Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

Tables turned! Honored to be interviewed in The Clarion List

Alina Cohen has included me in an excellent article on museum deaccessions in general and Christie’s October sale of photography from MoMA’s permanent collection in particular.  It is an honor to be included in such a well-written and informative piece. Thank you, Alina, and thank you, The Clarion List, the leading provider of an on-line directory for top-rated art services worldwide.

How to Make the Most of Museum Deaccessions: Three Art Consultants Weigh In

Collectors and museums interact in myriad ways, some more obvious than others. Institutions may be where collectors receive their first aesthetic educations, and collectors’ names often accompany the wall text as the donors of the pieces on view. Sitting on museum boards, collectors often guide major institutions, support them financially, and help plan annual benefits.

On rare occasions, however, when museums deaccession works, collectors can buy pieces directly from them. On October 10, for example, Christie’s will hold a sale to deaccession some of the duplicate photographs in MoMA’s own collection. It’s both an opportunity to purchase works once held by one of the world’s most reputable museums and to witness a rare sale that will connect an auction house, a museum, and collectors in an unusual way. Three art consultants told us what more collectors should know about the ways that museum deaccessions can affect them and their art collection.

Why would a museum deaccession work in the first place, and how could this impact collectors for better or for worse?

Xiliary Twill, Accredited Senior Appraiser at Art Asset Management Group in Beverly Hills, is skeptical of museum deaccessions. “When a museum deaccessions a work, there is a reason why,” she says. “Most likely they are wanting to raise funds to purchase another work of art: perhaps by the same artist but a better quality or more significant piece; or another artist to fill out their collection; or because they need to free up storage space, or a work has become too valuable to insure.”

Brenda Simonson-Mohle, of Dallas’s Signet Art, describes how the public sometimes frowns upon such sales. In 2013, the city of Detroit was about to declare bankruptcy. They considered selling some of their city assets and even appraised some of the items in the Detroit Institute of Arts. “Then that leaked out to the market that that was the plan and there was a firestorm within the industry and within art professionals,” she says. Certainly, collectors may do better to steer clear of those types of incidents.

Yet in the case of MoMA, art consultant Leslie Rankow, who runs her own eponymous agency in New York, is more positive. The provenance of the work available, she says, is an incentive to buy. If a museum is selling a work by an artist or of a period that collectors are interested in, she says, “having that museum cache is very valuable.” If this aspect of the work won’t dramatically impact its value, it will tilt it toward its high estimate in future sales.

“Provenance is everything,” agrees Simonson-Mohle. One of the potential concerns during these sales may be flooding the market and lowering an artist’s price. Yet, she thinks, no one wants to do that, and museums would be careful not to. In fact, she thinks that the sale of “one or two pieces or a small collection of pieces from a strong collection could actually tweak the market upward.”

If collectors are interested in purchasing from a museum deaccession, how should they choose an art advisor to advise them?

Rankow is clear about the qualities collectors should look for: “Transparency, honesty, knowledge of the market, and a substantial place in the network of who’s the best person to help sell it,” she says. “If you’re going to sell it to another dealer or not directly to another collector, then you’d want someone who is well connected themselves in the art world.” Beyond their specific qualities, an advisor’s professional connections can greatly increase the potential pool of buyers.

Simonson-Mohle believes that the right advisors for certain collectors should have a “depth of knowledge in the field.” If you’re interested in a particular photographer, hire an advisor who has corresponding expertise. She gives an example of how this can be helpful. If two Rembrandt etchings come to auction, she says, they could have very different values. Depending on their printing and the way they’ve been maintained, one could be worth much more than the other. Hire an art consultant who can suss out the differences and understand the context and worth of an object.

What should collectors know when they donate their own works to museums?

Be wary, says Twill, that your work may never be seen. “There is no guarantee that it will ever be exhibited,” she says. “Works can languish in storage and over the years, curators cull through the collection looking for ways to strengthen their department’s holdings, which means certain works need to sold.” When collectors donate their works, they’re typically non-restricted gifts. This means the institutions can sell the work. At some point, they could deaccession your donation, and you could see it in an auction catalogue.

Twill also believes that the fact that a museum once held the work won’t always guarantee an enhanced value. “Like anything in the art world, it is based upon the tenor of the marketplace, is this a high quality example of the artist and the demand for this artist,” she says. “All variables that unless you have a crystal ball, are difficult to predict.” And if this sounds frustrating, it can also be one of the major thrills of participating in the circus. The unpredictable, notably unregulated nature of the market has added to its allure for years. The symbiotic relationship between museum and collector, at least, is one thing you can count on.

Sabrina Buell documents her impressive scope of experience even before her first job

Peggy Guggenheim Collection
Venice, Italy

MAKING A CAREER IN ART ISN’T EASY BUT THERE ARE MANY WAYS TO EXPAND YOUR KNOWLEDGE AND PRACTICAL SKILLS BY DOING AN ART INTERNSHIP.  ART INTERNSHIPS COME IN A VARIETY OF FORMS EMBRACING THE MUSEUM AND GALLERY WORLDS AS WELL AS ARTISTS’ STUDIOS.  EXPERIENCE IN EACH WILL HELP YOU HONE YOUR PARTICULAR SKILLS AND DIRECT YOU TOWARDS THE RIGHT JOB.

 

http://www.oxbowschool.org/

IN  TODAY’S LRFA BLOG POST,  SABRINA BUELL OF ZLOT/BUELL, A SAN FRANCISCO BASED ART ADVISORY FIRM OF IMPECCABLE REPUTATION, WILL OUTLINE HER PAST PROFESSIONAL EXPERIENCE.  WITH THIS LEVEL AND VARIETY OF TRAINING  IT IS EASY TO SEE WHY  ZLOT/BUELL ENJOYS ITS EXCELLENT REPUTATION.

SABRINA CONTINUES….

Once I realized that I couldn’t learn about the business of art in school, I quickly started applying for internships. While I was in college I interned at SFMOMA in the Photography Department, at Fraenkel Gallery, at the Peggy Guggenheim Collection in Venice, and at an arts school in the Napa Valley called the Oxbow School. I wanted to see what all sorts of different arts professions looked like.

Mary Zlot and Sabrina Buell

When I graduated I wanted to stay in the Bay Area. One thing I knew was that while there weren’t so many galleries or auction opportunities in San Francisco at the time, there were phenomenal collectors and incredible art being acquired in the Bay Area. I wondered how this was happening when there weren’t many galleries to buy from. With this, I discovered a profession I’d never heard of before – an Art Advisor. It turned out many of the great collections in the Bay Area were being built by a woman named Mary Zlot, an advisor based in San Francisco. I went to work beating down her door until she would hire me. She finally said yes, and I started my first real job in the art world as an assistant at Mary Zlot & Associates.

Matthew Marks Gallery
West 24th Street, Chelsea
New York

WHEN WE MET, YOU WERE THE DIRECTOR WITH WHOM I WORKED AT THE PRESTIGIOUS MATTHEW MARKS GALLERY. MATTHEW IS A LEGEND IN THE ART WORLD, STARTING AS A VERY YOUNG MAN WITH A PASSION AND RESPECT FOR CONTEMPORARY ART THAT IS RENOWNED. THE GALLERY REPRESENTS A DISTINGUISHED ROSTER OF ARTISTS THAT INCLUDE JASPER JOHNS, ELLSWORTH KELLY, NAN GOLDIN, THOMAS DEMAND, AND ROBERT GOBER AND MATTHEW IS  KNOWN FOR HIS RAPPORT AND  RESPECT OF THE ARTISTS HE REPRESENTS.

Matthew Marks Gallery
West 22nd Street
New York

WHEN DID YOU JOIN MATTHEW MARKS AND HOW DID THAT COME ABOUT?

While working for Mary Zlot I discovered a graduate program at NYU where you essentially got your Masters Degree in the Business of Art. This is what I’d been trying to do at Stanford but had never achieved. I decided to move to NYC for this program, but took classes at night and needed a job. Mary Zlot had such a wonderful reputation in the art world that a call from her on my behalf to a gallery opened all the doors.

Nan Goldin

I wanted to work for Matthew Marks because he had such an incredible program of artists, both younger and cool like Nan Goldin and Andreas Gursky, and then more established like Ellsworth Kelly and Brice Marden. He was so young at the time and had accomplished so much! I really admired him and the program and Mary Zlot helped me get a job there as the front desk girl. My first day was Sept 11th, 2001.

 

WHAT WERE YOUR RESPONSIBILITIES AT THE GALLERY?

I worked as an assistant to one of the Directors and manned the front desk. Back then we sent offers to clients in the mail with transparencies. So I was labeling transparencies and slides, sending faxes. It was the olden days!

Ellsworth Kelly

WHAT WERE SOME OF THE EXHIBITIONS, FAIRS AND EXPERIENCES WERE HIGHLIGHTS WHEN YOU WERE A DIRECTOR AT THE GALLERY?

Anytime we had an Ellsworth Kelly show it was a very special event. He was so kind to everyone at the gallery and would tell them most incredible stories about his years in Paris after the war. Even after years of working at the gallery being around him always felt like being in the presence of a living legend. I also remember the first time I worked a Basel Art Fair, and got to go to the Schaulager and see the Robert Gober installation there. It was a profound emotional experience and is a pilgrimage I still make every year during the fair.

Ellsworth Kelly
The Last Paintings
Installation Video
Matthew Marks Gallery

IN OUR NEXT LRFA POST, SABRINA WILL SPEAK ABOUT HER RETURN TO SAN FRANCISCO AND  HER PROFESSIONAL PATH.

PLEASE JOIN US FOR THE NEXT PHASE OF HER IMPRESSIVE CAREER!

 

 

Sabrina Buell of Zlot Buell & Associates, on the “business of art”

Sabrina Buell
Photograph by Justin Buell

SABRINA BUELL, PARTNER IN ZLOT BUELL + ASSOCIATES, A SAN FRANCISCO ART ADVISORY FIRM, BRINGS A SYNERGY OF NEW YORK EXPERTISE, AS FORMER DIRECTOR OF THE ESTEEMED MATTHEW MARKS GALLERY IN NEW YORK, AND WEST COAST VISION TO THE RELATIVELY NEW AND AVIDLY SOUGHT AFTER COLLECTORS IN THE TECH AND VENTURE CAPITAL  WORLD.

MARY ZLOT AND SABRINA BUELL FORMED A PARTNERSHIP IN 2012 PROVIDING PROFESSIONAL CURATORIAL ADVICE AND COLLECTION MANAGEMENT SERVICES TO CORPORATE AND PRIVATE COLLECTORS FOCUSING ON MODERN AND CONTEMPORARY ART.

SABRINA, AS A DEAR FRIEND AND A MUCH-ADMIRED COLLEAGUE, THE LRFA BLOG

IS DELIGHTED THAT YOU WILL CONTRIBUTE TO THE LRFA BLOG. WELCOME!

Thank you Leslie! I have always admired the work you do and love that you are sharing your thoughts and expertise with a wider audience with this blog.

49 Geary Street

WHERE DID YOU GROW UP AND WHAT PROMPTED YOUR INITIAL INTEREST IN ART?

I grew up in San Francisco. In my first week of high school our Freshman English teacher gave us the assignment of going to a local gallery and selecting a work of art to write about. It was very open ended and I would up in the 49 Geary Building (still home to the great Fraenkel Gallery) and I wandered into Steven Wirtz Gallery. I selected a photograph by an artist named Michael Kenna, and Steven spent hours with me pulling prints out of flat files, showing me catalogues, talking to me about his background and the market for the work. I was only 14 years old, and obviously wasn’t going to spend any money. I never knew that a job existed where one could work with art and artists in a creative way, be an educator to the public, and also be a business person. It combined so many areas of interest to me and then and there I decided I wanted to work in the business side of the art world.

Michael Kenna

DID YOUR FAMILY COLLECT AND WERE YOU INTRODUCED TO THE MUSEUM AND GALLERY WORLD WHEN YOU WERE IN SCHOOL?

My parents weren’t collectors at all. But when we traveled we would go to museums, and starting in 1st grade my school would take us to SFMOMA on a field trip once a year. I remember an assignment when I was very young and at the museum, where we were given a picture of cakes and were told to draw the shadows around the cakes. We were drawing on the floor, in front of Wayne Thiebaud paintings, and were trying to do what he did in the works. An older gentleman leaned over my shoulder and said he admired my work. I told him it was really hard to get it right. He said, “I know! I made these paintings you’re looking at!” It was Wayne Thiebaud who happened to be walking around the museum and was overjoyed to see all the children in front of his works.

 

Wayne Thiebaud

WHAT ACADEMIC AND PROFESSIONAL TRACK DID YOU PURSUE INITIALY TO FURTHER YOUR KNOWLEDGE OF ART AND THE ART MARKET?

The minute I got to college (Stanford) I knew exactly what I wanted to study in my pursuit to go into the business of art. I double majored in Economics and Art History, thinking if I studied both business and art simultaneously it would teach me “the business of art”. I couldn’t have been more wrong! The economics professors told me the art market was irrational and couldn’t be studied, and the art history professors thought it was irrelevant to try to talk about the market for the paintings they were showing us in class.

IN OUR NEXT LRFA POST, SABRINA WILL SHARE HER IMPECCABLE CREDENTIALS WITH US AS SHE BEGINS HER PROFESSIONAL JOURNEY.

PLEASE JOIN US

Never ending improvement! exhibit-E’s seamlessly integrated galleryManager


 

ALWAYS DEVELOPING NEW DIGITAL INNOVATIONS AND STREAMLINING EXISTING ONES, IT IS NO WONDER THAT exhibit-E  IS THE MOST SOUGHT AFTER WEBSITE DESIGNER AND INVENTORY MANAGER FOR THE ART WORLD. DAN MILLER, FOUNDER OF exhibit-E,  IS A GREAT  EXAMPLE OF SOMEONE WHO IS AHEAD OF HIS TIME TRANSFORMING THE ORIGINAL AD DESIGN AND PUBLISHING COMPANY FOR THE ART WORLD TO BECOME A LEADER IN OUR DIGITAL WORLD.  KEEPING CURRENT – I’M A FAN!

HERE IS exhibit-E’s LATEST DEVELOPMENT:

 

galleryManager

galleryManager is a web-based system for gallery inventory and collections management developed by exhibit-E. Beta tested by ADAA member galleries, the system is customized for the art world.

galleryManager seamlessly integrates with exhibit-E websites—push artworks to your website and manage both systems from the same dashboard.

For a detailed walk-thru of this feature, please view the following video:

http://www.gallerymanager.com/support/43

 

Just a few reviews from happy users:

“The import from Artsystems was very smooth considering all the data that we had. The galleryManager program is easy to use and highly organized, and the team has done a great job in customer support. With our website fully integrated with galleryManager, we find the tools to update our website very easy. We highly recommend galleryManager and exhibit-E to all galleries for their inventory system and for all website needs!”

– Chambers Fine Art

“galleryManager is an exceptionally user-friendly platform for organizing our inventory. It never sacrifices intuitive navigation for its depth of customization, and the galleryManager team has always been responsive and communicative to our requests. As our needs evolve and grow, so does that of the software.”

– Eric Ruschman, Shane Campbell Gallery

“We have grown with galleryManager and are always impressed by the platform’s tools for organizing contacts, artworks and transactions. galleryManager continues to respond to the needs of the industry, and our gallery’s specific needs for robust archival and cataloging tools with an easy and beautiful interface.”

– Alexander Gray Associates

 

Thomas Hart Benton
“Boomtown”

HAPPY LABOR DAY WEEKEND!

NEXT WEEK THE LRFA BLOG HAS THE PLEASURE OF INTRODUCING SABRINA BUELL, A GREAT FRIEND AND COLLEAGUE ORIGINALLY AT MATTHEW MARKS IN NEW YORK.  SABRINA NOW IS A PARTNER AT  ZLOT/BUELL IN SAN FRANCISCO, A CURATORIAL AND COLLECTION MANAGEMENT ADVISORY FIRM WITH AN ENVIABLE ROSTER OF TECH AND VENTURE CAPITAL COLLECTORS. LET’S FIND OUT HOW THEY THINK AND WHAT THEY BUY.

PLEASE JOIN US!

Risk management of your art collection: in and outside your home

LENDING  ART FOR EXHIBITIONS CAN BE REWARDING FROM SEVERAL VANTAGE POINTS.  IT IS AN ACT OF PHILANTHROPY THAT CONTRIBUTES TO A SCHOLARLY UNDERSTANDING  OF AN ARTIST’S WORK IN THE CONTEXT OF HIS OR HER PROFESSIONAL CAREER AND DEVELOPMENT OR AN EXAMPLE OF AN IMPORTANT CONTRIBUTION TO A STYLISTIC PERIOD OR GROUP. IT CAN ALSO BE A STRATEGIC TAX OR FINANCIAL CALCULATION AS  A WORK WILL MOST LIKELY GAIN IN VALUE IF INCLUDED IN A MUSEUM SHOW. EXHIBITION OF A WORK IN A PUBLIC INSTITUTION CAN IMPACT  ON ITS MONETARY VALUE. MANY ASPECTS OF THE LOAN SHOULD BE CONSIDERED, HOWEVER,  SUCH AS THE QUALITY OF THE INSTITUTION,  THE CURATORIAL EXPERTISE, THE PUBLICATION OF AN ACCOMPANYING CATALOGUE, THE INSURANCE AND SAFETY OF THE WORK.

 

TODAY,  THE LRFA BLOG IS HONORED TO CONTINUE ITS CONVERSATION WITH RAMSAY SLUGG, WEALTH STRATEGIST AT U.S TRUST AND AUTHOR OF “THE HANDBOOK OF PRACTICAL PLANNING FOR ART COLLECTORS AND THEIR ADVISORS”,  A READABLE AND INVALUABLE GUIDE.

Risk management does not end at home. If any of the art is to be transported to another location or placed into storage, either during life or during estate administration, competent experts should be engaged to properly pack, transport, and store the art.

 

Who Stole My Art?

Art theft is big business, and most stolen art is never recovered. According to the FBI, only about 5% of stolen art is recovered. So the best course of action is to prevent the theft in the first place, which begins at home with an appropriate security system and safeguards and background checks of household employees and contractors who have access to the art. Security also should extend to any off-site storage facility.

Provenance considerations, discussed below, come into play here, too. If stolen art is recovered, then proof of ownership will be required to reclaim the art.

Inventories

From a planning point of view, an invaluable side benefit of appropriate risk management is an inventory. If the collector has maintained bills of sale and catalogs of sales from where the art was purchased, he may have an inventory of sorts already. Beyond this, the insurance company covering the collection will require an inventory and even may assist the collector in building a form of inventory if he does not already have one.

For a planner, the inventory becomes a crucial document, helping the collector express the “four Ws”—what goes where, to whom, and when. The inventory also will provide a road map to the eventual estate fiduciary and the preparer of Form 706, Federal Estate Tax Return.

The value and scope of the collection will dictate what form of inventory is appropriate. At a minimum, it should include a description of each piece (including name, if any), artist name, acquisition date, where and from whom it was purchased, purchase price, condition (including any known repairs), and its physical location. This inventory can be expanded as appropriate.

The collector may wish to photograph each piece and assign identification numbers to each, which allows for better organization of the inventory. The inventory also can include details such as measure- ments and medium. This information helps to identify and authenticate each piece and assists in the risk-management process discussed above. Finally, this information greatly assists if a theft takes place or any questions of provenance arise.

Valuation

Valuation is critical to the planning process, whether the plan involves selling art, giving art to family members, or donating art to charity, and whether those sales or transfers take place during life or at death. Appraisals are required for any taxable transfers and must be filed with Form 709, Federal Gift Tax Return, or Form 706, Federal Estate Tax Return. Appraisals also are required for charitable trans- fers when the value of the donation is above $5,000. Finally, appraisals also will be required to support any loans against the collection and will likely be required by insurers. Beyond all of these requirements, a periodic appraisal or valuation of the collection should be considered as a best practice for collectors.

IN OUR NEXT LRFA POST, THE BLOG WILL FEATURE exhibit-E,  THE WEBSITE DESIGNER’S FOR THE ART WORLD WITH AN UPDATE ON THE FANTASTIC NEW FEATURES OF THE GALLERY MANAGER THAT MAKE OUR DIGITAL WORLD EVEN MORE NAVIGABLE!

PLEASE JOIN US!

Estate planning should include one’s art collection!

 

 

TODAY’S LRFA POST CONTINUES ITS CONVERSATION  WITH RAMSAY SLUGG, MANAGING DIRECTOR AT U.S. TRUST WHOSE EXPERTISE ON TRUST AND ESTATE PLANNING IS HIGHLY REGARDED. IN TODAY’S HE INFORMS US  OF THE CONSEQUENCES OF FAILING TO PLAN FOR THE DISPOSITION OF ONE’S ART COLLECTION.

The failure to plan for the disposition of such collections can be costly on many fronts. In addition to federal income, estate, and gift tax considerations, the failure to plan means that the collection will end up with the estate’s personal representative, who often has little expertise in art and little, if any, direction for an appropriate disposition. These considerations may result in a grossly inequitable distribution of estate assets, perhaps to family members who do not share the collector’s passion, or an estate fire sale. The failure to plan most certainly will result in family discord and perhaps litigation. Finally, the failure to plan most assuredly will lead to a disposition different from what the collector would have wanted if he had taken the time to properly plan.

Part 2 of this article will focus on those planning options. At least four important matters, however—risk management, valuation, provenance, and liquidity—need to be addressed, regardless of the planning outcome.

Risk Management

For most, the decorative art and other collectibles they have around the house likely are adequately cov- ered by their homeowners insurance policies. But a significant collection calls for a more robust solution.

Risk management is first and foremost about putting into place safeguards to prevent damage to a collection. Preventing a claim for replacement or repair is preferable to filing a claim after the damage occurs.

Collectors should have a good grasp of the value of their collections and then engage an insurance specialist to determine the appropriate level and type of insurance needed. This can be as simple as coverage under a homeowners insurance policy or additional valuable items coverage that is separately scheduled from the homeowners policy.

For collections of greater value, the collector should engage an insurance professional who specializes in high net worth clients and who is able to provide not only an appropriate insurance policy but also risk- management practices concerning security, fire, and smoke damage prevention.

Accidental damage probably accounts for the highest volume of claims, followed by theft, fire, storm or water damage, and “lost/mysterious disappearance.” The chances of actually experiencing a claim can- not always be controlled, but certainly they can be mitigated by working with a risk-management specialist.

Accidental damage is much more likely to happen if the art is moved from one residence to another or loaned to museums. In these cases, experts again should be used to properly pack, handle, and transport valuable works of art.

 

Ramsay H. Slugg is a managing director and member of the National Wealth Planning Strategies group at U.S. Trust, Bank of America Private Wealth Management. He is a past chair of the Trust and Estate Division’s Charitable Planning and Organizations Group and current co-chair of the Art and Collectibles Committee of the Income and Transfer Tax Planning Group. He is the author of Handbook of Practical Planning for Art Collectors and Their Advisors, published by the Section.

Published in Probate and Property, Volume 30, Number 2, ©2016 by the American Bar Association.

Practical Planning for Art Collectors and Their Advisors, Part 1 The Ancillaries

RAMSEY SLUGG
Managing Director, US Trust

SUMMER IS A GOOD TIME TO TAKE CARE OF THE CHURLY CHORES THAT WE ARE TOO BUSY TO ADDRESS THE REST OF THE YEAR.  REPAINTING A BEDROOM, GIVING AWAY THINGS THAT ARE UNUSED OR NEVER WORN, AND ON A MORE SERIOUS NOTE, HANDLING THE PART OF ART COLLECTING THAT DOESN’T HAVE THE SAME THRILL AS THE APPRECIATION OF A WORK ACQUIRED SOME TIME AGO THAT CONTINUES TO BRING JOY OR THE EXCITEMENT OF THE MOST RECENT ADDITION.

THE MORE YOU COLLECT AND THE MORE VALUABLE THE HOLDINGS, HOWEVER, THE MORE IMPORTANT IS PLANNING FOR THE FUTURE OF YOUR ART COLLECTION.

TODAY, WE HAVE THE HONOR OF WELCOMING RAMSAY SLUGG TO THE LRFA BLOG TO DISCUSS ALL THE WAYS, ADVANTAGES AND DISADVANTAGES, OF THE ASSET MANAGEMENT OF YOUR ART COLLECTION.



Ramsay H. Slugg is a managing director and member of the National Wealth Planning Strategies group at U.S. Trust, Bank of America Private Wealth Management. He is a past chair of the Trust and Estate Division’s Charitable Planning and Organizations Group and current co-chair of the Art and Collectibles Committee of the Income and Transfer Tax Planning Group. He is the author of Handbook of Practical Planning for Art Collectors and Their Advisors, published by the Section.

Art is an asset of passion. Coupled with its unique financial characteristics, this makes art perhaps the most difficult asset to incorporate into an overall estate and financial plan.

This is the first of a two-part article based on the author’s book, Handbook of Practical Planning for Art Collectors and Their Advisors. Part 1 focuses on “The Ancillaries,” those matters that the serious collector should take into consideration regardless of the ultimate disposition of the collection. Part 2 will focus on planning for the ultimate disposition of the collection. Although this article focuses on art, most of the discussion applies to the broader world of collectibles, including coins, stamps, antiques, and collectible firearms.

For many collectors, not only is their art among the most valuable assets that they own, but also they are more passionate about it than they are about their stocks, bonds, real estate, and sometimes even the family business. They have spent considerable time, energy, and resources to develop their own art expertise and have built a collection according to their personal aesthetic tastes. Collecting art is far more than a weekend hobby or merely an activity of home decoration; collecting has become a passion.

Although collectors probably realize that there will be some sort of disposition of their art, they most often are focused on the passion of collecting, not disposing. When they do consider the ultimate disposition of their collection, they are often overwhelmed by the seemingly endless number of choices of what to do. When faced with so many perceived choices, human nature takes over and often results in the selection of the default planning option—doing nothing. And often, a collector’s advisor is not aware of the extent or value of his client’s collection, and planning consists of a simple, standard bequest of tangible personal property to the surviving spouse, or the children or other heirs, to divvy up as they agree.

NEXT WEEK, POST 2 OF THIS ARTICLE! START BY READING THIS AND THEN TAKE ACTION.

Published in Probate and Property, Volume 30, Number 2, ©2016 by the American Bar Association.

Aspen as an Art Hotspot – Who Knew? by Nicholas Christopher of Turon Travel

Wade Guyton,
Peter Fischli and David Weiss
Aspen Art Museum

Turon Travel is an international travel agency with a focus on the arts.  Turon  has the distinct pleasure of working with a growing number of International Art Fairs, Art and Antiques Fairs and special arts events. Our management style creates a seamless process which works to the benefit of the venue, the exhibitors and of course, the event patrons.

Today, Nicholas Christopher, founder and president of Turon Travel, takes us to what used to be, and still is, a luxury winter ski resort but now also a lively art hotspot year round.

Aspen Art Museum

Now in its 7th year, Art Aspen, August 3-6, hosts an exclusive group of 30 international dealers.  Aspen has always been known as an enclave of power collectors so a fair of this size fits the bill, following the ArtCrush (Aug 2-4), a series of events benefiting the Aspen Art Museum, the cornerstone of the local art scene.  From wine tastings to silent and public art auctions, sponsored by Sotheby’s,  ArtCrush culminates in a Gala Summer benefit which is the talk of the Summer season. Lawrence Weiner will be awarded the Aspen Award for his unique word-based conceptual artworks. 

Fischli & Weiss
Rat and Bear

For their part, the Aspen Art Museum has paired Wade Guyton with the collaborative duo Peter Fischli and David Weiss.  Together, the three form a hydra of non-traditional artists known for taking risks aesthetically and mechanically – Guyton by feeding unconventional canvases through inkjet printers and Fischli/Weiss by creating complex systems out of mundane objects. Their work will occupy the museum’s 6 galleries , the rooftop sculpture garden and the outdoor commons, a total emersion in contemporary work throughout this impressive building.

New York artist, Shinque Smith, is also on view Aspen is one of four cities chosen by the National Trust for Historic Preservation to be included in an informational booklet series.  Known primarily for its Victorian architecture, Aspen has been transformed over the last 30 years by mid-century architecture that takes advantage of the uniqueness of the city’s mountain surroundings.  For more information check out http://www.aspenmod.com 

While you’re there, stop by two leading galleries, known for their internationally renowned artists.

Jim Hodges
Tracing the Contours of the Day
Baldwin Gallery

BALDWIN GALLERY is showing the extraordinary work of Jim Hodges in an exhibit entitled “Tracing the contours of our days”. The show features a monumental figural work. Casterline Goodman will have a beautiful group of important Richard Serra drawings.

 

 

Richard Serra
Casterline Goodman Gallery

We do not live by Art alone. Here are a few of the best restaurants in town, a variety of cuisines, all worth a visit.

The Little Nell – the only 5* hotel with 5* restaurants has two award winners to choose from.  This Aspen hotel is a ten-minute walk from the John Denver Sanctuary, three miles from the Buttermilk Mountain Ski Area, and a 13-minute drive from Aspen-Pitkin County Airport.

Element 47

Element 47 – serving breakfast and dinner, Element 47 has received accolades from the Forbes Travel Guide, James Beard, wine Spectator to name a few.  All food sources are locally sourced, all natural and nitrate free ( for the meat eaters).

Ajax Tavern has a menu which has tavern like entries with the full local sourced, all natural fare.  Burgers and truffle fries never tasted so good in the clear Aspen air.  Food & Wine; The Culture Trip and  Esquire Magazine are just a few critics who have raved about it.

Mitsubishi Aspen

and

Matsuhisa – Located in a 120-year old Main Street Victorian house in downtown Aspen, Matsuhisa Aspen opened in 1998 as the first Matsuhisa location outside of Chef Nobu’s original Beverly Hills restaurant.  Chef Nobu’s new-style Japanese cuisine draws influence from his classical training in Tokyo and his life abroad in Peru, Argentina, and around the world, showcasing signature dishes such as Yellowtail Sashimi with Jalapeño, Black Cod Miso and White fish Tiradito.

Hickory House Ribs – Set up like a full service diner, this restaurant serves all day long and specializes in BBQ slow cooking.  Vegetarians can enjoy the breakfast options – but salad is the course of choice for the other 2 meals of the day.

 

 

 

On the Cutting Edge: Contemporary Print editions at Pace Prints

Pace Prints
IFPDA Fair
Park Avenue Armory

IN 2009, THE INTERNATIONAL FINE PRINT DEALERS ASSOCIATION ESTABLISHED A FOUNDATION TO INSPIRE AND SUSTAIN A KNOWLEDGE AND CONNOISSEURSHIP OF FINE PRINTS FOR  A NEW GENERATION OF COLLECTORS, CURATORS AND ARTISTS. THE ASSOCIATION ITSELF, IFPDA, A NON-PROFIT DEDICATED TO THE APPRECIATION OF PRINTS AS WORKS OF FINE ART, INCLUDES AN INTERNATIONAL COMMUNITY OF DEALERS FROM OLD MASTER TO CONTEMPORARY AND PUBLISHERS OF INTERNATIONALLY RECOGNIZED CONTEMPORARY ARTISTS.  THE IFPDA FAIR, HELD ANNUALLY AT NEW YORK’S PARK AVENUE ARMORY, HAS LONG BEEN CELEBRATED FOR THE QUALITY OF ITS EXHIBITORS AND RANGE OF FIRST-TIER PRINTS.

Much like sculpture, a print is an original work of art that can exist as a multiple, rather than a copy of a work in another medium.

http://www.ifpda.org/about

How & Nosm at Pace Prints workshop

IT IS NO SURPRISE THAT PACE PRINTS WAS ONE OF THE FOUNDING MEMBERS OF IPFDA. WITHOUT EXCEPTION, THE PRINTS EXHIBITED AND PUBLISHED AT PACE CHAMPION THE INNOVATIVE CREATIVITY THAT ARTISTS REALIZE WHEN COLLABORATING WITH A MASTER PRINTER AND EXPLORING WORKING THIS MEDIUM.

TODAY, IT IS A PLEASURE FOR THE LRFA BLOG TO CONTINUE OUR CONVERSATION WITH PACE PRINTS’ GALLERY DIRECTOR, JEFF BERGMAN, ON CURRENT EDITIONS AND ART FAIRS IN WHICH PACE PARTICIPATES.

http://paceprints.com/about

JEFF, WELCOME BACK!

WHO ARE SOME OF THE ARTISTS THAT HAVE RECENTLY BEEN INVITED TO PUBLISH EDITIONS WITH PACE? WHAT ARE THE CRITERIA OF THE GALLERY TO INVITE AN ARTIST TO PUBLISH?

In the last year we have worked with Chuck Close, Leonardo Drew, Daniel Heidkamp, Jenny Holzer, Kate Shepherd, Shahzia Sikander, James Turrell and Dan Walsh to name a few.  We hope the artists that come and work with us will feel that what they do in our shops will help them explore their practice in a new way.  There are no concrete criteria for our partnership with an artist.

Ryan McGuinness
Figure Drawings, 2014, installation view, Pace Prints, New York

WHAT IS THE CUSTOMARY SIZE OF AN EDITION? HOW ARE EDITIONS DISTRIBUTED?

There is no customary size for an edition.  Our editions rarely exceed 50 these days, though in the 70’s might have always been 100 or more.  We are the dealer for our publications in almost all instances so all the work flows from us.

THE ART FAIR HAS BECOME THE GREAT MARKETPLACE OF THE CURRENT ART WORLD. WHAT IS YOUR PERSPECTIVE ON THE EMERGENCE OF INTERNATIONAL ART FAIRS WITH RESPECT TO THE PRINT MARKET?

The global art fair market for prints follows the same path as it does for unique work.  It is important to our collectors and artists that we participate, and as a founding member of the IFPDA fair in NY, we will continue to stay involved locally.

Pace Prints
ADAA The Art Show, 2017
Installation view

WHAT FAIRS DO YOU PARTICIPATE IN?

Currently we participate in Art Basel Miami Beach, Art Basel Hong Kong, the ADAA Art Fair and the IFPDA Fair and often at Art Basel Switzerland.

 

JAMES TURRELL
Installation View
Pace Prints


ONE OF THE ARTISTS FOR WHOM I HAVE GREAT RESPECT IS JAMES TURRELL, RECENTLY HONORED WITH A RETROSPECTIVE OF HIS WORK AT THE GUGGENHEIM MUSEUM IN NEW YORK THAT WAS PRESENTED CONCURRENTLY AT THE LOS ANGELES COUNTY MUSEUM OF ART (LACMA) AND THE MUSEUM OF FINE ARTS, HOUSTON. TURRELL WORKS DIRECTLY WITH LIGHT AND SPACE TO CHALLENGE THE VIEWER’S PERCEPTION BOTH OF HIMSELF AND HIS WORLD.

Pace Editions printers Bill Hall and Sarah Carpenter discuss printing James Turrell’s newest suite of aquatint etchings, which was exhibited for the first time at the IFPDA print fair, November 5-9, 2014.

 

http://www.paceprints.com/video/james-turrell-prints-and-process

HOW DID PACE PRINTS TRANSLATE THIS VISIONARY ARTIST INTO THE PRINT MEDIUM?

I think that the artist describes this best in this video (created by Pace Prints) about the print process when he says “it’s something to take the qualities of light and make a print editions…but I am quite well pleased”.

How & Nosm
Stacked prints
Pace Prints

PACE PRINTS IS ALSO A STRONGHOLD FOR ARTISTS SOUGHT AFTER BY ACTIVE “YOUNG COLLECTORS”.  WHO ARE SOME OF THE ARTISTS THAT HAVE GAINED A GREAT DEAL OF ATTENTION, BOTH AT AUCTION AND IN THE GALLERY SECTOR, THAT YOU HAVE RECENTLY PUBLISHED?

In November at the IFPDA our fair booth contained work by Chuck Close, Leonardo Drew, Jenny Holzer, KAWS, Shahzia Sikander and James Turrell.  This certainly covers the cross-section of artists you are talking about.

LEONARDO DREW
42P 2014
Pigmented handmade paper
Published by Pace Editions, Inc.

ANOTHER ARTIST WHOSE WORK HAS INTERESTED ME SINCE HE FIRST EXHIBITED AT SIKKEMA JENKINS IS LEONARDO DREW. THE MATERIALS IN HIS WORK ARE CHALLENGING: WOOD, RUSTED IRON, COTTON, PAPER, AND MUD. DREW, WHO GREW UP IN A PUBLIC HOUSING PROJECT, TRANSFORMS MEMORIES OF HIS CHILDHOOD SURROUNDINGS INTO INTENSE, ELABORATE AND OFTEN THREE-DIMENSIONAL RELIEFS AND SCULPTURES.  HOW DID PACE TRANSLATE THESE PICTORIAL CONCERNS INTO PRINTS?

Our papermaking studio is a real laboratory where artists like Leonardo Drew have found a way to create sculptural dimensions while working with paper.  Ruth Lingen and Akemi Martin have used a number of papermaking techniques in collaboration with the artist, which he speaks about here:

http://www.paceprints.com/video/leonardo-drew-his-new-body-cast-paper-works

PLEASE JOIN US WHEN JEFF BERGMAN SHARES HIS PERSPECTIVE ON THE FUTURE OF THE PRINT MARKET IN THE NEXT LRFA BLOG.

 

IN THE MEANTIME, VISIT PACE PRINTS SUMMER EXHIBITIONS, “SELECTIONS”

32 East 57th Street

AL JENSEN
Alfred Jensen, “Portfolio, #1,” 1973, screenprint, 35 x 35 Inches, edition of 150

521 West 26th Street

Keith Haring
“USA 19-82,”
On exhibit Pace Prints Chelsea

Printmaking techniques: traditional and innovative with Jeff Bergman, Director of Pace Prints

Kenneth Noland, “Untitled,” 2009, Aquatint and soft-ground etching,
35 1/4 x 35 inches
ON VIEW SUMMER EXHIBITION
Pace Prints
32 East 57 Street

THE SPECTRUM OF PRINTMAKING TECHNIQUES SPANS A WIDE ARCH FROM THE TRADITIONAL TO THE INNOVATIVE. ETCHING, ENGRAVING, LITHOGRAPHY PRINTING PROCESSES HAVE EXPANDED EXPONENTIALLY THANKS TO TECHNOLOGY TO INCLUDE COMPUTER PRINTS, MYLAR LITHOGRAPHY, HELIO-RELIEFS AND MONOPRINTS. RATHER THAN SEEKING TO REPRODUCE ICONIC IMAGES OF ARTISTS’ PAINTINGS, PRINTMAKING IS AN ART FORM IN AND OF ITSELF. THE DIALOGUE BETWEEN MASTER PRINTER AND ARTIST OPENS UP CREATIVE DISCOVERIES THAT ONLY THE PROCESS ITSELF CAN INSPIRE. SILK-SCREEN PRINTING, IN PARTICULAR IN THE 60s AND 70s, BLURRED THE BOUNDARIES EVEN FURTHER WHEN SUCH ARTISTS AS ROBERT RAUSCHENBERG AND ANDY WARHOL EMPLOYED THE SILKSCREEN PROCESS TO CREATE UNIQUE WORKS ON CANVAS.

THE LRFA BLOG IS DELIGHTED TO CONTINUE ITS CONVERSATION WITH THE KNOWLEDGABLE AND ENGAGING JEFF BERGMAN, DIRECTOR AT PACE PRINTS.

http://paceprints.com/

Robert Mangold
Installation View
Pace Prints Chelsea
April – June 2017

JEFF, WELCOME BACK!

PRINTS OFFER AN EMERGING COLLECTOR THE OPPORTUNITY TO ACQUIRE WORKS BY ARTISTS OF KNOWN STATURE AND REPUTATION IN A MORE MODEST PRICE RANGE. DO YOU VIEW THAT AS A MOTIVATION FOR THE NASCENT COLLECTOR TO GRAVITATE TOWARDS PRINT EDITIONS RATHER THAN A UNIQUE WORK BY A LESS ESTABLISHED ARTIST?

Prints offer many things and the option of owning work by a big name artist for a relatively modest price is certainly at the top of collectors’ list.  Works on paper convey a sense of intimacy that many large works (paintings per se) cannot.  Hopefully a print collector can feel comfortable with the notion that the artist chose that specific image, and then proceeded to create 10 or 25 or 50 impressions.  In my mind, that speaks volumes to the artist’s confidence in that image.

 

 

Chuck Close: Self-Portrait, 2015, Print & Process
Pace Prints Chelsea
March – April 2017

WHAT ARTISTS ARE CURRENTLY MAKING THE BEST PRINTS AND IN WHAT WAYS? HAVE PRINTMAKING TECHNIQUES STAYED WITHIN THE TRADITIONAL METHODOLOGY AND HOW HAS MODERN TECHNOLOGY AFFECTED THE ART OF PRINTMAKING?

The artist that pushes print making the furthest in recent years is Chuck Close.  He continues to astound us all with the variety of techniques and the ways in which he uses traditional print making.  Chuck’s print career is a study in what is possible in prints and multiples.  His recent “felt hand stamp” prints (well illustrated and explained in Terrie Sultan’s Chuck Close Prints) is a slow and arduous process with remarkable results.  He continues to make elaborate woodcuts, etchings and works that utilize digital resources.

CHUCK CLOSE
Installation View

Self-Portrait (2015) was created over three years from 24 blocks that were used to render the image in 84 colors. The exhibition will include a selection of these woodblocks and progressive proofs together with the published print.

Throughout his career, Chuck Close has used his own image as a creative vehicle for his exploration of painting techniques and styles. Self-Portrait (2015) represents a significantly different facial perspective from earlier self portraits.

THERE ARE ALSO, OF COURSE, REMARKABLE COLLECTIONS DEDICATED SOLELY TO MODERN AND CONTEMPORARY PRINTS. HOW WOULD YOU CHARACTERIZE PACE COLLECTORS? WHAT MOTIVATES A COLLECTOR TO FOCUS ON PRINTMAKING.

Our collectors range widely.  We hope that whether they are buying large or small, no matter the expense, that they feel as though they have gained a direct connection with the artist and the image.

I believe a great print collector is someone who loves prints for what they are and appreciates the technique, but can also enjoy the image without the minutiae.

Jenny Holzer
“Conclusions,”2016
Set of six aquatint and white ground etchings
ON VIEW SUMMER EXHIBITION
Pace Prints Chelsea

HAS THERE BEEN A SHIFT IN THE PRINT MARKET WITH THE ADVENT OF POPULARITY OF PHOTOGRAPHY THAT IS PRINTED AS A MULTIPLE, ALTHOUGH WITH MUCH MORE LIMITED NUMBERS IN AN EDITION?

The photography market tends to follow the methodology of using small editions.  Print editions have also become smaller in recent years.  Whether there is a direct correlation I am not sure.

PACE HAS A LEGENDARY REPUTATION FOR ITS COLLABORATION WITH ARTISTS. I HAVE HEARD THEM SPEAK OF THE EXPERIENCE IN TRANSFORMATIVE TERMS. THE  MASTER PRINTER OPENS TECHNICAL AND AESTHETIC DOORWAYS AND INSPIRES THEIR WORK AND VISION WITH THE DIVERSITY OF TECHNIQUES AVAILABLE TO THEM.

Robert Mangold
“Double Square Frame”
2015
ON VIEW SUMMER EXHIBITION
Pace Prints
32 East 57 Street

ONE OF THE MOST DETAILED EXAMPLES OF THE INVALUABLE DIALOGUE BETWEEN MASTER PRINTER AND ARTIST DESCRIBING THE PRINTING PROCESS ON HAND-MADE PAPER IS DESCRIBED IN THE PACE PRINTS GLOSSARY. DANIEL HEIDKAMP’S HOLLOW SWALLOW, A RECENT MONOPRINT IS CURRENTLY ON VIEW IN THE GALLERY’S CONCURRENT SUMMER GROUP EXHIBITION SELECTIONS AT THE CHELSEA GALLERY AT 521 WEST 26TH STREET AND AT 32 EAST 57th STREET.

Daniel Heidkamp
Hollow Swallow, 2015
Hand-applied and stenciled paper pulp
43 x 32 1/2 inches
Unique

HANDMADE PAPER

Pace Paper master papermaker Ruth Lingen works with artists to create unique and editioned work in the hand papermaking process. In preparation to creating an image, fibers are macerated in a specialized beater to specific lengths for their specific type of application. Once macerated into paper pulp, the substance can be used to create individual sheets of paper or, when macerated to a finer grade, can retain high levels of pigmentation and be used in more contemporary applications.

The number of applications of working in handmade paper is diverse. Pigmented paper pulp, coined pulp paint in the papermaking world, can be poured into openings in mylar stencils (on top of a wet base sheet substrate), building up one wet layer on top of another. In another technique entitled a “blow out”, images can be masked out directly on the papermaking mould and retain a silhouette directly in paper pulp. Watermarking is an application that can be used within the sheet of paper to create an image that is visible when light is shown through the paper. Once an image is created, the entire sheet with layer upon layer of pigmented pulp slowly goes through a hydraulic press, forcing the water to escape and allowing the fibers to form hydrogen bonds, which hold all layers of fibers together.

Paper pulp can also be used in a three-dimensional format. In a casting, paper pulp is packed directly into a rubber mold, allowed to dry, and will come out as a sculptural form.

JIM DINE
The Heart and The Wall and The Green 2005
Etching, aquatint, and collograph
87 1/2 x 70 inches
Edition of 9

WHAT ARE THE TECHNIQUES THAT ARE THE MOST WIDELY USED AND HOW ARE THEY DEFINED?

We currently have shops that focus on traditional Ukiyo-e woodcut printing, any relief print possibilities, intaglio, hand made and cast paper and occasionally screen printing and digital production.

Artists such as Chuck Close and Jim Dine expored a range of techniques in our shops and created iconic images.  We are incredibly lucky to have had and continue to have the finest print makers in the world working with us at Pace.  The artists immediately recognize that the people printing with them are able and active collaborators.

Dan Walsh
“Elements”, 2016
Monoprint
On exhibit through August 18
Pace Prints Chelsea
521 West 26th Street

A GLOSSARY OF PRINT-MAKING TECHNIQUES:

The principle techniques of printmaking, with illustrated examples, all of which are practiced in the workshops of Pace Prints

http://paceprints.com/techniques

IN OUR NEXT POST, JEFF WILL INFORM US ON THE MOST RECENT ACTIVITIES AT PACE PRINTS AND SHARE HIS ASTUTE PERSPECTIVE ON COLLECTIN IN TODAY’S PRINT MARKET.  THANK YOU FOR FOLLOWING OUR POSTS!