Laying the Cornerstone
May 2007
Cary Leibowitz, a prints specialist at Christie’s New York, bought his first artworks when he was |
Items sold at Saturday@Phillips: Gaetano Sciolari, ceiling lamp, 1960s; Bert Stern, “Marilyn with Apricot Roses,” 1962; Andrés Serrano, “Hooded Warbler II,” 2000; Finn Juhl, dining table and six chairs, 1960s. |
“I love helping new collectors get started,” Leibowitz says. “It can be intimidating to come to an auction for the first time. It helps to call first or come to the previews and talk to us.” Specialists like Leibowitz will tell you anything you need to know about the condition of a piece, the artist, the medium, why something is priced the way it is and strategies for bidding.
Young collectors are big business, and regional auctions—long known as excellent venues for finding quality pieces at good prices—are getting a run for their money as the major houses are adding sales geared to courting new collectors. House sales at Doyle New York have been popular since the 1970s, featuring the entire contents of houses displayed in a home-like setting. Christie’s has tripled the size of its own monthly house sales and, two years ago, launched “First Open” mid-season sales, appealing to younger collectors by focusing on emerging artists and less-expensive work from established names. Christie’s also offers monthly gallery talks and panel discussions to demystify the auction process and examine art market trends. In a similar spirit, Sotheby’s holds frequent “Arcade” sales, Phillips de Pury & Company attracts a hip Manhattan crowd with “Saturday@Phillips” and Bonhams & Butterfields’ monthly estate sales draw dealers, young homeowners feathering their nests and seasoned collectors alike.
Following are categories that experts advise young
collectors to consider when they’re seeking to start a
collection.
ANCIENT JEWELRY AND GLASS
Fine antiquities in good condition are rare, and that keeps prices high in this category, but there are notable exceptions, such as ancient jewelry and glass. A large percentage of the jewelry offered in Christie’s annual sale in December sold for under $5,000. A Roman gold finger ring made in the second century A.D., with beautiful granulation and a garnet engraved with a bee, went for $2,400.
One risk in buying ancient jewelry is that exact origins can be difficult to determine, even for
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Rembrandt van Rijn, “The Three Crosses,” |
Ancient glass, because it was produced for household use, is easier to track and available in larger quantities than art objects. “There are splendid things you can get for under $5,000,” Bernheimer says. “We sold a gorgeous Roman glass jug, almost 9 inches high, for $4,800 in December. “This field is not without its pitfalls,” he continues. “You need to ask about provenance, condition and quality—compared to other things. Do as much research as you can. Museum visits are essential. Buy auction catalogues and books. The more ammunition you have, the better off you will be. Be wary of the Internet, particularly with antiquities and old jewelry. It’s caveat emptor.” 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.”
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.”
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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.FOR MORE INFORMATION
►AAF Contemporary Art Fair
New York
212.255.2003
www.aafnyc.com
►Christie’s Prints Dept.
212.636.2290, Cary Leibowitz
cleibowitz@christies.com
www.christies.com
►Sotheby’s Print Department
New York
212.606.7117
www.sothebys.com
►Bonhams & Butterfields
Los Angeles, 323.850.7500.
New York, 212.644.9001.
San Francisco, 415.861.7500.
www.bonhams.com
►Phillips de Pury & Company
New York, Lisa Newlin Galeano, New York Head of Photographs, 212.940.1247.
lgaleano@phillipsdepury.com