How Did a £40 Job Lot of Buttons Sell for £61,000?

In a remarkable turn of events, Gary Quittenton-Shaw from Rowsley, Derbyshire, discovered a pair of rare buttons worth £48,000 after purchasing a job lot for just £40. These buttons, crafted by Swiss sculptor Alberto Giacometti for renowned Italian designer Elsa Schiaparelli in the 1930s, were sold at Bonhams auctioneers for £61,000, demonstrating that sometimes "someone's trash is someone's treasure."

Last updated: 27 October 2023 (BST)

What’s happening now

Gary Quittenton-Shaw's extraordinary find has captured the public's imagination, showcasing the potential hidden value in seemingly ordinary items. The buttons, which depict a woman emerging from the ocean, are not just decorative; they represent an intersection of art, fashion, and history, reflecting the innovative spirit of early 20th-century design. This incident highlights how individuals can unexpectedly benefit from the world of antiques and collectibles, even without prior expertise.

Key takeaways

Gary Quittenton-Shaw purchased rare buttons for £40 that sold for £61,000.
The buttons were made by Alberto Giacometti for Elsa Schiaparelli in the 1930s.
Experts had difficulty valuing the buttons due to their rarity.
The auction took place on 16 December, with bids starting at £5,000.
Quittenton-Shaw encourages others to keep searching at auctions for potential treasures.

Timeline: how we got here

The journey of these rare buttons began earlier this year:

July 2023: Gary Quittenton-Shaw purchases a job lot at Bamfords Auctioneers in Spondon, Derby, including the buttons.
August 2023: Quittenton-Shaw conducts research, discovering the buttons' connection to Giacometti and Schiaparelli.
October 2023: The Alberto Giacometti committee confirms the buttons' authenticity.
16 December 2023: The buttons are auctioned at Bonhams, fetching £61,000.

What’s new vs what’s known

New today/this week

Gary Quittenton-Shaw has made headlines after selling the buttons, which were previously undervalued. His story exemplifies how hidden treasures can be found in everyday items and highlights the importance of research in the antiques market.

What was already established

Alberto Giacometti is well-known for his elongated sculptures and innovative designs, while Elsa Schiaparelli is famed for her avant-garde fashion pieces. Their collaboration in the 1930s produced numerous iconic designs, yet the rarity of these buttons had kept them largely unknown until now.

Impact for the UK

Consumers and households

This incident serves as a reminder of the potential value lurking within antiques and collectibles, encouraging consumers to explore auctions and estate sales. It also highlights the growing interest in collecting and investing in unique items, which could lead to increased participation in the antiques market.

Businesses and jobs

For auction houses like Bonhams and Bamfords, stories like Quittenton-Shaw's can attract more sellers and buyers, potentially boosting local economies. Increased interest in unique items can also create new job opportunities within the antiques sector, from appraisers to auctioneers.

Policy and regulation

The success of rare finds may prompt discussions about the need for more robust regulations in the antiques and collectibles market. As the market grows, ensuring transparency and authenticity becomes crucial for both buyers and sellers.

Numbers that matter

£40: The amount Gary Quittenton-Shaw paid for the job lot containing the buttons.
£61,000: The final auction price for the buttons, before fees.
£5,000-£8,000: The initial estimated value for the buttons set by experts.
1930s: The decade during which the buttons were designed.
1.5 inches (4 cms): The diameter of each button.

Definitions and jargon buster

Antiques: Items that are old and of significant value, often due to their age, rarity, or historical importance.
Auctioneers: Professionals who manage the sale of items to the highest bidder in an auction setting.
Alberto Giacometti: A Swiss sculptor known for his unique, elongated human figures.
Elsa Schiaparelli: An Italian fashion designer celebrated for her innovative and surreal designs.

How to think about the next steps

Near term (0–4 weeks)

For collectors and enthusiasts, now is an excellent time to explore auctions and estate sales. Conduct thorough research on items of interest, and keep an eye out for potential hidden treasures similar to Quittenton-Shaw's buttons.

Medium term (1–6 months)

As interest in unique and rare items grows, consider joining local antiques groups or forums to connect with other collectors. Staying informed about upcoming auctions and trends in the market can provide valuable insights.

Signals to watch

Upcoming auctions featuring rare items or collections.
Increased participation in local antique fairs and markets.
Trends in the value of specific types of collectibles.

Practical guidance

Do

Research items thoroughly before purchasing to understand their potential value.
Attend auctions regularly to gain experience and insight into the bidding process.
Network with other collectors and experts to share knowledge and resources.

Don’t

Rush into purchases without adequate research.
Neglect the importance of provenance and authenticity when buying antiques.
Overlook the potential for hidden value in everyday items.

Checklist

Identify items of interest at auctions or estate sales.
Conduct background research on similar items and their values.
Ensure the authenticity of items before making a purchase.
Consider joining an antiques group for networking opportunities.
Keep a budget in mind to avoid overspending during auctions.

Risks, caveats, and uncertainties

While Gary Quittenton-Shaw's story is inspiring, it highlights the uncertainties inherent in the antiques market. Not every purchase will yield significant returns, and the value of items can fluctuate based on trends, demand, and market conditions. Additionally, verifying authenticity can be time-consuming and may require expert appraisal.

Bottom line

The story of Gary Quittenton-Shaw serves as a powerful reminder that hidden treasures can lie in unexpected places. For UK consumers and collectors, it reinforces the importance of thorough research and persistence in the antiques market. As interest in unique collectibles continues to grow, the opportunities for discovery are endless.

FAQs

What did Gary Quittenton-Shaw find?

Gary Quittenton-Shaw found rare buttons made by Alberto Giacometti for Elsa Schiaparelli, which he purchased for £40 and later sold for £61,000.

Why were the buttons valuable?

The buttons were valuable due to their rarity, historical significance, and their connection to renowned artists Alberto Giacometti and Elsa Schiaparelli.

What should I consider when buying antiques?

When buying antiques, consider conducting thorough research on the item's history, ensuring its authenticity, and being aware of market trends to understand its potential value.