ART COLLECTORS
ART COLLECTORS 2
Art encourages people to ask questions, to take brief moments out of their busy lives to reflect on ideas other than how to make more money faster or how to get over on the competition.
SMART ART COLLECTORS DO THEIR HOMEWORK
The most important aspect of selecting a work of art is the artist history and the value of his/her work. Good research will ensure you get the artists best work and most of all at a good value. The best way to get the best price it to buy directly from the artist. Many galleries and dealers get a commission of as much as 60% of the sale and some artist increase their prices in response to the high percentage. Of course as usual the consumer gets the raw end of the deal because some galleries raise the prices even higher to take advantage of an artist popularity. This makes it even more cost effective to establish a good personal relationship with artists in your area. When it comes to research you've got to check out Negro Artist.Com you'll find thousands of bios and historical information about African American masters as well as emerging artist like Everett Spruill. In addition the site is loaded with everything you ever wanted to know about the Black experience in America.
Long Island University has a great web directory that lists an enormous amount of links and useful information about African and African American Art and Artists.
For over 30 years the International Review of African American Art has provided artists of color with a world wide platform not afforded until its creation. Founded by Dr. Samela Lewis, a renouned artist and educator, the IRAAA has become THE authority on Black art in America. Hampton University celebrates Dr. Lewis' and her collection of more than 500 works by many accomplished African American artists. Take a rare look at possibly one of the best collections of African American art in the America.
Another aspect of good art collecting is documenting your acquisitions. You can see best how documentation really pays off in the markets for older art. Suppose, for instance, that two 20th century Jazz Paintings by Everett Spruill come up for auction at the same time. They're virtually identical in size, quality, condition, date created, and other details. The first is catalogued as "Saratoga Jazz"-- really exciting. The second is catalogued as "Rhythm of Life", September 23d, 1990 Exhibited at the Hurston Museum of Art of Art in 1991. Originally purchased by Norm Noble from the Ethnic Art Gallery in Orlando Florida, 1992. Sold to Evelyn McDonald in 2005. Assuming you find both paintings equally appealing, which would you rather own? Which do you suppose will sell for more money? The second one, of course. It's like choosing between a mutt and a dog with a pedigree.
The point is that good documentation positively impacts not only dollar value, but also the ability to personally appreciate and understand a work of art. If you know nothing about a painting, for instance, you can only guess why it was created, what it means, where it's been. If you know its entire history, you can relate to it on a multitude of levels in addition to the purely visual.If you think you remember everything significant about your art and don't need to physically sit down and record that information, think again. At some point, your collection will become so large that there's simply too much to remember. Either that or time will take its toll. You certainly won't be able to remember every single detail about works of art you acquired years or even decades ago.
The good news is that you can begin documenting at any time and even from a standing stop. If you own undocumented art, write down everything you can either from memory or by contacting the sellers or the artist. Include information like the following: * Any stories the sellers/artist tell you. * Any memorable moments about making the purchases. * What the art means. * What the subject matters are. * How long they took to create. * Who the artists are and what they've accomplished. * Why the artists made them. * When they date from. * Whether they've ever been exhibited in public.
The final step in good art collecting is not the most delightful to talk about, but it is among the most necessary, and that is to plan for future owners-- whether they be museums, institutions, family members, friends, or complete and total strangers. You'd be surprised how many collectors never say a word and just think that everyone automatically knows everything they've been doing all these years. This is never the case! Think about all the people you've met who own family heirlooms that they know little or nothing about because no one ever told them. "That's the painting that hung over the sofa while I was growing up and it belonged to my grandmother. That's all I know."
The worst possible outcome for a collection occurs when the owner passes away leaving no information about the art, how much it's worth, how to care for it, or how to sell or donate it, if that's what the inheritors want. Countless collections have been resold for pennies on the dollar, given away, or even thrown in the trash because the collectors kept little or no records and left no instructions on what to do with their art.
Collectors, no matter how large or small their collections, should provide a complete list of options and instructions for those who'll inherit their art. These include names, addresses, phone numbers, procedures, dollar values, and all other particulars for selling or donating as well as for dispersal within the family.
By the way, simple appraisals with no further instructions are never enough. In fact, they often create more trouble than good. These appraisals are usually for insurance or replacement purposes which means that they're at or beyond retail. The inheritors get stuck with these values, have no idea what they mean, and often assume that that's what the art should sell for. They spend months or years beating their heads against the wall, getting nowhere, and concluding that all buyers are out to take advantage.Cover all bases by providing insurance or replacement appraisals should your descendants decide to keep or donate the art. Also include realistic wholesale values should they decide to sell it. And don't forget those instructions-- who to call, where to go, what to do. You don't want them at the mercy of whatever dealer they happen to pull out of the Yellow Pages.
If you expect to have any influence over the long term future of your art collection, lay the groundwork beginning right now. Educate your family about what you own. Instill a love and respect for what you've accomplished and accumulated all these years. Make sure that those close to you are aware of your art's value and significance. Make sure that they understand how important it is to you. You can't control the final outcome, but at least you can have your say and know that you've done your best to collect like a pro.
