Ian Craft’s collection of British watercolors set several records last week when it was sold at Sotheby’s. But high prices don’t always mean good returns to collectors. Craft knew what he wanted and was willing to pay whatever he was needed to secure those works. When he sold, Colin Gleadell reports, those prices hampered his returns–if not his enjoyment of the works while he owned them:

Craft frequently paid record prices for what he wanted, regardless of estimates, and his returns were mixed. The Cozens performed best realising a compound growth rate of 14 per cent per annum, which is exceptional by any standards. The Wright of Derby drawing, however, was bought 10 years ago for £234,500, and realised an annual growth rate of just 2.9 per cent. Other works saw no increase at all.

British Watercolours  Sales Sets New Records (Telegraph)