THE ASIAN MARKET

Moonflask sold $2,658,500 at Christie's New YorkSept. 15-16, 2011

Call it the "Antiques Roadshow effect" but In recent years everyone wants to know which markets are hot and which markets are getting hotter. If you are new to the art market you might be interested in what's a steal as opposed to what purchases might rob you. Today, much of the talk in the art world surrounds the Asian market. The growing population of wealthy Chinese consumers has piqued the interest of art sellers from auction houses to art galleries. The excitement also includes lesser known but no less influential games players such as high end art fairs and investment funds.

Despite this, there seems to be a lot of confusion in the art world about what is actually happening, what is really selling, and if Asian buyers are invested in the market for the long haul or are just participating in a buying frenzy. Many see the Asian art market as the next bubble. Others see the Asian market as the next best bet. Below are some facts to help sort out the confusion and to help you understand if you are willing to take a risk.

THE MARKET

There is no doubt that the summer was slow in terms of art sales and that the Asian art market has become more volatile. However, this fall, Chinese art works stole the show. The sale of Chinese classical painting held at Sotheby's nearly doubled the pre-sale estimates while a moonflask dating from 1736-1820 sold at Christies for $2.7 million and an 18th-century jade melon box sold for $2.1 million. Further, if the location of high- priced, high- profile contemporary galleries are an indicator of where the market is going, then Asia is the place to be. Gagosian Gallery now has a location in Hong Kong while White Cube and Lehmann Maupin continue to say that they have plans to follow suit next year. In May the Art HK fair was purchased by the most prestigious of art shows, Art Basel. It is also important to note that that there are at least forty art investment funds now in China.

THE POTENTIAL SLOW DOWN

With every boom there is, if not a bust, then a slow down. ArtTactic's latest consumer confidence report indicates that there has been a downturn in consumer confidence since June. This decreased confidence is likely a direct effect of the slowing Chinese economy which has propped up the art community's confidence in the art market. There has also been growing debate about why the Chinese are collecting; many believe that the growing wealthy class see art as nothing more than an investment and that once they see a better opportunity they will sell, causing the market to flood with works and prices to go down. Further, while there continues to be an aggressive market at auction for the best pieces, recent results have proved that other works are selling below their low estimates or are being "bought in" by the auction houses.

THE CONCLUSION

The art market can be confusing during normal economic times. However, when the economy is volatile and a new group of wealthy investors begin to enter the marketplace, opinions about the state of the market can change with every sale. What has become clear over the last year is that auction houses, art galleries, and a number of collectors have made significant investments in the art and antiques of Asia. While current speculation in the market will likely ensure future investment in Asian art overall there is a good chance that today's results will be seen as the peak of a bubble tomorrow.

ETCHING-WHAT IT LOOKS LIKE & HOW IT IS MADE

An etching begins by coating a copper plate with an acid resistant material such as wax. Once the ground is dry, the artist uses an etching needle to begin drawing a picture into the surface. Once the image is complete, it is dropped in an acid bath so that the acid will "bite" the exposed areas. The artist will then clean the plate, roll it with ink, and will put into a press. Numerous images can be formed this way.

There are several types of etchings but drypoint etching is one of the most desirable in the market. The lines produced by printing a drypoint are formed not only by the depressions in the plate as discussed above but also by the burr, or raised lines at the edge of the incised lines. If examined under magnification, the incised lines look like depressions in the earth made with a plow while the raised lines look like the dirt thrown to the side of the depression. Once printed, the drypoint appears rich in tone and a bit fuzzy.

Dry point etchings such as this one are often highly sought after as the raised lines more quickly disappear after each impression, rendering a less and less desirable image after each pass.
Many drypoint etchings have a sepia tone as seen in this work.

SEEING THROUGH THE VALUE OF MONROE'S X-RAY

Marilyn Monroe's chest, x-ray, 1954, sold at Julien's Auction "Hollywood Legends" sale on June 27, 2010 for $45,000

One of the most talked about auction lots in recent weeks was the set of Marilyn Monroe chest x-rays that sold at the Hollywood Legends auction run by Julien's Auction at the Planet Hollywood Resort and Casino in Las Vegas. The selling price was $45,000. It seems that even the auctioneers were surprised by the figure as their estimated price was $800-$1000. Also, in Julien's Auction press release about the sale, the x-rays are just briefly mentioned while an entire paragraph is devoted to the therapy couch Monroe used in her doctor's office from 1960 until the time of her death.


When I first read about this auction I wondered about the provenance of the x-rays. With a selling price this strong, I assumed the proof of successive history of ownership was pretty solid but I was eager to find out exactly how the x-rays were obtained. According to news reports, the x-rays were taken in November 1954 at the Cedars of Lebanon Hospital in Florida and prove Monroe was suffering from endometriosis. According to London's telegraph newspaper, a young doctor obtained the x-rays for use in classes he taught at the center. When the doctor died, his daughter inherited the x-rays and put them up for sale. Although Monroe was in the process of divorcing Joe Di Maggio, the name on the x-rays read "Marilyn Di Maggio".

I also wondered how the auction house came to its estimate. Certainly an item like this is a little more unusual but was there anything of "like, quality, and kind" in which to compare? Certainly there have been many artists producing x-rays of flowers, still life, and other objects and turning them into fine quality photographs. A good example of this is the photograph below created by Helmut Newton of a hand wearing a Van Cleef & Arpels Diamond Bracelet. In April of 2010 this silver gelatin print sold at Phillips de Pury & Company for $18,000.

Newton was a famous German-Australian fashion photographer who's work was seen in magazine's like Vogue and Harper's Bazaar. Despite the artist's fame, it is not a good comparable. Although the image is of an x-ray the actual medium is a silver gelatin print photograph. Next, it is important to point out that there is an arm and a hand in the x-ray but the actual subject is the very expensive bracelet worn by the hand. In the case of the Monroe x-ray, it can be assumed that the primary attraction was not the person taking the x-ray but the actual subject of the x-ray. Therefore, a better and more logical comparable would be a different x-ray of Monroe or another equally famous person which has sold at auction. Believe it or not, such an x-ray exists. On September 4, 2008 the "Fame Bureau" in Dartford England sold the below x-ray of Elvis Presley's arm. Because Elvis lived during the same period as Monroe and is arguably just as famous as Monroe, this x-ray is a good comparable. The selling price on that day was £3,500 (approx. $5,300).

Finally, it is important to note all of the media attention this auction received in advance of the sale. From serious news organizations to comedy parody shows (see the Stephen Colbert coverage here), the attention surrounding these x-rays created a buzz that could not have been achieved otherwise. Although media coverage is not something appraisers usually discuss in relation to valuing objects, the effect of the media coverage and the excitement it creates should not be ignored. It would be impossible to look at an auction result of $45,000 for chest x-rays and not to acknowledge the effect of such publicity. Or, in the words of Stephen Colbert, "Good for you, whoever is making money selling a dead woman's private gynecological X-rays."

MAY THE FORCE BE WITH YOU--THE VADAR PROJECT

On July 10, the 100 artworks of "The Vadar Project" will be auction at Freeman's in Philadelphia. The works, created by artists from the underground art scene as well as notable pop and surrealist artists will be sold beginning at 12:00 p.m. According to the press release, many of the lots will begin at $1,500. Most estimates range from $3,000-$5,000 with a few lots estimated to potentially reach $8,000-$15,000. Although the sale follows a ten day auction preview in Los Angeles, the exhibit has actually been touring the world since its premier in 2007. The exhibit was curated by Dov Kelemer and Sarah Jo Marks of DKE Toys.

The Vadar Project is a good example of an auction that will appeal to a wide variety of collectors. Those interested in Star Wars and toy memorabilia, pop art and underground collectors, as well as those who collect the works of individual artists.

You can find a full color catalog online here.

ARTWORKS ABOVE FROM LEFT TO RIGHT ARE AS FOLLOWS:

JOSH AGLE (SHAG), (B. 1962), Darth Tipua, Estimate: $4000 - 6000

ANTHONY AUSGANG, (B. 1959), Darth Vader is Gay, Estimate: $3000 - 5000

JOE HAHN, (B. 1977), The Revenge of Mr. Hahn, Estimate: $8000 - 10000

WADE LAGEOSE LAGEOSE DESIGN, (B. 1966), Untitled, Estimate: $10000 - 15000

PLASTICGOD, (B. 1973), Praise the Lord, Estimate: $10000 - 15000

CAMERON TIEDE, (B. 1972), Darth InvadedEstimate: $3000 - 5000

PARODY & THE WORKS OF JULIE HARVEY

Parody (also called send-up or spoof), in contemporary usage, is a work created to mock, comment on, or poke fun at an original work, its subject, author, style, or some other target, by means of humorous, satiric or ironic imitation. -Wikipedia

Julie Harvey, Damien Hirst, 2005

Damien Hirst is a British artist best known for cutting up animals and displaying them in "vitrines". In the 1990s he became one of the leading figures of the "Young British Artists" and shot to fame with the help of "super collector" Charles Saatchi

Parody has a long history in art. From political cartoons of politicians to humorous paintings of self-aggrandizing individuals, artists have used their medium and their wit to call attention to the absurdities of those who they deem ridiculous, who take themselves too seriously, or who commit heinous and unconscionable acts. In recent years, parody has again taken a front seat in popular culture. Television shows like the Colbert Report (which mocks popular political pundits) to the Simpsons (which satirizes everything from the family to celebrities) have hit a nerve with the public. In these shows, "wit" is directy toward "folly".

Julie Harvey, Charles Saatchi, 2005

Charles Saatichi was the cofounder of Saatchi and Saatchi advertising agency until 1995. He is known as a "super collector" and owner of Saatchi Gallery. He helped boost the careers of many artists including Damien Hirst and Tracey Emin.

Similarly, a few artists have begun to create works which poke fun of the things that they deem worthy. A good example of this are Julie Harvey's "Go-Go Nudes", a series created in 2005. In these paintings, Harvey parodies big name artists, art dealers, and art promoters to spotlight them as media hounds and sensationalists. She does this by creating naked portraits of the subjects in silly poses. At the time of their creation, Harvey also created what one could think of as an interactive performing art piece choreographed to compliment the paintings. On March 11. 2005 Ms. Harvey hosted an art show entitled "Julie Harvey's Go-Go Party". It can be found here but is best described as an Austin Powers extravaganza with actors and dancers who schmoozed with guests. "

Julie Harvey, Tony Shafrazi, 2005

Tony Shafrazi is the owner of Shafrazi Art Gallery in New York. Although he handles the works of many art luminaries such as Francis Bacon and Keith Harring, he is best known for spray painting "Kill Lies All" on Picasso's Guernica. He said he did this to protest the commuted sentence of William Calley (who was sentenced for his role in the My Lai massacre) by Richard Nixon. Later, Shafrazi became the Shah of Iran's art advisor and assembled a 20th century collection on his behalf.

What does all of this have to do with appraising and valuing art? The fact is, every person involved in putting a value on items must understand what is going on in the marketplace as well what trends are becoming "hot" in popular culture. To understand the marketplace, appraisers must understand what subjects interest those who are willing to buy art. Although Julie Harvey's series, Go-Go Nudes caters to those who "know" the art world, it also speaks to the larger popular trend of "parody".

In case you are wondering, Julie Harvey's works range from $7,000-$14,000 depending on size. Her work is carried at Bernarducci Meisel Gallery on West 57th Street in New York. You can find it by clicking on "featured artists" here.

LITHOGRAPHIC FLAG-MORATORIUM

Jasper Johns, Flag-Moratorium, 1969, offset color lithograph

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Clients often ask for more details relating to the medium of their work. Most people understand different types of painting methods but are often confused about the processes involved in creating prints. It is important for any collector to understand how their work was made. The more familiar you are with the work of an artist and his working method, the less likely you will be to purchase something that isn't what it is purported to be. Lithography is one of the more complicated processes because it has changed and advanced so many times over the years.

At first, lithographs were made by drawing an image into wax which was applied to lithographic stone and then that image was transferred onto paper. Today, the process of lithography is still similar to the older process but the materials artists and printers employ are different. Instead of wax, today's artists usually use polymer which is applied to an aluminum plate. The image is then printed directly from the plate onto the paper. In the case of offset lithography, the process is different still. Modern offset lithography depends on printing plates which are coated with a photosensitive emulsion. The printer puts the image and the emulsion in contact and then exposes it to ultraviolet light. In the printing press, the plate roles against a rubber coated blanket and the image is then transferred to the paper.
During the 20th century, lithography was re-discovered as an art form by artists such as Picasso, Chagall, and Miro. Mourlot Studios in Paris began to encourage artist to work on lithographic stones which could be produced in small numbers and then used to advertise the work of the artists. During the 1960s, Jasper Johns began to use lithography to produce the majority of his prints.

The offset lithographic print above by Jasper Johns from 1969 is entitled, Flag-Moratorium and is a color offset lithograph measuring 17.1" X 25.9". It is number 107 from and edition of 300. It will be auctioned in Germany on June 12, 2010. The estimate in US dollars for this work is $8,677 - $11,156. You can view the auction here.

OLD INFLUENCING THE NEW INFLUENCING THE OLD

The "style and spirit" sale held by Christie's (South Kensington, London) held on February 23, 2010 lived up to it's name. In a surprise result, an 1840s stuffed crocodile in a William IV period mahogany and glass cabinet on casters sold for $17,495.

Although this type of display may seem like a relic of the past, the concept has, in fact, been reinvented in today's world. No longer just an object of interest, stuffed or preserved animals have become "art objects". The most notable example of this are the pieces by controversial British artist Damien Hirst. Physical Impossibility of Death in the Mind of Someone Living from 1991 depicting a preserved Tiger Shark in a glass case was sold to the hedge-fund billionaire Steven A. Cohen for $8 million and is on display at the Metropolitan Museum of Art. One can't help but believe that Hirst was influenced by 19th century displays of preserved animals. In turn, the enthusiasm surrounding Hirst's work has created new interest in the older natural history displays.

Physical Impossibility of Death in the Mind of Someone Living, Damien Hirst