4/24/13

Learn from Reflections of Renowned Collector


While it’s important to anticipate how technology might change the art market in the future, it is useful to learn how top collectors got started in the past.

On the National Gallery of Art’s website, you can read a fascinating personal essay (“Reminisces and Reflections on Collecting”) in which collector Raymond Horowitz explains how he and his wife Margaret got their start in the 1960s. Although Raymond and Margaret Horowitz are both now deceased, they are widely recognized for their superb collection of paintings, pastels, watercolors, and drawings created by American artists in the late nineteenth and early twentieth centuries. They were among the first collectors to dedicate themselves to American impressionism.

In the essay, Horowitz talked about why art collecting can be a life-enhancing experience. He reminds us that all collectors start somewhere, and it’s important to buy what you love, regardless of what others may think of your taste.

Raymond Horowitz said that although he always had an interest in art, he never set out to become a collector. In the late 1950s, a close friend who was a collector of nineteenth and twentieth century American representational painting gave him a French drawing as a birthday present. To reciprocate, he gave his friend an American drawing as a Christmas present.  As the gift exchange continued, Horowitz and his wife scouted galleries specializing in American art and read a lot on the subject. Having become immersed in the subject, they decided to buy some inexpensive works on paper in 1960. Horowitz called it “more of a lark than anything serious.”

Although they had not yet embraced the idea of becoming collectors, they continued to visit galleries regularly. One day in 1961, they bought a painting “that had immediate and irresistible appeal.”

By 1962, they had acquired more than 20 diverse works in various mediums: “It was only at that time, when we could be more analytical about our acquisitions that we came to the realization that we were greatly attracted to lyrical, representational, but non-academic painting; painting that expressed a definite sensibility ad certain moods and feelings – warmth, tenderness, intimacy, optimism.” They noticed that there was a certain cohesion and unity in their choices.

Although “American impressionism” is a commonly recognized today, Horowitz notes that there was very little interest in it when they started their collection. He said it was considered unfashionable: “In fact, we were ridiculed as ‘square’ by most of our chums who had an interest in art.” As collectors, they deliberately set out to find examples of turn-of-the-twentieth-century American paintings that looked less dismal than those they saw in many auction houses and art galleries.

When they decided to focus on their collection, the Horowitzes started taking collecting and the connoisseurship seriously: “We constantly talked to other collectors, art historians, museum curators, and dealers, trying to learn as much as possible. We traveled to museums, large and small, to look at works we had seen in reproduction, and we read everything that remotely bordered on our field.”

“The Horowitz Collection” first got public attention in 1966, when the curator of American art at the Metropolitan Museum agreed to briefly store some of their paintings while they were moving from one apartment to another. Another curator at the museum came across the paintings and asked to include some of them in the museum’s summer loan show.

 As Margaret and Ray Horowitz became more knowledgeable and focused collectors, they recognized some mistakes in their purchases. So they weeded out their collection through trades, donations, exchanges, and sales.

Continuous refinement is a part of the collecting process, said Horowitz, who likens a collection to a living organism: “If you stop collecting, the collection becomes a lifeless thing, merely decoration on the walls.”

For art lovers who might hesitate to narrow the focus of their collecting, Raymond Horowitz said: “The fact that one collects in a narrow field does not mean that one’s field of vision must be narrow. Indeed the opposite is true. The passion for discovery is heightened and concentrated, and the search to see behind the curtain becomes more intense. Collecting, looking, and reading become an adventure in innovation, in seeing things in new ways, and refreshing your ideas about life – and this is what art is all about.”
  
I encourage novice collectors to read the full essay on the National Gallery of Art website. Adapted from a talk Horowitz delivered at an art conference, the essay provides context for a lot of the advice you will read in educational publications for new collectors.

LINKS



4/18/13

Gallery Owner Advises New Collectors to Buy the Best You Can Afford


Rebekah Jacob owns the Rebekah Jacob Gallery in Charleston, South Carolina. She represents an international group of emerging and established artists who create paintings, works on paper, photographs, and video. The gallery focuses on modern art and photography of the American South and offers appraisal services to individual and corporate collectors for resale, insurance, estate, bankruptcy, and equitable-distribution purposes.

Jacob works with numerous clients who are building collections around the Civil Rights Movement and/or the African American. She enjoys getting to know her clients well enough to help them choose art they will love.

Rebekah also actively encourages and supports new collectors, whether they are young art enthusiasts or people from around the world who are buying homes in Southern cities such as Charleston and New Orleans.

She says young collectors like the flexible price points of unique, high-quality photographs and other works on paper She believes photography is popular among new collectors because cameras and technology are such a big part of our lives. New collectors also tend to start with works on paper because they can afford to buy more than one piece.

When I asked her about the wisdom of “investing” in art, she said art can be viewed as an investment option, but only if collectors buy smartly, at fair market values, and are patient during the resale process once an official appraisal has been levied.

She points out that many high net-worth individuals have no intention of selling the art they buy. When they fall in love with certain pieces of art, they will either keep it in the family and/or gift it to a museum to make it accessible to art scholars and the public.

If you do want art that might appreciate over time, here are a few suggestions from Rebekah Jacob:

  • Find a reputable dealer and work closely with him/her over time.
  • Buy the best art work you can afford. Look at the artist’s credentials: publications, exhibitions, gallery representation, and collector base. The more dense the resume of the artist, often, the more solid the investment.
  • Realize that fine art is not like gold or another currency. Art is not a commodity in which units can be liquidated quickly. You may have to wait months or even years to find a buyer.
  • Keep in mind that art is susceptible to fashion. What may be “hot” today may not be as appealing next year.
  • Allocate some of your budget for ongoing expenses related to displaying, preserving, and insuring the art. Stocks and bonds do not need maintenance, but art may require conservation framing, proper lighting and climate control, and specialized storage.
  • Watch inflated markets and retail prices. Get a fair deal. Find a dealer qualified to appraise art.
  • Be aware that buying and selling art can be expensive, especially if you buy too high. Some auction houses and dealers take as much as 30 percent commission, which can affect your resale value. When art trades hands often, it does not add to the financial value of the piece.
Jerry Siegel, Revival Tent, archival pigment print, 16 x 20 inches, signed and editioned


Just in time for the Spoleto Festival of the arts in Charleston May 24 to June 9, the Rebekah Jacob Gallery will present an exhibition entitled "Somewhere in the South: a Celebration of Southern Photographers."

The exhibition will run from May 21 to July 6, and feature works by Southern photographers such as William Christenberry, Jerry Siegel, Eliot Dudik, Kathleen Robbins, Richard Sexton, Anne Rowland, and Keliy Anderson-Staley.

Eliot Dudik, Carew Rice Painting, Road Ends in Water Series, archival pigment print, 24 x 19 inches


To give emerging artists some exposure, Jacob reserved five spots in the exhibition for works discovered through an open call for submissions of photography and video art.

LINKS