COLLECTING UNDER $100

I am often asked by new collectors how to find attractive, affordable art. The answer is to look for talented students. At the end of the year MFA art students present their final thesis show. At some universities that art is for sale…at bargain prices. The year I graduated from Centre College, one student’s work was so popular it sold out in a single day.
Another option is to look for shows exhibiting work of “emerging artist.” This season, one such show is New Blue- Emerging Artists: First Kentucky Biennial at the Kentucky Museum of Art and Craft in Louisville. According to their website, many of the artists in that show are recent college graduates and new university faculty members. In other words, these are qualified folks who are still making a name for themselves. I can not think of a better way to buy.
A couple of years ago, I purchased a piece of art from Kopilot on a whim. I walked into the store for the first time and they just happened to be having a opening that night. I saw a small piece of art for $75 and I fell in love with it. In a matter of minutes I discovered that the artist was Louisville’s own Kathleen Lolly. Today, Lolly’s pieces are still relatively inexpensive but they have gone up in value. I noticed that some of the pieces which are similar in style, size, and medium to mine sell for around $200. Lolly’s work is still shown at Kopilot. You can also view her work on her website or at the Kentucky Museum of Art and Craft in the aforementioned show through May 24, 2008. There are also a lot of other really great artists exhibiting in that show and if you are looking to begin your own collection this may be the place to start. The Kentucky Museum of Art and Craft is open from 10:00 a.m. until 5:00 p.m. Monday –Friday and 11:00 a.m.-5:00 p.m. on Saturday.

INTERIOR DESIGN AND THE ART MARKET

When most people think of the Bloomsbury Group the first name that comes to mind is Virginia Woolf. Bloomsbury was, in fact, the name given to a group of intellectuals composed of writers, intellectuals, and artist’s that met at Woolf’s home. The main artists associated with the group were Duncan Grant, Roger Fry, and Woolf’s sister, Vanessa Bell. The group met at Woolf’s home to discuss everything from politics, design, art, writing, costume design, and dramatics. Their meetings focused on using their talents to express their beliefs about the way they led their lives. Lives, that were deeply affected by the First World War and the Spanish Civil War.
I was first introduced to the art of the Bloomsbury Group when I was hired by an estate to appraise a large collection of paintings by Grant, Fry, and Bell. As I began to research and study the group I was surprised that the names of the artists in this group were not as well known as their literary counter-parts. Despite this, I was please to find out that there was at least one major dealer in England that specialized in the group as well as a growing number of collectors. I felt like I had come across one of the most important unknown collections in America. Then, earlier this year, I opened up Domino magazine and there, on the pages, was an entire article dedicated to decorating in the style of the bohemian Bloomsbury Group. A few weeks later, my Pottery Barn catalog arrived and again, there was a whole section devoted to Bloomsbury styles and fabrics. I was taken aback and thrilled. I also wished that the client from the estate I appraised had been around to see the world’s rediscovery of such an important style.
You may be wondering at this point how this affects the market. Only time will tell but when a major home retailer like Pottery Barn picks up on the style it is only a matter of time before people will be scrambling to find out everything there is to know about those behind the style. It is likely that the increased interest in the Bloomsbury style will increase interest in Bloomsbury paintings as well. In fact, that may already be happening. On November 6, 2007, a piece by Duncan Grant was sold at Sotheby’s London. The painting on ceramic tile entitled Still Life, measuring 24.4” X 8.66” was estimated to sell for $8,399-$12,510 but ended up selling for $19,550. At Christies in October of 2007 Grant’s watercolor, Study for panel to decorate the ‘Queen Mary’ sold for well above its auction estimate ($1031-$1444) and achieved $3353.
If this peaks your interest, it is not too late to get in on the action. On March 18 of this year, the oil on canvas entitled, Still Life with Jug and Pear measuring 20.47” X 30.31” will be auctioned at Sotheby’s London. The estimate for this piece is $7,986-$11,980.

KENTUCKY CONNECTIONS AT AUCTION

Recently, I have noticed that some of my clients collect art because it makes them feel proud of their heritage. It's funny but that fact had not occurred to me until lately. Whether the piece is $1M or just $1, the connection to who they are as part of a race, gender, social class or as a part of a geographical location makes people feel more connected to the history of their people.

Up for auction on April, 11, 2008 at Stuart Holman in Cincinnati are three paintings by the Kentucky Appalachian artist/poet, Henry Faulkner. Faulkner was born in 1924 and soon became a ward of Kentucky welfare agencies. He had a difficult and tramatic childhood which translated in adulthood to hard partying and eccentric behavior. Today, this artist's work is highly sought after by Kentucky collectors.

AUCTION VERSUS ART DEALER

Should I sell my work at auction or to a dealer?

When you sell your work you should expect to get the Fair Market Value for a piece. The IRS defines Fair Market Value in IRS Publication 561 as follows: “The price that property would sell for on the open market. It is the price that would be agreed on by a willing buyer and a willing seller, with neither being required to act and both having reasonable knowledge of all relevant facts.”
Confused? Don’t be. Fair Market Value is not the same as Retail Value and when you think about it logically it makes sense. When a private client approaches a dealer with a piece of art the dealer will offer them a certain amount of money. Once that piece is sold to the dealer the dealer will then mark the piece up and resell it. The price that they sell it for in their gallery is the Retail Value.
If you go to auction, bidders are competing against one-another until someone gives up and someone wins the piece. Usually, this price is also less than what a buyer would pay in a retail setting (many dealers buy pieces at auction as well). At auction, however, you will have to pay what is called a “sellers premium” which is usually around 10% plus charges for insurance and illustration.
The plus side of an auction (especially with a well-known auction house) is that it is well-advertised and if a piece is highly desirable, the price may go well above the estimate. The plus side of using a dealer is knowing the piece will be sold and not having to pay a premium.
Below are examples of the work of one artist, Alice Brown Chittenden and the prices achieved at auction and the prices a dealer would be willing to pay.
Cincinnati Art Galleries estimates that they would pay between $5,000-$10,000 for a work by this artist. Obviously they can’t name an exact price because a lot of the value is determined by subject, quality, condition, size, medium etc.
1.At auction, the highest price ever achieved for a Chittenden work was $16,500 but that was in 1992 and the painting was 24”X 40” for one of the best examples of her style entitled Chrysanthemums. (seen in the first picture).

2. A better, more recent, and more likely auction figure was the June 2007 sale of the oil on canvas Bouquet of blue Nemophila measuring 10 X 14 which sold for

$5,400

OR

3. The April 2007 sale of the oil on canvas Zinnias in an Oriental Vase measuring 25” X 20” which sold for $3,500.

In the case of the first auction the painting was estimated between $15,000-$20,000. Even if a dealer was to offer the low amount, the seller would have come out ahead because after fees the seller made less than the low estimate.
In the case of the second auction the painting was estimated between $3000-$5000 so the seller probably came out ahead selling at auction.
In the third case, the estimate was $1200-$1800. In this case, the seller again came out ahead.

The key to selling any artwork no matter the price is to find out where the style or the artist is most popular and then pursue sales in that location. It is also important that you find out as much as you can about the art that you plan on selling so that you have the best possible chance of speaking with authority when you are ready to sell.

WHAT I'M INTO RIGHT NOW

Because I am an appraiser people are always asking me what kind of art I like and what kind of art I collect. Sometimes these are two very different things. While some people love Renaissance Art and some people love Modern Art I tend to be all over the place. For me, art has to be taken in context. Some art is appropriate for my house and some is more fun just to study and talk about. If I have a strong love or hate reaction then I will likely enjoy researching it. Researching the history of a piece is what makes me love it. When I lived in London in 1997-1998 I got to see Damien Hirst's pieces in the flesh (pun intended). They repulsed me so I started doing research. In the process I was introduced to the other Young British Artists and I was hooked. Now, whenever I visit the Tate Modern I am always hoping to see the latest YBA work. On the other hand, some work is just visually stunning. I have to admit that I am also a sucker for good design. The internet has made a wide variety of art accessible and I, for one, am enjoying it. Just yesterday, I found the illustrations of Wendy Wonsuk Lee. Witty and well-designed this artist's work really has everything going for it.

PROTECTING THE VALUE OF ART

Framing and/or preserving your art is one of the best ways to protect the value. Here are some tips when visiting your local framer:

1. Mounting:

If you image is on paper there are different ways to attach it to the backing board:

a: Museum mounting- This is really the best way to mount a high quality image. The framer uses a linen tape (acid-free) and creates "hinges" or gently tapes around the edges. The drawback is that over time you will probably see some wavyness (because the paper is not fully mounted to the board) which has never really bothered me but does bother some.

b: Dry Mount- A thin piece of tissue is placed between your image and the mounting board and then they are pressed together in a dry mount press. The tissue melts and adheres to your image and the board binding them together while the press flattens everything out. New technologies have made this process better (there is now heat release tissue) but all of that goo is not that great for valuable images.

c. Spray mount- This is the stuff you can buy in the craft store but it is often used for framing. The spray is in an aerosol can and the material is definitely not good for your art and almost impossible to remove without a professional restorer.

2. Backing Board and Matboard

Have you ever noticed a brown line around your image where the mat was once located or has your image developed a brown/yellow color or strange brown spots? All of these things indicate that your image has absorbed acid. You can fix this through restoration but you can avoid future damage by following the advice below.

Make sure you do not use, cardboard, posterboard, wood, or styrofoam. Acid-free matboard or acid free foamcore is the best option and it will help preserve your image for many years.

3. Space

If your image is anything other than a poster you do not want the glass to touch it. There are a variety of reasons for this. If you have a photograph and a drop of water gets under the surface of the glass (from cleaning) it will spread over the entire surface of the photo. If the image is a pastel, the glass will smear the image etc.

To keep glass away from the image use matboard or spacers. Matboard is usually only 1/16" thick. This thickness will not be enough to protect the art. To compensate, you will need to use a double mat to ensure proper spacing or a thicker mat (they are available at a higher price). The other option is a spacer. Placed inside the lip of the frame, a spacer acts as a little shelf for the glass, keeping it away from your artwork.

Remember, a good appraiser always checks for condition. Quality framing is a tool you can use to ensure your artwork retains its value.

Snow Scenes

Posting will be light today...unlike the snow.

Up for auction on March 12 Victorian & Traditionalist Pictures at Christies (London, South Kensington) is this Thomas Sidney Cooper (1803-1902) watercolor and pencil on paper. It is signed and dated "T. Sidney Cooper. 1883" The estimate for this piece is 3000-5000 British Pounds ($5989-9982).

This time of year snow scenes may not be as popular and as a result you may be able to get a bargain. Yes, the pound is stronger than the dollar but this has scared away some bidders. Cooper's watercolors steadily acheived over $10,000 at auction in 2007. Looking at it this way, 3000 British pounds or $5989 would be a good investment. Traditional, pastoral scenes like this one are usually a safe bet in any kind of market.