The Leading Voice for the Black Arts Community.
What should collectors look for when purchasing art for personal and investment reasons?
On a personal level first and foremost I purchase what speaks to me and I can afford.
When talking about purchasing art in the primary market as a monetary investment and looking to preserve wealth, I'm far more selective in what I'm going to pay thousands of dollars for in art and there are many things that need to be taken into consideration.
1. I will not purchase art form artists who don't have gallery representation and sell their own artwork. (galleries help to establish a market, protect the artists market and collectors investment.)
2. I will not purchase art from an artist who's artwork is available everywhere and the market has been saturated due to over exposure. (art fairs, internet with discounts, non serious venues)
3. I will not purchase art from galleries/artists who don't stand behind the value of the artwork and are not doing the necessary things to protect collectors and establish a secondary market for artwork, so that when/if collectors are ready to sell the work they've collected there's a market available.
4. I will not purchase artwork from artists or galleries who bastardize the artwork and don't have a strong sense of integrity and code of ethics when it comes to the pricing of the artwork just to close a sale. (Once market value is established protect your collectors and make certain future sales are in accordance with previous sales. There should be a clear understanding with collectors and artists that work will not be discounted no more than a certain percentage).
5. I will not purchase limited editions from artists who create these ridiculously high edition sizes. It's misleading to those that are not informed and trust me one day they will know better as they become more educated.
6. I will not purchase limited editions from artists who create several different sizes and editions of the same image to stretch the edition. It's even worse when artist take that same image and turn it into an open edition.
More to come......
When talking about purchasing art in the primary market as a monetary investment and looking to preserve wealth, I'm far more selective in what I'm going to pay thousands of dollars for in art and there are many things that need to be taken into consideration.
1. I will not purchase art form artists who don't have gallery representation and sell their own artwork. (galleries help to establish a market, protect the artists market and collectors investment.)
2. I will not purchase art from an artist who's artwork is available everywhere and the market has been saturated due to over exposure. (art fairs, internet with discounts, non serious venues)
3. I will not purchase art from galleries/artists who don't stand behind the value of the artwork and are not doing the necessary things to protect collectors and establish a secondary market for artwork, so that when/if collectors are ready to sell the work they've collected there's a market available.
4. I will not purchase artwork from artists or galleries who bastardize the artwork and don't have a strong sense of integrity and code of ethics when it comes to the pricing of the artwork just to close a sale. (Once market value is established protect your collectors and make certain future sales are in accordance with previous sales. There should be a clear understanding with collectors and artists that work will not be discounted no more than a certain percentage).
5. I will not purchase limited editions from artists who create these ridiculously high edition sizes. It's misleading to those that are not informed and trust me one day they will know better as they become more educated.
6. I will not purchase limited editions from artists who create several different sizes and editions of the same image to stretch the edition. It's even worse when artist take that same image and turn it into an open edition.
More to come......
Tags: african, american, art, collectin, investment, purchasing
Replies to This Discussion
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Permalink Reply by Eileen Berger on -
THANK YOU! As a collector I have always followed those rules. As a gallery owner, I preach all of this. There is a difference between fine and decorative art. We have had to eliminate artists from our gallery family because they decided 50% discounts were okay if they were having a bad show. I've spent the last 20 years helping collectors build collections that have esthetic, intrinsic and monetary value as well as helping artists find their true 'worth' in the marketplace. I think it is a slap in the face to both collectors and gallerists when artists de-value their own work. I'm looking forward to what else you have to say on the subject.
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Permalink Reply by James Amos Porter (1905-1970) on -
Lots of "I will not"'s - how about something positive....Coni Porter Uzelac
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Permalink Reply by Nathaniel on -
Interesting perspective.
I'd love to see the collectors chime in on this discussion. : )
# 1. I understand why you wouldn't purchase work from a gallery represented artist, but this economy has called many
respected galleries to fold, or join forces with other galleries; which has left some artist of great merit without a gallery.
I think that your position doesn't takes in account of these types of situations (but living in NYC, I know you know that). Also I might add, that the financial support and support of artists working in alternative spaces will help the artist get into a gallery along with other situations. But people do what they do, I just wanted to throw that out there.
#2. Could you give a general example when you mean artist whose work is everywhere?
For example I know some artists who have like 3-5 galleries. Some of these artists will show certain things in certain galleries and art fairs. For example one gallery may handle small pen and ink drawings and sculptures, the other may
carry that artist's large paintings and small sculptures or installations. This usually applies to the multidisciplinary artists. How would you approach that?
Regarding Fairs:
Are there any particular fairs you would attend or not attend? purchase and /or not purchase?
Different regional fairs?
peace
peace -
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Permalink Reply by Jesse Johnson on -
A This is a very interesting list, I'd be interested in hearing your ideas on how #3 is pursued. What actions can/should artists take to protect the collector and develop a secondary market?
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Permalink Reply by Reginald M. Browne on -
I look for historically significant work at a reasonable price. I have several gallery relationships and have no problem supporting them, thus the artist. Naturally the collecting principals apply, Provenance, genre, authenticity, value and mainly personal appeal. I tend to have a reluctance to pay asking price if a determination can't be made on trailing historical prices, I feel bad when I have to negotiate down. I only collect museum quality work and of those artist I feel are new and emerging and must contain the collecting elements for future value.
Too much of the current day art offering is junk; prints, remarks, signed limited editions and such. I stay away from art that is mass produced, even on a limit scale say 1 of 10. The key element in my opinion is provenance.
I do seek venues off the beaten path as values and opportunities will surface.
happy to be apart of this community. -
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Permalink Reply by Michael I. Days on -
Very good points here. We have been blessed over the years to have had art dealer and consultant Cheryl Sutton direct us to pieces that we love, and have also appreciated. I think of gullah artist Jonathan Green, for example, who reflects my maternal heritage and always brings a smile. Cheryl has also steered us to other noted artists -- Catlett, Lawrence, Turner, Crichlow, among others. But maybe age helps to give you some perspective. Nice to have people with well-known appreciation, but also thrilled to have pieces with a value that may only be intensely important to me and my spouse. Since Varnette Honeywood's passing, we have been thinking a great deal about her. We purchased several of her open-edition prints when we were just getting our feet wet in the early '80s and knew very little about collecting. We bought them because they spoke to us, and because Ms. Honeywood was such an engaging personality. These particular pieces probably would not fetch much on the secondary market, but they are very valuable to us because she so richly captured a significant slice of the African-American experience, our experience.
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Permalink Reply by Vinnie Bagwell on -
Good morning everyone! Richard, I'm so glad to see you here. (I missed you at the opening for the exhibition for the Enslaved Africans' Rain Garden. I hope you'll make the trek from Brooklyn to White Plains to see it before it closes on October 23.)
I was drawn to this discussion, the topic Q&A intrigues me because my experience as a sculptor, creating museum-quality bronze work and public art representing African-American culture has been a bit off-road and outside the lines. Thus, I genuinely wish to understand how collectors might perceive someone like me, given my circumstance: My work speaks for itself but I am not represented by a gallery, at this time.
I wonder: Is there a category of "the exception", whereby you would advocate a collector going with their care for the work, crap shooting, and purchasing with hopes of "preserving wealth" or would you advocate that collectors, lay back and speculate, while they wait for the artist to become "represented by a gallery?"
I anticipate your response,
With great respect and gratitude,
V -
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Permalink Reply by D. Edward Dyer on -
I, like many art addicts, have more art than I can hang on my walls. Some of it will cause considerable amusement when my estate is being settled (hopefully a long time from now).
A good chunk of it, though, was purchased with Richard's principles in mind: acquire selectively. I too hope my great grand-child will be able to pay for a semester of law school by selling one of "great grand-dads pictures."
Some of my art was acquired as gifts from artists who were grateful for a little advice or help. Some, purchased at a "discount" from artists for the same reasons when I knew they needed to make a sale. Still others were at charity auctions. There's a chance that art acquired this way will be celebrated some day and command royal prices, but those pieces weren't acquired as part of my investment strategy. I like them. I like the artist. I had the extra money. Sometimes, that's enough.
In between, there's a strategy to identify those emerging and mid-career artists who follow the fundamentals, and are on a pretty sure track to master's status and thus portfolio nirvana for the collectors. I like the idea of at least consulting with gallerists to be sure about the quality. Their knowledge base on both sides of the ball is invaluable to fledgling and middle-of-the-road collectors. Take that diamond to a gemologist. Make sure it isn't glass.
Even still, gallery presence doesn't guarantee preservation of status and success for the artist. If you're looking for valuation this way, I've found that it's a few levels above day-trading...it just takes longer. Galleries often look for the next, hot artist, and many get moved to storage.
On the other hand (good news) a direct relationship with an artist often springs from such guidance by a gallery. Providing you aren't undercutting the gallerist by doing so, studio visiting an artist and acquiring work directly can often follow. In this way, you can acquire art with that warm, fuzzy feeling, but that's also very promising for your portfolio if not overly kind to your wallet.
In today's market, I like Joseph Holston, Deborah Shedrick and Liani Foster, and a host of emergent and novice artists too plentiful to name. -
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Permalink Reply by Michael D. Brinson on -
Sister V, thanks for your comments. It is always good to hear from you!
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Permalink Reply by Michael D. Brinson on
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Brother Reginald, as a collector, I too subscribe to your very well stated principles for investment collecting whenever possible. However, I have from time to time broken with principle #1 without regret to support African American artists and purchase artworks and that spoke to me. Are you ever conflicted in your approach to collecting? Peace!!!
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Permalink Reply by Reginald M. Browne on
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Michael,
I buy what I like only. When something exceeds a certain threshold in price, my collecting principals kick in and I rarely violate my approach. My taste is diverse but I see a common theme in what I collect. In the beginning of collecting I was not focused, I am still stuck with things that don't represents my interest. I assume we all learn and grow as collectors.
Reggie -
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Permalink Reply by Michael D. Brinson on
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Brother Reggie,
Following to your last point, I have a question that might help us all learn and grow as collectors and artists. It stems from the fact that you collect only "museum quality" art. Can you please explain in more detail what is “museum quality” art? Thank you in advance for your comments. Peace!!! -
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