“The artist recognizes the unknown as a workable reality”   ~Cornelia Kubler Kavanagh, Sculptor

 

 

Right: Pablo Picasso, Nude, Green leaves and Bust (1932). Private Collection

 OOOH, my Goodness!

With more record-setting prices being realized in the art auction market recently, ARTES fine arts magazine in asking the question: is the economy showing signs of rebounding or is this a false indicators of good times around the corner, once again? The answer resides in a deeper understanding of the profile of the headline-grabbing purchases and the anonymous buyers bidding behind the scenes. In recent weeks some rare and high-profile works have come to market. Well-known artists like Picasso, Munch, Klimt and Gauguin are likely to draw global attention in any venue they appear, but original works by these masters are rarely seen in the retail marketplace. And with the ephemeral nature of ‘long-term value’ in many forms of contemporary art still open to debate among art portfolio experts and art economists, alike, works by modern masters seem like the equivalent of conservative, large-cap, dividend-bearing stocks—that is, less cyclical and more value-proven.

Like bees to honey, vast sums of international money, all privately controlled, comes forth to stake a claim on the early-to-mid 20th century paintings, drawings and sculpture advertized by the major auction houses. Be clear—these are not museums and public institutions vying for these acquisitions. Budgets for even the largest and most established art institutions may be generous, but none sets out to consummate a purchase with the intention of making headlines for “the most money ever spent on a ….” An impulse buy of this kind would not sit well with governing boards or supporting philanthropic patrons of those museums, only hurting their curatorial objectives and public profile in the long-run.

Record-setting purchases are being set by private, international players, where ego may override any notion of well-defined collection objectives. Often bidding anonymously, or through agents or intermediaries, millions trade hands after just a few brief minutes of bidding, only to have the gavel come down as the public watches the briefly-appearing masterpiece disappear for decades more, behind the walls of a private estate in Dubai, Russia, Brazil or China. Are these expensive collections little more than the Victorian-era equivalent of sterile ‘Cabinets of Curiosity,’ merely providing a ‘storehouse for all the “wonders of creation” for the amusement and curiosity of friends and visitors? We may never know. One thing is clear, however, the wealthiest among us are supporting the secondary art market at the stratospheric end of the spectrum of collectable art. The reality is that the economy for the rest of us—the 99%—is making a slow (and what will probably be a decade-long) recovery. Here’s the good news in that: if you step away from the glitz, glamour and rarified climate of an evening auction at Sotheby’s or Christie’s, to consider the vast mid-range of work by established and emerging artists that is always coming to market, this remains an excellent time to begin a collection or to add to those beloved ‘masterpieces’ that may already grace the endless corridors and cavernous rooms of your own modest abode.

Editor’s note: This month’s featured portrait, Picasso’s Nude, Green Leaves and Bust (1932) was the previous record-holder at $106.5 M (2010).

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Best wishes,

Richard Friswell,

Publisher & Managing Editor