This document discusses the growing market for trading religious icons. It notes that Cyprus is becoming a hub for the international icon trading scene, given its cultural and religious heritage. An auction of icons held in Cyprus in 2010 attracted international buyers. The document profiles Maria Paphiti, founder of an art consultancy in Cyprus, who is promoting the legal and transparent trade of icons to discourage illegal trafficking. It discusses how icons can be a sound investment, as exemplified by a 15th century icon that sold for over $1 million. Paphiti aims to establish Cyprus as a center for the icon market through auctions that showcase pieces from various Orthodox countries and cultures.

1. INVESTMENT I By Luke Chrysanthou
Iconic
INVESTMENTS
With its rich cultural and
religious heritage,it is
fitting that Cyprus is fast
evolving into a hub for one
of the most intriguing and
endlessly fascinating
aspects of the international
arts trading scene.
I
cons, of course, play a vital sacred role in
this part of the world. A symbol
instantly associated with Orthodox
Christianity, fine examples can be admired in
churches, monasteries and museums across
the island.
But along with the obvious spiritual wealth
associated with icons, there is also a growing
recognition of the huge financial importance
of religious art, with an increasing number of
investors seeing this field as a safe harbour in
these troubled economic times.
Earlier in 2010, a major international
auction of icons was held here in Cyprus
that attracted buyers and bidders from
Russia, Ukraine, Cyprus and a host of
European countries, and from as far away as
the USA and Australia. A further auction is
APOLLO 31
Archangel Michael slaying the chained demon,Greek (Ionian Islands),painted by the priest
Theodosios Sfaelo,circa 1700,43.4 x 33.5 cm.Estimates:t25,000-35,000
APOLLO 30
The Mother of God holding the Infant Christ,with a silver and enamel icon,Russian,mark of
Khlebnikov with the ImperialWarrant,Moscow,1896-1908,12.5 x 10 cm.Estimates:t12,000-16,000

2. safeguard these works but also increasing
levels of appreciation for religious art: “My
aim at Christies wasn't just to sell and to
make money, but also to promote. I found it
very humiliating that in the past icons were
selling for 2 or 3 thousand pounds, when
other works of art of the same period were
realising hundreds of thousands.
“Icons used to be offered with silver,
portrait miniatures and objects of virtue - so
you would have a catalogue of four different
categories, which all fell under the silver
department. In the time that I was there,
sales for icons went from GBP70,000 to
GBP7.5 million and icons became a stand-
alone respected department.”
After leaving Christie’s, Paphiti was
encouraged to set up for herself to foster the
burgeoning international demand for icons
and, drawing on the close ties that exist
ICONIC INVESTMENTS I
APOLLO 32
now scheduled to take place in Cyprus in
November.
For some, the concept of global icon
trading generates concern. However, this
often stems from a lack of awareness of the
origins of icons. There is, for example, a
tendency to assume that all icons were
crafted for use in places of worship, but the
truth is that many of these religious works
of art were private commissions, which
have since been passed from generation to
generation. Also, a considerable amount of
religious art was legitimately exported from
the old Soviet Union, where the government
saw it both as a way to serve its political
intentions and as a useful source of income.
Maria Paphiti, the former International
Head of Icons Department at Christie’s
auctioneers in London and founder of
Cyprus-based fine art consultancy La Parole
Divine, has a deep passion for icons: “To
perceive the nature of icons is not so
straightforward. Their meaning lies beyond
the imagery. It’s like a visual language,
through which an abstract, immaterial world
is manifested. Honestly, I feel there is no
superior art. I enjoy visually many other
artistic forms, but I can only develop a
communication with icons.”
Born and raised in Cyprus, having studied
in the UK, US and Italy, Paphiti took up a
position at Christie’s. She explains how she
came to be involved in the sale of icons and
how legal trade is not only helping to
A Privately commissioned icon with the Enthroned Mother of God and a selection of Patron Saints,
Melchite,18th century,31 x 25.5 cm.Estimates:t2,500-3,500
The Mandylion,with a silver-gilt oklad,Russian
(Moscow School),late 19th century,31.5 x 27 cm.
Estimates:t7,000-9,000
Through her highly
professional
approach,Paphiti
is actively
discouraging the
illegal trade of
religious art.
ICONIC INVESTMENTS I
APOLLO 33
The Narrative of Christís Nativity,Russian,18th century,39.3 x 33.7 cm.
Estimates:t5,000-7,000
The Grand Prince ofVladimir and Novgorod,St.Alexander Nevsky,in
supplication to Christ,Russian (Moscow School),19th century,31 x 26.5 cm.
Estimates:t8,000- 12,000
between Cyprus and Russia, decided to
establish Cyprus as a key centre. Through
her highly professional approach, Paphiti is
actively discouraging the illegal trade of
religious art and ensuring the security of
countless works:
“We document everything. Nothing (we
sell) can be stolen. We are tracking and
determining the whereabouts of icons, and
we check all lots against the lists of the Art
Loss Register (UK) and Interpol. We operate
with transparency and work very hard to
establish provenance and good background.
We also collaborate with professional British
restorers, who confirm the condition of the
panels. After all, it is not just provenance
that we have to be concerned with… it’s also
whether or not a piece is genuine! We invest
a lot of work into each and every piece
before it goes on sale, because it takes years
to build a fine reputation, and only one lot to
damage it!”
For canny investors, religious art is a field
with potential. Paphiti herself discovered and
sold for the owner an icon which belonged
to the last Russian Tsar, Nicholas II, and
which fetched a huge GBP434,400 at
auction, while a 15th century icon,
attributed to the last important Byzantine
artist Angelos Akotantos, recently sold to a
major American Museum from a private
collection in Rome for a record t1,150,000.
Obviously not all icons carry such
considerable financial value, but there can be
little doubt of the investment potential of
this relatively untapped market.
Paphiti sees the organising of auctions in
Cyprus as an opportunity to promote the
island worldwide, and admits: “In my
opinion, not all important auctions have to
take place in London or New York – they are
not necessarily suitable for every kind of art!”
The next auction will take place on 23
November 2010 in Lefkosia. It will include
approximately 150 lots, including Russian
and Greek icons and works of art from
several Orthodox countries. Russia’s Count
Andrei Tolstoy will be the guest of honour at
the reception. The total value of items on
offer is expected to be in excess of
t1,500,000.
For more information, visit laparoledivine.com