Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

Tag: MoMA

The Bank of America Private Bank Art Conservation Project, with Art Lending Services VP, Dana Prussian

 

Dana Prussian Art Lending Services, Bank of America Private Bank

 

BANK OF AMERICA PRIVATE BANK OFFERS EXTENSIVE ART LENDING SERVICES. AS WELL AS COLLATERALIZING ART COLLECTIONS, THE BANK HELPS COLLECTORS TO DESIGN ESTATE PLANS THAT TAKE INTO CONSIDERATION THE VALUE OF THEIR ART COLLECTIONS, BOTH AS AN ALTERNATIVE ASSET AND AS A LEGACY. THEY ASSIST IN THE CONSIGNMENT PROCESS FOR A SALE OF A WORK OR A COLLECTION AT AUCTION. APART FROM THE ART OF THE BUSINESS OF ART, BANK OF AMERICA PRIVATE BANK HAS A TRULY IMPRESSIVE RANGE OF PHILANTHROPIC ENDEAVORS THAT SUPPORT MUSEUM EXHIBITIONS, ART PANELS AND LECTURES, ART FAIRS AND ART CONSERVATION.

ART AND CULTURE

Bank of America believes the arts matter: they help economies thrive, help individuals connect with each other and across cultures, and educate and enrich societies. We support more than 2,000 visual and performing arts organizations worldwide that provide inspirational and educational sustenance, anchor communities, create jobs, complement school curricula, and generate substantial revenue for local businesses.

Vincent van Gogh
Starry Night
MoMA Collection

BANK OF AMERICA ART CONSERVATION PROJECT

We are pleased to present the 2019 Bank of America Art Conservation Project grant recipients. In reviewing the twenty-two projects, we are reminded of the tremendous need for art conservation in cultural institutions across the globe. And we are honored and proud to help these institutions and others preserve their treasures for generations to come.

With this year’s selections, we will have provided funding for more than 170 projects in thirty-three countries, representing thousands of works across different art movements, media and time periods- and, importantly, cultures. All the works we help to conserve share one thing in common however. They reflect the creativity, ingenuity and passion of people throughout the world over hundreds, even thousands, of years.

TODAY, THE LRFA BLOG IS DELIGHTED TO WELCOME BACK DANA PRUSSIAN, VP, ART LENDING SERVICES, BANK OF AMERICA. HER BACKGROUND IN BOTH ART AND FINANCE MAKES HER THE PERFECT FIT FOR THIS PROFESSION AND HER ACADEMIC AND PROFESSIONAL STEPS WERE KEENLY FOCUSED ON THIS DREAM JOB SINCE THE BEGINNING.

DANA, WELCOME BACK TO THE LRFA BLOG!

HOW DOES BANK OF AMERICA PRIVATE BANK COMPETE IN THIS HIGHLY CHARGED MARKET WITH SOME OF THE OTHER ART SERVICE COMPANIES, EITHER AT BANKS AND INVESTMENT FIRMS OR PRIVATE SPECIALIZED COMPANIES?

Paul Cezanne
The Bather
MoMA Collection

Let’s just say I followed Bank of America’s progress veryyyy closely and jumped the minute they opened a role. 😉

WHAT ARE THE CRITERIA FOR COLLECTORS LENDING AGAINST COLLECTIONS TO UNLOCK CAPITAL?  HAS THAT CRITERIA CHANGED OVER THE YEARS TO REFLECT THE GAINS AND GLOBALIZATION OF THE ART MARKET AND IN WHAT WAYS?

Our criteria has not changed much over the years (collectors need a certain sized collection with both commercial and diverse works and a robust balance sheet), but appetite for art lending has expanded greatly. Since interest rates have been hovering around historic lows, more clients are looking to use this as a balance sheet arbitrage, unlocking capital from art to redeploy into higher-return areas of their financial lives. We have also seen more clients use art loans as working capital lines to expand privately held companies. Since the elimination of the 1031 Like-Kind Exchange in 2017, it has also become prevalent to leverage art to generate liquidity.

WHAT ARE WAYS IN WHICH AN ART COLLECTION CAN DIVERSIFY A PORTFOLIO?

We never recommend that a client start an art collection as an investment or a way to diversify his portfolio. Passion comes first. Once someone has been bitten by the collecting bug (it’s real), they should consider whether their collection fits into their estate plan and how they want to manage it over time. It’s still quite common to see rising collectors go to great lengths to prove they’re not simply investors, whether it’s by marketing themselves quietly to dealers or acquiring non-commercial works to round out their collections.

Pablo Picasso
Three Musicians
MoMA Collection

BANK OF AMERICA PRIVATE BANK SUPPORTS A GREAT MANY MUSUEM EXHIBITIONS, ART PANELS, ART EDUCATIONAL EVENTS. WHAT ARE SOME OF THE HIGHLIGHTS THAT WERE THE MOST INTERESTING OR EFFECTIVE?

Bank of America provides unbelievable support to museums and art institutions worldwide. We get to reap those benefits by helping deliver unique experiences and programming to our collectors. You probably saw that we sponsored the reopening of MoMA and the conservation of Starry Night and other iconic works. We took small groups of collectors through MoMA’s Conservation Lab while the museum was closed so they could see these works off the wall, unframed, and under a microscope. Cezanne’s The Bather, Van Gogh’s Starry Night, Picasso’s Three Musicians. I was blown away. So were our clients. In Paris BofA sponsored the Da Vinci exhibit at the Louvre and hosted a small private group. 

SOME OF THE OTHER 2019 CONSERVATION PROJECT BENEFICIARIES INCLUDE “SPRING” IN THE COLLECTION OF THE GEORGIA O’KEEFFE MUSEUM IN SANTA FE. THIS LARGE-SCALED WORK REPRESENTS A TURNING POINT IN O’KEEFFE’S LIFE AT A TIME WHEN SHE HAS THE NEWFOUND FREEDOM TO MOVE PERMANENTLY FROM NEW YORK TO SANTE FE. THE WORK INCORPORATES ALL OF THE ICONS EVOCATIVE OF NEW MEXICO: LANDSCAPE, BONE AND FLOWER.

Georgia O’Keeffe Spring, 1948

AND WERE AS FAR-RANGING AS THE RESTORATION OF THREE TAPESTRIES BY MARLENE DUMAS, “THE BENEFIT OF THE DOUBT”, IN THE CONSTITUTIONAL COURT ART COLLECTION IN JOHANNESBURG, SOUTH AFRICA. THE TRIPTYCH CONSISTS OF THREE FIBER WORKS WEIGHING APPROXIMATELY 620 POUNDS, AND A ROBUST PRESERVATION-APPROPRIATE HANGING SYSTEM WAS DESIGNED FOR PERMANENT DISPLAY.

 

Marlene Dumas
The Benefit of Doubt
Tapestry Triptych

IN OUR NEXT LRFA BLOG, DANA WILL SHARE HER ASTUTE PERCEPTION OF THE CURRENT AND FUTURE ART MARKET. TUNE IN THEN!

 

 

Donating a work of art to a museum

Griffin Court
Art Institute of Chicago

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

Costume Institute
Metropolitan Museum of Art

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

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

Getting A Charitable Contribution Deduction

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

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

San Francisco Museum of Art

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

Museum of Modern Art
New York

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

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

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

Dallas Museum of Art

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

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

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

THANK YOU AS ALWAYS FOR YOUR SUPPORT.

UNTIL NEXT TIME!

 

The art of collecting, with Max Teicher of Gagosian Gallery

Rockaway! featuring site-specific installation by Katharina Grosse. Image courtesy the artist and MoMA PS1. Photo by Pablo Enriquez.

Rockaway! featuring site-specific installation by Katharina Grosse.
Image courtesy the artist and MoMA PS1.
Photo by Pablo Enriquez.

OBSESSION IS A VALUABLE TRAIT IN BOTH MAKING AND COLLECTING ART. WORKS WHICH COMMAND THE MOST CRITICAL AND COMMERCIAL ATTENTION ARE, TO A GREAT EXTENT, PRODUCED BY ARTISTS WHO ARE CONSUMED BY THE CREATIVE PROCESS, WHETHER FROM AN INTELLECTUAL, TECHNICAL OR EMOTIONAL PERSPECTIVE, BEST YET ALL THREE. FOR A COLLECTOR, OBSESSION INSURES THE ACQUISITION OF WORKS THAT WILL BE A SOURCE OF INTELLECTUAL AND EMOTIONAL PLEASURE FOR SOME TIME TO COME. AFTER IDENTIFYING ARTWORKS THAT INITIALLY CAPTIVATE ONE’S ATTENTION, THE ENSUING RESEARCH, DUE DILIGENCE AND CONTINUED DIALOGUE WITH ART EXPERTS, ILLUMINATE ONE’S FIRST VISCERAL REACTION.

THE LEGENDARY ART DEALER, LORD DUVEEN, WHEN STANDING IN FRONT OF JMW TURNER’S BRIDGE AND TOWER,  FAMOUSLY DECLARED, “IF I OWNED THAT PICTURE, I SHOULD WANT NOTHING ELSE IN THE WORLD”. THAT STATEMENT PROVIDES THE GOLD STANDARD WHEN DECIDING ON ADDING A WORK OF ART TO A COLLECTION.

GAGOSIAN GALLERY, WITH 16 EXHIBITION SPACES AROUND THE WORLD, HAS A VIBRANT CONTEMPORARY PROGRAM AND OFFERS A VAST ROSTER OF ARTISTS AND MEDIUMS TO CONSIDER. THE GALLERY RECENTLY WELCOMED AN EXCEPTIONAL GERMAN ARTIST, KATHARINE GROSSE, INTO ITS FOLD. HER MOST RECENT OUTDOOR WORK WAS UNVEILED TO THE PUBLIC ON JULY 3rd, THE LATEST SITE SPECIFIC COMMISSION FOR ROCKAWAY! MoMA’S PS1’s PROGRAM THAT WAS INITIATED AFTER HURRICANE SANDY’S DESTRUCTION OF THE COASTAL AREA.

Carsten Höller's The Slide at the ArcelorMittal Orbit at Queen Elizabeth Olympic Park, London, UK.

Carsten Höller’s The Slide at the ArcelorMittal Orbit at Queen Elizabeth Olympic Park, London, UK.

 

STARTING TO COLLECT CAN BE A MYSTERIOUS AND INTIMIDATING PROCESS. TODAY THE LRFA BLOG IS VERY PLEASED TO CONTINUE ITS CONVERSATION WITH MAX TEICHER AT GAGOSIAN GALLERY. MAX IS DEDICATED TO MAINTAINING A DIALOGUE WITH EMERGING ARTISTS AND COLLECTORS.

IN A LECTURE HE GAVE ON THE SUBJECT, HE COUNSELED:

We need to start thinking about what is in front of our eyes today. I want to see the artist really thinking through his process. He must have something to offer. It is a ten-year process to get to this moment. You can see how an artwork draws comparisons and references another, this is a way that we can make sense of the moment we are in.

You have to learn and dedicate time to it. You must read and not be afraid to ask questions.

MAX, WHAT ARE YOUR RECOMMENDATIONS TO SOMEONE WHO IS INTERESTED IN CONTEMPORARY ART AND WANTS TO BEGIN TO BUILD A COLLECTION?

I would suggest they start buying. It’s very easy to be overwhelmed and prefer to be overly patient and slow. However, I notice that too many people can beat around the bush and be hesitant. The only way to know what art you want to live with is to simply live with it.

To mark the one-year anniversary of its move into a permanent home in Gorky Park, Garage Museum of Contemporary Art in Moscow has opened “Small Axe,” an exhibition by Urs Fischer.

To mark the one-year anniversary of its move into a permanent home in Gorky Park, Garage Museum of Contemporary Art in Moscow has opened “Small Axe,” an exhibition by Urs Fischer.

WHAT KIND OF ART SHOULD THEY FOCUS ON AND HOW WOULD THEY GO ABOUT FAMILIARIZING THEMSELVES WITH ALL THE POSSIBILITIES?

Art to which they have a strong response! Part of the reason I love being with Gagosian Gallery is that every artist we work with is museum quality and their markets are very stable. Thinking about price and value when looking at art should always be the last thought and collecting with a gallery like Gagosian enables individuals to connect with art and not have to worry about the associated costs.

"Sterling Ruby" at The Winter Palace at the Belvedere, Vienna, Austria. Sandal (4828), 2014, ceramic, 11 × 20 × 35 1/2 inches (27.9 × 50.8 × 90.2 cm) © Sterling Ruby Studio. Photo by Robert Wedemeyer

“Sterling Ruby” at The Winter Palace at the Belvedere, Vienna, Austria.
Sandal (4828), 2014, ceramic, 11 × 20 × 35 1/2 inches (27.9 × 50.8 × 90.2 cm) © Sterling Ruby Studio. Photo by Robert Wedemeyer

ARE YOU ASSIGNED SPECIFIC ARTISTS WITHIN THE GALLERY ROSTER FOR WHOM YOU ARE RESPONSIBLE IN TERMS OF STUDIO VISITS AND PLANNING EXHIBITIONS AND, IF SO, WHICH ARTISTS AND WHAT IS THE ASSIGNMENT PROCESS?

Everyone has a unique role here that is best suited for their personality and what is best for the gallery.  These roles mean that we all wear many hats.  Many of my colleagues are assigned specific artists; I definitely have specific responsibilities. I’ve been lucky enough to be included in many studio visits and exhibitions but there certainly isn’t one specific artist for whom I’m responsible.

IN THE NEXT LRFA BLOG WITH MAX, HE WILL SHARE HIS INSIGHTS ON THE CONTEMPORARY ART MARKET. PLEASE JOIN US!

Curatorial legends: the life of Katharine Kuh with art historian and writer, Avis Berman

Katharine Kuh Museum of Modern Art

Katharine Kuh
Museum of Modern Art

THE WHITNEY MUSEUM WAS ESTABLISHED BY TWO DEDICATED WOMEN COMMITTED TO SUPPORTING THE LIVING ARTISTS OF THEIR TIME. TODAY, THE ART WORLD IS COMPRISED OF MANY POWERFUL AND INFLUENTIAL WOMEN: GALLERISTS, ART ADVISORS, AUCTION HOUSE SPECIALISTS AND DEALERS. THERE ARE BRILLIANT WOMEN CURATORS WHO HELP BUILD MUSEUM COLLECTIONS OR WORK INDEPENDENTLY CREATING COMPELLING EXHIBITIONS THAT WIDEN AND DEEPEN OUR CULTURAL AND AESTHETIC UNDERSTANDING OF THE ARTS.

Katharine Kuh. Mark Chagall and Dan Rich Art Institute of Chicago 1958

Katharine Kuh. Mark Chagall and Dan Rich
Art Institute of Chicago
1958

IN TODAY’S LRFA POST, WRITER AND CURATOR AVIS BERMAN WILL DOCUMENT THE ACCOMPLISHMENTS OF A WOMAN OF THE LAST GENERATION OF CURATORS WHO GREATLY CONTRIBUTED TO OUR UNDERSTANDING OF MODERN AND CONTEMPORARY ART.  KATHARINE KUH WAS ONE OF THE GREAT ART WORLD FIGURES OF THE MID-20th CENTURY, FORMER CURATOR AT THE ART INSTITUTE OF CHICAGO.  LIKE JULIANA FORCE, KUH WAS INSTRUMENTAL IN SUPPORTING THE CONTEMPORARY ART OF HER TIME.

Katharine Kuh Art Institute of Chicago May 1951

Katharine Kuh
Art Institute of Chicago
May 1951

AVIS, WHAT DREW YOU TO WRITING ABOUT HER AND CURATING AN EXHIBITION IN HER HONOR? WHAT WERE THE MOST SIGNIFICANT CONTRIBUTIONS THAT SHE MADE?

I met Katharine Kuh in 1982 when I began conducting an oral history of her for the Archives of American Art’s special oral history project on Mark Rothko’s life and times, which was sponsored by the Mark Rothko Foundation. I was supposed to go three or four times, but she had almost total recall and what she was telling me was so interesting and compelling that I decided that I was going to keep going until the job was done. I recorded her fifteen times and, after that, we were friends. After I finished the oral history in 1983, I kept getting together with her and, as I knew more than anyone else about her professional life, she asked me to be her literary executor. In 1986 she began writing her memoirs, which she did not live to complete. So I finished them and got them published in 2005. 

Katherine Kuh: My Love Affair with Modern Art: Behind the Scenes with a Legendary Curator by AVIS BERMAN

Katherine Kuh: My Love Affair with Modern Art: Behind the Scenes with a Legendary Curator
by AVIS BERMAN

Katharine’s great achievement was her consistent championing of the avant-garde in a hostile environment. Chicago in the 1930s, 1940s, and 1950s was conservative in its artistic tastes, and it took great courage to stick to her principles. In the 1930s her gallery, which specialized in modern American and European art, was vandalized by “Sanity in Art,” a local organization rabidly advocating native regionalism and in the 1950s she was picketed outside the museum for buying a Jackson Pollock – protestors waved placards that said “Koo Koo Must Go!”

The Artist's Voice: Talks with Seventeen Modern Artists by Katharine Kuh

The Artist’s Voice: Talks with Seventeen Modern Artists
by Katharine Kuh

I always admired her most for her implacable belief that the center of art is not the art historian, critic, dealer, advisor, or curator – it is the artist. Katharine always hung around with artists as her best education, and I have tried to do the same.

Gertrude Vanderbilt Whitney working in the Eighth Street studio

Gertrude Vanderbilt Whitney working in the Eighth Street studio

IN A CAREER AS VAST AND VARIED AS YOURS, WHAT ARE SOME OF THE MOST OUTSTANDING HIGHLIGHTS? DO YOU FIND THAT THEY ARE MORE OFTEN AS AN ART HISTORIAN, CRITIC OR CURATOR?

I guess that the best thing I ever did was Rebels on Eighth Street, which brought a significant woman to light and established the history of an important American museum in context of seemingly no information about the subject. The book is still a part of the conversation on American art, and Force can no longer be ignored – I felt vindicated when the Whitney opened downtown last March and the gallery on the first floor was dedicated to both Gertrude Whitney and Juliana Force. In the past, only Gertrude Whitney would have been celebrated.

I am also very proud of the William Glackens exhibition. Most people have not seen the artist at his best, and we were able to bring together almost all of the top pictures under one roof. The critics, including several who had previously not been admirers, concluded that this was an artist who deserved a fresh look.

Robert Henri's portrait of Edith Dimock Glackens

Robert Henri’s portrait of Edith Dimock Glackens

WHAT ARE YOU WORKING ON NOW?

I am researching an essay on Edith Dimock Glackens, William Glackens’s wife and also an artist and thorough-going feminist, and I’ve embarked on a project with the Helen Frankenthaler Foundation.

WHAT SUBJECTS WOULD YOU LIKE TO FOCUS ON IN THE FUTURE THAT YOU HAVE YET TO EXPLORE AS FULLY AS YOU WOULD LIKE, AND WHY?

I’m not ready talk about that at this time. I do want to write another book, subject to be named later.

AVIS, THANK YOU SO MUCH FOR YOUR GENEROUS CONTRIBUTION OF TIME AND EXPERTISE. I LOOK FORWARD TO YOUR NEXT BOOK!

IN OUR NEXT LRFA BLOG, I AM DELIGHTED TO INTRODUCE FRIEND AND COLLEAGUE, MAX TEICHER OF GAGOSIAN GALLERY. MAX NOT ONLY WORKS VERY HARD BUT ALSO ALWAYS MAKES OUR COLLABORATIVE EFFORTS FUN AS WELL AS PRODUCTIVE.

PLEASE JOIN US! YOUR CONTRIBUTIONS AS FOLLOWERS AND READERS ARE MUCH APPRECIATED.