Art Consulting

Exhibitions Popping Up

2009-11-03T08:09:00.000-08:00

Exhibiting artwork does not always require a substantial budget or any funding at all...if you are creative, resourceful and bold!

A few pop-up gallery success stories were discussed in an article published by The Art Newspaper last month. In each case, the projects "benefited in one way or another from a decline in property values, which has meant that some spectacular venues have been available that would normally have been redeveloped or occupied by commercial operators."

If nothing else, this article is a valuable reminder that artwork is the core of an art exhibition. Everything else is secondary.

Click here to read the article

Art Insurance Restrictions

2009-10-15T10:47:00.000-07:00

Gallery owners and art dealers have been warned.

A combination of new software and raised awareness of the potential for large-scale destruction caused by natural disasters, such as hurricanes, and terrorists attacks has led insurers to put a cap on their maximum aggregated value. This means that it will be more of a challenge to insure art collections that are displayed or stored in a singe location at any given time, including long-term storage facilities and at temporary events such as art fairs.

The Art Newspaper reported the warning in their Frieze Daily Edition, which was issued by an executive director for the Heath Lambert Group in London, Richard Northcott.

Northcott made the following statements on the issue:

For a long time nobody in the insurance world was monitoring the cumulative value of art shown at fairs or kept in storage,” explains Northcott. “But in the last two or three years the industry has become a lot more sophisticated and a lot more aware of the issue.

There is a limit to the insurance market’s capacity for the cumulative value of policies for a single event like an art fair,” says Northcott. This stands at around $2bn; the insurance value of art at Frieze this year is much lower as the downturn in the contemporary market has led to declining prices, and the many younger galleries exhibiting for the first time are offering less expensive, emerging artists. But he believes that as the art market recovers, “all major art fairs will come under scrutiny by the industry.

Click here to read the article

The value of an original fake

2009-10-03T16:16:00.000-07:00

Prior to 1960, when it was donated to the Courtauld Gallery collection in London, The Procuress was considered a forgery from the first half of the twentieth century. However, recent studies surrounding the work have proven its authenticity as a product of the Dutch Golden Age.

An article published by The Art Newspaper presents a brief overview of the current research, as well as the key issues regarding the origin and significance of The Procuress. It also raises an important question about the possible change in value of the painting. "The Courtauld picture is not, of course, for sale, but it is interesting to consider whether it is more valuable financially as a 17th-century copy or a Van Meegeren fake?"

Click here for the article and find out

Hello, My Name is....

2009-09-08T12:28:00.000-07:00

My Name is Charles Saatchi and I am an Artoholic: Everything You Need to Know About Art, Ads, Life, God, and Other Mysteries and Weren’t Afraid to Ask

This book's title is as long and convoluted as the titles of the works of art he has helped fund such as Damien Hirst's The Physical Impossibility of Death in the Mind of Someone Living, which sits at the Metropolitan Museum of Art until further notice.

Charles Saatchi, an advertising guru, is currently marketing his book, which will come out on October 7, 2009. He has kept silent for so long and out of the media spotlight, but now the whole world will be able to take a glimpse into his mind as he has written in his book. It is almost an autobiography by the infamous art collector.

The Telegraph has interviewed Charles Saatchi, who is happily giving some promotion for his book.

This is also his way of saying to the exterior world to leave him alone as he will still remain a very private man. All the answers that will ever be told will be in this book and can be used as a point of reference- he still wants no phone calls, simply the bare minimum.

Art iPhone Application

2009-09-01T07:24:00.000-07:00

Time is so precious, which is why you want to use it really efficiently.

For those of us who have an iPhone there is this amazing new application for art lovers.

One is called ArtNear. It has five views (Near, Venues, Artists, Calendar and Bookmarks) and the "Near" function helps you navigate from where you are in town to the nearest art venue.

The second one is called the Brooklyn Museum iPhone App, which is meant to make the art museum visiting experience more interactive and personalized. This means it's not a standard museum visit everyone will go through and listen to the same recording. It means you pick an artwork and then the application does the curating for you....so you see artwork that are tailored to your tastes. I guess it works in a similar way to the Pandora app, but for art while you're in the museum. Sounds awesome.

I found out about these two i Phone apps while reading an article that popped up into my MutualArt.com account- I love technology updates, it puts my time to good use!

The article is called Technology-Enhanced Art Viewing if you want to check it out.

Russian Dealer Suing Luhring Augustine Gallery

2009-08-26T07:48:00.000-07:00

The Moscow art dealer Gary Tatintsian has sued the Luhring Augustine gallery for a breach of agreement of $3 million with regards to art by artists George Condo and Richard Prince:

April 2008- 12 new Condo paintings for a total of $2.7 million were put on reserve to Gary Tatintsian by the Luhring Gallery (representing George Condo)

July 2008- Tatintsian pays $1 million in advance and expects the paintings to come in bit by bit a year from now. The contract states two Condo paintings are to be delivered every month and Tatintsian will pay for the paintings as they are delivered.

August 11 2009- Tatintsian files a lawsuit against Luhring Augustine

" 'We paid a year ago and haven’t seen the paintings,' Tatintsian said in a telephone interview. 'During this time, I saw eight works Condo did for other collectors. I won’t let anyone treat me like this.' " - From a Bloomberg article reporting on the filed lawsuit against Luhring Augustine

The story continues:

"This summer, Luhring Augustine offered the dealer five Condo paintings valued at $1.04 million and matching the specifications outlined in the agreement, according to Netzer.

'Tatintsian has steadfastly refused to accept delivery of the paintings or even to look at them,' Netzer said in an e- mailed statement.

Tatintsian said the gallery offered the paintings too late and that they weren’t the ones he wanted. "

When things don't go according to plan, lawsuits always seem to get brought up. However, in the lack of transparency in the art world this is still a difficult field to grasp or to settle in a court room because who is to say that the Condo paintings weren't the ones he wanted if they haven't even been created, but simply consigned as 'new contemporary artwork.' When is the artist going to have a say in where the artworks actually belong?

To read more on issues of art appropriation and art law see my article entitled Who Does Art Belong To?

Andy Warhol Michael Jackson Portrait Sold...for now

2009-08-19T07:28:00.000-07:00

The Andy Warhol Michael Jackson portrait seems to have caused a lot of ups and downs in the art world, especially after Michael Jackson's death.

Here is a brief timeline highlighting relevant dates on the journey of this Andy Warhol portrait:

May 2009 Sotheby's sold for $278,500

June 25 2009 Michael Jackson dies at age 50

July 12 2009 On the last day and at the very last minute of ArtHamptons, due to the death of Michael Jackson, the Vered Gallery decides to have this piece consigned as part of a silent auction.

However, on July 12 the Vered Gallery decides to remove the portrait from the auction, most likely due to the lack of organization and timing to create a proper auction - the emotional stress of Michael Jackson's death was still very strong worldwide.

August 19 2009 New deadline for a second attempt at creating a silent auction for the Michael Jackson painting. At 8pm, the minimum bid is $800,000. This time, the piece had traveled to Los Angeles and New York for previews alerting interested buyers that this artwork is on offer.

Sadly, the death of Michael Jackson is no longer the most discussed topic worldwide, so some of that fever has died down. The result? The portrait went for an undisclosed amount (first they said it went for "millions" then changes that to over $1 million) by an unidentified buyer. It was estimated to go for up to $10 million. What an anti-climax....

A Bloomberg article mentions "Lehr (the gallery owner) said she expects the man who bought it from the gallery to consign it back to the gallery to resell." How long is this saga going to continue?

It seems to be harder and harder to differentiate what is actually going on - has there actually been popular demand they are just hiding from the public or is this discretion and silence a sign the auction was a failure?

Art Consultants and Advisers Increase in the world

2009-08-10T09:04:00.001-07:00

I came across an article observing how there has been a rise in art consultants and advisers with the layoffs occurring in art auction houses, the art advising department of UBS, museums, and the list goes on as a consequence of the dire economy. The logical and smart move is to put your art experience and knowledge into becoming an art consultant.
Inside the world of the art adviser gives some insight as to why this might or might not be a good career move.

The article says
"So what do the advisers do? “The good ones give us, as dealers, access to great collections,” says Andrew Silewicz of Sprüth Magers (2.0/D4). “They focus their clients and do the legwork for them.” This means, as well as buying art, they are curating, keeping abreast of the art world and dealing with loans and exhibitions. And according to Basilico, the adviser can have an educational role for newcomers to the market: “He or she can turn a new buyer into a speculator—or a collector,” he says."

"So how do you find a good adviser? Word of mouth is worth its weight in fine art. “We typically get our clients through recommendation,” says Basilico. “We check new clients very carefully before accepting reservations,” says Goodrow. And Schwartzman advises the starter collector to be guided by their local museum community."

Overall to be a good adviser experience is key.

MutualArt.com art information resource

2009-08-03T07:39:00.000-07:00

In art consulting one of the most important things you can do for yourself is to be constantly updated with news upcoming in the art world. By news I mean if there's any mention of emerging contemporary artists, gallery exhibitions to take note of, or important auctions that might interest clients.

This is easier said than done because there are so many art news sources to choose from. My favorites are Artforum and the Arts section of the New York Times, but this is not enough to get a well-rounded perspective of what is going on.

Luckily for us MutualArt.com came along to save the day (or simply to make our lives easier and more efficient.) This is a useful art resource website dedicated to collecting all worldwide art information news so readers can have one place to go to, login, and have updated articles featured everyday.

Even better than this it also tells you of art events in your area currently happening (gallery openings, museum exhibits, art auction house sales, educational programs, and so on.)

Also as an art consultant, I find that my clients have a variety of tastes (from art history periods, to preferred art mediums, nationality of artists, to where my clients are geographically located.) MutualArt.com provides the option of creating a personalized profile where you can pick your artistic preferences and cities and the news, articles, and events that pop-up on your main page will be relevant to your indicated preferences.

Therefore, every time I have a new client I update their preferences, city location, specific artists, and likes into my MutualArt profile so I can be aware of art events helping me become a better art consultant.
There are many art resources out there you can pick from, new technologies to help the art world function (such as ArtBase, ArtSystems) for better managing. This is simply a new addition!

Check out this video for MutualArt.com

Art Consulting Books and Reading

2009-07-28T08:22:00.000-07:00

Art consulting is a relatively new field to start or continue a career in so it's hard to find first hand tips or advice on how to become an art consultant or adviser. However, I find that reading about other people's experiences or books can always help to get an idea of what is expected. Here's a reading list that can clarify some of the mysteries of the art world.

The Art of Buying Art, With the Help of an Adviser- The New York Times article

The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art by Don Thompson

The Worth of Art: Pricing the Priceless by Judith Benhamou-Huet

A description of Seven Days in the Art World by Sarah Thornton

The Art of the Steal: Inside the Sotheby's-Christie's Auction House Scandal
by Christopher Mason

Shepard Fairey and Art Law Considerations

2009-07-20T09:30:00.000-07:00

As a consultant, one always has to keep in mind how several factors affect the decision making in art. The law side of art has always been in my mind a tricky subject because in the end who does art really belong to? Is it the artist and their family, the buyer, the own who discovers an art work, or the public? Then, getting even more complicated is how does this change the meaning of art when appropriation is introduced? In business, this can lead to expensive and messy litigation. Take the Shepard Fairey and Associated Press example with 'art' for the recent President Barack Obama campaign.

The basis of this case is the Associated Press photographer Mannie Garcia took a picture of Obama during one of his speeches for the campaign and it is for AP. Then, a street artists Shepard Fairey also known for the Obey phenomenon adapted the AP photograph to create a HOPE poster of Obama that everyone learned to recognize so well.

He has been arrested at least 14 times!

More information on the variety of events surrounding Shepard Fairey can be seen on a quick search MutualArt.com

Arts Management Network

2009-07-13T05:41:00.000-07:00

I came across a very useful and instructive website called Arts Management Network for all of those interested in arts managements, art networks, and overall a useful art information resource.

It informs about several branch fields in the arts from cultural arts backgrounds working as art management, business consultant, art professors, UNESCO, philosophy, and the list goes on. It's an initiative to combine people in different fields but all have art as a common denominator. It also informs of useful meetings or conferences on art topics.

Michael Jackson Portrait by Andy Warhol

2009-07-06T11:55:00.000-07:00

On May 13 of this year an Andy Warhol portrait of Michael Jackson went up for auction at Sotheby's for $278,500. Almost two months later, including the unfortunate death of Michael Jackson, the current owner of this portrait will most likely make a HUGE profit- If taken the right measures. Except my opinion, as a consultant, is that they're taking the wrong steps for the painting in the method of auctioning/selling this precious consignment.

First of all the current owner of the portrait is an unidentified New York collector (this is not a problem, it'll simply add mystery to the current owner and might actually act in favor of the portrait.) However, it will be auctioned off through a silent auction at an art gallery in the Hamptons at the Vered Gallery. Yes, it might bring more publicity and benefit this venue in the long run, but not many people will know about this gallery's existance to begin with, and frankly if not all interested parties are contacted to let them know about the existence of an Andy Warhol Michael Jackson portrait, then there won't be many bidders participating.

The next mistake is that there isn't enough time for advertising and publicizing this important event. Michael Jackson memorabilia is more popular than ever now and can make huge profits, except his death came abruptly, so the fever to own Michael Jackson items is stronger than ever. However you still have to advertise well, otherwise poeple in the international art scene will be left in the dark. Michael Jackson is an international phenomenon, he's a pop idol like no other, and to auction off his portrait well, EVERYONE needs to know about it, and frankly Sotheby's and Christie's know how to do this best- so why were they not contacted?

My third point is the silent auction. These are good for keeping business covert. Michael Jackson is mostly everyone's obsession, why keep it to phone bids or internet bids? This seems nonsensical, I would want to see an actual physical auction fight to drive the value and price of this portrait up, and that would surely happen in the appropriate atmosphere. It's actually quite ridiculous it's being done through a silent auction with days of bidding (from July 3rd to July 12). This leaves too much time for people to think whether it's rational for them to bid or not. A lot of impulse decisions go on at an auction, you want to take advantage of this within a few minutes, not a few days.

By keeping it so anonymous, there's going to be a lot of confusion as to who gets the legitimate final bid, because I know when you put the king of pop and the king of pop art together, it's going to be an explosion of desire within art collectors. This piece is incredibly valuable, and will be for the future as well. Whoever, wins it at this silent Hamptons auction will most likely get huge profits once it's put on the auction market for real. I can feel Christie's and Sotheby's already looking at this event in amazement- if they are going to be smart about this one, they would in fact try to be the highest bidder at this silent auction.

The minimum bid is $800,000 for the Michael Jackson portrait. It's also going to close at the last day of the Art Hamptons International Art fair which is another problem in my book. Who has ever heard of the ArtHamptons Art Fair? Who goes to this fair? I mean if it's going to host such a fantastic piece, their website should at least look a little more exciting. Or maybe by having this Michael Jackson portrait, it will bring more attention to the fair itself since it is competing for a larger public and hasn't given up in the weak economy.

I guess it's good that a portion of the proceeds will go to supporting Shderot, a town in Israel that got bombed for eight years by the Palestinians. Then again this is bringing politics, a complicated and delicate politics not necessarily directly affiliated with Andy Warhol and Michael Jackson. As noble and great it always is when proceeds are given to charities, this one may drag more complications and deter bidders- again not the best move for the auctioning of this painting.

It's sad so much value has been injected into this portrait due to the death of the celebrity, but the demand is definitely there, this is a historic event and people want to remember him in many ways not just through his dancing and music. What will be the outcome?

My advice for the mysterious NYC collector owning this portrait is be the highest bidder and give it a proper auction, because someone else will just like Michael Jackson is getting a proper funeral.

The Art Patrons of Our Day

2009-06-29T12:43:00.000-07:00

History loves to repeat itself and so "Today's billionaires are no different from the grand dukes and popes of the Renaissance or the merchants of 17th century Amsterdam. They buy art to appreciate it, to learn from it and to profit from it" as is stated by Forbes' article Top Billionaire Art Collectors

The advantage of having billionaires obsessed with collecting art is that at the end of their hunt, it usually will amount to a collection for a new museum or public space everyone can enjoy. Who are these art lovers of the world with Rembrandts hanging in their homes or 12 million dollar sharks?

S.I. Newhouse (publisher, Conde Nast)

Steven A. Cohen (hedge fund)

Charles Saatchi (advertising)

Ronald Lauder (Estee Lauder heir)

Eli Broad (house building and insurance)

Francois Pinault (retail and luxury goods)

It continues "the individuals on whom we focus are those who collect with consistency, boundless appetites and the necessary billions to satisfy them. Fact: We have been living through an astounding boom--one that far surpasses its predecessor of the later 1980s. As with the 80s, much of the market is being made by the New Money" which is why the list focuses on just these few the ones with billions and are really in for the art.

Although this is from 2005 and there are probably newcomers today, this gives a good idea of the kind of billionaire art lover the art world raves after.

Versailles and Jeff Koons, What's Next?

2009-06-22T08:53:00.000-07:00

I was checking my daily articles on my account at MutualArt.com when I came across an article on Jeff Koons and his Lobster that was showcased in the Chateau de Versailles Jeff Koons exhibit outside of Paris. I remembered all the outrage, curiosity, and talk this show instigated last year. If buzz can be created, it means it is bound to happen again and that is exactly what people have in mind.

Jeff Koons' Versailles show has opened up a whole new way of exhibiting art works and commenting on the ways of the old. The irony at hand I guess is that one of the symbols of brand name art, the status of our day, what is exciting and popular and exhuberant somehow doesn't fit in with its equivalent of the 17th century during the time of the Sun King (le roi soleil.) I guess it didn't fit in with the living room?

The French artist Xavier Veilhan will be the focus of the next exhibition at the chateau de Versailles where the first piece has been described as "A dynamic sculpture depicting a team of bright purple cube-like horses pulling a carriage" as on cbcNews. Maybe because the artist is French there will be less rioting this time around- and maybe less visitors. Who knows but we'll find out in September.

Useful Art Blog

2009-06-15T13:52:00.000-07:00

As an art consultant it's good to get tips from other art consultants as well and see how they think and what issues strike their interest in the vast art world.
LPDM Fine Art Consulting has a great blog with articles ranging from recommended books to read, how to buy/sell your art, general reviews on art fairs, art auctions, recent controversies, explaining art law, and other relevant terms.
It is just a good informational tool.

Here's the link to the blog
Take a look if you get the chance!

Art Investment Firms

2009-06-08T13:12:00.000-07:00

This post is meant to bring some clarity into the art investment firm business. What is it exactly?
When investing in a portfolio, it's important to have a certain amount of diversity, you know, in case things don't work out with one of your investments so you haven't put all your eggs in one basket. Investing in art serves that purpose when diversifying your portfolio of investment, it provides another alternative for returns on assets. It seems like those investors from Wall Street want something new, high risk, high status, exciting, and hopefully beautiful- if they ever get to see the art they invest in.

The New Yorker wrote an article on the subject, which explains it well . Click here for full article.

"In 1904, André Level, a French financier, persuaded twelve other investors to contribute two hundred and twelve francs apiece to a new investment fund called La Peau de l’Ours (“the skin of the bear”), which was targeted at an unusual market: modern art. Over the next ten years, the fund bought more than a hundred paintings and drawings, including major works by Picasso and Matisse, before selling off its entire collection in a giant auction, at the Hôtel Drouot, in Paris, on March 2, 1914. The sale was more lucrative than even Level could have hoped: some paintings went for ten times the original price. When it was over, the partners found that they had quadrupled their initial investments."

A trick to making something valuable, is keeping it scarce, unique, and one of a kind. This type of investment brought high returns, however, can this still be the case with so many of these firms popping up in recent years?

Here's some of the names coming to mind:
Fine Art Wealth Management (UK)
Aurora Fine Art Investment Fund (Moscow, NYC)
Fine Art Fund (UK)
The Artist Pension Trust (Global)
The Art Trading Fund (UK)

Creating a Unique Art Collection

2009-06-03T12:49:00.001-07:00

Sometimes people wonder what makes for a good art collection and what's the importance of art collecting? The easy answer is probably what makes the collector happy, what they like. However, most times this is a very ambiguous desire- most people don't really know what they want or like.

I came across an article with some insightful advice on www.artbusiness.com where "Step one is being true to your tastes. This means acknowledging that you like certain types of art regardless of what you think you're supposed to like or what seems to be the current rage. All great collectors share this trait-- that's one thing makes their collections stand out."

Collect what you like, this much is true at anytime, but what people also seeks is something of value, meaning something valuable to the eyes of others, something that is desired by many people, but only you possess it- that's a powerful collection.

Another insight is be open and look everywhere "Don't confine yourself to the same museums or galleries or wherever else you've been looking at art. Get out there and see what else is going on." This is important for diversity in the collection and avoiding a collection that looks like the next one.

A novice collector will buy what he likes because that's the initial first step. However, for the collection to mature it has to make sense and create links with the other items in the same collection so the collector will say "Not only do I love this sculpture, but it's also a prime example of the artist's best subject matter dating from his most productive time period and it fills a major gap in my collection." The collection is complete once all the pieces of the puzzle are fit together, the art consultant can then help to find these missing links and pieces.

Another interesting point is documenting your art pieces. Take the time to record the title, ownership history, artist statements, any associated stories, pricing etc. because once the collection has grown large enough you may forget some of the small details that made an artwork so fitting when you made the initial discovery.

To view the full art collecting posting see here.

Art Basel Prospects

2009-06-02T13:14:00.000-07:00

As Sam Keller, the Director of Art Basel, resigns from his position, he leaves us with this advice:

"Change continuously with the art world,'' Keller, 41, said in a telephone interview from the Swiss city. "Listen to the galleries who have what it takes to make an art fair.''"

(From Bloomberg: read full article)

So what do these galleries have to say? As an art consultant, Art Basel is one of the major events for the primary art market. For galleries, it is highly recommended to invest art fairs since the exposure presents so many opportunities. Everyone is going to be there from the USA, to Europeans, to the Middle East, and Asia. The same advice goes to art consultants, clients will want to know what's up, especially at Basel, and especially because UBS (the main sponsor of the event) decided to close its art advising department. A sad moment, but it means we have to reassure clients of our necessity even more. It seems like changes are happening with a vengeance, I'll be curious to know what insight will come from Art Basel- I certainly am excited!

How 'bout a Miami winter?

2009-05-27T13:13:00.000-07:00

I know it seems like a long time until December hits us, but it's not too early to start thinking about booking rooms and flights for this December in Miami.

Along with Art Basel Miami - the most famous, there will a slew of other fairs (and I'm just touching the tip of the iceberg):

Art-Miami:
The Miami Midtown Arts District
Midtown Blvd (NE 1st Avenue) between NE 32nd & NE 31st Street
Miami, FL 33137

Aqua Art Miami:
AquaHotel in South Beach, near Art Basel Miami Beach
and Aqua Wynwood in the heart of Miami's gallery district

Red Dot Art Fair
Wynwood Art District Art Midtown,
corner of 36th Street and NE 1st Avenue/Midtown Blvd ,
Miami, Florida 33127, U.S.A.

2009-05-19T12:36:00.000-07:00

(image - Josef Albers, Homage to the Square: In Late Red, 1959.

This week I thought I would focus on an extensive corporate art collection - that of JPMorgan Chase.

The JPMorgan Chase Art Collection began in 1959 when David Rockefeller, then president of The Chase Manhattan Bank, established the firm’s art program and took the lead in corporate art collecting.

By using a programmatic approach to acquisitions, this collection became a model for other companies worldwide.

In 1960, under Rockefeller’s leadership, an illustrious group of art experts were invited to join an advisory committee to guide the program’s acquisition strategy and set the standard for corporate art practices and administration.

Joining Rockefeller on the Art Committee were renowned museum directors and curators, including Alfred Barr and Dorothy Miller (The Museum of Modern Art); James Johnson Sweeney (Solomon R. Guggenheim Museum); Robert Hale (The Metropolitan Museum of Art); Perry Rathbone (Museum of Fine Arts, Boston) and Gordon Bunshaft (SOM).

With a mandate for high quality and originality, the committee established the pattern that the firm follows to this day. The JPMorgan Chase Art Collection is now one of the oldest and largest corporate collections in the world, focusing on modern and contemporary painting, sculpture, works on paper and photography. The core collection is enhanced by a diverse range of objects from every country in which JPMorgan does business, offering a unique perspective on the firm’s culture.

Auction buzz

2009-05-14T13:38:00.000-07:00

The art world is buzzing with news from the auctioneers. Both Sotheby's and Christie's held their spring Post-War and Contemporary Auctions this week, and things went a little bit better for Christie's.

From the New York Times: (read full article)

One night collectors seemed resistant to part with their cash; the next evening they were clamoring to bid. Such was the auction whiplash that occurred over a 24-hour period. Unlike Sotheby’s sale on Tuesday, where bidding was thin and buyers reluctant, Christie’s auction of postwar and contemporary art on Wednesday showed a different face altogether. It was a buoyant hour and a half during which record prices were set for recognized artists like David Hockney.

The sale totaled $93.7 million, just under its high $104.5 million estimate. Of the 54 works up for sale, only 5 failed to find buyers.

(image - David Hockney's Beverly Hills Housewife brought in $7.9 million for Christie's)

Consulting in lean times

2009-04-03T07:10:00.000-07:00

Art Consulting is not for the faint of heart. It, like any independent small business, requires moxie, strength, ability to withstand not so great times, and a real g0-getter attitude. I'm lucky that this is a job I love and something that I've stuck with for enough years to forge some strong relationships. In times like these, I see all these newcomers to the art world struggling to find their footing and grasp on to any position available.

For all those aspiring art consultants out there, I suggest that you keep doing what you love. Perseverance pays off in this sort of economy. And use this time to really seek out what you love - if you're working in a gallery and you'd rather be in a museum, try and make that change happen. Go out there to all the events you can find and network, network, network.

I've recently discovered a very useful resource just for this - it's a sort of web content aggregator that recommends all these great events and exhibitions. I've been using it a lot lately. Check out MutualArt.com and let me know what you think. And for all those new grads - keep your heads up and jobs will come along. You have your whole life to work and now to explore the art world in all its glory.

Maastricht Art Fair

2009-03-16T07:39:00.001-07:00

Sorry I've been gone for so long. I've been fortunate enough to spend some time in Europe for the Maastricht Art Fair. Many of the clients that I represent prefer contemporary art, but every so often I'll come across someone who is really interested in finding some quality old master pieces. I'm actually finding that many people are turning to old masters in this recession because they are thought to hold their value better than other styles of art. It is a tried and true painting style that never had that major spike in prices - and thus never had the dip.

This fair is a force to be reckoned with - and while it has seen a bit of a decline in interest in recent years - dealers are still bringing high quality works of art to market. I'll give a bit more of an update once I have a chance to sit down and breathe a bit.

Armory Show

2009-03-02T08:34:00.000-08:00

Just a quick reminder to all you art-minded folks that you ought to get out to see the Armory Show in NYC this weekend. It should be a great art fair with some really wonderful pieces. I always look forward to this show.

The first step to learning about collecting is learning about the art - especially the types of art that you like or would like to start collecting.

Have fun!

Here is the information for anyone who'd like to see it:

Website

Dates and Times:

Piers 92 & 94

Twelfth Avenue at 55th Street
New York City

The Armory Show 2009 Opening Day takes place Wednesday, March 4th for invited guests.

Opening Hours:
Thursday, March 5 - Saturday, March 7 Noon to 8 pm
Sunday, March 8 Noon to 7 pm

Tickets:

Advance discount tickets are available online: PURCHASE TICKETS

Admission tickets are available at the door during show hours.

Ticket prices

General Admission US$30
Students US$10
Groups (10+) US$15
Run of Show Pass (4 day) US$60
The Armory Show/VOLTA Dual Pass US$40

YSL Auction

2009-02-27T08:21:00.000-08:00

Now that I've given you all a little bit of an overview of the art world - don't worry I'll keep writing and keeping you informed - I wanted to note that one of the biggest sales of my lifetime has just happened in Paris. Christie's held a three day, six auction sale for the estate of the late Yves Saint Laurent. All the proceeds are going to his partner's foundation for research into AIDS. Well, the sale went phenomenally well selling over 96% of all items for $477 million. Yes, you read the right - almost half a billion dollars for an art, decorative art, and furniture sale. Incredible right.

So while all the world is worried about finance there are people who have the money to spend $28 million on a "Dragons" chair. The sale may well save Christie's this year (no such luck for Sotheby's yet) and will hopefully show the world that we're not in a permanent downward spiral.

Navigating Auctions

2009-02-23T08:11:00.001-08:00

Auctions are one of the more scary elements of the art world. They are big, they are public, there is a lot of money changing hands and there is a whole world of auction language and procedures. I want to give you a couple of tips of the trade to help you navigate this world. And once you get in there and start your bidding, you'll find out that there is really nothing to be afraid of. In some ways auctions are the least scary of any of the art world entities - at least they are transparent.

Bidding: remember to register for a paddle number if you're interested in making a bid.

Phone Bidders: many of the big-time bidders in the art world don't actually make it into the auction room. They may use phone bidding to make a buy or may ask an art consultant, like me, to purchase the piece for them.

Chandelier Bidding: This is a somewhat controversial procedure in which the auctioneer takes fake bids in order to rev up energy in the room. It's not illegal because he never goes above the point where a piece could actually sell -- all this fake bidding is done before a piece meets a reserve.

Catalog: get a catalog well before you're ready to attend the auction so you can look over the estimate prices (how much the auction house thinks things will sell for). This also gives you an idea of the reserve price - the reserve MUST be below the low estimate and is usually 70-90% of the low estimate.

Now remember don't be intimidated. While auctions used to be primarily trade (gallerists, dealers, etc.) many more public figures are attending. But you can see one of these "Trade" auctions by attending a rug, jewelry or wine sale. Have fun!

Lower East Side Galleries

2009-02-20T07:36:00.000-08:00

Since the New Museum moved into the Lower East Side of NYC not long ago, several (well...maybe 45) galleries have shifted operations and moved their locations into the area. It is making the LES into a bit of a hotbed of artistic creation and innovation in the gallery scene. I had the pleasure of attending an opening at one of these new, hot galleries recently.

The show, called This Has Been, is about the intersection between creation and technology, old and new, start and stop, analog and digital etc. It was a show that was well-curated with some really great artists who I was unfamiliar with. Michel de Broin is a well known Quebecois artist who creates giant fluid sculptures out of common objects - his piece in the show was a fireplace made to look like a television set. It was so clever while still being very beautiful and sleek. I very much enjoyed it and if I were making more money than I am right now I would have bought it up in a second. There was also an artist called Anne Deleporte - she created a giant wall mural out of newspaper which she then selectively painted over to leave only clever sayings or pictures. I really enjoyed the show a lot and would recommend that anyone out there with some free time hanging around the LES (as many of you are want to do) should stop by.

The gallery is called On Stellar Rays and is located at 133 Orchard St.

Navigating the Art Fairs

2009-02-12T13:59:00.000-08:00

If you're from a big metropolitan art city like New York, navigating the art world if your city is half the battle. So if you can master the galleries (or at least get a good feeling about getting around them) you're nearly there. But if you 1) are not from London, Milan, NYC, Beijing, etc. or 2) have exhausted your interests with your local art you need to expand your agenda and take to the art fairs.

Art fairs are an amazing way to see international galleries of all sort with really great quality art. If you live in the US, Miami Art Basel is the place to go. Not only will you get a whole slew of art from the best galleries in the world all in a single convention center in Miami (what more could you ask for) but there are a plethora of satellite fairs in and around Miami. If you live in Western Europe you might find yourself visiting the Frieze Art Fair. If you live in China or Eastern Asia you might find yourself visiting the Shanghai Art Fair. Maybe I should profile the different art fairs because they are all different and interesting in their own way.

Navigating the Galleries

2009-02-09T09:23:00.000-08:00

One of the prime roles of an art consultant (whether dealing with commercial/corporate clients or private clients) is being able to navigate the art scene in a given city. I've spent way more time than I'd care to admit traversing the streets of New York City's gallery districts - Chelsea, 57th St., SoHo, Williamsburg, The Lower East Side, etc. Where there is a gallery, you'll more than likely find me there.

All this wandering and looking and studying has made me something of an expert in the gallery field. I know quite a few of the gallerists personally, I take a strong interest in knowing what shows are up now, which are worth seeing, which are especially well or poorly done. It's all part of the job.

One of the first things I do upon meeting a potential client is to try and get a feel for their personal likes and style. We might go through MOMA and wander through picking through an "ideal" collection. Do they like modernist, dark colors, pastels, uplifting depictions, photography. Once I get a basic feeling for this, I can then narrow down which galleries the client would most enjoy. It's then that we get serious about our work. It's up to me to put together a sort of travel itinerary of galleries and finally get the client out there to see some art that's for sale.

Private Consulting

2009-02-05T17:19:00.000-08:00

Private consulting is a whole other beast from corporate consulting. When dealing with large corporations, you'll often have to deal with committees, bureaucracies, paper trails, etc. When dealing with a private family or collector, you've got to deal with clashing personalities, budget inconsistencies, changing tastes, and all matter of relational issues. Each is certainly challenging in its own way, and art consultants must learn ways and means of dealing with each.

In my years of consulting, I've learned some tips of the trade that I'd like to share. These work both when dealing with commercial and private clients, but I've found them particularly helpful with private clients.

A client is a person, too. Appreciate personality differences and learn to laugh about your differences.
Listen, I mean really listen to what people have to say
Be honest with expectations
Don't make promises you can't keep
Work hard, do good.

Commercial Consulting

2009-02-02T08:49:00.000-08:00

When most people think of art consulting, they probably think of the private client art consultant - the man or woman who goes around with ritzy clients trying to find that next Picasso that completes their collection. But art collecting goes beyond the private home and in fact many of my clients are commercial entities like banks and law firms.

Businesses use art as a way to brand themselves - that is to create a message about what it means to do business with XYZ, LLP or ABC, esq. In boom times, these entities have also used art as an alternative asset class. For a while, art was seen as a more stable alternative to stocks and bonds. According to the Mei-Moses index, art sales have kept up with or outpaced the S&P 500 for years and years (this may, as it turns out, be a bit biased since the Mei-Moses index only tracks works of art which have gone through public sales and if you're shopping around an expensive piece and you take it to public auction, you better hope it sells. Only the best, and most likely to sell, are ever taken to auction. The rest of these pieces often sit in attics for years). Banks and law firms or other companies with lots of capital tend to put their money in art both for investment and for decoration or branding.

Depending on the size, scale and ownership of the business, budgets and aims differ widely. But these relationships can be more long-lasting than with private clients and often more lucrative because these firms often can afford and can hang more pieces of art than a private collector. Personally, I think corporate art consulting very challenging and invigorating. But it may also be more taxing as you have to learn to deal with committees and bureaucracy.

Status Symbol

2009-01-30T08:44:00.000-08:00

Art has been a status symbol for as long as it has existed - though it has changed formed dramatically. Back in the days of the Greeks and Romans, emperors and wealthy merchants collected art to adorn their homes, to tell stories, to commemorate fathers and brothers who'd come home from war. Art became a status symbol purely because those without wealth and some sort of status or officially recognized business couldn't afford it.

But as the arts and society progressed and evolved (and art became less of a craft and more of a art), the arts became more than just a marker of wealth. People were looked upon fondly if they could recall Ovid, or the Temple of Artemis or if they could discuss Leonardo. Art became something exclusive - that is, not everyone had the faculties (most likely, this means the wealth in order to be educated in something unessential to one's well-being) to appreciate art. Art, in this period, becomes something for the educated, superior, and wealthy class.

For the most part, the arts have remained in this station. The one major change was the democratization of the study of art history. 50 or 60 years ago, there were few educational institutions which would teach art history - it wasn't a subject in school the way it is today. There weren't the plethora of students learning about Modernism, Medieval Art or Mannerism. Because of this educational shift, there are suddenly many more individuals both expert at and interested in the arts. This has brought a bottom up democratization to the field.

While art still remains a major status market, it doesn't have the same cache as it once did. Most everyone knows the major artists of the day and of the recent past. Most everyone can point out the differences between a Van Gogh and a Damien Hirst. But, still, not everyone can afford these luxuries. That remains the distinguishing factor in the arts - no longer knowledge but a return to status as marked by wealth.

Why Buy Art

2009-01-28T08:39:00.000-08:00

If you ask any two collectors, no doubt their reasons for buying art are entirely different. Motivations range from investment potential to the sentimental to finding a place in art history. No matter your motivation, my bet is that your thoughts run the gamut. For example, even the most academic scholar will still consider the investment potential of an artist/painting before sinking a substantial sum into a work. Unless you are Bill Gates or Warren Buffet, there is little chance that you could consider spending what many spend on art without a thought to the future. At the same time, even the most hardened investor probably won't buy works that he doesn't aesthetically enjoy.

Here are my top reasons why people do and should spend time and money on art:

Something beautiful to look at - everyone needs a bit of beauty in their life - whether it is fresh cut flowers, a nice vacation home, or a new dress. Beauty is important to everyone.
Intellectual stimulation - every time you walk into a room and see a painting you've purchased, you think about what message the artist was trying to convey, what message you get out of it, what it means (in the most philosophical sense). Maybe collectors enjoy art as a thought project and most say that they learn to understand a piece over many years.
Being a part of art history - the great patrons of the arts always go down in history. Think about Vermeer's patrons or Rubens' patrons. There is something particularly stimulating to some people about contributing or helping to contribute to the general conversation about art and art history
To own an heirloom - family is very important to people and having a work of art that you know your great-grand children will own is very rewarding. It is a shared and common experience between generations that present longevity cannot afford.
Investment potential - before the art market collasped, many people were fond of "flipping" works of art. If you come across a great deal you were able to turn around and sell it at a profit.
Discovery - there are artists being created every day and who knows when the next Picasso or Vermeer will pop up. If you keep a close enough eye on the art world, you might discover that person. Not only will you have art that greatly appreciates in value, but you will also have the satisfaction of saying you knew of his/her genius first.

Undoubtedly there are more motivations, but those are the most immediate to me. Any collectors out there want to comment?

My Purpose

2009-01-26T10:53:00.000-08:00

So I am sure that a lot of you are wondering, "well...your blog is all well and good Shep but what do you DO?" And I am here to answer that exact question.

The art consultant basically serves one major purpose: to help you understand the art world and understand the role of collecting within that world. For example, I recently had a meeting with a potential new client who has just begun collecting art - his interest runs deep but he doesn't have the proper skill set to navigate galleries and hasn't kept on top of the revolving door of NYC galleries since his interest set in. Because art is, yes, a hobby and passion, but a very expensive one, it is vitally important that one not rush into a collection. A smart collection is built on love and passion but also solid research, correct assumptions and long-term intentions. Not even the most rabid fan can put together a collection without a working knowledge of a city's art scene, relationships with galleries, other collectors, auction house officials, etc. So that's why I am here: I am your key to the interior of the art world. Depending on their sophistication of knowledge of the art market, I walk my clients through the basics of art history, explain why one painting is more significant than another, explain why two apparently similar paintings are priced so differently, and try to meet any collecting goals the collector might have (whether that be to support local artists, build a museum quality collection, community building, investment property, etc.).

I have years of experience in this field and have come to learn not only the ways of the art world but also many people in many different walks of life. I am a great resource no matter what your quandary but my real interest lies in the discovery and fostering of emerging artists in and around the US. This is what my personal collection is made up of primarily. I collection in this sphere for two reasons: it is exhilarating to find a truly talented artist in the rough and it is a whole lot cheaper than collecting Miros.

Introduction

2009-01-23T11:52:00.000-08:00

My name is Kieran Shep and I am the principle of the art consulting firm Shep Art Consulting, Inc. We work out of Darien, CT and serve a variety of needs for a variety of clients. Most of my business is done in New York City, though I pride myself on my knowledge of worldwide art fairs including attendance at Art Dubai, Art Basel, Frieze in London, etc. and artists. I am especially interested in emerging artists though, I always listen very closely to my clients wishes. Whether you're looking to discover the latest Indian artist or would rather purchase a rare Miro work, I'm here to help you. Please refer to my blog often. I will be writing about my experiences in the consulting world and putting together a guide to what I do and how to buy art with a consultant.