Can Black Collectors Afford "High" Priced Black Art?

Replies to This Discussion

Permalink Reply by Margaret Rose Vendryes on December 13, 2011 at 8:14pm

I have purchased work on installment for over a year and the artist was happy to hold the piece for me for that period.  I have also purchased work outright when an artist offered a work to me at a discount because the funds would help make ends meet.  I have bid at auction within my limit and won... and at time have lost.  But my bidding brought the price up which is good for the artist's works future value.

I have never purchased art via credit card and most auction houses don't allow it either.

Now, as an artist... my work is priced as the market will bear.  There is no sense in pricing for less for any collector, but a well-requested discount is not out of the question in certain circumstances like being included in an important collection.  I make art full-time and my sales allow me to continue doing so.  I am not concerned so much about how my collectors identify themselves racial or culturally.  I just want to know that what I make is something they care about.

Permalink Reply by Andrew M Grant on December 13, 2011 at 8:36pm

I talk to artists further along in their careers and do my fair share of research on this topic but still find pricing difficult for a number of reasons.  I am in the  early stages of my career and currently have to price my work in regards to time. The technique I apply to my art requires a considerable amount of time for each piece and I try to price fair and accordingly however this may still cause works to be out the range for those with a modest budget.  This is definitely one of my concerns but unless I start creating prints, the originals will have to remain competitive in the market in regards to pricing.

Permalink Reply by catrunnels on December 13, 2011 at 11:19pm

Excellent post.Good information.

Permalink Reply by Tony Walters on December 14, 2011 at 9:08am

Great question Daryl. Several years ago i purchased a Norman Lewis print from a "famous" artist. I negotiated an agreement to take one year to pay for the print which was $5000. Here was my thinking: The provenance was impeccable as the artist knew Lewis and traded work with him. I took a picture with the artist to further cement the provenance. The print was also inscribed to the artist. All of this allayed my fear of "jumping into the deep end of the pool" when it came to making a "huge" purchase and investment. I believe initially the artist thought they made a great deal until a Norman Lewis original went for over 300,000 at a Swann auction! I believe i probably recouped my investment and then some. Sometimes affordability is dictated by how much you really want the piece. I really wanted a Norman Lewis and i was willing to take a year to get it. All the provenance added immensely to my ultimate satisfaction.

Permalink Reply by Darryl Love on December 14, 2011 at 6:17pm

Interesting story, Tony.  Sometimes the story behind the art is as big a factor in the asking price as the aesthetic beauty of the work itself...

Permalink Reply by Flo on December 14, 2011 at 1:49pm

I do agree the cost to purchase a piece of art work from a very well know artist can break the bank.  However, I look at it as in investment, some people like nice cars, a nice house, I like a beautiful paintings.  I have friends that will spend hundreds on a pair of shoe.  How long will they really enjoy it or get tired of it until it's time to buy a new pair.  The painting that I purchase today will be something of value that I can pass on to my children.  I rather have an empty room with no furniture and just a beautiful painting on the wall that I can enjoy each time I look at it.  With collecting art you have to start small know the artist that you like,  and maybe find similar artist with the same style.   In todays economy buying art is not on most people priority list.   It can also be a good time to buy if you're lucky enough to find that one piece you are looking for at a reasonable price.  Collecting takes time, you want to make sure you are getting something that you will truly enjoy and be proud to have  in your home.  I'm a small collector myself,  I like to always add one or two pieces a year depending on my budget.  lately I have not purchase anything, I'm looking and enjoying what's outhere.

Permalink Reply by Darryl Love on December 14, 2011 at 6:23pm

If a piece of art cost $15,000, Flo, it better be an investment.  But I've already had that discussion on another blog so I won't rehash that issue...

Permalink Reply by Clark D Baker III on December 20, 2011 at 12:34am

I agree with you Flo........it is truly an ivestment which differs from most for it is an aesthetic sojourn and a labor of love. It is "different strokes for different folks"; there is a distinct difference between "buying" a collection and "assembling" a collection. Having five and six figure works does not make one have a collection.

 

CDB III

Permalink Reply by Vinnie Bagwell on December 18, 2011 at 12:42pm

Darryl, Darryl, Darryl,

Thank you so much for raising this issue. I am curious to hear the responses to your inquiries. As a sculptor, who creates bronze, cost and affordability are a concern for me as well as for those who wish to collect my work. I've had sculpture "waiting in line" for casting for years before being able to afford their completion. I believe that people who extend themselves into the realm of a five-figure-priced artwork are as compelled as am I by the work, and so it should be. Yes, it is an investment, but I genuinely believe love and passion for the work should be the  prime motivation.

When people make price inquiries, I always like to discuss ideas about "how to eat an elephant": in small pieces. Ultimately, the challenge of affordability has been a great motivator for my commitment to creating art for public places/public art so that the masses may view and enjoy the spirit my work brings and I may eat every day.

Thank you all for your interest in supporting the arts.

With gratitude,

V

Permalink Reply by Clark D Baker III on December 20, 2011 at 12:10am

"Bags"............I am quite sure that YOU are interested in this dialogue! ;-)   I would be interested to hear from more collectors on this topic. The Kehinde Wiley's, Mark Bradford's, Wagenchi Mutu's, Kara Walkers are young contemporary artists who's works are already in the five and six figure range; largely due to marketing,exclusivity and talent (real or perceived). The ability to meet with these artists is extremely limited; one is usually referred to their galleries. The older master AA artists (with few exceptions) were not afforded this luxury and their works lags in the market. We have had numerous conversations on this topic and I am sure that we will have plenty more........

xo  

Permalink Reply by Vinnie Bagwell on December 22, 2011 at 11:29pm

Yes Clark, we've talked about this subject often, and you know how I feel. While I appreciate the concept of "exclusivity", I make myself accessible to anyone who makes inquiries or is merely interested in my work because I believe that–despite my work's ability to "speak" for itself–the more people know about the creation of the work in the context of my life, the greater the appreciation for the work. facebook and blackartinamerica.com have been a great help in creating a platform for dialogue and education because the bronze medium and its process is not well known by the masses and new/would-be collectors, and so I am grateful for the opportunity to inform and share views. Also, I've appreciated learning from experienced collectors and art appreciators, such as yourself, because I too am learning about this market. Thank you for your friendship. Merry Christmas Honeybunny.  xo

Permalink Reply by Cleveland Dean on January 12, 2012 at 5:18pm

love the real or perceived part. Just saying.

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