Desirable lots in the November antique arms sale comprised Colt firearms. A factory engraved Colt single action Army revolver attributed to Cuno E. Helfricht brought $38,025, more than doubling the estimate. Colt factory records indicate the pistol was shipped in 1888. It retains its blued finish and scrollwork, its elephant ivory grip carved with a Mexican eagle grasping a snake. An historic Gustave Young-engraved Colt Model 1860 Army percussion revolver was one of a pair presented to military commanders. The .44-caliber pistol’s engraving depicts a dog’s head as well as an eagle’s head and has been illustrated in multiple books documenting the history and beauty of Colt engraving. Estimated at $12/18,000, the Colt pistol brought $16,380.

Another fine Gustave Young engraved and presentation inscribed Colt Model 1849 pocket percussion revolver doubled its estimate to bring $14,625. This pistol’s barrel displays an animal head engraved to one side while a stagecoach hold-up scene appears on the five-shot cylinder. A collector paid $15,210 for a scarce cased Colt Model 1851 Navy percussion revolver with shoulder stock, a Hartford-produced revolver intended for the London market but never shipped overseas.

An interesting and rare lot made by the noted (and highly collectible) San Francisco knife-maker Michael Price brought bids from several clients. An elaborate silver and ivory-mounted San Francisco lime squeezer by Price features silver handles in the form of bird claws gripping the egg-shaped elephant ivory squeezer, supported by marine ivory handles. Estimated at $3/5,000, bids climbed to nearly ten times the expectation, the lime squeezer ultimately bringing $29, 250.

Top lot of the day was a composite late-16th century Italian three-quarter suit of armor in the Pisan manner. The suit exceeded its estimate to sell for $70,200.

Bidders were attracted to many firearms, swords and Bowie knives stemming from private collections. Strong selling lots included: $15,210 paid for a First type Model 1808 Virginia Manufactory flintlock pistol and $21,060 paid for a U.S. Model 1811 flintlock martial pistol by Simeon North. A rare Confederate Morse Type I breech loading carbine is one of 200 rifles made. The model was designed by George Washington Morse, who was granted a patent on breach loading firearms as early as 1856. His rifles, manufactured in Greensboro, SC, were issued mainly to South Carolina units, the offered rifle brought $16,380.

A rare 1st Model Burnside breech loading percussion carbine, one of 300 produced by the Bristol Firearms Company, sold for $17,550 while another example of a 1st Model Burnside breech loading percussion carbine – this lot one of 50 altered transitional 1st Models – sold for $16,380. The majority of these Burnside carbines had been purchased by the government for the 1st US Cavalry. According to Bonhams & Butterfields specialists, the offered carbines were likely reserved for commercial sale.

The Master of Fine Art postgraduate program at The Glasgow School of Art is well-known for attracting applicants from all over the world and for producing graduates who go on to international success. Alongside Richard Wright, these include 2005 Turner Prize winner Simon Starling, and artists such as Claire Barclay, Rosalind Nashashibi and Martin Boyce who have represented Scotland in such prestigious exhibitions as the Venice Biennale. One of a small number of two-year postgraduate fine art programs in the UK, the Master of Fine Art has helped to establish Glasgow as a dynamic and international centre for contemporary art.

Professor Seona Reid, Director of The Glasgow School of Art said: “We are absolutely delighted Richard Wright has won the Turner Prize 2009. His win is testament to the strength of Glasgow’s thriving contemporary arts scene and the City’s reputation as one of Europe’s leading centers for the visual arts. I am very proud of the role the Glasgow School of Art has played over many years in establishing this reputation.”

Indeed, there are now a number of investment funds dedicated to art. But the funny thing about the value of art is that, unlike the price of a stock, it depends very much on opinion and fashion— and being able to predict this, I believe, comes down to knowledge and interest in the subject: in short, a passion for art.

The Hiscox corporate art collection, which has been exhibited in many countries and won plaudits, is itself an interesting illustration in the do’s and don’ts of forming an art collection. Here are my top three thoughts on the subject:

1) Buy only what you like: Art may become completely worthless for fashion and opinion reasons overnight. At least if you’ve bought what you like, it is still enhancing your environment and it is worth something to you.

2) Insure your collection properly: Our own corporate art collection has suffered from being blown up by an IRA bomb, theft, accidental damage and attack by windowlene by an over-enthusiastic cleaner. Insurers are not only good at reimbursing you, but are also good in getting your art properly restored or even back from thieves. Non-specialist insurers are not, as a rule, a good idea as they bring few of these benefits.

3) Don’t be a magpie: I am a magpie because I hardly ever sell anything. I have various artwork that I no longer really like, and there have come occasional windows of opportunity where fashion or public opinion means that I might have been able to move some of them onto a new home. I have usually missed those opportunities and I am now left having to house things I’m only half interested in—when I could have reinvested the money in something which would have given me greater pleasure.

Finally, it’s worth noting that the first piece of art that I ever bought cost me £22. Once infected with the bug, I continued to buy more and more expensive pieces, but the £22 piece of art hangs above my desk at home in London. I have never lost the enjoyment that I get from it.