Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

An extraordinary track record: Mary Boone Gallery with Ron Warren

Peter Saul
“Fake News”

IN 2014 IN THE NEW YORK AREA, FOUR SUPERSTAR ARTISTS HAD MAJOR SHOWS AT LOCAL INSTITUTIONS—AI WEIWEI AT THE BROOKLYN MUSEUM, SIGMAR POLKE AT MOMA, JEFF KOONS AT THE WHITNEY, AND JULIAN SCHNABEL AT THE BRANT FOUNDATION. THE ONE COMMONALITY THAT LINKS THESE ARTISTS IS THE FACT THAT, AT ONE TIME OR ANOTHER, ALL OF THEM HAVE BEEN REPRESENTED BY MARY BOONE. WHILE THERE ARE PLENTY OF BILLION-DOLLAR PLAYERS TODAY COMPETING FOR THE MANTLE OF THE PREMIERE NEW YORK GALLERIST, FOR MANY, THAT DISTINCTION GOES TO BOONE. SHE HAS, ALL AT ONCE, REVOLUTIONIZED THE ART WORLD, WEATHERED IT, CHALLENGED IT, SURVIVED IT, GIVEN NEW LIFE TO IT.

But it never occurred to me to show Jean-Michel because he was black or to show Barbara and Sherrie because they were women. I never thought it was the gallery’s responsibility to make this a fair and equitable world—you can’t do that. I just tried to show art that I liked, that I thought was powerful and strong.

Mary Boone

Mary Boone interviewed by Eric Fischl in INTERVIEW MAGAZINE, October 2014

TODAY, MARY BOONE GALLERY, IN TWO PRESTIGIOUS LOCATIONS IN NEW YORK, 745 FIFTH AVENUE ON 57th STREET AND 541 WEST 24th STREET IN CHELSEA, SHOWS A MIX OF ARTISTS LONG-ASSOCIATED WITH THE GALLERY SUCH AS ROSS BLECKNER, BARBARA KRUGER, AND FRANCESCO CLEMENTE, REPRESENTS INTERNATIONALLY ESTABLISHED ARTISTS SUCH AS AI WEIWEI, KAWS, AND JACOB HASHIMOTO, AND IS ALWAYS ON THE LOOKOUT FOR NEW TALENT. HER TRACK RECORD IS IMPECCABLE. IT IS REMARKABLE THAT ONE GALLERIST CONTINUES TO IDENTIFY THE MOST INTERESTING AND VITAL ARTISTS OF EACH GENERATION.

The Squibb Building
745 Fifth Avenue
New York City

TODAY, THE LRFA BLOG IS HONORED TO CONTINUE ITS DIALOGUE WITH RON WARREN, GALLERY PARTNER AND DIRECTOR, WHO WILL CONTINUE TO SHARE THE HISTORY OF THIS ACHIEVEMENT WITH US.

https://maryboonegallery.com/

When did the gallery move into its current space on Fifth and what prompted that decision?

We closed the gallery in SoHo and moved to midtown in Spring of 1996. A number of galleries had already left SoHo because of what was considered the commercialization (and resultant rising rents) of an area that had originally been in the 1970s a place where artists could inexpensively live and work. Already in 1996 Chelsea was an option – galleries were buying spaces there to avoid what had happened in SoHo. But at that moment for us there was not the right space available – we were leaving a spectacular sky-lit garage! – and so it was appealing to look at the historical nexus for contemporary galleries around 57 and Fifth. 745 Fifth Avenue, also known as the Squibb Building, is a quintessential Art Deco tower. It’s a great location, a lot of collectors live uptown and there is a concentration of hotels where international clients stay, plus we are four blocks from MoMA.

What were some of the exhibition highlights that stand out for you in the Fifth Avenue space?

Richard Artschwager
D.M.B.R.T.W. AND POTATO , 1997
Oil and celotex

An early show in the Fifth Avenue space (1997) was a series of paintings by Richard Artschwager of potatoes, a very banal subject but brilliant in Richard’s hands. In 1998 we began a regular series of curated group shows that broke from our usual format of nearly exclusively solo shows by gallery artists. These shows created lively juxtapositions and brought work by many artists new to us into the gallery, including Huma Bhabha, Louise Bourgeois, Thomas Demand, Douglas Gordon, Carol Bove, Tom Friedman, and Richard Prince. Our 2010 exhibition of Sherrie Levine’s cast glass Newborn sculptures displayed on four grand pianos is one of the most remarkable installations in the space. In 2013 we had a dazzling show of Peter Halley’s paintings hanging against floor to ceiling wallpaper by Alessandro Mendini, and later that year an exhibition of Peter Saul paintings from the 1960s and 1970s provided a great opportunity to see a range of his historical work.

Mary Boone Gallery,
Chelsea
Keith Sonnier light sculpture

When did the gallery add the Chelsea space as a second venue and what was the impetus for that?

After considerable renovation, we opened our second gallery space at 541 West 24 Street in November 2000. Like the gallery in SoHo, this space had been serving as a garage: ground floor, single-story building with a skylight, but with an even more dramatic, soaring trussed roof. Mary calls it the space she always wanted to build. By 2000 Chelsea had become much more established, and particularly 24 Street had a concentration of top galleries. Regaining a large, unbroken space open to the street gave us more flexibility to do large installations, and of course allowed us to double our exhibition program.

Sherri Levine
Newborn

Some of the outstanding historical shows that show the influence of a generation of master artists on the artists working today include Francis Picabia, Dan Flavin, Clyfford Still, and my favorite, as clients know, the Mirror Paintings by Roy Lichtenstein.  Please describe these exhibitions and in which ways they exerted such a strong influence on the current generation of artists.

All amazing exhibitions. Although I came to the gallery after the Picabia show (1983), I do remember how eye-opening that show was. Definitely before its time… did you know that show was thoroughly panned by the New York Times art critic? A direct legacy of that show is that over thirty years later MoMA mounted their extremely well-received Picabia retrospective. Clyfford Still (1990) was a show that at the time was considered impossible to do – Patricia Still was still living and enforcing the artist’s draconian regulations. Working with loans from Museums and private collections, we were able to put together what amounted to a small but comprehensive survey. Roy and Dan were still alive at the time of their shows so it was fascinating to see them engage with their own historical works. Besides the impact and importance of the works, my lasting impression of their shows was the way they were lit. The Roy Lichtenstein mirrors (1989) were spot-lit like icons, which in a sense they were. For our Dan Flavin show (1991) of his Monument (for V. Tatlin) works, we relied only on the light emitted from the works. The gallery had a highly polished terra cotta tile floor, and the reflection of the vertical fluorescent tubes gave the darkened space the aura of a sanctuary.

Roy Lichtenstein
Mirror Painting

IN OUR NEXT POST, RON WILL INFORM US OF SOME OF THE GREAT LEGENDARY ARTISTS THE GALLERY PRESENTLY REPRESENTS RANGING FROM AI WEIWEI, THE BRILLIANT CHINESE ACTIVIST AND ARTIST, TO BARBARA KRUGER, A QUINTESSENTIAL AMERICAN TEXT AND IMAGE PAINTER WHO AIMS HER KEEN VISUAL OBSERVATIONS ON AMERICANS’ PREOCCUPATIONS AND CONSUMERISM.

PLEASE JOIN US!

Shaping artists’ careers at the Mary Boone Gallery

David Salle
Sextant in Dogtown, 1987

Good art is timeless. It will assume a new relevance to each generation, and to yourself as you grow. It will connect to the past and feed the future. It has a simple and rigorous beauty that commands your gaze and thoughts whenever you look at it. The best work will break your heart. As a collector, you will know it when you see it. It’s personal. You will not have to be convinced by anyone to acquire it; it will be something you simply must have. It is like a good marriage that completes a feeling inside you, something that lasts forever and grows with time.

Robert Shimshak, Collector, Berkeley, CA

IN TODAY’S LRFA BLOG POST, RON WARREN, PARTNER AND DIRECTOR OF MARY BOONE GALLERY, SHARES HIS PROFESSIONAL HISTORY AND ADVANCEMENT IN A CONTEMPORARY GALLERY THAT NOT ONLY CONTINUES TO REMAIN CURRENT BUT ALSO HAS RECOGNIZED AND SUPPORTED MAJOR 20TH AND 21ST CENTURY ARTISTS EARLY IN THEIR CAREERS, AN ART FORM IN AND OF ITSELF.

Jeff Koons
New Hoover Deluxe Shampoo Polishers
1980-1986

RON, WELCOME BACK!

When did the gallery first open?  Where was it located and who did the gallery represent at that time?

When I moved to New York in 1980, there were not so many galleries as today; one could keep up. I made an effort to see all the shows at 420 West Broadway, where Mary had opened her first physical space in 1978. Her artists David Salle and Julian Schnabel were producing work that challenged the status quo, and the gallery was considered hot. I still have a strong impression of seeing Jeff Koons’s New Hoover Deluxe and (another time) a large and beautiful Ross Bleckner painting (Parlez-Vous Français, 1981).   

Ross Bleckner
The Arrangement of Things, 1982

What was the initial philosophy of the gallery and in what ways has that remained consistent and in what ways has it evolved?

Mary opened the gallery in her 20s by representing work of her generational peers, young artists who had the ability to affect culture. David, Julian, Ross Bleckner, Francesco Clemente, Barbara Kruger, have succeeded in changing not only the way we see, but also the way things look. Identifying artists with that quality has not changed, and that quality is not defined by age (Judith Barry, Ericka Beckman), although now, since the gallery has been around for forty years, often the artists are much younger. We have also been active in collaborating with younger galleries to give their artists wider visibility. 

Julian Schnabel
Hope, 1982

Many of the artists that you showed initially as emerging artists have gained international recognition: Richard Artschwager, Barbara Kruger, Richard Tuttle and Brice Marden to name just a few.  Are there certain criteria in the selection of an artist to represent. In what ways do the criteria apply to the entire roster of artists and how does it vary, person to person?

Barbara Kruger
You invest in the divinity of the masterpiece, 1982

The artists you mention were certainly much younger then, and living, but already each had arrived at their mature work. For some artists this comes fast and naturally, others may take decades. I would say we have never shown an artist who has not yet found their voice.

Are there certain guidelines to help an artist’s career develop so successfully?

It is important to keep the work out there – – which may mean showing in our space or in museum shows or with one of the many galleries we have a relationship with in another city. Commitment to an exhibition tends to help an artist not just to produce, but also to develop their work.

In our next LRFA post, Ron Warren will describe some of the gallery highlights since moving to the current gallery spaces on Fifth and 57th and in Chelsea on 24th Street.

Until then, thank you for reading!

The LRFA blog welcomes Ron Warren, director and partner at the Mary Boone Gallery,

Ron Warren
Partner and Director
Mary Boone Gallery

MARY BOONE GALLERY WAS FOUNDED OVER 40 YEARS AGO, IN 1977, IN A SMALL GROUND FLOOR SPACE IN SOHO. ALTHOUGH MODEST IN SIZE, 420 WEST BROADWAY WAS A BUILDING THAT HOUSES THE LEGENDARY LEO CASTELLI AND ILEANA SONNABEND GALLERIES. ALTHOUGH MODEST AT THE START, MARY BOONE HAS ALWAYS HAD A VISIONARY INSTINCT FOR THE RIGHT LOCATIONS AND THE RIGHT ARTISTS. THE GALLERY HAS ALWAYS BEEN COMMITTED TO SHOWING THE WORK OF INNOVATIVE YOUNG ARTISTS AND, AS THEIR CAREERS PROGRESSED, MORE ESTABLISHED ARTISTS AS WELL.

420 West Broadway
SoHo

TODAY, THE LRFA BLOG IS HONORED TO INTERVIEW RON WARREN, A DIRECTOR AND PARTNER AT MARY BOONE GALLERY.

RON, THANK YOU SO MUCH FOR CONTRIBUTING TO THE BLOG.

Ellsworth Kelly
Red Yellow Blue V, 1968
Hirschhorn Museum and Sculpture Garden

HOW DID YOU BECOME INTERESTED IN ART? WHAT WAS YOUR EDUCATIONAL BACKGROUND THAT LED YOU INTO THIS FIELD?

My family was more about science, music, and books, so I wonder myself what brought me to art. I went to a small private, and very conservative, liberal arts college in the Mid-West and, like most people I know who ended up in the art business, took some studio classes along with art history. I did have one art history professor that I liked very much, a French former nun, very reserved and proper yet passionate about her subject, who organized trips to far-flung museums. On one of these trips I remember standing at the Hirshhorn before an Ellsworth Kelly – a series of monochrome panels – and feeling that this was something very exciting, even though classmates whose opinions I respected dismissed the work.

Leo Castelli Gallery
Jasper Johns exhibition

November of Senior year, my roommate bet that I had enough credits to graduate in December. We sat down and calculated… and he was right. So I made a fast plan to enter the “real” world. I was doing an Independent Study with the Ohio Historical Society, and my supervisor was a photographer who kept a loft in New York, in SoHo. She suggested I go to New York and sublet her place. I arrived in January 1980, which seemed very auspicious – new year, new decade. This was a time when SoHo, and the city, was on the brink of enormous change. And with the new galleries right in my neighborhood, for the first time I began to look at contemporary art.

Brice Marden
Work on paper

WHEN DID YOU START AT MARY BOONE AND HOW DID YOU EVOLVE INTO A DIRECTOR AND PARTNER OF  THE GALLERY?

I started in 1985. The Gallery had recently taken on representation of Brice Marden, so there had been an influx of twenty-plus years of slides and black and white photos into the archive, and all the while new works were being inventoried, photographed, and added. I kept everything organized. In those days every label had to be hand-typed. We were continually sending out photographs to collectors and for press, and continually asking to get them back – inconceivable now. Over time one comes to know an artist and their work very well and becomes dedicated to them and the gallery.

Brice Marden
Oil on canvas

IN OUR NEXT LRFA BLOG POST, RON WILL INFORM US OF THE IMPRESSIVE ARCH OF HISTORY AND GROWTH OF THE GALLERY. BY TRACKING THE ARTISTS REPRESENTED BY MARY BOONE, WE HAVE A BIRD’S EYE VIEW OF THE ART WORLD AT THE TIME.

PLEASE JOIN US!

The art market, current and future with expert Gabriela Palmieri, founder and president of PFA, Inc.

Gabriela Palmieri

AT THE SECOND NEW YORK ART BUSINESS CONFERENCE THAT TOOK PLACE AT TIME WARNER LAST WEEK, ONE OF THE PANELISTS SPEAKING ON THE SUBJECT OF REGULATION IN THE ART WORLD WAS ELIZABETH SZANCER, WHO SERVES ON THE BOARD OF DIRECTORS OF THE ASSOCIATION OF PROFESSIONAL ART ADVISORS. SHE SPOKE OF THE MISSION OF THE APAA TO ESTABLISH THE BEST POSSIBLE GUIDELINES AND PRINCIPALS EMPHASIZING INTEGRITY, CONNOISSEURSHIP AND EDUCATION AS THE FOUNDATIONS OF PROFESSIONAL PRACTICE. IN 1962, THE ART DEALERS ASSOCIATION OF AMERICA WAS FOUNDED WITH THE STATED PURPOSE OF PROMOTING THE HIGHEST STANDARDS OF CONNOISSEURSHIP, SCHOLARSHIP AND ETHICAL PRACTICES WITHIN THE ART DEALING PROFESSION.

ADAA at the Park Avenue Armory, 2018
303 Gallery

IN AN INDUSTRY IN WHICH MOST OF ITS PARTICIPANTS ARE ART- AND ARTIST-LOVING, HONEST AND PROFESSIONAL PEOPLE, WE TEND TO HEAR AND REMEMBER ONLY THE NEWSWORTHY, SENSATIONALIST TALES OF FAKES AND FORGERIES, THE STUFF OF LEGEND, THE SUBJECT OF BOOKS, FILMS AND TELEVISION. THE LEGIONS OF HARD-WORKING AUCTION SPECIALISTS, GALLERY OWNERS, PRIVATE ART DEALERS AND ADVISORS OFTEN GO UNMENTIONED.

THROUGHOUT HER PROFESSIONAL CAREER AT SOTHEBY’S, GABRIELA PALMIERI DEMONSTRATED ALL THE QUALITIES OF PROFESSIONALISM, CONNOISSEURSHIP AND INTEGRITY THAT THE INDUSTRY’S “POLICE” ADVOCATE.

 

Gabby Palmieri and collector Adam Sender

WE ARE DELIGHTED TO WELCOME HER INTO THE RANKS OF ADVISOR AND PRIVATE DEALER. GABBY CAN BE REACHED AT PFA, INC, 4 EAST 78th STREET, IN NEW YORK.

Video, Frieze New York, on highlights of the 2013 Frieze New York art fair

http://www.sothebys.com/en/news-video/videos/2013/06/Exclusive-Video-Inside-Frieze-New-York-Gabriela-Palmieri.html

GABBY, WHAT PROMPTED YOUR DECISION TO BECOME A PRIVATE DEALER AND ADVISOR AND LEAVE THE AUCTION WORLD?

The auction house was changing, many of my closest and trusted colleagues had moved on to different ventures, and the timing was perfect to focus on being able to work with my clients in the most direct and transparent fashion; without bias in advising them on the purchases and sales.

Gabriela Palmieri
Maestro Cares Foundation Gala

WHAT ARE SOME OF THE SERVICES THAT YOU, WITH YOUR VAST EXPERIENCE, CAN PROVIDE YOUR CLIENTS?

I find that for every client that I work with, I have curated a different strategy for different needs – whether it is advising on private or auction acquisitions; sourcing opportunities for private sales; being their client advocate as they negotiate selling through the auction houses; identifying guarantee opportunities from auction houses; valuation services. Virtually nothing unchanged from the services I provided in-house; now simply without the bias.

WHAT ARE SOME OF THE WARNINGS THAT YOU WOULD CAUTION YOUR CLIENTS OR COLLECTORS IN GENERAL?

READ THE FINE PRINT. Limitations on contracts and condition reports seem to be some of the more frequent headaches that seem to keep resurfacing.

Claude Monet
Waterlilies
The Collection of Peggy and David Rockefeller Sale, Christie’s NY, May 2018

WHAT DO YOU THINK OF THE CURRENT ART MARKET?  HOW LONG WILL IT SUSTAIN ITSELF AT THIS LEVEL?

I think that we are definitely in for a strong May, due largely part to what will be the unprecedented prices and depth of bidding we are certain to see with Rockefeller.

n.b. The Collection of Peggy and David Rockefeller will be sold at Christie’s New York in May 2018. The sale will support David Rockefeller’s pledge to direct the majority of his wealth to philanthropy and provide for the cultural, education, medical and environmental causes long supported by his family. The sale ranges from Impressionist and Post-Impressionist works of art, American paintings, English and European furniture, and the decorative arts. 

English and European Furniture
The Collection of Peggy and David Rockefeller
Christie’s, May 2018, New York

WHAT ARE SOME OF THE MOST SIGNIFICANT CHANGES YOU HAVE SEEN IN THE ART MARKET IN THE LAST DECADE?

The most fascinating phenomenon that I have witnessed first-hand has been the extraordinarily regenerative nature of the market, which has led to the unparalleled trajectory of the art market since 2010.  In other words, if one buyer or region for that was significantly active stepped away from the market, there was another buyer or participant in the market that replaced them. This simply illustrated the depth and diversity of the global art market and attests to art being a prescient art investment.

WHAT DO YOU ANTICIPATE ARE SOME OF THE MOST SIGNIFICANT CHANGES WE WILL SEE IN THE ART MARKET IN THE FUTURE?

One topic that concerns me (and many at the moment) is primarily what the impact of the abolishment of like-kind-exchanges (1031s) will have on the market place. I feel that the detriment will be that it will have adverse effects on supply on the market as it will become increasingly difficult for auction houses (and individuals) to convince collectors to part with pictures with significant capital gains. Therefore, while the market often directs its concerned focus on the demand in the marketplace, the bigger foreseeable issue could very well be supply. 

n.b. See the LRFA blog on March 15, 2018 in which Ian Prior and Evan Beard of U.S. Trust speaks in detail on the effect of phasing out swap exchanges.  

Gabriela Palmieri, auctioneer
Skowhegan Awards Dinner, 2017

SO MANY THANKS TO GABBY PALMIERI FOR HER EXPERTISE AND EXUBERANCE. ON THE MOST PERSONAL NOTE, HER FRIENDSHIP AND COUNSEL HAS MEANT A GREAT DEAL TO ME OVER THE YEARS. MANY MORE TO COME!

IN OUR NEXT LRFA BLOG, I AM DELIGHTED TO WELCOME RON WARREN, PARTNER AT MARY BOONE GALLERY, ONE OF THE MOST ESTABLISHED AND INNOVATIVE GALLERIES, OpENING IN 1977 IN SOHO AT THE LEGENDARY “LEO CASTELLI” BUILDING, 420 WEST BROADWAY.

LOOKING FORWARD TO SPEAKING WITH RON, AND THANKING YOU ALL FOR YOUR READERSHIP AND SUPPORT!

Collecting guidelines from seasoned professional Gabby Palmieri

AUCTION HOUSES ARE AT THE VERY HEART OF THE ART MARKET. IN THE SALESROOM COLLECTING TRENDS ARE ESTABLISHED, WITH BUYERS TRAVELING ACROSS THE WORLD TO BID ON MAJOR LOTS RANGING FROM RENAISSANCE PAINTINGS TO CONTEMPORARY PRINTS. THE HIGH PRICES AND THE GLAMOR MAKE IT EASY TO FORGET HOW MUCH WORK HAPPENS BEFORE THE SHOWCASE SALE EVENT AND BY WHOM.

In “Under the Hammer: Careers in the Auction House” by Ruth Millington, January 30, 2017

I AM ALWAYS IMPRESSED BY THE LONG HOURS, THE GRUELING AMOUNT OF WORK, THE EXHAUSTING TRAVEL, THE COMPETITIVE ARM WRESTLE BETWEEN AUCTION HOUSES AND THE HAND-HOLDING AND PERSONAL ATTENTION THAT SPECIALISTS PAY TO EACH COLLECTOR AND THEIR REMARKABLE ABILITY TO ALWAYS HAVE A SMILE ANSWERING ANY AND ALL QUESTIONS ABOUT A WORK SOMEONE IS CONSIDERING BIDDING ON.

NO ONE HAS MASTERED THIS ART FORM BETTER THAN GABBY PALMIERI, STARTING LOW ON THE TOTEM POLE AT SOTHEBY’S AND ENDING HER AUCTION CAREER THERE AS THE CHAIR OF THE CONTEMPORARY DEPARTMENT.

TO CONTINUE OUR LRFA BLOG CONVERSATION…

GABBY, WHAT DISTINGUISHES A “CAPITAL A” PAINTING, SCULPTURE, OR ANY OTHER ART FORM FROM THE REST?

An absolute point of departure from precedent.

Gerhard Richter
Abstraction/Figuration
Sotheby sale 2012

WHAT ADVICE DO YOU GIVE TO NASCENT COLLECTORS?

That collecting is akin to the Tortoise and the Hare. If and when possible, be the tortoise! See as much as possible and learn as much as possible.

WHAT ARE SOME OF THE LEGENDARY SALES THAT YOU WERE INVOLVED IN AT SOTHEBY’S?

There were so many. Abstraction Figuration, in 2012, when everyone though that Tobias needed to get his head examined by putting 7 Gerhard Richters into an evening sale – and the Allan Stone sale of Thiebauds – auction moments that transformed an artist’s market entirely; the Clyfford Still auction to benefit the establishment of the museum. 

Tobias Meyer
Clifford Still Estate auction at Sotheby’s

n.b. Tobias Meyer was the legendary Principal Auctioneer and Worldwide Head of Contemporary at Sotheby’s for over twenty years. He is now one of the most prominent private art dealers in Manhattan and has sold countless works by well-known masters. He advises distinguished collectors and their families, such as that of Si Newhouse. 

WHAT ARE SOME OF THE SPECIFIC WORKS THAT HAVE PASSED THROUGH YOUR HANDS THAT MEAN THE MOST TO YOU?

Again, there were so so many, but truly for sentimental reasons, Roy Lichtenstein’s Sleeping Girl, 1964 from the Phil and Bea Gersh Estate. An absolute masterpiece. A beautiful result for very good friends. The experience from start to finish showed me that relationships and expertise in this art world actually do matter.

Roy Lichtenstein
Sleeping Girl, 1964

WHAT ARE SOME OF THE MUSEUMS THAT ARE YOUR FAVORITES TO RETURN TO AND WHY?

Outside of New York is easiest as I could not pick a favorite here. I love them all and depending on the exhibition, staff actually begin to think that I work there and am conducting tours. The Menil, SF MOMA, and Royal Academy.

Ashile Gorky
The Liver is the Cock’s Comb
Albright-Knox Art Gallery

WHO ARE SOME OF YOUR FAVORITE ARTISTS AND WHY?

Leslie! That’s next to impossible! I can tell you one of my absolute favorite paintings of all time, which is Arshile Gorky’s The Liver is the Cock’s Comb(1944), in the permanent Collection of the Albright Knox Museum. If the expression “mic drop” existed then, it would have been used. A prophetic painting that would dictate the course of;

and open the possibilities for, the next 20 years of painting in the United States.

Daniel Buren

WHO ARE THE NEWER ARTISTS THAT YOU FEEL ARE SIGNIFICANT AND WORTH COLLECTING AND WHAT IT IS ABOUT THESE ARTISTS THAT DIFFERENTIATES THEM?

I’m more into any artists that I feel are undervalued and under appreciated for their contributions regardless of their age. I think Daniel Buren is a hugely undervalued artists for how truly radical he was.

Sol LeWitt
Wall Drawing 368
1982

Sol Lewitt wall drawings can still be bought for a song comparatively speaking and they are extraordinary; Sherrie Levine, Robert Gober, Luc Tuymans but if I was pinned to one young artist, I would have to say Simon Leigh. I love her work.

Simone Leigh
Crop Rotation, 2015
Kentucky Museum of Art and Craft, Louisville

WHAT ARE SOME OF THE CHARITABLE ORGANIZATIONS THAT MEAN THE MOST TO YOU AND WHY HAVE YOU CHOSEN TO GIVE THEM YOUR SUPPORT?

As an independent auctioneer, I lend my gavel-time so to speak to the organizations that speak the most to me. I adore Maestro Cares, which does groundbreaking work for orphanages in Latin America, as the impact of that organization is life-changing; the Bronx Museum and the Museo del Barrio, in order to assist with their broad and significant community outreach to communities that need them most.

IN OUR NEXT POST, WE WILL LEARN ABOUT GABBY’S NEW ROLE AS A PRIVATE ART DELAER AND HER ASTUTE OPINION ON THE CURRENT AND FUTURE OF THE ART MARKET.

GABBY, SO MANY THANKS!

Artfields in Lake City, SC: its sixth year of growth and expansion as an important art festival

 

IN APRIL 2013, THE LRFA BLOG WAS PRIVILEGED TO INTERVIEW DARLA MOORE, FOUNDER OF ARTFIELDS, A FESTIVAL THAT TRANSFORMED HER HOMETOWN OF LAKE CITY, A QUIETLY FADING SOUTHERN TOWN INTO A BOOMING ECONOMIC AND CULTURAL DESTINATION.

THANKS TO DARLA’S INITIATIVE AND THE EXTRAORDINARY WORK AND COMMITMENT OF THE ARTFIELDS TEAM AND THE TOWN,  LAKE CITY  HAS BECOME A NOTEWORTHY DESTINATION OVERFLOWING WITH VISITORS THAT PROVIDES ARTISTS ACROSS THE SOUTHEAST WITH AN OPPORTUNITY TO SHOW THEIR WORKS AND BUSINESSES AND STORES TO COLLABORATE TOGETHER IN THE SPIRIT OF A UNITED AND PROSPEROUS COMMUNITY.  THE ART IS INSTALLED IN MANY OF THE SHOPS AND CAFES  AS WELL AS FEATURING AMBITIOUS LARGE-SCALED MURALS, INSTALLATION ART AND OUTDOOR SCULPTURE IN THE PUBLIC SPACES.


NOW IN ITS SIXTH YEAR, ARTFIELDS IS AN ESTABLISHED SUCCESS.  THE NEW YORK TIMES WILL FEATURE A STORY IN TOMORROW’S PAPER.

IT IS OPENING TWO NEW ART CENTERS, FEATURING BOTH INDOOR AND OUTDOOR EXHIBITION SPACES OPEN YEAR ROUND. THE JONES-CARTER GALLERY, A SMITHSONIAN CERTIFIED VENUE, ADDS ANOTHER EXHIBITION VENUE. THE ARTFIELD PRIZES HAVE CHANGED ARTISTS’ LIVES, ALLOWING THEM TO WORK FULL TIME ON THEIR ART, TO TRAVEL FOR INSPIRATION AND TO SEEK OUT GALLERY REPRESENTATION.

HATS OFF TO THE ARTFIELDS TEAM, LAKE CITY CREATIVE ALLIANCE  AND TO DARLA MOORE!

http://www.artfieldssc.org/

Lake City Creative Alliance – headquartered in historic Lake City, South Carolina – invites art lovers, collectors, and the general public to their highly anticipated sponsored event; ArtFields, Sixth Edition; taking place April 20th to the 28th, 2018.

The esteemed judges – composed of acclaimed visual arts professionals – received an astounding number of submissions presenting a wide range of subject matter and media by emerging and established artists. The massive art competition/exhibition will feature the works of more than 400 Southeastern artists competing for life-changing awards totaling $120,000; including a $50,000 Grand Prize, a Second Place Prize of $25,000, and the People’s Choice Two & Three-Dimensional People’s Choice awards of $12.500 per prize; chosen by ArtFields visitors via an easy ‘text to vote’ system. In addition, there are eight Category Prizes of $1,500 each, and ten Merit Prizes of $1,000 –  the latter sponsored by The Citizens Bank – awarded  to winning artists who collectively represent each of the 12 states of Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia. The participating artists’ roster is posted on the ArtFields website.

During this fantastic nine-day art and culture extravaganza, the town transforms into one of the most gallery-dense spaces per capita in the nation as the entire community unites to create a living art gallery. Forty locally-owned venues open their doors to become exhibition spaces.

Due to the event’s overwhelming success in the past five years, Lake City is primed to become a year-round art destination; with two permanent art venues opening in time for the nine-day art celebration, and Smithsonian-certified Jones-Carter Gallery is participating. The new TRAX Visual Art Center (TRAXvac) will be one of South Carolina’s largest art centers; featuring two professional gallery spaces and a sculpture garden planned for the near future. Additionally, the ArtFields storefront office will transform into the “AFO Gallery” with a fourth art venue set for the near future. With the new art spaces, Lake City aims to become a year-round art destination.

 

 

THE COMMUNITY SPIRIT OF THE TOWN IS JOYFUL AND PALPABLE. PLAN TO VISIT! I DID AND STILL KEEP TALKING ABOUT THE EXPERIENCE.

AND NOW, THE THREE ORGANIZATIONS IN THE SOUTH THAT GIVE MONETARY PRICES ARE SENDING THEIR TOP PRIZE WINNERS OVER THE LAST FIVE YEARS ON TOUR.  ARTFIELDS IS THE CATALYST IN HELPING TO HIGHLIGHT SOUTHERN ARTISTS NATIONALLY. THEY ARE STARTING IN THE SOUTH AND THEN INTEND TO MOVE NORTH AND WEST WITH THE EXHIBIT.

I HAVE NO DOUBT THEY WILL SUCCEED.

2018 Highlights

-A large-scale public sculpture created by Florence, S.C., artists Patz and Mike Fowle, which honors the Lake City native and former NASA astronaut Ronald McNair, who died in the Space Shuttle Challenger disaster in 1986.

-Two large-scale murals, including a large floral composition by Tennessee artist Lance Turner, in collaboration with landscapers from Lake City’s Moore Farms Botanical Garden.

-The popular MakersMarket will run through the first weekend showcasing fine art and unique hand-crafted goods from Southeastern artists and artisans.

2017 Juried Prize Winner Brittany Watkins’ mixed-media colorful outdoor art installation.

ArtFields Jr. will host their annual statewide youth art competition where South Carolina student contestants enrolled in grades one through 12 will compete for up to $500 in their respective age brackets. Winners will be announced on April 28th on the Village Green.

-Greenville, S.C. based artist, producer and director Jeff Sumerel will create humorous, irreverent daily video reports, which will be released on social media and shown at Lake City’s Village Green on a jumbotron, where the Jeff Sumerel Film Festival will run continuously during the week.

The ColorMe ArtFields 5K Color Run & Walk will take place on April 21 at 7:30am and feature the new “Express Yourself” outfit competition on the RUNway, where winners will be determined by crowd applause and panel selection. To secure tickets, click here.

The Portrait Contest will take place at noon on April 21, where Southeastern and ArtFields 2018 artists will compete for “Best in Show” and a $1,000 prize, creating portraits of local first responders serving as models.

GABRIELA PALMIERI AT SOTHEBY’S, FROM CATALOGUER TO CHAIR

MOVING UP THE CORPORATE LADDER IN ANY FIELD OF ENDEAVOR IS HIGHLY COMPETITIVE AND STRATEGIC. IN AN ARTICLE ON THIS SUBJECT IN FORBES MAGAZINE BY STAFF REPORTER JACQUELYN SMITH, HOW TO FAST-TRACK YOUR WAY UP THE CORPORATE LADDER, ADVICE RANGES FROM THAT OF GOOD OLD DAD:

How? “My Dad gave me advice early in my career to always do the very best with whatever level of responsibility that I was afforded, and to take less desirable assignments that others might not want,” he says. “That approach has offered great exposure throughout my career.”

TO CORPORATE STRATEGIST, LYNETTE LEWIS, BUSINESS CONSULTANT AND AUTHOR, WHO CONCLUDES:

 I would agree that every person working will typically have the desire to move up, or perhaps the better way to say it is they will want to grow. Growth is a natural sign of being alive, so it is healthy to want to expand, develop, and advance both personally and professionally.”

Gego
Levy Gorvy Gallery

GABRIELA PALMIERI’S WORK ETHIC IS INCOMPARABLE. SHE IS AVAILABLE FROM VERY EARLY MORNING TO VERY LATE AT NIGHT, GENEROUS WITH ADVICE AND TRANSPARENTLY HONEST IN AN INDUSTRY THAT MAY HAVE A BIT OF SMOKE AND MIRRORS.

IN TODAY’S LRFA POST, GABBY TRACES HER CAREER AT SOTHEBY’S FROM CATALOGUER TO CHAIR.

GABBY, WELCOME BACK! WHAT HAPPENED WHEN YOU DECIDED TO STAY AT SOTHEBY’S AND NOT CONTINUE YOUR ACADEMIC STUDIES?

I then moved over to become a cataloguer and researcher in the Latin American Art Department. By late 2003, Alex Rotter poached me to the Contemporary Department as the collectors I was working with in Latin American were buying Contemporary and vice versa. By November 2004, I put a Gego on the cover of the Day sale catalogue and now Gego shows are being mounted at Levy Gorvy! I progressed to Head of Day Sale, Head of Evening sale until I departed as Chairman, and accomplished all I set out to do. 

Ahead of the Curve:
The Sender Collection

YOU HAVE THE EAR OF SO MANY OF THE VERY BEST AND MOST RESPECTED COLLECTORS. WHAT ARE SOME OF THE COLLECTIONS THAT STAND OUT THE MOST AND WHY?

I suppose I specialize in the letter S. The Sender Collection was the first Collection that truly put me in a position that I felt so invested in the personal friendship that I had with the collector; which dovetailed into me treating every aspect of its sale as if it was my own. It was the personal investment that made it such a meaningful exercise both professionally and personally – and an honor to work with someone as ambitious and visionary as Adam Sender. The very same for Spiegel which was my first foray at advising a collector as an independent.

Ahead of the Curve:
The Sender Collection

The history and legacy of Emily Spiegel’s passion and acumen was just one that was such a privilege to have an insight into and I was just so invested in its triumphant result as a legacy. To do what Emily did with an absolute joy and love of it deserves a chapter in “how to” the history of collecting.

‘Philip Guston
Painter At Night 1979
The Emily and Jerry Spiegel Collection

HOW WOULD YOU CHARACTERIZE ART WITH A CAPITAL A? WHAT DO YOU THINK ARE SOME OF THE MOST DEFINING MOMENTS IN ART HISTORY?

I characterize art in the most romantic terms possible. To me, it is something that makes visible or tangible a moment in time; a desire for something beyond imagining; and otherworldly. In other words, Art History for me resonates so specifically to imagine what it must have been like to walk into Hieronymous Bosch while he painted the Garden of Earthly Delights; the Sistine Chapel with Michelangelo on the scaffolding;

Hieronymous Bosch
Garden of Earthly Delights

Vermeer as he painted that last touch on the pearl earring; Turner’s studio as he painted the tempest; Picasso lavishing paint on any canvas; Klein setting a canvas on fire; Fontana slashing one; Warhol silkscreening one; Johns encaustic-ing one; Rauschenberg erasing one; Basquiat finding one to Bradford collaging one.

Yves Klein
Fire painting

GABBY, THANK YOU. IN OUR NEXT POST, WE WILL HAVE THE OPPORTUNITY TO LEARN OF GABBY’S PERSPECTIVE OF THE CURRENT AND FUTURE MARKET. IF YOU HAVE ANY QUESTIONS YOU WOULD LIKE TO POSE TO HER, PLEASE DO SO.

 

Introducing Gabriela Palmieri, art expert and appassionata

Gabriela Palmieri

GABRIELA PALMIERI IS A POWERHOUSE IN THE ART WORLD, DEEPLY KNOWLEDGEABLE AND PASSIONATE ABOUT ART. WITH A GENEROSITY OF SPIRIT RARE IN ANY INDUSTRY, GABBY, AN EXTRAORDINARY AUCTIONEER, VOLUNTEERS HER TIME AND SAVVY TO CHARITY AUCTIONS FOR CAUSES THAT RESONATE WITH HER. A SPECIALIST AT SOTHEBY’S WEARING MANY HATS OVER THE YEARS, FROM INTERN TO CHAIR OF CONTEMPORARY ART FOR THE AMERICAS, SHE HAS RECENTLY OPENED HER OWN ART ADVISORY SERVICE IN A BEAUTIFULLY APPOINTED SPACE ON THE UPPER EAST SIDE ON EAST 78th STREET IN NEW YORK.

WATCH OUT WORLD!

IT IS A PLEASURE AND A PRIVILEGE TO WELCOME GABBY PALMIERI, MY FRIEND AND COLLEAGUE, TO THE LRFA BLOG AND TO DISCOVER MORE OF WHAT MAKES HER SUCH A SPECIAL PRESENCE IN THE ART WORLD.

 

WHAT INFLUENCED YOU GROWING UP TO CHOOSE A PROFESSION IN THE ARTS?

Honestly, it was the most magnificent combination of forces. I grew up in a household of a musician with a sense of history for his instrument. He was deeply passionate about the history of his musical genre and of its origins. I inherited this curiosity and passion- and had the great fortune of studying art history in high school under an art history professor in a class of 8 students. Two of whom were myself and Elizabeth Gorayeb, both former Sotheby’s colleagues for 16 years, and now Elizabeth is now the Director of the Wildenstein Plattner Foundation dedicated to Art Historical Research. Dr. Rita Salfeld taught us well.

I KNOW YOUR FATHER, EDDIE PALMIERI, IS A LEGENDARY JAZZ PERFORMER AND GRAMMY WINNER, GOING FULL FORCE. WAS HE AN INFLUENCE IN YOUR LOVE OF ART?

Absolutely. He’s an influence to me on just about everything. It’s my provenance!

WHEN YOU WERE A CHILD, DID YOU VISIT MUSEUMS AND IF SO, WHAT WAS THE PERIOD OR ARTISTS THAT CAPTURED YOUR ATTENTION?

Matisse Retrospective
Museum of Modern Art
1992-1993

Dr. Salfeld took us to see the Matisse Retrospective at MoMa in 1992 and I walked in and thought, this is it. This is everything.

WHAT EDUCATIONAL STEPS DID YOU TAKE TO FURTHER YOUR GOALS? DID YOU ALWAYS WANT A CAREER IN THE ART WORLD?

I thought I wanted to be a politician! A Puerto Rican Geraldine Ferraro! That lasted a hot second as if you took a poll from my nearest and dearest – they will tell you that I am not very political especially about things that I am most passionate about.

AFTER COLLEGE, WHAT WAS YOUR FIRST JOB?

My first job was actually Sotheby’s. I was on a leave of absence from graduate school and I started at Sotheby’s with the intent that it would be temporary before rebounding back to finish my Ph.D and then it was Stockholm syndrome I suppose. I fell in love with my captor.

WHAT WERE YOUR RESPONSIBILITIES AT SOTHEBY’S?  HOW DID THEY EVOLVE AND WHAT WAS YOUR PROFESSIONAL PATH THERE?

Oh my lord. How long is your blog? My evolution at Sotheby’s included everything short of dishes and windows. I started in Sothebys.com as a dealer liaison for dealers that were posting works online. This venture was short lived as in 2000, collectors were just not ready to buy art from a JPEG. A fascinating exercise far ahead of its time actually. 

THE LRFA BLOG LOOKS FORWARD TO LEARNING MORE ABOUT GABBY’S CAREER PATH IN OUR NEXT POST. HER CONTRIBUTIONS TO THE AUCTION HOUSE’S HISTORY ARE LEGENDARY.

UNTIL THEN!

Taxing Collectibles: All you need to know from Barron’s Penta magazine

Fisher Landau collection

IN 2018, THE CHANGES IN THE TAX CODE HAVE AN EFFECT ON COLLECTIBLES OF ALL KINDS. KAREN HUBE, A FINANCIAL JOURNALIST, CONTRIBUTED A COMPREHENSIVE AND ARTICULATE ARTICLE TO PENTA, THE MAGAZINE FOR HIGH NET-WORTH INDIVIDUALS PUBLISHED BY BARRON’S.

AN EXCERPT FROM HER ARTICLE PROVIDES A GREAT RECAP OF VERY GOOD ADVICE.

Buy and sell wisely:

The new tax rule eliminated tax-free like-kind exchanges for artwork and other collectibles. This is a transaction in which a collectible could be traded for another of the same value, without incurring capital-gains taxes.

But now, without this ability, sales of many collectibles are likely to decline, and owners will be looking at creative options for being able to prune or add to their collections.

Fisher Landau Center for Art
Long Island City, NY

Cohen advises considering a pass-through entity to house a collection. Pass-throughs are partnerships, S corporations, and limited liability companies. Income from these entities is taxed under rates up to 37% as of this year, but the new tax rules allow for a 20% income-tax deduction.

The task for collectors? Figure out if you’re better off incurring capital-gains taxes at a top rate of 20% when you sell a collectible, or be subject to a 37% income-tax rate after claiming a 20% deduction, Cohen says.

Another move to size up:

Create a personal museum on your property, and claim a tax deduction for the items donated. Be cautious, however. The Internal Revenue Service doesn’t like these, and will demand proof that the museum is accessible to the public, has proper insurance, and is otherwise catering to outside visitors.

The Broad
Los Angeles, California

IN THE SAME ISSUE OF PENTA, KATERINA ANG FOCUSES ON PRIVATE ART FOR PUBLIC CONSUMPTION

African-American multi-media artist Lona Simpson previewed Hypothetical?—an audio installation and meditation on race relations—at the 1993 Whitney Biennial…But just last spring it reappeared as the centerpiece of an exhibition at the Fisher-Landau Center for Art in Queens, N.Y. Launched in 1991 by philanthropist Emily Fisher, the center was ahead of a wave of privately funded contemporary-art institutions highlighting work that would otherwise only be dusted off every decade for a museum loan. According to Larry’s List, a Hong Kong consultancy, there are 317 such privately funded museums in the world, with more than two-thirds of them having opened after 2000.

Jasper Johns: Something Resembling Truth
Currrent Exhibition at The Broad

Increasingly, these cultural institutions are entering travelers’ must-see lists. Since the Broad, a museum that houses 2,000 works owned by KB Home founder Eli Broad, opened in downtown Los Angeles in 2015, more than 1.7 million visitors have ventured past the cantilevered white facade designed by Diller Scofidio + Renfro. “The audience skews younger and more diverse than other museums,” says Sarah Loyer, assistant curator at the Broad, adding that free admission to much of the museum helps.

Glenstone
Potomac, Maryland

Now, Danaher Corp.’s director, Mitchell Rales is in the midst of expanding Glenstone, an idyllic outdoor sculpture park in Potomac, Md., with his wife, Emily. Metropolitan Museum of Art trustee and Blackstone boss J. Tomilson Hill has unveiled plans for the Hill Art Foundation, a gallery in New York’s Chelsea neighborhood that will house his extensive collection of 20th century American art (in part for the tax deductions, he has admitted). He has commissioned Peter Marino, the architect behind dozens of Dior and Louis Vuitton interiors, to design it.

Liu Yiqian
in front of Gerhard Richter painting

While New York and Miami are major destinations, Chinese, South Korean, and German institutions dominate much of Larry’s List. Liu Yiqian, a Chinese stockpicker, has split his collection into two Shanghai locations spanning almost 50,000 square feet. The latest outpost—opened in 2014—is a triumph of graceful, curving lines.

AND LAST BUT CERTAINLY NOT LEAST…

Try to maximize the value of your donations. A themed collection in its entirety is likely to be valued higher than if it were donated piecemeal, says David Lehn, a tax partner at Withers Bergman in Greenwich, Conn.

As with any sale or donation, pay attention to the IRS rules on appraisals, or months of strategizing can be all for nothing. As Cohen says, “A small foot-fault can reduce any tax benefit to zero.”

Modigliani
Nu Couche, 1917-18

OUR NEXT LRFA BLOG IS DELIGHTED TO INTRODUCE GABRIELA PALMIERI, ART EXPERT EXTRAORDINAIRE. SHE ENJOYED A MEMORABLE CAREER AT SOTHEBY’S FOR MANY YEARS AND HAS RECENTLY OPENED HER OWN PRIVATE ART ADVISORY SERVICE. NO ONE CAN RIVAL GABBY FOR ENERGY, EXPERTISE AND HER LOVE OF ART.

PLEASE JOIN US!

Donating a work of art to a museum

Griffin Court
Art Institute of Chicago

A BOUTIQUE ADVISORY FIRM WITHIN A GLOBAL FIRM, THE BLUE RIDER GROUP FOCUSES ON SERVING PROMINENT COLLECTORS, ARTISTS, FOUNDATIONS, MUSEUMS, AND NON-PROFIT ORGANIZATIONS. THE BLUE RIDER GROUP PROVIDES FINANCIAL SERVICES TO THE INTERNATIONAL ART COMMUNITY.                                                 “WE WORK PRIMARILY WITH PROMINENT COLLECTORS, ARTISTS, FOUNDATIONS, MUSEUMS AND NON-PROFIT ORGANIZATIONS. OUR CORE FOCUS IS ASSET MANAGEMENT AND WE LEVERAGE AN OPEN ARCHITECTURE INVESTMENT PLATFORM TO CONSTRUCT CUSTOMIZED SOLUTIONS FOR EACH CLIENT.”

Costume Institute
Metropolitan Museum of Art

“IN ADDITION TO ADDRESSING OUR CLIENTS’ FINANCIAL NEEDS, WE FACILITATE INTRODUCTIONS BETWEEN COLLECTORS, RAISE AWARENESS ABOUT ORGANIZATIONS AND HELP SUPPORT PROJECTS. WE ARE PASSIONATE ABOUT ART AND THE COMMUNITY OF PEOPLE INVOLVED IN MAKING, SUPPORTING, CURATING, ACQUIRING AND CARING FOR IT.”

ONE OF THE MANY RESPONSIBILITIES THE GROUP UNDERTAKES IS TO ADVICE COLLECTOR CLIENTS ON CHARITABLE CONTRIBUTIONS OF ART WORKS.

Getting A Charitable Contribution Deduction

In order to obtain a charitable contribution deduction equal to the fair market value of the work of art, the work must be donated to a public charity or private operating foundation, and the donor must anticipate that the charity’s use of the work will be “related” to its exempt purpose.

For example, a gift of a painting to a museum would clearly be a related-use gift. A gift of a work of art to a school with a museum, which uses it for art instruction, should also be a related- use gift. However, if the work of art is contributed, for example, to the local SPCA, which in turn just plans to sell the art, the amount of the deduction would be limited to basis, because the gift would not be related to the organization’s exempt purpose. It is important that you understand the future use of the artwork, because the nuances can affect the amount of the income tax deduction.

San Francisco Museum of Art

It’s also important to understand what type of property the artwork will be deemed to be for tax purposes. Generally, a work of art held by a collector is capital gain property and qualifies for deductibility at full fair market value, if it meets the related-use rule discussed above. The contribution is deductible up to 30% of adjusted gross income (AGI), with any excess contribution deductible over the following five years (limited to 30% of AGI) until exhausted. However, the art will be deemed to be ordinary income property, if (i) the donor created it, (ii) the donor received it as a gift from the creator, (iii) it is held as inventory by a dealer, or (iv) its sale would generate short-term capital gain because it was held for one year or less. If it is ordinary income property, the deduction is for cost basis only, up to a maximum of 50% of AGI.

Museum of Modern Art
New York

IN AN ARTICLE IN WEALTH MANAGEMENT, A CAUTIONARY WORD OF ADVICE

Most major museums will reject a work of art unless it fills a gap in its permanent collection. For donated art collections, the likelihood of rejection is even higher. The art, alas, will be homeless, except if it’s a masterpiece.

To avoid this dilemma, fundraisers and their art advisors should work with donors in creating a realistic comprehensive plan. Those arrangements will ensure the acceptance of their donation by the charity of their choice, while offering them a fair market value tax deduction. Caveat Donor. “All gifts have to be unconditional,” according to Glenn D. Lowry, director of the Museum of Modern Art, before they will be considered for acceptance. This is standard practice for museums and charities alike.

Dallas Museum of Art

Nonetheless, the fundraiser and art advisor can be valuable by explaining to donors the elements of the program. Those elements include the percentage of the charity’s collection on permanent display, the criteria for displaying works of art, if an endowment will be required with the donation, and the charity’s policy on selling art after it has been put to a related use.

Finally, donors should understand the importance of having an independent art advisor who represents their interests only, not those of museums, auction houses, dealers, or artists.

ALL THESE CAVEATS ARE IMPORTANT IN THE TRANSITION OF A WORK OF ART FROM THE PRIVATE COLLECTION TO THE PUBLIC SECTOR. BE WELL-ADVISED AT ALL TIMES AS THAT IS CRUCIAL IN YOUR DECISION-MAKING PROCESS.

THANK YOU AS ALWAYS FOR YOUR SUPPORT.

UNTIL NEXT TIME!