Word: lloyds
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Dates: during 1970-1979
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...Lloyd and a wartime Viennese friend, Harry Fischer, began their partnership as booksellers and art dealers in London. Lloyd astutely realized that, with postwar taxation and the wartime ruin of landed estates, the great English collectors of the prewar years would now become sellers. He gained access to them and their collections through David Somerset, heir presumptive to the Duke of Beaufort. Over the past two decades, Somerset-who hobnobs with such figures as David Rockefeller and Aristotle Onassis-has been invaluable to Lloyd, steering collections and clients toward him and, best of all, introducing him to the Italian auto...
Early in 1960, Lloyd decided to move from Old Masters and Impressionists into the work of contemporaries. "When I saw that prices were going up so fast," he explains, "I said there may come a day when we can't buy important old pictures. We have to sign up living artists." Up until then, the relationship between artist and dealer in London had tended to be a gentlemanly business based on unwritten promises; the word promotion was never heard...
...Lloyd offered the artists an efficient sales system along with contracts and guaranteed minimums. Says Artist Victor Pasmore, who joined Marlborough in 1960: "They were the first in London to put the whole contract with artists on a professional basis. They give you a great deal of freedom...
...efforts it usually takes a 50% cut on sales, compared with the 33Y3% to 40% charged by most galleries. Lloyd tells painters: "You have a choice. You can ride in a Rolls-Royce or a Volkswagen. If you want to ride in the Rolls, it is going to cost you more money. But it pays in the long...
...Lloyd's policy has always been to promote established artists, not to rear unknowns. Understandably, other dealers-especially the ones who brought some present Marlborough stars from obscurity-dislike this. Among them, Lloyd's unpopularity is notorious. "It's a bit like stealing a patent," says London Dealer Peter Gimpel, who lost Sculptors Barbara Hepworth, Kenneth Armitage and Lynn Chadwick to Marlborough. When another London dealer discovered that she had lost a prominent artist to Lloyd, she contemplated a lawsuit. Presently her banker called to say that her credit would dry up if the suit reached court...