Sir John Lavery 19th Century Original Antique Irish UK Impressionist Glasgow Boys Tetouan Market Marketplace Northern Morocco Tangier Oil Painting

Original antique impressionist Tangier Marketplace fine art oil painting by Irish/United Kingdom artist, Sir John Lavery, (1856-1941). The painting is oil on canvas, attached to a board panel. The painting 13" X 16, plus the frame, and is in very good condition and signed very faintly in two areas, lower left, with the year 1887. The back remains gallery sealed, with a label from the original 19th C. French gallery in Montparnasse, Paris, Havard Freres.

Sir John Lavery was a renowned Irish painter recognized for his portraits and depictions of wartime scenes.

Born in inner North Belfast, Lavery relocated to Scotland during his childhood and attended the Haldane Academy in Glasgow during the 1870s. In the early 1880s, he continued his artistic education at the Académie Julian in Paris. Lavery returned to Glasgow and became associated with the Glasgow School, where he studied under Joseph Crawhall II, supported by the patronage of shipowner William Burrell. Lavery gained recognition in 1888 when he was commissioned to paint Queen Victoria's state visit to the Glasgow International Exhibition. While in London, he developed a friendship with James McNeill Whistler, who had a noticeable influence on Lavery's artistic style.

During World War I, Lavery, like William Orpen, served as an official artist, although his ill health prevented him from traveling to the Western Front. Following the war, Lavery was knighted and elected to the Royal Academy in 1921. His artwork was featured in various art competitions at the 1924, 1928, and 1932 Summer Olympics.

Sir John Lavery passed away on 10 January 1941 at Rossenarra House in Kilmoganny, Co. Kilkenny, at the age of 84 due to natural causes. He was laid to rest in Putney Vale Cemetery.

Lavery's notable works can be found in various prestigious collections and museums.

This painting has quite a bit of history, just within the last decade.

The first label on the reverse, and the oldest, is the inset label viewable through a gallery wrapping opening, verso:

Havard Freres

123 Boul. Montparnasse

Teleph. Fleurus 10-89

Dorure - Encadrements

(This label is for a Parisian Art Dealer, located in Montparnasse, well before the turn of the 20th Century).

As indicated by the second/other label, verso, (the Withey and Co. label- a transport company in California, that is noted, "SFTR 7BB);

"Consignee-  SFTR - 7BB

Item 104

7BB (Securities Code)"

the painting was used as collateral to secure an SFT, (a security finance transaction), in the EU/European Union in 2016. Securities Financing Transactions,(SFTs), are used to explain any transaction where securities are used to borrow cash. In essence, securities financing transactions (SFTs)  allow firms and investors to use assets, such as the shares or bonds they own, to secure funding for future activities, using a Title Transfer Collateral Arrangement. Typically, the loan amount is often approximately 50% of the listed value of an artwork. The Security Collateral Arrangement contains a right of use that includes Reuse Risk and Consequences of: Overseas Securities Lender's Agreement, Security Collateral Arrangement containing a right of use enforced by an ISDA Master Agreement incorporating a New York Law ISDA Credit Support Annex; (Article 15 of the UK's security financing). At this time, the UK was still part of the EU and had not embarked on Brexit; (the public vote was in 2016, and was implemented in Jan 2020).

"R' is representative of the new regulations agreed to by the European Union in 2015-16. 7BB was a clause added specifically for fine art collateral to promote transparency among EU banks. A collector with a collection worth over $10 million or more, can use art for collateral to secure liquidity to expand their collection. This painting was acquired by the current owner within the last approximately 6 years. Many banks in the EU use this collateral and can sell the collateral if this loan is not repaid, in a buy/repurchase agreement. Banks in the US secure collateral for banks in the EU, and will occasionally buy part of the loan percentage as equity.

At the time of the securing of this loan, there were two insurance policies ensured through Century National Insurance Company that was claimed in the early 2000s on a painting that was from 750k-1 million, by Withey & Co., (1444 West El Segundo Blvd. Gardena, CA 90249; 310-523-9122 or 9178).

The painting was replaced with an object of equal value by the insurance company, and the claims were canceled. This painting as part of a French/European collection was rarely viewed but has the very strong provenance necessary to secure an SFT. Routinely, these SFTs are also coordinated through Christie's Auction House, for sellers to guarantee an amount for the painting, from a seller.

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