Laying the Cornerstone
May 2007
PRINTS
Prints by major artists are far more accessible than their paintings. With the art market boom, even established collectors are being priced out of the painting market. “You can buy a print by a big-name artist for a fraction of the cost of a painting,” says Mary Bartow, vice president and director of the print department at Sotheby’s New York. “Buying prints has always been a wonderful way to start a collection.”
Because prints are multiples, condition is of primary importance. “One shouldn’t buy a print if the condition is atrocious,” says Bartow. “Unless it’s extremely rare, buyers can usually find one in good condition if they wait.”
Handwritten signatures can add as much as 50 percent to the work of 20th-century printmakers, such as Picasso. If you can live without one, your options expand. “For the most part, Picasso prints will be more than $5,000,” says Leibowitz, Christie’s contemporary prints specialist. “But he did a group of prints called the 156 series—incredibly elaborate etchings with very strong imagery. They come from editions of 50, just like his other prints, except they’re marked with an ink-stamp signature. He didn’t hand-sign them.”
Prints made before the 20th century were rarely signed, which is one reason Old Master engravings, etchings and woodcuts are being overlooked. “Old Master prints are extraordinarily undervalued now,” says Bartow. “They’re small, usually black-and-white, and you need to know a little more about techniques and history—especially mythology and the Bible—to appreciate them. That often puts off younger people, but it means that many of these prints are bringing less money than they did even in the ’80s.”
While you can find an Ansel Adams image for less than $5,000, it’s probably not an iconic image or one that is as well-known. For a better value and a more interesting collection, look beyond the familiar works. “‘Moonrise’ was a wonderful image, but so were many of Adams’ less-known works,” says Galeano. “In today’s market, you can spend $100,000 on an iconic image, but a seasoned collector who has studied a lot of photography will see the importance in lower-valued, less-iconic pieces as well.”
Photographic works that were made in large editions by well-known contemporary photographers such as Thomas Ruff, Cindy Sherman and Elger Esser can also be a good value. “Cindy Sherman always wanted her work to be accessible,” says Galeano, “so she has done editions of 100 to 500, and they have certainly appreciated.”
Digital photography is slowly overtaking the gelatin-silver print, Galeano reports, and color photography has as much value at auction as black-and-white. One caution: Traditional color photography is susceptible to light and fades much more quickly. “When purchasing color photographs, it is important to know the artist’s intentions in order to judge if the color of a print has changed or faded over time,” she says. “So unless a color photograph from the ’70s was kept in cold storage, it’s likely to have lost some value.”
Finally, buyers should ascertain the print’s condition before bidding, especially if they can’t view it firsthand. “A condition report will not appear in the catalogue, and neither will comparable sales,” Galeano says, “but we provide that information if asked.”
A contributor to Art & Antiques for 10 years, Philadelphia writer Cathleen McCarthy reported on how to use an art collection as collateral in February 2007.
Prints by major artists are far more accessible than their paintings. With the art market boom, even established collectors are being priced out of the painting market. “You can buy a print by a big-name artist for a fraction of the cost of a painting,” says Mary Bartow, vice president and director of the print department at Sotheby’s New York. “Buying prints has always been a wonderful way to start a collection.”
Because prints are multiples, condition is of primary importance. “One shouldn’t buy a print if the condition is atrocious,” says Bartow. “Unless it’s extremely rare, buyers can usually find one in good condition if they wait.”
Handwritten signatures can add as much as 50 percent to the work of 20th-century printmakers, such as Picasso. If you can live without one, your options expand. “For the most part, Picasso prints will be more than $5,000,” says Leibowitz, Christie’s contemporary prints specialist. “But he did a group of prints called the 156 series—incredibly elaborate etchings with very strong imagery. They come from editions of 50, just like his other prints, except they’re marked with an ink-stamp signature. He didn’t hand-sign them.”
Prints made before the 20th century were rarely signed, which is one reason Old Master engravings, etchings and woodcuts are being overlooked. “Old Master prints are extraordinarily undervalued now,” says Bartow. “They’re small, usually black-and-white, and you need to know a little more about techniques and history—especially mythology and the Bible—to appreciate them. That often puts off younger people, but it means that many of these prints are bringing less money than they did even in the ’80s.”
PHOTOGRAPHY
As both art form and investment, photography has never been stronger. “There is incredible interest in photography now. It’s a
very fresh medium and an exciting place for new collectors to focus,” says Lisa Newlin Galeano, New York Head of Photographs at Phillips de Pury & Company. “We’re seeing growth in all areas of photography. The most rapid is in contemporary work, but that’s also the most challenging to predict. Earlier black-and-white images have always shown a steady increase in value, more like a blue-chip stock.”
 |
Ansel Adams, “Moonrise Over Hernandez, |
While you can find an Ansel Adams image for less than $5,000, it’s probably not an iconic image or one that is as well-known. For a better value and a more interesting collection, look beyond the familiar works. “‘Moonrise’ was a wonderful image, but so were many of Adams’ less-known works,” says Galeano. “In today’s market, you can spend $100,000 on an iconic image, but a seasoned collector who has studied a lot of photography will see the importance in lower-valued, less-iconic pieces as well.”
Photographic works that were made in large editions by well-known contemporary photographers such as Thomas Ruff, Cindy Sherman and Elger Esser can also be a good value. “Cindy Sherman always wanted her work to be accessible,” says Galeano, “so she has done editions of 100 to 500, and they have certainly appreciated.”
Digital photography is slowly overtaking the gelatin-silver print, Galeano reports, and color photography has as much value at auction as black-and-white. One caution: Traditional color photography is susceptible to light and fades much more quickly. “When purchasing color photographs, it is important to know the artist’s intentions in order to judge if the color of a print has changed or faded over time,” she says. “So unless a color photograph from the ’70s was kept in cold storage, it’s likely to have lost some value.”
Finally, buyers should ascertain the print’s condition before bidding, especially if they can’t view it firsthand. “A condition report will not appear in the catalogue, and neither will comparable sales,” Galeano says, “but we provide that information if asked.”
A contributor to Art & Antiques for 10 years, Philadelphia writer Cathleen McCarthy reported on how to use an art collection as collateral in February 2007.
email this article
print this article
digg this
del.icio.us
RSS