisor to the court. They both realized $455,223 and $400,000 respectively, as a result of their provenance factor and place in history. These comparables are conclusively 4.5x to 5x the value of the Duchess of Devonshire or the Grand Duke of Russia.

©2019 by David Wolf & Benjamin Zucker FINAL THOUGHTS OF COMPARABLE SALES & THE CURRENT MARKET However, the Duchess of Devonshire has a story that escaped the history books and is still unfolding. Her campaign for equal rights and social struggles were relentless. She was a dynamo for the Whig party whose breath inspired the abolition movements throughout North America for slavery and throughout Europe for women suffrage. Given the liberation movements over the last century, the value of the Duchess still lays dormant in our minds and whose potential value is still silenced and overlooked.

All woman including aristocrats were treated like chattel; valued only for bearing male children. The movie depicting the biography of the Duchess, starring Keira Nightly in 2008, only begins to enlighten us of the strength and virtue of the lady, Georgiana. Lastly, the ratio of ladies to gentlemen’s portraits in the Russian collection is approx. 7: 17. For each portrait of a lady in the Russian catalogue, 2.4 gent’s portraits exist. I could not find a sale of another British female sovereign or aristocrat at auction besides the Duchess of Devonshire.

The way I see it, this rarity factor is coupled with a symbolic factor that encompasses a new dawn in Western Society at large. A previously masked premium is potentially unlocked in the wake of the groundswell of the “me too” movement. ©2019 by David Wolf & Benjamin Zucker MY FINAL ANALYSIS & BEST OPINION OF ESTIMATED VALUE COMPARED TO THE SALE OF THE GRAND DUKE Georgiana The Duchess OF Devonshire Portrait Diamond Miniature is a British National treasure and a beacon of virtuosity from the past. My research uncovers her conviction to live soulfully, and her courage to knock on history’s doors with the expectation that they will open for her children and future DOWNTRODDEN classes of mankind. If Georgiana’s matriarchal fight for women’s rights and social betterment were revealed prior to marketing this portrait diamond miniature jewel, it is my earnest opinion that her portrait diamond jewel could command a 15% premium.

Also given that rarity of a British jewel, not a Russian, another 15% premium is reasonable.

And, the last premium of 15% is for the larger size of the diamond and overall height.

The fact that the Duchess is of lesser historical weight than the Grand Duke, a 50% discount is prudent. After applying the noted premiums and the discount from the $99,108 realized for the most comparable sale of Grand Duke of Russia portrait diamond jewel, it is my best opinion that the fair market value (FMV) of Georgiana, The Duchess of Devonshire Portrait Diamond Miniature Jewel is $71,850.

©2019 by David Wolf & Benjamin Zucker Sources used include Diana Scarisbrick, "Portrait Jewels; Opulence & Intimacy from the Medici to the Romanovs", Published by Chronicle Books LLC, San Francisco, , U.S.A. (2000), ISBN 10: 0811827178 ISBN 13: 9780811827171 Royal Goldsmiths: The Art of Rundell & Bridge, 1797 – 1843, Christopher Hartop, Published by John Adamson, Cambridge, England, 2005, ISBN: 0 9524322 3 4 Walpole, Horace, The Letters of Horace Walpole, Earl of Orford, in six volumes (1840) Vol 6 Foreman, Amanda, Georgiana, Duchess of Devonshire (1998) excerpts from https://www.sothebys.com/en/articles/first-lady-of-fashion-georgiana-duchess-of-devonshire Knowles, Rachel, regencyhistory.net/2015/05/the-general-election-of-1784 Jewelry in Britain 1066-1837: A Documentary, Social, Literary and Artistic Survey Data gathered from a research paper by Dr. Karen Kettering whose report relied heavily on Russian archival research from notable historian Liliia Kuznetsova The NY collector, Mr. Benjamin Zucker provided sale documentation for this report Excerpted sale from Sotheby’s online catalogue. http://www.sothebys.com/en/auctions/ecatalogue/2018/treasures-l18303/lot.75.html Excerpted from the Bonham online catalogue, https://www.bonhams.com/auctions/23401/lot/2/

Christie’s The Exceptional Sale, July 6, 2017, London – Auction Catalogue

©2019 by David Wolf & Benjamin Zucker June 16, 2018 IRS Publication 561: Determining The Value Of Donated Property