Introducing Dana Prussian, Bank of America Private Bank Art Services, combining business acumen and a passion for art

Dana Prussian
VP, Art Services, Bank of America Private Bank

IN MARCH 2016, THE NEW YORK TIMES PUBLISHED A STUDY ON A TREND IN THE ART MARKET WHICH HAS BEEN ON THE RISE  FOR AT LEAST THE LAST DECADE: ART AS AN ALTERNATIVE ASSET AND AS COLLATERAL FOR A LOAN.

Highlights from

ART AS COLLATERAL IN A FICKLE MARKET, Scott Rayburn, March 7, 2016, New York Times

Art and money have long been closely linked, but in the 21st century, it seems, the two have become synonymous.

One way to extract the latter from the former is art-based lending, in which paintings or sculptures are used as collateral for loans. Now that the notoriously fickle and opaque art market is seemingly headed toward a downturn, with money tighter and the prices of many artworks lower, will this kind of niche financing become more attractive to collectors?

Art lenders who have offered full-recourse loans, secured by a range of personal assets, have faced unfavorable publicity. During the financial crisis of 2008-2009, the photographer Annie Leibovitz pledged her four homes and the rights to her images to secure a $24 million loan from Art Capital. She was unable to service the debt, and a high-profile court action ensued.

“This is an opportunity,” Andrea Danese, a co-founder of Athena and the company’s chief executive, said in a telephone interview. Mr. Danese said there was potentially about $150 billion worth of art in private hands that could be collateralized. He identified three groups to whom his company’s products might appeal.

“First, there are billionaires who put the money into private equity deals, where they make 20 to 25 percent,” he said. “Then there are collectors with, say, $30 million of art they leverage to buy another piece. And thirdly there are the art-rich and cash-poor in their 70s and 80s who don’t want to sell because of capital gains or estate taxes.”

But art lenders, like pawnbrokers, can get a boost when markets dip.

https://www.nytimes.com/2016/03/07/arts/international/art-money-and-collateral-in-a-weak-market.html?action=click&module=editorContent&pgtype=Article&region=CompanionColumn&contentCollection=Trending#after-pp_edpick

THIS UNPRECEDENTED DEVELOPMENT IN THE ART MARKET OVER THE LAST DECADE HAS RESULTED IN A FOCUS ON THE FINANCIAL ASPECTS OF ART. ART IS SEEN NOT ONLY AS AN OBJECT THAT IS AESTHETIC PLEASING OR CHALLENGING AND INTELLECTUALLY FULFILLING BUT ALSO AS A NEW ALTERNATIVE ASSET CLASS OFFERING INTERESTING BUSINESS OPPORTUNITIES. THUS, IT HAS PRODUCED AN OPPORTUNITY FOR EXPERTS IN THE FINANCIAL WORLD WHO ARE INTERESTED IN ART TO ENJOY EXCITING AND INNOVATIVE CAREERS THAT COMBINE THE TWO.

DANA PRUSSIAN, VICE PRESIDENT, ART SERVICES AT BANK OF AMERICA PRIVATE BANK, IS AN IMPRESSIVE, ARTICULATE AND KNOWLEDGEABLE WOMAN WHO IS  APPLYING HER INVESTMENT AND FINANCIAL BACKGROUND AND TRAINING TO ASSIST INDIVIDUAL COLLECTORS  AND ART INSTITUTIONS IN THE ACQUISITION, DONATION AND DEACCESSION ART AND TO USE ART AS AN ALTERNATIVE INVESTMENT VEHICLE.

Linnea in Monet’s Garden

THE LRFA BLOG IS HONORED TO WELCOME DANA PRUSSIAN.

DANA, SO MANY THANKS FOR TAKING THE TIME TO CONTRIBUTE TO THE LRFA BLOG. WHERE DID YOU GROW UP? DID YOU HAVE AN INTEREST IN ART AT AN EARLY AGE AND, IF SO, HOW DID THAT COME ABOUT?

I grew up in Louisville. My parents encouraged me to be active in the arts- I danced with the Louisville Ballet, took acting classes, played the violin. I’m not sure where my interest in fine art came about, though I do remember being obsessed with Linnea in Monet’s Garden when I was very young. Did anyone else have that doll? Book? Video? Childhood affinity for Giverny?

Diego Rivera Industry Murals
Detroit Institute of the Arts

WAS YOUR FAMILY INTERESTED IN OR COLLECT ART?

Not particularly, but my family has always supported the arts, whether it was the symphony, the theater, or the ballet. Much of my extended family lives in Bloomfield Hills, MI, and my aunt was a docent at the Detroit Institute of Arts (DIA) while I was growing up. I vividly remember visiting Rivera’s Detroit Industry Murals and the beautifully intricate Dutch Golden Age paintings.

Gerard der Borch, The Younger
Lady at Her Toilette
Collection of the Detroit Institute of the Arts

WHAT IS YOUR ACADEMIC BACKGROUND?

I moved to New York City 10 years ago to attend Barnard College at Columbia University where I received a degree in both Art History and Political Science. It was really my secondary school that influenced me more than anything. I went to Louisville Collegiate School, which is this very close-knit, traditional college prep school, and I still feel endlessly lucky to have attended. We had a required course, HATA (or, History and the Arts) that was a two-year world history class with corresponding art, dance, music, and religion. It was my first serious exposure to art history and the material was woven in this organic, experiential way. After that course, I moved right into AP Art History, and it was a love story from there. I ended up passing out of the first three levels of art history when I arrived at Columbia. Even though I was so influenced by Collegiate, that there is nothing, NOTHING like being an Art History student in New York City. My senior seminar was at the Met on Monday mornings (the good old days when the Met was closed on Mondays and we essentially had the museum to ourselves), and I vividly remember meeting classmates on the Met steps on crisp autumn mornings, taking class with one of the Met’s curators, and then heading down 5^th avenue to Christie’s for my fall internship. You simply cannot replicate that experience anywhere else.

Johannes Vermeer
Young Woman with a Pitcher
Metropolitan Museum of Art

WHAT DID YOU INTEND YOUR CAREER PATH TO BE WHEN YOU FIRST STARTED WORKING?

My exact role, except it did not exist when I graduated!

IN OUR NEXT LRFA BLOG POST, DANA WILL START TO DETAIL HER PROFESSIONAL ROLES THAT LEAD HER TO HER CURRENT POSITION. GREAT INSIGHTS FOR EVERYONE INTERESTED IN COLLECTING OR IN FOLLOWING IN HER FOOTSTEPS!

PLEASE JOIN US!

 

A comprehensive report on the current art market from the Art Lending Services division at U.S. Trust

U.S. TRUST, AS DO MANY OF THE MOST HIGHLY REGARDED BANKING AND FINANCIAL ADVISORY INSTITUTIONS, OFFERS EXTENSIVE ART SERVICES. AS ART IS NOW CONSIDERED TO BE AN ALTERNATIVE INVESTMENT, AND NOT SIMPLY AN AESTHETIC PLEASURE, BANKING HAS ENTERED VERY FORCEFULLY IN THE COMPETITION TO PROVIDE ART LENDING SERVICES TO HELP BOTH COLLECTORS AND INSTITUTIONS HELP NAVIGATE THE COMPLEX ART WORLD.

RECENTLY U.S. TRUST, THE PRIVATE BANKING ARM OF BANK OF AMERICA,  PUBLISHED AN EXTREMELY COMPREHENSIVE ANALYSIS ON THE STATE OF THE CURRENT ART MARKET. IN A TIME OF TURMOIL AND CHANGE, GENERAL REEVALUATION AND A GLOBAL SHIFT IN THE ART MARKET, IT IS PARTICULARLY RELEVANT AND THE LRFA BLOG IS PLEASED TO SHARE IT WITH YOU. WE ARE DELIGHTED, AS WELL, TO REPORT THAT DANA PRUSSIAN, VICE PRESIDENT AT U.S. TRUST ART LENDING SERVICES, WILL BE CONTRIBUTING TO THE LRFA BLOG IN THE MONTHS AHEAD.

PART ONE

“We feel that you should not buy art purely as an investment. Buy it for love, desire, legacy, culture, pleasure, addiction,

status, and community.”

Art Services Market Update

At Bank of America Private Bank, we maintain a sharp focus on the art market and on the collectors, dealers, auctions specialists and institutions that make it function. We work closely with many of you across four pillars: art lending, art planning, consignment services and institutional arts endowment management. This update features our observations on the current state of the art market from a business perspective.

The Market

• Current low interest rates, solid equity markets and more stratified wealth creation worldwide continues to drive capital toward art. The maturation and globalization of the art market has expanded the collector base and transformed the art market from a niche lifestyle into a $60 billion global industry.1 Still, overall art market growth in terms of total art sales has stalled since 2012, even as the S&P 500has currently more than doubled since that time.
• If the Federal Reserve (Fed) continues its dovish policy, we expect collectors’ continued allocation of capital to art. When interest rates fall, the opportunity cost of holding non-interest-bearing assets like art goes down. The art market is driven by sentiment, so the greatest risk we see is a geopolitical event that impedes the global flow of capital and credit prompting collectors to pause.

• We anticipate that financial returns for contemporary art will be lower in the next decade than some may expect. The market has absorbed a lot of art since the turn of the century. An exceedingly large percentage of those works may be worth close to zero in a generation or so. And because we’re in a more mature and efficient art market, there may be fewer upside surprises than in decades past. We feel that you should not buy art purely as an investment. Buy it for your passion, enjoyment, legacy, culture, status or community.

The Auctions

• During the New York Spring Auctions, the market absorbed over $2 billion of art at Christie’s, Sotheby’s and Phillips, handily above the $1.6 billion pre-sale estimate. It was the first auction season defined by large estates of postwar
and contemporary art. Eye-catching results such as the $91 million Koons “Rabbit”, the $110 million Monet “Haystack” and the rapidly growing market for KAWS belie a more modest 5.1% annualized return2 achieved for repeat sales during the season. Given the recent performance of London auctions and the lack of clarity around a Brexit deal, New York will continue to be the premiere sale site for high-end postwar and contemporary art for the foreseeable future. Fresh-to- market works, typical of the artist’s oeuvre, in good condition, with strong provenance, continue to perform strongest at auction. Works by female and black artists also continue their rise.

• You likely saw that in June, Sotheby’s accepted a $3.7 billion buyout offer from French media entrepreneur Patrick Drahi. Interestingly, Bonhams was also bought out earlier this year. Going private will allow Sotheby’s more flexibility to compete for top lots, which will benefit major collectors, and will provide time and space to evolve its business model, which, like Christie’s, is challenged. Competition for top pictures has become a race-to-the-bottom: China isn’t the growth engine everyone hoped it would be, and online sales have yet to deliver meaningful scale or margin expansion. With business margins at around 10% for the industry, auction houses are officially on the hunt for new revenue streams.

• Look for the auction houses to continue to expand into art advisory, financial services, brand licensing and even investment research as they look beyond their supply-constrained auction business. As a collector, you may see better terms when consigning top works at auction, but expect higher commissions for lower- value works. Buyer premiums will continue to expand at all levels. Finally, get ready for more convenience. Virtual reality will change how you view upcoming sales, and artificial intelligence will soon be sending you an endless array of Netflix-style lot recommendations across all categories based on what you’ve perused across the internet.

The future at Sotheby’s

AS  A SURPRISING CODA TO THE EXCEPTIONALLY INFORMATIVE INTERVIEW WITH COURTNEY KREMERS, SENIOR VP AND CONTEMPORARY ART SPECIALIST AT SOTHEBY’S, THIS NEWS HAS SET THE ART WORLD ABUZZ IN THE LAST FEW DAYS.  SOTHEBY’S HAS DECIDED TO ACCEPT AN OFFER BY FRENCH TELECOM AND MEDIA BILLIONAIRE PATRICK DRAHI AND WILL FORMALLY BE A PRIVATELY HELD COMPANY, AS ARE CHRISTIE’S AND PHILLIPS, IN THE NEAR FUTURE. THAT WILL CERTAINLY DISRUPT THE LANDSCAPE OF THE HIGHLY COMPETITIVE AUCTION WORLD!

IN THEIR OWN WORDS…

SOTHEBY’S PRESS RELEASE JUNE 17, 2019

Sotheby’s (NYSE: BID) today announced that it has signed a definitive merger agreement to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur as well as art collector, Patrick Drahi. Under the terms of the agreement, which was approved by Sotheby’s Board of Directors, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby’s common stock in a transaction with an enterprise value of $3.7 billion. The offer price represents a premium of 61% to Sotheby’s closing price on June 14, 2019, and a 56.3% premium to the company’s 30 trading-day volume weighted average share price. The transaction would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

Tad Smith, Sotheby’s CEO, said, “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner.”

Domenico De Sole, Chairman of Sotheby’s Board of Directors, said, “Following a comprehensive review, the Board enthusiastically supports Mr. Drahi’s offer, which delivers a significant premium to market for our shareholders. After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success.” 2 “I am honored that the Board of Sotheby’s has decided to recommend my offer,” commented Patrick Drahi. “Sotheby’s is one of the most elegant and aspirational brands in the world. As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family. We thank Domenico and the rest of the Sotheby’s Board for its support and look forward to getting started with Tad and the wonderful members of his team to define our future.”

The closing of the deal is subject to customary conditions, including regulatory clearance and shareholder approvals, but is not subject to the availability of financing. The transaction is expected to close in the fourth quarter of 2019 following shareholder approval.

FROM THE OFFICE OF PATRICK DRAHI

PRESS RELEASE ACQUISITION OF SOTHEBY’S JUNE 17, 2019

I am very honored that the Board of Sotheby’s has decided to recommend my offer.

With my family, we are very enthusiastic to build together with its current management
and their teams the future of Sotheby’s, a fascinating and multi-secular company with such a celebrated history of uniting people all over the world through culture and arts.

For my entire life, I have been passionate about this industry and I believe the opportunities and growth potential are significant for Sotheby’s.

I am making this investment for my family, through my personal holding, with a very long-term perspective. There is no capital link with Altice Europe or Altice USA.

As the future owner, I have full confidence in Sotheby’s management, and hence do not anticipate any change to the Company’s strategy. Management and their exceptional teams and talent around the world will continue to operate with my full support.

This investment will further demonstrate the anchoring of my family in the United States, a country where we have been very welcomed since the successful acquisitions of Suddenlink in 2015, Cablevision in 2016 and just recently Cheddar.

The telecom and media industries will keep being my main focus where I remain 100% committed to our businesses and to our continued growth. I will of course keep leading the management team in the development and growth of Altice Europe, as well as remain Chairman of the Board of Altice USA to support Dexter and his team who are doing a great job.

The acquisition of Sotheby’s will be funded by financings arranged and underwritten by BNP Paribas as well as by equity provided from my own funds. To help fund this transaction, I do not intend to sell any shares in Altice Europe NV; my intention is to monetize a small position in Altice USA up to $400 million by the end of the year. Due to Altice USA’s share repurchase program, the total economic stake of my holdings in Altice USA has increased over the last 12 months from approximately 34% to 38 %.

Sotheby’s now and ahead with Senior VP and Contemporary Specialist, Courtney Kremers

Sotheby’s New York

In 2015, Tad Smith was appointed to head Sotheby’s. Prior to that, Mr. Smith had spent a year as chief executive of the Madison Square Garden Company, which, among other businesses, owns the New York Knicks basketball team, the New York Rangers hockey team and Radio City Music Hall. Before that, he spent five years at Cablevision Systems, which like MSG is controlled by the family of Charles Dolan.

In an interview, Mr. Smith said he could not add to the expertise of Sotheby’s art experts, but he could act as a business catalyst. “The market for art is very large, it is global and there is an immense amount of new wealth being created every year,” he said. Sotheby’s said it was also splitting the jobs of chief executive and chairman of the board, both of which had been held by Mr. Ruprecht. Domenico De Sole, former chief executive of the Gucci Group and chairman of the luxury retailer Tom Ford International, who is currently Sotheby’s lead independent director, became its new chairman.

Tad Smith
President and CEO
Sotheby’s

In January 2016, Schwartzman and Cappellazzo joined Sotheby’s as Chairmen and Co-Heads of its newly formed Fine Art Division and the traditional structure of the auction house radically changed in an effort to adapt to an industry in flux.

https://www.sothebys.com/en/auctions/2019/by-women-for-tomorrows-women-n10041.html

A recent auction was just one way in which Sotheby’s reflects and responds to the social and political issues of our times: an art exhibit and auction hosted by Sotheby’s and Miss Porter’s School called “By Women, for Tomorrow’s Women.” The event was the first all-women-artist benefit held at a major auction house.

Carmen Herrera
Sotheby’s By Women, For Tomorrow’s Women auction

Sotheby’s has taken a major leap into the 21st Century with its acquisition of Thread Genius, an AI-based recommendation platform, and Viyet, a high-end furniture design consignment platform focused on an emerging generation of antique and high-end interior design enthusiasts, just two of its recent corporate acquisitions since Mr. Smith took charge.

Viyet at Sotheby’s

TODAY, THE LRFA BLOG IS DELIGHTED TO CONTINUE ITS CONVERSATION WITH COURTNEY KREMERS, SENIOR VP AND CONTEMPORY ART SPECIALIST AT SOTHEBY’S.

COURTNEY, WELCOME BACK.

IN 2015, TAD SMITH WAS APPOINTED PRESIDENT AND CEO OF SOTHEBY’S. SOTHEBY’S HAS BEEN RESTRUCTURED AND TRANSFORMED, ACQUIRING SEVERAL BUSINESSES THAT EXPAND OUR IDEA OF THE ROLE OF AN AUCTION HOUSE.  HOW HAS SOTHEBY’S GROWN AND CHANGED SINCE HIS APPOINTMENT?

We have changed a lot in the last few years, and that change has been exciting. We are adapting to a more global market and one that increasingly operates on digital platforms and outside the traditional auction seasons. Our business has become a 360 degree endeavor – and we are investing as much in new collectors, across all categories, as we are in those bidding in the blockbuster evening sales.  

Sotheby’s BIDnow
Live Online Bidding

SOTHEBY’S IS, UNLIKE CHRISTIE’S OR PHILLIPS, A PUBLICLY HELD COMPANY. HOW DOES THAT AFFECT ITS BUSINESS DECISIONS AND POLICIES?

As a public company, Sotheby’s has to maintain the highest standards of transparency and accountability. In a business that has a reputation for not always being those things, this distinction sets us apart. Trust is an advantage. 

Sotheby’s London

WITH A SOFTENING ART MARKET, POLITICAL UNCERTAINTY, A HIGHLY VOLATILE STOCK MARKET AND A SLOWDOWN OF GLOBAL GROWTH IN GENERAL, HOW IS THE ART MARKET AFFECTED BOTH SHORT TERM AND LONG TERM?

The art market isn’t immune to the global financial markets and political turmoil. But it is remarkably more resilient and less volatile than it was 12 years ago; it is a much more global market. I was in London in June 2017, when we held our Contemporary Sales only a few days after the Brexit vote. We had no idea what would happen, but we didn’t think it would be good. Contrary to expectations, any slack in UK bidding was far outweighed by the enthusiastic paddle raising from US and Asian collectors saw an opportunity because of currency fluctuations. The auctions were likely stronger than they would have been with no-Brexit. 

Sotheby’s Hong Kong

WHAT ARE YOUR IMMEDIATE PLANS AND FUTURE PROFESSIONAL AMBITIONS?

If I am doing exactly what I am doing now, in 20 years, I would consider myself lucky. I love my job, the artworks, the collectors I work with, and the team of people I work with. If it sounds unambitious to hope for more of the same, then so be it. 

IT DOESN’T SOUND UNAMBITIOUS AT ALL- BUT THE LRFA BLOG IS CERTAIN THAT IN MUCH LESS THAN 20 YEARS, YOU WILL HAVE RISEN HIGH IN THE RANKS AT SOTHEBY’S OR ANY OTHER ENDEAVOR YOU PURSUE. COURTNEY, THANK YOU SO MUCH FOR YOUR INSIGHTFUL CONTRIBUTION.

Sotheby’s Paris

IN OUR NEXT LRFA BLOG POST, WE WELCOME TIMOTHY MACDONALD, FOUNDER AND PRESIDENT OF TIMOTHY MACDONALD INCORPORATED, A NEW YORK BASED INTERIOR DESIGN FIRM. TIM HAS BEEN A LONG TIME COLLEAGUE, FRIEND AND SOURCE OF CLIENT REFERRAL AND WE WILL LEARN ABOUT THE MANY PROJECTS HE HAS OVERSEEN, BOTH HERE AND ABROAD AND HIS LOVE OF ART AND DESIGN.

PLEASE JOIN US!

Collecting advice from an expert: Sotheby’s contemporary auction specialist Courtney Kremers

Courtney Kremers
Sotheby’s

AUCTIONS ARE BIG BUSINESS WITH EVER INCREASING INTEREST AND PARTICIPATION FROM ALL CORNERS OF THE WORLD. THANKS TO THE GLOBALIZATION OF THE ART MARKET AND THE DEMOCRATIZATION OF ART BOOSTED BY INSTAGRAM IN PARTICULAR AND SOCIAL MEDIA IN GENERAL, AND BY THE HEADLINE MAKING SUMS THAT ARE BEING REALIZED, EVERYONE FINDS THIS AN INTRIGUING SUBJECT TO FOLLOW WHETHER THEY ARE COLLECTORS OR NOT. THE COMPETITION BETWEEN HOUSES IS FIERCE AND THIS WEEK, IN NEW YORK, PRESENTS MANY OPPORTUNITIES TO PROVE THESE POINTS.

Claude Monet
Meules
Sotheby’s May 2019

ON TUESDAY OF THIS WEEK, SOTHEBY’S TRIUMPHED, OPENING THE NEW YORK AUCTION WEEK, WITH THEIR IMPRESSIONIST AND MODERN SALE. ARTnews DESCRIBES IT AS SUCH:

Powered by a stunning Claude Monet landscape that doubled its estimate and elicited hearty applause in the grand salesroom, Sotheby’s Impressionist and Modern evening sale in New York on Tuesday galloped to a market-affirming $349.9 million tally.

Only five of the 55 lots offered failed to sell, yielding a svelte buy-in rate by lot of 9.1 percent.

The buoyant result surged past pre-sale expectations of $252.6 million to $333.2 million. Those estimates do not include the buyer’s premium. (The hammer tally for the evening, before fees, was $300.5 million.)

The total also shot past last May’s $318.3 million result for the 32 lots that sold. The top lot at that sale was Amedeo Modigliani’s Nu couché (sur le côté gauche), 1917, which fetched $157.2 million, making it the most expensive work ever to sell at Sotheby’s.

Tuesday’s auction ranks as the highest-earning Impression-modern evening sale at Sotheby’s since one in May 2015 that took in $368 million.

http://www.artnews.com/2019/05/15/sothebys-imp-mod-monet-meules-record/

Hans Hofmann

BEFORE WORKS CAN REACH THE DAZZLING HEIGHTS OF THE AUCTION WORLD, THEY MUST FIRST BE ACQUIRED BY PRIVATE COLLECTORS AND THAT TAKES CAREFUL DELIBERATION, INFORMATION AND KNOWLEDGE AS WELL AS THE GOOD FORTUNE OF A GREAT EYE AND/OR A GREAT ADVISOR.

TODAY, THE LRFA BLOG IS DELIGHTED TO HAVE SOTHEBY’S SPECIALIST, SENIOR VP, COURTNEY KREMERS, TO SHARE HER ASTUTE INSIGHTS ON THE ART OF COLLECTING.

COURTNEY, WELCOME BACK! THE LRFA BLOG IS VERY HAPPY TO HAVE YOU HERE.

SOME COLLECTORS, SUCH AS THE MUGRABIS,  FOCUS ON A HANDFUL OF ARTISTS, BUYING NUMEROUS EXAMPLES OF WORK FROM ALL PERIODS OF THE ARTIST’S CAREER, THUS CONTROLLING TO SOME EXTENT THE MARKET FOR THE WORK?

WHAT IN YOUR OPINION ARE THE ADVANTAGES AND THE DISADVANTAGES?

There is a big difference between trying to control an artist’s market, by acquiring a significant number of works, and collecting an artist in depth. The pros/cons of this strategy are no different than having undiversified risk in any other asset class. It is high risk, high reward.

Lucio Fontana

WHEN YOU ARE WORKING WITH A RELATIVELY NEW AND UNSEASONED COLLECTOR, WHAT IS THE BEST ADVICE THAT YOU CAN GIVE THEM?

Collecting involves a careful balance of restraint and gut. At the beginning, the formula should be weighted toward restraint and research, but as you develop a real eye, gut becomes a crucial part of the equation.

HOW DO YOU EDUCATE THE POTENTIAL COLLECTOR IN THE ART OF COLLECTING? WHAT ARE THE PRIMARY CRITERIA AND GUIDELINES DO YOU GIVE THEM?

It isn’t only about buying what you love. For an unseasoned collector, that advice can be a recipe for disaster, or at the very least, for overpaying. The word, “love”, is also confusing to collectors, because what does that mean when it comes to art? Your relationship with an object can grow from something that first would be described as discomfort, because it gets under your skin, stays with you, challenges something you thought you knew. In other words, the reaction to a great object doesn’t always start out as positive experience in a traditional sense, but it can evolve into that. Aside from the gut reaction you feel, which is what makes collecting so emotionally rewarding, you should always ask questions and understand what you are buying, how the work fits into the artist’s overall body of work, what the condition is, which galleries support the artist, which museums have shown the artist, etc. The list of questions is long and you should consider the answers to each one.

Sam Francis

YOU WORKED FOR KIM HIERSTON, WHOM I LIKE AND ADMIRE, IN HER ART ADVISORY FIRM.  WHAT WERE YOUR RESPONSIBILITIES?

Tons of research, among other things. Kim is extremely thorough and disciplined about every artwork she puts forward for a collector’s consideration. It was an information gathering operation first, art advisory second; you can’t advise unless you have all the facts. We spent a lot of time reviewing the artworks on offer through galleries, at art fairs, and in the auctions, and then thinking about how those works might fit into a particular client’s collection, and if so, what the right price was. Once an acquisition was made, we handled all the back end logistics that come with building an art collection – insurance, shipping, framing, conservation. It was a soup to nuts job.

George Condo

WHAT WERE THE MOST IMPORTANT LESSONS YOU LEARNED WHEN WORKING AS AN ADVISOR?  YOU MUST INTERACT WITH A GREAT MANY ADVISORS NOW, AS A SPECIALIST AT SOTHEBY’S. WHAT CHARACTERIZES THE BEST AND THE WORST OF THEM?

There are advisors who do their own research and who spend a considerable amount of time looking at art and understanding the objects, and then there are advisors who just repeat what they hear elsewhere. The parrots are just that, parrots.

NB- THE WORKS ILLUSTRATED IN THIS BLOG (EXCEPT THE MONET) ARE FORTHCOMING LOTS IN THE SOTHEBY’S CONTEMPORARY DAY SALE, ON FRIDAY, MAY 17th.

IN OUR NEXT LRFA BLOG, COURTNEY WILL SPEAK ABOUT LIFE AT SOTHEBY’S IN THIS AGE OF COLLECTING. WE CAN’T WAIT!

One Art Nation: present events and future plans with co-founder Julia Wehkamp

One Art Nation
Co-founders Amanda Dunn and Julia Wehkamp

 

WITH SO MANY TED TALKS, PODCASTS, WEBINARS, SEMINARS AND LECTURES FLOODING OUR VISUAL AND AUDITORY CHANNELS OF LEARNING, WHAT MAKES A GREAT ART EDUCATIONAL SITE? BRINGING TOGETHER SOME OF THE MOST RESPECTED THINKERS ON A GIVEN SUBJECT. ONE ART NATION REACHES OUT TO COLLECTORS BY PROVIDING A PHENOMENALLY WELL QUALIFIED ROSTER OF EXPERTS, HIGHLY REGARDED FOR THEIR SPECIFIC KNOWLEDGE, ON HOW TO COLLECT, HOW TO MANAGE A COLLECTION, AND HOW TO DEACCESSION ONE, THE LEGAL ASPECTS OF COLLECTING AND THE JOY OF CONSIDERING AND ACQUIRING WORKS OF ART. AS SIGNIFICANT, IF NOT MORE, ARE THE EDUCATIONAL TOOLS ONE ART NATION OFFERS “TO THE TRADE”: ADVISORS, DEALERS, APPRAISERS, ALL THE CRUCIAL SOURCES OF EXPERTISE FOR THE COLLECTOR. ONE ART NATION OFFERS VIDEO LECTURES THAT ADDRESS THE BUSINESS CONCERNS OF BOTH THE ASPIRING AND ESTABLISHED PROFESSIONALS.

TODAY, WE ARE DELIGHTED TO WELCOME BACK JULIA WEHKAMP, CO-FOUNDER OF ONE ART NATION, AN INNOVATOR WHO HAS DEVELOPED A RESOURCE FOR ART EDUCATION THAT ATTRACTS A WIDE AUDIENCE. IT IS NO WONDER THAT THE ONE-ART NATION MEMBERSHIP CONTINUES TO GROW AND THE PROGRAMS IT OFFERS ARE CONSTANTLY EXPANDING.

JULIA, WHO ARE YOUR MEMBERS?

Our membership are an engaged audience of emerging and established collectors looking for trusted and reputable solutions, as well as professionals including curators, dealers, consultants, conservators, appraisers, etc. and art enthusiasts with a passion for art. They span from across the globe, although predominantly from North America (approximately 65%). 75% of our members are 25-54 years old, so we have a great mix of Millennials and Generation X’s, each of which bring their own needs and goals to the table!

 

One Art Nation
Art Southampton
Symposium

DO YOU SEE A SHIFT IN YOUR AUDIENCE AS TRADITIONAL COLLECTING GIVES WAY TO BOTH A MORE FISCAL AND PHILANTHROPIC APPROACH TO OWNING ART?

It’s easy to think about the commercial art market, arts non-profits, and wealth management as three distinct worlds. In reality, they are all interconnected. Our membership truly reflects this new generation of more commercially minded and impact-driven art collectors.

A lot of collectors would love to see their art increase in value, but that’s generally not their primary motive. The primary motive for most collectors is still emotional…they buy the work because they love it. Traditionally, it’s not a pure investment motive, which is indicated by collectors rarely selling their works, but instead, building it over time and generations, only dispersing it after death.

However, many of today’s younger collectors take a much different approach when engaging in philanthropic activities. In addition to appreciating the aesthetic value of the work, these younger collectors are more inclined to act with an investment motive. Over the last 20 years, the art market has massively increased in liquidity and has grown to now be widely appreciated as a genuinely efficient market.

Drew Watson
Art Services Specialist
U.S. Trust

One of our most popular videos is a talk with Drew Watson, Vice President, Art Services Specialist at U.S. Trust, Bank of America: Art Finance and Philanthropy. He observes that the biggest difference between collectors over fifty and those under fifty is their approach to philanthropy. He states that when donating art, the older generation thinks more about traditional institutions such as museums and galleries. The younger collectors are more focused on overall causes that they want to make a difference in – seeking out institutions that align with those goals.

So we need to address, not ignore, this shift, which we are doing by offering non-biased information to both collectors and professionals.  With over 30 webinars touching on art finance and wealth management, we are helping both the older and newer generations to understand the monetary value in a piece of work. How they apply that knowledge is up to them.

One Art Nation Video
How to Approach Selling Your Art Collection

MEMBERSHIP TO ONE ART NATION IS FREE. WHAT IS YOUR SOURCE OF FUNDING FOR ALL THE EXCELLENT EDUCATIONAL MATERIAL, VIDEOS AND ONLINE PROGRAMS?

Correct, membership is free, as is access to all video and written content created for art lovers and enthusiasts. We want to ensure the valuable information is accessible to the masses, regardless of where they are in the world. We work with a number of forward-thinning and like-minded industry partners who help make this possible through individual educational grants. Like 1AN, they have an ongoing goal of quality education for art enthusiasts, collectors and professionals world-wide.

However, our professional development programs, as discussed earlier, do have an enrollment fee.

One Art Nation
Art Toronto Symposium

HOW DO YOU SEE ONE ART NATION GROWING AND EXPANDING IN THE YEAR AHEAD?

We have some very exciting projects and new partnerships in the pipeline. Although some cannot be discussed at this time, others can… Naturally, as of most recent, there are fundamental changes in the art market. These have inspired additional professional development programs. For example, we plan to launch a curriculum focused on art law, targeted at law professionals who advise buyers and sellers of major works; banks, and borrowers on art lending; assist in settling complex art law disputes; and handle art-related transactions. Stay tuned!

WE WILL INDEED! THANK YOU SO MUCH FOR YOUR WONDERFUL CONTRIBUTION TO THE LRFA BLOG.

IN OUR NEXT LRFA BLOG POST, WE ARE PROUD TO WELCOME COURTNEY KREMERS, HEAD OF DAY SALES IN POST-WAR AND CONTEMPORARY ART. WITH THE MAY AUCTIONS FORTHCOMING IN NEW YORK, THE LRFA BLOG IS PARTICULARLY EXCITED TO LEARN ALL ABOUT SOTHEBY’S PRESTIGIOUS HISTORY AND CURRENT ACTIVITIES.

 

 

Art Wealth Management with One Art Nation co-founder Julia Wehkamp

One Art Nation

ALL OF THE MAJOR BANKING INSTITUTIONS NOW OFFER AN EXTENSIVE RANGE OF ART SERVICES FOR INDIVIDUALS AND FAMILIES AND INSTITUTIONS. AN INNOVATIVE IDEA WHEN CITICORP INITIATED ITS PROGRAM IN 1979, NOW BANKS HELP CLIENTS BUILD, FINANCE AND PROTECT THEIR COLLECTIONS. CITI PIONEERED THE CONCEPT OF ART AS COLLATERAL AND NOW U.S. TRUST, FOR ONE, OFFERS A WIDE RANGE OF CAPABILITIES.  FOR INDIVIDUALS, THEY HELP COLLECTORS UNLOCK CAPITAL BY LENDING AGAINST COLLECTIONS, DESIGN ESTATE PLAN OPTIONS TO ADDRESS TAX AND OTHER IMPLICATIONS OF OWNING AN ART COLLECTION, AND HELP COLLECTORS PREPARE FOR THE SALE OF ARTWORKS VIA CONSIGNMENT SERVICES.

MORGAN STANLEY’S BLUE RIDER GROUP BRINGS SERIOUS EXPERTISE TO BUYING ART AS WELL AS FINANCING IT, ADVISING ON A PURCHASE AND PROVIDING TAX EFFICIENT PLANNING. INDEPENDENT FIRMS, SUCH AS ARTEMUS, OFFER INNOVATIVE ART FINANCIAL AND LEASING AND OTHER FIRMS, SUCH AS THE WINSTON ART GROUP, OFFER APPRAISAL SERVICES AND LIAISONS WITH MAJOR BANKS FOR FINANCING USING ART AS COLLATERAL.

IT IS A WORLD WHICH IS EXTREMELY IMPORTANT FOR THE ART PROFESSIONAL TO UNDERSTAND AS SO MANY COLLECTORS NOW LEVERAGE THEIR ART COLLECTIONS IN THE SAME WAY THEY DO THEIR OTHER ASSETS.

Art Wealth Management Program
One Art Nation

ONE ART NATION OFFERS AN EXTREMELY COMPREHENSIVE COURSE THAT COVERS THE FOLLOWING.

www.oneartnation.com/course/art-wealth-management

• Understanding the Art Market
• Understanding Pricing and Appraisals in Art
• Legal Aspects of Art Transactions and Risk Factors in Art
• Art Investment: Passion Asset vs. Equities and Fixed Income
• Art Finance Solutions in Wealth Management and Estate Planning

TODAY, THE LRFA BLOG IS DELIGHTED TO WELCOME BACK THE CO-FOUNDER OF ONE ART NATION, JULIA WEHKAMP, TO PROVIDE DETAILS!

Julia Wehkamp
Co-Founder
One Art Nation

JULIA, THANK YOU FOR YOUR CONTRIBUTION.

WHAT DID YOU THINK WAS LACKING IN ART EDUCATION AT THE TIME THAT ONE ART NATION WAS LAUNCHED?

The market was lacking an unbiased source of accessible education, so we created one by working with experts and professionals from various areas across the globe. Although we include cultural aspects of the art world, we focus on the practicalities of collecting, thereby increasing confidence in purchasing and overall collection management decisions of art lovers. Since content is offered online, collectors cannot only access the talks and courses for free, but they are able to watch at their convenience. Both live and archived content include interactive components, allowing participants to communicate with the experts, asking questions and sharing experiences in an anonymous setting. This is key for a lot of collectors, particularly those new to buying art. An unintimidating source of information was sought across the board.

Aside from online talks for collectors, most recently, we have received multiple requests from members to offer art market education for professionals. These are focused online curricula with an enrollment fee, such as Art Wealth Management and Art Advisory 101 and 201.  

ONE OF THE MOST BENEFICIAL PROFESSIONAL PROGRAMS YOU PROVIDE IS AN ONLINE ART WEALTH MANAGEMENT CURRICULUM. WHAT DOES THIS INCLUDE?

The Program is an introductory course on the art market from an investment perspective.  You see, the art market has grown substantially. Sales in the global art market reached $63.7 billion in 2017, up 12% from the previous year, according to a 2018 study from Art Basel and UBS. The U.S. made up the largest share, accounting for 42% of the sales by value. Nonetheless, it’s a market that is opaque for most financial advisers. A 2017 art and finance report from Deloitte found that 88% of wealth managers felt their firms should offer art investing services, but most do not have the in-house expertise.

Therefore, we created the Art Wealth Management Program, which consists of a series of informative and interactive online courses that have been created to give wealth managers, private bankers, family offices and other financial advisors a true understanding of how the art world operates in comparison to the financial markets.

YOUR ART WEALTH MANAGEMENT COURSE COMES WITH CE CREDITS FROM WHICH INSTITUTIONS?

By meeting very specific criteria, the program has been accepted by the CFP Board for CERTIFIED FINANCIAL PLANNER™certification, by the Financial Planning Standards Council (FPSC) for CE accreditation, and by CECAP for IIROC Professional Development CE.

It is the only active continuing education program that focuses solely on art wealth management, according to Mary Kay Svedberg, director of education at the CFP Board.

IN OUR NEXT LRFA BLOG POST, JULIA WILL EXPAND UPON THE EDUCATIONAL PROGRAMS THAT ONE ART NATION OFFERS PROFESSIONALS IN THE ART WORLD. THEY ARE SO COMPLETE, THOROUGH AND INTERESTING AND CAN NOT ONLY GUIDE SOMEONE ASPIRING OR NEW TO THE FIELD BUT ALSO PROVIDE PHENOMENAL REFRESHER COURSES FOR THE SEASONED PROFESSIONAL.

EVERYONE IN THIS BUSINESS SHOULD HAVE A LOOK!

UNTIL THEN!

With Madeleine Paternot: Changing the cultural and environmental landscape with art

ANDRE MALRAUX WAS A 20th CENTURY FRENCH ART HISTORIAN, PHILOSOPHER AND CULTURAL POLITICIAN. HE CONCEIVED OF A MUSEE IMAGINAIRE, A MUSEUM WITHOUT WALLS, CONTAINING ALL THE MAJOR WORKS OF ART REPRESENTED IN OUR IMAGINATIONS. THE CONCEPT RESTS ON A PHILOSOPHICAL VIEW OF ART AND ART HISTORY AS ESSENTIALLY ARISING OUT OF A DIALOGUE BETWEEN THE WORKS.

THE 3-D SCULPTURE PARK IN VERBIER, REALIZED BY MADELEINE PATERNOT AND KIKI THOMPSON, HAVE TAKEN MALRAUX’S CONCEPT AND TURNED IT INTO A REALITY.

“The power of art is its ability to articulate human emotions and values such as beauty and truth. On the mountain, faced with such sublime vistas, the visitor can experience these works of art…completely removed from the gallery or museum, directly confronting the truth of nature. This is the true meaning of a museum without walls.” 

Paul Goodwin, Verbier 3-D Curator

Verbier 3-D Sculpture Park

WHAT WAS YOUR FIRST ART-RELATED BUSINESS VENTURE?

I’ve always had a passion for converting spaces and real estate.  I have renovated over seventeen properties.  While I was living in Verbier, Switzerland before I moved to New York, I yearned to build an art community. I took a barn from the 1800’s and created a studio and art gallery that also functioned as an office. The Art Barn, hosted small exhibitions and it became a place for local artists to gather.   


Zak Ove
Elephant Walk
Verbier 3-D Sculpture Park

WHAT GAVE YOU THE IDEA AND VISION TO OPEN A SCULPTURE PARK IN VERBIER?

The Art Barn was my first endeavor where I discovered my love for construction.  I enjoyed the physicality of building the space and I was able to parallel my love for art and community. The Art Barn became a real space that enabled me to promote different activations to bring awareness to the local art community. I felt that the dialogue we created around the different needs of the artists in the canton of Valais was valuable not only the artists but the community at large. 

When I moved to New York, I participated in a residency program at the School of Visual Arts along with my lifelong friend, Kiki Thompson.  Kiki and I were intrigued by the idea of bringing international artists to Verbier to engage with the local Swiss artists and landscape.  Verbier is known for being extreme and there is nothing more extreme and radical than installing monumental sculptures on top of a high altitude mountain. Additionally, we felt that we could provide opportunities for artists abroad while also engaging local Swiss artists.

Gregory Coates
Fences, 2011
Verbier 3-D Sculpture Park

WHO ARE SOME OF THE ARTISTS THAT YOU HAVE INCLUDED IN THE PARK AND WHY?

When we conceptualized the park, there was very short lead time so we invited artists who were in our inner circles to participate. At first it was the artists who were willing to take a leap of faith with us and our lack of track record. We were very fortunate that Paul Goodwin, a curator from from Tate Britain took a liking to our audacious project and this helped to give us some credentials. We have been able to work with outstanding artist such as Zak Ove, Will Ryman (who later became the father of my third child), Olaf Breuning, Andrea Hasler, Chloe Dewe Mathews and James Capper to name but a few. Now under the co-curatorial directorship with Alexa Kusber and Paul Goodwin, we look for artist with themes of migration and the environment. This year we launched our very first painter in residence in Verbier.  It was a new collaboration between a Lower East side gallery Pablo’s Birthday, whose owner Arne Zimmerman coincidently has a chalet in Verbier. Tessa Perutz a NYC based painter was invited for 6 weeks to make paintings based around the sculpture park.  In 2019 we will work with Swiss-German sculptor Karsten Fodinger.



Andrea Hasler
Avant/Apres 2014
Verbier 3-D Sculpture Park

WHAT ARE SOME OF YOUR FAVORITE PROJECTS THAT THE FOUNDATION HAS FUNDED?

The very first year in 2011, one of my favorites was Zake Ove’s Elephant Walk.  It is entirely made of found and recycled local objects and materials. I remember having a lot of fun helping him source materials from the local garbage center.

Another favorite was Andrea Hasler’s land art piece, Avant/Apres from 2014. It was a hot pink “red carpet” with a VIP rope sculpture representing intestines.  Her commentary was about which side of the mountain is the VIP section, depending on which side of the rope you find yourself.

Very excited about James Capper’s Aero Cab which was installed on the mountain this Summer 2018.  The sculpture reminiscent of a hybrid between a plane and a snow machine, will actually slide down the mountain this week during the Verbier Art Summit and Art Geneva. There is a playfulness about his work, which engages me as a parent of three boys.

James Capper
AERO CAB 2018
Verbier 3-D Foundation

WHERE DO YOU SEE THE FOUNDATION HEADED? DO YOU PLAN TO EXPAND ITS SCOPE AND, IF SO, IN WHAT WAYS?

We are actively looking for a main sponsor, ideally a company that has strong links with the environment. We would like more funding to further the residency program, as education and cultural exchange are the pillars of the sculpture Park. More funding would enable us to increase our educational outreach to local and international audiences.

IN OUR NEXT LRFA BLOG POST, WE WILL VISIT WITH MADELEINE PATERNOT AT PRIVATE VIEW NEW YORK, AN EXHIBITION AND CULTURAL MEETING PLACE THAT EXTENDS THE GOALS OF THE VERBIER FOUNDATION TO NEW YORK’S CONTEMPORARY ART SCENE!

STAY TUNED!

The holiday season: a time for targeted giving, thanks to rare book specialist, Gagosian’s Doug Flamm

TWO ARTISTS OF DIFFERENT PERIODS WHO SHARE A PASSION FOR UNIQUE IDIOSYNCRATIC ARTISTS’ BOOKS ARE WILLIAM COPLEY, KNOWN AS CPLY, THE SURREALIST ARTIST, PATRON OF THE ARTS, GALLERIST AND HEIR TO DUCHAMP’S LEGACY AND ED RUSCHA, MASTER OF PUN, A CELEBRATED ARTIST OF THE TEXT AND IMAGE CATEGORY, USING UNTRADITIONAL MEDIUMS IN THE PRACTICE OF ART-MAKING. BOTH HAVE CONTRIBUTED THEIR BRILLIANT TALENTS TO THE WORLD OF ARTIST BOOK PUBLISHING AND GAGOSIAN GALLERY HAS ACQUIRED TWO RARE AND WONDERFUL EXAMPLES TO DELIGHT THE MOST DISCERNING RECIPIENTS ON YOUR HOLIDAY SHOPPING LIST.

THANK YOU, DOUG FLAMM, RARE BOOK SPECIALIST AT GAGOSIAN SHOP, 976 MADISON AVENUE, NEW YORK, FOR BEING SUCH A GREAT DETECTIVE!

William Copley

SMS

Published by the Letter Edged in Black Press, Inc., New York, 1968

Signed by artists and edition of 100

7 × 11 inches (17.8 × 27.9 cm)

$12,000

William Copley’s SMS (Shit Must Stop) is a six-issue periodical from 1968. Each issue, in the form of a mailed box, contains assorted materials, including etchings, tapes, booklets, diagrams, constructions, Xeroxes, mail art, assemblages, vinyl and mylar sheets, and more. The six issues are preserved in their original cardboard mailers. From an edition of 100 signed copies.

Founded in New York City by artist, collector and dealer William Copley, S.M.S. was an art collection in a box, filled with small-scale, often whimsical, artworks available by subscription. Delivering art through the post offered Copley, and his collaborator Dmitri Petrov, a way to circumvent the art market and make contemporary art accessible to nearly anyone. Inspired by Copley’s mentor and friend Marcel Duchamp’s Boîte-en-valise, S.M.S. was conceived as an inter-media and intergenerational publication that would present artworks by prominent and unknown artists side by side. The magazine gathered an impressive range including the Surrealist luminaries Man Ray and Meret Oppenheim, Pop artists Richard Hamilton and Roy Lichtenstein, composers Lamont Young and Terry Riley, and an up-and-coming generation of conceptual and post-studio artists such as Joseph Kosuth and Bruce Nauman. Regardless of stature, each was paid $100 for their contribution. This egalitarian spirit extended to the communal atmosphere of Copley’s upper west side Letter Edged in Black Press loft which functioned as an unofficial hangout for many of the participants.

The six issues of S.M.S. are composed of “original reproductions”—luxurious, exacting replicas of each artist’s work in an edition of approximately 2,000. The magazine spared no expense, seeking out, and even inventing, varied and obscure production methods including Lil Picard’s labor intensive Burned Bow Tie—each of which needed to be individually singed. The enormous edition size—and the affordable price of $125 per subscription—enabled a much broader swath of the public to collect the internationally recognized artists contained in the portfolios. Ultimately short-lived, S.M.S. portfolios were mailed bi-monthly between February and December of 1968 directly to subscribers, with each portfolio containing approximately a dozen works of art.

http://sms.sensatejournal.com/

ED RUSCHA

Ed Ruscha
Babycakes
Numbered edition

Ed Ruscha

Babycakes

Published by Multiples, Inc., New York, 1970

Numbered edition of 1200

7 1/2 × 6 1/4 inches (19.1 × 15.9 cm)

$3,000

———-

This playful book created by Ed Ruscha and published by Multiples, Inc., is part of the celebrated 1970 Artists & Photographs portfolio. This classic artist’s book is encased in robin’s-egg blue wrappers with green flocked lettering and bound with pink satin ribbon, reflecting its playful title. The pages contain photographs of small pastries and cakes—a pure delight for the holidays!

After graduation, Ruscha began to work for ad agencies, honing his skills in schematic design and considering questions of scale, abstraction, and viewpoint, which became integral to his painting and photography. He produced his first artist’s book, Twenty-Six Gasoline Stations—a series of deadpan photographs the artist took while driving on Route 66 from Los Angeles to Oklahoma City—in 1963. Ruscha since has gone on to create over a dozen artists’ books, including the 25-foot-long, accordion-folded Every Building on the Sunset Strip (1966) and his version of Kerouac’s iconic On the Road (2009). Ruscha also paints trompe-l’oeil bound volumes and alters book spines and interiors with painted words: books in all forms pervade his investigations of language and the distribution of art and information.

https://gagosian.com/artists/ed-ruscha/

BEFORE WE  ALL DEPART TO VISIT FAMILY AND FRIENDS FOR THE HOLIDAYS, OR SETTLE IN AT HOME TO ENJOY THIS SEASON, THE LRFA BLOG WOULD LIKE TO WISH EVERYONE THE HAPPIEST OF HOLIDAY SEASONS.  YOUR CONTRIBUTIONS TO THE LRFA BLOG, YOUR COMMENTS, AND SUPPORT HAVE MADE THIS EFFORT A VERY REWARDING ONE.

I HOPE ALL YOUR ENDEAVORS ARE THE SAME.

 

Read all about it! Great reviews of Ellen Winner’s new book, How Art Works

How Art Works: A Psychological Exploration 
by Ellen Winner, Ph.D.

IN A RECENT SERIES OF POSTS, THE LRFA BLOG WELCOMED ELLEN WINNER BACK, PSYCHOLOGIST EXTRAORDINAIRE, TO SHARE HER LATEST FINDINGS ON THE PSYCHOLOGY OF ART AND OUR PERCEPTION OF IT. THESE STUDIES OFFER INVALUABLE INSIGHT FOR INTERESTED IN ART AND OUR PSYCHOLOGICAL ATTITUDES TOWARDS IT, BE THEY GALLERISTS, DEALERS OR COLLECTORS.

WE ARE DELIGHTED TO FOLLOW UP WITH ELLEN NOW ABOUT HER MOST RECENT BOOK, HOW ART WORKS AND SHARE SOME OF THE OUTSTANDING REVIEWS IT HAS ALREADY RECEIVED!

IT WILL BE AVAILABLE ON OCTOBER 3rd. PREORDER NOW!

https://www.amazon.com/How-Art-Works-Psychological-Exploration/dp/0190863358/ref=sr_1_1?ie=UTF8&qid=1536529213&sr=8-1&keywords=how+art+works+ellen+winner&dpID=51k1QqbgE-L&preST=_SY344_BO1,204,203,200_QL70_&dpSrc=srch

In this thoughtful, judicious, and fascinating book, you’ll find our best current answers to all the questions that thinking people ask about art, including what it is, what makes it great, whether it is universal, why we make and enjoy it, and whether it is good for us.How Art Works will be the place to look for knowledge on how art works for years to come.
Steven Pinker, Harvard University 

Never have the links between the world of the arts and the sciences of the mind been so carefully and fruitfully drawn as they are in Winner’s new book.
David Olson, University of Toronto

If you read one book on the psychology of art, make it this one. Ellen Winner gives us a book that celebrates the importance of art even as she remains grounded in experimental data and avoids hyperbole. She asks deceptively simple questions. What is art? Why do we make art? Does art make us better people? The clarity of her logic and the elegance of her prose as she answers these and other incisive questions makes this book a delight to read.
Anjan Chattergee, University of Pennsylvania

THE MOST COMPREHENSIVE REVIEW APPEARED IN THIS WEEK’S PRESTIGIOUS NEW YORKER MAGAZINE AND THE LRFA BLOG IS HONORED TO REPRINT IT HERE.

https://www.newyorker.com/culture/cultural-comment/what-we-know-about-art-and-the-mind

 

What We Know About Art and the Mind

By Paul Bloom

September 6, 2018

Piero Manzoni
Piero Manzoni’s “Artist’s Shit.” In 2016, one of the tins that make up the abstract work was bought in Milan for two hundred and seventy-five thousand euros.

In 1961, Piero Manzoni created his most famous art work—ninety small, sealed tins, titled “Artist’s Shit.” Its creation was said to be prompted by Manzoni’s father, who owned a canning factory, telling his son, “Your work is shit.” Manzoni intended “Artist’s Shit” in part as a commentary on consumerism and the obsession we have with artists. As Manzoni put it, “If collectors really want something intimate, really personal to the artist, there’s the artist’s own shit.”

Denis Dutton (1944-2010)
Philosopher
University of Canterbury in Christchurch, New Zealand

Manzoni originally priced the tins according to their equivalent weight in gold, but they were purchased by the Tate Gallery and other collectors for much more, and, in 2016, one of the tins was bought in Milan for two hundred and seventy-five thousand euros. Plainly, then, some like this work; they believe that it’s of value. Others see it as ridiculous. In  The Art Instinct the philosopher Denis Dutton takes considerable pleasure in telling the story of how Manzoni failed to properly autoclave the tins, and many of them, years later, in private collections and museums, exploded.

You’d think that psychologists would have a lot to say about our differing reactions to such creations, but research in art and aesthetics tends to focus on more conventional forms of art. There are a lot of studies on the perception of tonal music, exploring which aspects of musical pleasure are universal and which vary across culture, what babies and children prefer to listen to, how expertise shapes our perception of music, and so on. There is research into figurative art, usually paintings, much of it exploring how we make the leap from a two-dimensional array of colors and shapes to a three-dimensional world. But there’s little research on our reception of work such as “Artist’s Shit,” or the better-known pieces by artists such as Marcel Duchamp, Andy Warhol, Jackson Pollock, and Mark Rothko.

Steven Pinker
Johnstone Professor of Psychology, Harvard University

In part, this is because many psychologists, like many lay people, think that whatever is going on when connoisseurs value this work has little to do with aesthetics. Steven Pinker sums up a popular view in  How the Mind Works when he writes, “Modern and postmodern works are intended not to give pleasure but to confirm and confound the theories of a guild of critics and analysts, to épater la bourgeoisie, and to baffle the rubes in Peoria.”

Not everyone is so skeptical, though, and two recent books, by prominent psychologists, take these modern and postmodern works more seriously.

 

Ellen Winner, Ph. D.
Professor and Chair
Boston College

Ellen Winner, a professor at Boston College, is well known for her research on the psychology of art. Her new book, How Art Works, is ambitious, covering everything from figurative paintings to abstract expressionism, tonal music, novels, and theatre.

What’s unusual about this book is its interest in the philosophy of art, carefully reviewing the central questions that philosophers have long dealt with. What distinguishes art from other things? (What is it about Manzoni’s creation, for instance, that makes even its harshest critics recognize it as a work of art, whatever else they may think of it?) Why do some of us like sad music and scary movies? And are the resulting sadness and fear the same psychological states we experience in real life when, say, a friend dies or we suddenly lose control of a car on an icy road? What makes a forgery worth so much less than an original? What makes some art good?

Other questions that Winner explores have practical import. Educators often defend art and art education by talking about its positive effects. Are they right? Does exposure to classical music make children better at mathematics? More generally, is literature a civilizing force; does reading books make us more moral?

To answer these questions, Winner draws on research in psychology, including studies from her own lab. In some cases, the questions that preoccupy philosophers are identical to the questions of psychologists and so are amenable to straightforward scientific research. Sometimes, though, the philosophical questions aren’t empirical—nobody is going to do an experiment to answer the question “What is art?”—but, still, one can study an interesting near neighbor, in the style of what’s sometimes known as “experimental philosophy.” For instance, you can look at what people (art experts, laypeople, four-year-olds) think is art.

Paul Bloom, Ph.D
Yale University

 

This is an engaging project, and “How Art Works” is exhilarating in part because Winner actually has some answers. It turns out, for instance, that, contrary to the speculations of some philosophers, aversive emotions are part of the appeal of certain fictions—the scarier the movie (up to a point), the more people enjoy watching it. It also turns out that there is little evidence that either exposure to art or extensive practice in creating art have more general positive effects on smarts or kindness. You probably know by now that the Mozart effect—the idea that hearing classical music makes people smarter—is a bust, and Winner suggests that this is also the case for other claims about art’s power. Yes, there are many studies showing that children who take art classes tend to later outperform others in all sorts of ways. But such studies suffer from selection effects—the children who take these classes tend to be more advanced to start with. When you do proper experiments, randomly assigning children to classes, such results go away. Winner is in favor of teaching art in school, but she is a purist, seeing art as valuable for its own sake, not because of any other effects it might have.

For me, the most exciting part of the book is Winner’s discussion of visual art, including abstract art. She’s not a hater. She points out that, despite all the jokes along the lines of “my child can paint that,” it turns out that non-experts are perfectly capable of telling the difference between actual unfamiliar works by abstract expressionists and superficially similar ones by children and adults.

Also, following many philosophers, Winner appreciates how our perception of abstract art is powerfully influenced by our understanding of the performance underlying the work’s creation, and particularly our beliefs about what’s going on in the head of the artist. In my own work with the psychologist Susan Gelman, supported by more recent experiments from Winner’s laboratory, it turns out that even children are sensitive to the intentions of an artist: four-year-olds will see splotches of colored paint as a mess if they believe they were the result of a spill, but if they think the image was the product of intense concentration, they are far more likely to call it “a painting.”

Marcel Duchamp
Ready-made
Bicycle Wheel
Collection of Museum of Modern Art, NY

This sort of focus on the artist’s intention is what goes on in the reaction to work such as Manzoni’s; you can appreciate it only if you know what it was intended to be. This understanding doesn’t mean that you will like the work of art; you might find the idea uninteresting or the performance uninspired. Denis Dutton, for instance, talks about Duchamp’s “readymades”—such as his urinal turned into an art piece—as works of “incandescent genius,” but he sees this sort of artistic innovation (what Arthur Danto described as “the transfiguration of the commonplace”) as akin to a joke that can be laughed at only once. Dutton has a low opinion of “Artist’s Shit,” not because he doesn’t appreciate the idea but because he finds it boring and derivative.

*   *    *     *    *      *    *     *    *   *    *  *    *   *    *     *   *    *    *   *   *     *   *  *   *     *   *   *  *   *   *   *   *   *   *  *   *    *  *   *   *  *   *  *
Ellen Winner is Professor of Psychology at Boston College and Senior Research Associate at Project Zero, Harvard Graduate School of Education. She directs the Arts and Mind Lab, which focuses on cognition in the arts in typical and gifted children as well as adults. She received the Rudolf Arnheim Award for Outstanding Research by a Senior Scholar in Psychology and the Arts from Division 10 in 2000.

Paul Bloom is the Brooks & Suzanne Ragen Prof of Psychology & Cognitive Science at Yale University.

He received his Ph.D.,  in 1990, from the Massachusetts Institute of Technology. He is interested in the development and nature of our common-sense understanding of ourselves and other people and much of his research explores moral psychology.