Art Market Blog – Collecting Artists’ Books

Art Market Blog – Collecting Artists’ Books

center-three-cages-cover.jpgThe old saying ‘a picture tells a thousand words’ could not be more true in the case of artists’ books, which are a relatively unknown and under appreciated collectible. As the name suggests, the general definition of an artist’s book is a work of art realised in the form a book, but not the sort of book you find at a library. One of the main characteristics differentiating artists’ books from everyday books is the utilisation of the book’s physical form and appearance as a work of art, which means that the artist is involved in the design and production of the book.

When referring to a book we usually think of the standard codex format, but artists’ books utilise the book in all its various forms such as scrolls, fold outs, loose boxed pages etc. As well as using different book formats, book artists use techniques such as altering the format and structure of the pages, using unusual/original materials and printing techniques, experimenting with different forms of binding and creating sculptural book structures. To provide further recognition of the artist’s book as a work of art, and not a commercial product, the artists’ books of today are usually created as ‘one off’s’ or in limited editions and are often hand made.

Artists’ books started to become popular in the 60’s during the emergence of the conceptual art movement, which promoted the idea or concept of an artwork as more important than the art object. These ideas or concepts were often presented in written form such as with Yoko Ono’s ‘Grapefruit: A Book of Instructions and Drawings’ which gives instructions in poem form for various activities that are meant to invoke a higher state of consciousness and artistic enlightenment if carried out. The increased popularity of sculpture in the 70’s and the emergence of installation art in the 80’s influenced the creation of books that incorporate the sculptural and three dimensional elements that are now a common feature of artists’ books. The 80’s also brought more advanced printing techniques which allowed for easier access to production facilities and an easier production process that led to an increase in the number of artists utilising the book as an art form.

There is plenty of information on artists’ books online as well as online stores such as
‘Printed Matter’ (http://www.printedmatter.org) that sell a wide variety of fantastic artists’ books such as ‘Three Cages’ by Joyce Cutler Shaw, which is a triangle shaped accordion book that incorporates the symmetry of the triangle into it’s structure. ‘Three Cages’ is an edition of 250 with each book signed and numbered and can be purchased for only US$45.

With prices ranging from $20 to several thousand dollars, artists’ books are an affordable way to start collecting art. With the increased interest in collectibles as a form of alternative investment and the growth of the art market there has been a revival in the popularity of artists’ books which I hope will continue to result in greater recognition and appreciation for artists’ books.

Further Resources:

http://bookartbookshop.com/
http://www.centerforbookarts.org/
http://www.wsworkshop.org/_art_book/artbook.htm

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

The Art Market Blog – Past, Present and Future

The Art Market Blog – Past, Present and Futurehand_with_reflecting_sphere.jpg

As the art market prepares for the final round of sales that signify the end of another year I thought it a good time to reflect on the last six months and give a bit of an insight into what the next six months will bring for the Art Market Blog.  Since starting the Art Market Blog in April I have been overwhelmed by the positive response and encouragement that I have received from people all over the world which really makes the effort and late nights all worth while.  Recent mentions on the New York Times website, the Wall Street Journal website, the Conde Nast Portfolio website and many others, have confirmed my original belief in the need for a resource that revealed the inner workings of the art market in a way that was easy to understand and useful to people interested in investing in art

In between dealing with all the request that i get to give my thoughts and opinions on tv, radio, in magazines and newspapers and on websites, I have been working on a video which will give my views on the future of the art market and my predictions for 2008 which should be launched in the next couple of months.  I have also been working on some exciting projects and reports which will change the way you view the art market and hopefully revolutionise the world of art investment so be sure to check back regularly so you don’t miss out.  My addiction for art has seen my own art collection grow in size in recent months so you can expect to see some posts on my art collecting exploits in the very near future. 

Over the next few months I will be guest blogging at the Absolute Arts website where I will be focusing more on writing about art as opposed to the art market so if that sounds like something you would be interested in stay tuned for for further information.  Speaking of writing about art, some of you may already be aware that I write the art column for the magazine Antiques and Collectibles for Pleasure and Profit (and have done for two years) but for those that don’t you can check out the magazine’s website here: http://www.acpp.com.au

On a different note, I spend last weekend at the Museum of Contemporary Art in Sydney where I saw an absolutely amazing exhibition of work by Australian artist Julie Rrap called Body Double which according to the MCA website “explores the persona of the ‘trickster’ in Rrap’s work, the theme of the ‘body double’, and considers the ways in which the artist oversteps the margins of bodily representation”.  If you are in Sydney then I highly recommend seeing the exhibition otherwise you can see the details of the exhibition and some pics here: http://www.mca.com.au/default.asp?page_id=10&content_id=2977 

To finish this post I would like to say that if you would like my views on art, art investment or the art market for tv, radio, magazines, newspapers, websites etc. or if you just want to ask a question or say hi then please feel free to contact me at info@artnotice.com

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Buying Affordable Art Online – Ten Awesome Online Art Galleries

Buying Affordable Art Online – Ten Awesome Online Art Galleries

cash-register.jpgGet those credit cards ready because you won’t be able to resist all the fantastic artworks available at the awesome online galleries below.

http://www.newbloodart.com
Newbloodart offers affordable, original artwork by artists who are currently studying or have recently graduated from art courses in the UK.

http://www.saatchi-gallery.co.uk/blogon/build_your_own_collection/
List of limited edition works available for purchase

http://www.photographerslimitededitions.com/index.php
The outstanding gallery for the most famous art, fashion and celebrity photographers.

http://www.acria.org/store/store_artwork.asp
AIDS Community Research Initiative of America (ACRIA), a collaborative and independent not-for-profit organization, studies new treatments for HIV/AIDS and related diseases, and conducts a comprehensive HIV health literacy program. The artists listed on the website have donated artworks to help ACRIA raise funds for their important AIDS research and treatment education programs.

http://www.20×200.com/
20×200 introduces two new pieces a week: one photo and one work on paper. Each image is available in three sizes.* The smallest size is reprinted in the largest batch – an edition of 200 – and sold at the lowest price – $20. Hence the name 20×200. (200×20 just didn’t sound as good.) We also offer bigger prints for bolder collectors – medium-sized editions of 20 for $200, and large-sized editions of 2 generally for $2000 (some of the large sized editions will actually be original pieces of art and prices will vary a bit). Every single print is delivered with a certificate of authenticity numbered by the artist.

http://www.saatchi-gallery.co.uk/saleroom
The online saleroom for the Saatchi Gallery Website. The site takes no commission from artists and charges no commission to buyers. You simply buy the work you like directly from the artist, using Paypal or a suitable alternative payment method.

http://creativetime.org/programs/store/
Creative Time presents the most innovative art in the public realm. From their base in New York, they work with artists who ignite the imagination and explore ideas that shape society. They initiate a dynamic conversation among artists, sites, and audiences, in projects that enliven public spaces with free and powerful expression.

http://www.ugallery.com
Alex Farkas, Greg Rosborough, and Stephen Tanenbaum are the founders and managing partners of Ugallery.com. The three developed Ugallery.com to provide art enthusiasts access to affordable original artwork while offering young trained artists a platform to launch their careers.

http://www.countereditions.com
Counter Editions commissions and produces prints and multiples by leading contemporary artists. The editions are exclusive to Counter Editions and each is created in close collaboration with the artist. They are produced by leading printers such as Thumbprint Press, Coriander Studios and Goldenshot.

http://www.artistsspace.org/
Since Hans Namuth produced his photographic portfolio edition for the organization in 1973, over fifty contemporary artists have generously donated editions for publication in support of Artists Space’s programs, including Richard Artschwager, John Baldessari, Ellen Gallagher, Sherrie Levine, Tom Otterness, Andres Serrano, Cindy Sherman, Lorna Simpson and Kiki Smith.

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

The Dangers of Wealth – A Tale of Two Art Investors

The Dangers of Wealth – A Tale of Two Art Investors

Consider these two scenarios:

wealthy.jpgA very wealth person (Wealthy1) decides that he would like to invest in art and after going through the auction catalogues from the major auction houses for the next couple of months, Wealthy1 comes across a major painting by an extremely well known artist whose work is highly desirable and is always in demand. This particular painting is the most impressive work that Wealthy1 has seen while going through the auction catalogues and the sale of this particular work has received significant press coverage so Wealthy1 decides that this is the best work to invest in. During the auction the bidding for this particular work is very competitive with Wealthy1 emerging as the winner with a hammer price of $1,962,877 against an estimate of $1,700,000 to $1,850,000. Wealthy1 is happy with his purchase even though he paid above the estimate because he has bought a fantastic work of art that he is sure will go up in value.

Another person who is in a more average financial position (Average1) , decides that he would like to invest in art and begins to research his finances to determine an overall budget for how much he would like to invest. After deciding on a figure of $70,000, Average1 researches the art market to find out how to structure a balanced portfolio of art that provides good potential for profit and relatively low risk. The result of the research that Average1 has conducted is a plan that involves the purchase of 5 works in total of which one will be a painting, two will be photographs and two will be limited edition prints. To provide the balance between profitability and risk, Average1 will purchase two works by emerging artists (one photo and one print) and three works by more established artists. Average1 purchases three works from galleries and two from auction after thoroughly researching each artist and artwork while sticking to his plan and not going over the price limits he has set for himself. When purchasing at auction, Average1 identified several works that fit his criteria so that he would not be tempted to bid too high on a work because it was the only option he had identified.

Consider these two scenarios for a moment and then ask yourself which investor has made a better investment. Wealthy1 has purchased a painting that would seem to be a desirable and popular work of art yet he has failed to create a plan or strategy which has resulted in Wealthy1 paying too much for a painting, risking all his money on one artwork, making a purchase influenced by media hype and presuming that an expensive artwork automatically equals a good investment. On the other hand Average1 has done the research and created a plan that has allowed him to make rational, informed and strategic decisions that have maximised his chance of making a profit from his investment. Spending more money doesn’t necessarily get you a better investment in fact the more money one has to spend the greater the potential for complacency and lack of discipline which is why you should always invest as though you are absolutely, 100% bound to a particular budget and in need of a good return, even if you aren’t.

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

How to Approach the Art Market Like a Pro

How to Approach the Art Market Like a Pro

Many art investors make the mistake of approaching the art market as a single entity when in fact the art market is made up of many different and often highly segregated markets. If an investor approaches the art market as a single entity they are basically denying themselves the benefits of trading between the different markets. Different markets have different desires, different demands and therefore value certain artworks differently which means that a savvy art investor can use these variations to their advantage by buying a certain artwork or type of art from a market that attaches a lower value and then selling to a market that attaches a higher value.

As an example of my point, a local Sydney auction house by the name of Vickers and Hoad (http://www.vickhoad.com) that deals primarily in art and antiques recently secured the Faberge Kovshsale of an estate of Russian antiques and art which included a rather nice Faberge imperial presentation kovsh that was estimated to sell for somewhere around the $10,000-$12,000 mark. The auction attracted over 500 bidders from all over the world including 8 phone bidders for the Faberge kovsh which would be a big deal for a major auction house such as Sothebys let alone a small local auction house. A final price, including buyers premium, of $138,000 was achieved for the Faberge kovsh which was more than ten times the estimate and a massive result for Vickers and Hoad. It just so happens that at the same time that Vickers and Hoad were having their sale of Russian art and antiques which had been advertised in the UK, Sothebys cancelled their sale of Russian art and antiques due to the whole sale being bought by Russian energy mogul Victor Vekselberg. A demand for Russian art and antiques combined with a shortage of works on the market resulted in a small auction house attracting many of the clients that would have otherwise gone to the Sothebys auction.

Because the bidders from the Sothebys sale migrated to the Vickers and Hoad sale one can presume that if the Faberge kovsh had been sold at the Sothebys sale that it would have achived a similar result. If the Sothebys sale had gone ahead then the Faberge kosch would not have had these extra bidders and would have sold for a price much closer to the estimate which would have meant that an investor could have bought the kovsh from Vickers and Hoad and then sold it for a big profit overseas at a big auction house such as Sothebys. So as you can see it is not that hard to predict what certain artworks will sell for provided you take the right approach.

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Saatchi Gallery Online Saleroom is Open for Business !!!

Saatchi Gallery Online Saleroom is Open for Business !!!

It is with extreme excitement that I announce that the Saatchi Gallery Online Saleroom (http://www.saatchi-gallery.co.uk/saleroom) is now open for business. The Saatchi Online Gallery is the pet project of controversial advertising mogul and art super-collector Charles Saatchi whose entrepreneurial skill is responsible for the rise of artists such as Damien Hirst (we all make mistakes), Tracey Emin, Sandra Chia and Sean Scully to name a few. With the proven ability to make or break an artist with worrying ease, Saatchi is charles saatchi smokingarguably the most influential person in the world art market and the envy of more than a few art world elite.  The physical Saatchi Gallery in London has been closed since 2005 after a highly publicised feud with his landlords which resulted in Saatchi being evicted from the previous gallery location at London’s County Hall.  After several delays the Saatchi gallery will re-open in early 2008 at its new location of The Duke of York’s HQ building on Kings Road in Chelsea which with 70,000 sq ft of exhibition space will be one of the largest contemporary galleries in the world.

The lack of a physical gallery space has allowed the Saatchi Online Gallery to flourish with the number of hits exceeding fifty million per day on most days. Primarily a space for artists to display their work and network with other artists, it was only going to be a matter of time before the ability for artists to sell their work through the gallery was included, and that time has come. The Saatchi Online Saleroom allows anyone to buy art free of commission from artists around the world. The site takes no commission from artists and charges no commission to buyers. You simply buy the work you like directly from the artist, using Paypal or a suitable alternative payment method. The order that artists appear is random and changes regularly so the only way to find what you are looking for, other than searching for a particular artist, is to scroll through each work one by one which can get rather annoying especially when the order changes. There are a few glitches to be sorted out such as the defective artist search and it would be nice to be able to have the works sorted by medium but overall the saleroom is an exciting development that is a great opportunity for both artists and collectors. I can assure you that I will be purchasing works from the Saatchi Gallery Online Saleroom in the very near future so stay tuned for a full report once I have decided what to buy.

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Top Ten Australian Aboriginal Artists

Top Ten Australian Aboriginal Artists

aborigines.jpgAfter the high level of interest in my recent post on buying Australian Aboriginal art and considering that Australian Aboriginal art is one of my specialties, I thought that I would go into a little more detail on the subject and share some more of my knowledge and experience. Having spent many years collecting, studying and being involved with Aboriginal art and working with Aboriginal artists I have been able to gain an in depth knowledge of the movement and an extensive understanding of the market.

Because of the large number of artists and the existence of so many fakes and forgeries, the two most important decisions that anyone will make when investing in Aboriginal art is which artist to invest in and where to purchase the work from. To make the decision easier I have included a list of my top ten Aboriginal artists and my top ten Aboriginal art galleries. I chose the artists based on the potential for their work to increase in value which is why most of the artists I have chosen are from the last generation of full blood Indigenous Australian’s and as such will become more desirable and more in demand over time. The galleries were chosen based on their reputation, commitment to ethical practice and quality of works offered for sale.

Top Ten Australian Aboriginal Artists:

Makinti Napanangka
Kudditji Kngwarreye
Ronnie Tjampitjipa
Judy Napangardi Watson
Dennis Nona
Ngoi Napaltjarri Pollard
George Tjungurrayi
Linda Syddick Napaltjarri
Doctor George Tjapaltjarri
Abie Loy

Top Ten Australia Aboriginal Art Galleries:

http://www.artmob.com.au
http://www.mbantua.com.au
http://www.dacou.com.au
http://www.ikuntji.com.au/
http://www.warlu.com
http://www.balgoart.org.au/
http://www.papunyatula.com.au/
http://www.mukmukaboriginalart.com
http://www.outbackgallery.com.au/
http://www.worldvision.com.au/birrung/

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Art News Flash – Damien Hirst Arrested !!!

Art News Flash – Damien Hirst Arrested !!!

bailbond-handcuffs.jpg‘News Flash: Damien Hirst Arrested for Crimes Against the Art Market’ is a headline that I would love to see appear in every news source world wide. Although I am all for artists making money from their art and promoting art as a profitable investment I think that the actions of Damien Hirst have been detrimental to the short term perception and long term stability of the art market. What crimes has Damien Hirst committed against the art market I hear you ask, well, here are five:

1.Exploitation of art market for monetary gain – If Damien Hirst is as committed to art as one is led to believe then why did he sell “For The Love of God” for 50 million pounds when it only cost 14 million pounds to create. The sale of the skull for 50 million pounds makes it the most expensive “artwork” purchased by a living artist but I cannot see how Hirst can justify selling the artwork for this price when the concept is weak, there is virtually no provenance, there are questions about it’s originality and issues with it’s intrinsic value. A profit of one million dollars would have been significant but a profit of thirty six million dollars is ludicrous.

2. Creating false expectations of the art market – $100 million dollars is the price you would expect to pay for an artwork by an artist such as Picasso, Pollock or Van Gogh whose life long dedication to fine art and their contributions to the art world have resulted in a legacy that is reflected in the value of their work. The prices that Hirst is asking for his work do not reflect Hirst’s status, position and ranking within the art world and therefore by asking such a high price in a market that is cashed up Hirst is basically creating an inflationary effect.

3. Plagiarism – Artist John Lekay who claims to have been a friend of Hirst’s in the past, even sharing a mixed show with Hirst in 1994, has been producing skulls encrusted with various different jewels since 1993 which he claims Hirst has copied. In an article in the UK Times Online Newspaper Lekay is quoted as saying “When I heard he was doing it, I felt like I was being punched in the gut. When I saw the image online, I felt that a part of me was in the piece. I was a bit shocked.”

4. Possible collusion with investors – Selling the skull to a group of investors and keeping a stake in the artwork to capitalise on a global exhibition of the work that the group of investors is organising could be seen as a conflict of interest on Hirst’s part especially considering that the price of the work was so ridiculously high that one could question the reasons that this group of investors were willing to pay so much for the work.

5. False classification of skull as an artwork – The Art Review magazine made the comment that: “The diamond-studded death’s head could be a fashion statement, a bejewelled accessory or a dazzling effigy to all things chav. Instead it’s high art… With the skull Hirst has gone too far.” and art expert Charles Dupplin said that “This is a spectacular piece and undoubtedly the work with the highest intrinsic value in modern and contemporary art.” Both these comments suggest that Hirst’s skull is merely a decorative object with intrinsic value only, and not a piece of fine art, which I totally agree with.

Now all I need to do is get some new laws passed….

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Collecting Art is Child’s Play

Collecting Art is Child’s Play

There have been several reports in the media recently of the growing number of children who are developing their own art collections which are being funded by their wealthy and well connected parents most of whom are themselves seasoned fine art aficionados. Apparently these children are being taken into some of the hottest contemporary galleries around and let loose without any restraints other than the credit limit on their mums amex. Although the motives of the parents may be to expose their children to the joys of fine art while at the same time teaching the value of money, I can’t help but wonder whether they realise how their actions and the actions of their children may be affecting the art market. With works being chosen on the basis of the relation to the child’s primary interest at the time, some children’s collections are being developed around subjects (read fads) such as candy, kittens, comics and all manner of other weird and wacky things.

If these kiddies weren’t buying works from major contemporary galleries that have already singled out those artists worth collecting and were maybe buying from the local markets, then there wouldn’t be such cause for concern. Whether or not we agree with their methods and approach to art collecting, the fact remains that the younger generation are being put in a position that will enable many of them to dictate or alter the future direction of the art market. Does this mean that we could use children to predict the future of the art market, well, maybe, but I don’t see the worlds most influential art dealers being accompanied to the Venice Biennale or Charles Saatchi being advised by a fifth grader just yet.

Bring on Art Collector Barbie !!!

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

A Guide to Buying Australian Aboriginal Art

A Guide to Buying Australian Aboriginal Art

Australian Aboriginal art has been thrust into the limelight of the world stage in recent years due to a combination of culture, history, and aesthetic originality that has captured the eye and imagination of collectors and investors world wide. The recent addition of a new Australian Aboriginal art exhibition to the Musee Du Quai Branly in Paris, which included the commissioning of six Aboriginal artists to paint areas of the outside walls and doors of the museum, has confirmed the cult status that Aboriginal art is currently experiencing in the art world

Because of the popularity of Aboriginal art there has been an increase in the number of Aboriginal artists and consequently, an increase in the number of works being produced. aboriginal artistThe tendency for some Aboriginal artists to paint a poor quality work for a quick buck has seen a large number of very poor works of questionable origin become readily available. As the majority of traditional Aboriginal artists have lived their lives in remote and isolated areas they are not aware of western culture and practices which has allowed some unscrupulous dealers to exploit them. Through bribery and abuse many Aboriginal artists have been forced to produce poor quality works for fast money, and produce fraudulent works of questionable origin and authenticity. Although these unethical practices have tainted the Aboriginal art market some what, it has created greater awareness of the importance of ethical practice within this market and emphasised the need for a greater amount of care and scrutiny when purchasing a piece of Australian Aboriginal art.

In order to ensure that you are purchasing an authentic piece of Australian Aboriginal art that has been ethically sourced you need to keep in mind that:

1. A large number of works are being produced by Aboriginal artists which means that the best works will always be a better investment, as even a poor work by the most sought after artist will always be a poor work in the eyes of the market.

2. Authenticity has proven to be a major problem for the Aboriginal art market with fakes and forgeries becoming more and more prevalent. A certificate of authenticity and a photo of the artist holding a painting does not necessarily guarantee authenticity as anyone with a computer and a printer can print a certificate and a small bribe can result in a photo with an artist holding a painting that isn’t their work.

3. The art market is very sensitive towards issues of unethical behaviour so because of the poor treatment that many Aboriginal artists have experienced it is extremely important to ensure that you purchase art works from a reputable, well known dealer whose works are ethically sourced and if possible come directly from a community centre with the documentation from the community centre.

4. Most reputable dealers should be able to provide you with a series of photos showing the artist actually painting the work from start to finish as opposed to one photo of the artist holding the finished product as further proof that the painting was actually painted by that artist. If a series of progress photos is not available then you should ensure the other forms of authentication are genuine.

5. All works should come with a certificate of authenticity which should make reference to the particular work that you have purchased and have details of the dealers credentials and business as well as a picture of the artwork.

The final check should come in the form of general common sense with the old saying “if it seems too good to be true it probably is” of particular importance and relevance. The Aboriginal art market still has a lot of depth in it and continues to go from strength to strength. A number of artists of the last generation of full blood Aboriginal people are still painting, which means that now is a good time to invest in a work by one of these artists because once they’re gone, they’re gone for good. This last generation of full blood Aboriginal artists who are getting on in years, will take the culture, history and dreaming, which the whole tradition is based on with them to the grave. This means that good works by senior Aboriginal artists such as Ronnie Tjampitjimpa, Ningura Napurrula, Willy Tjungurrayi, George Ward Tjungurrayi , Gloria Petyarre, Makinti Napanangka and Judy Watson Napangardi who are still alive, will be highly regarded and sought after in the years to come.

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Valuing Art – How an Art Price Index Could Change Everything !!!

Valuing Art – How an Art Price Index Could Change Everything !!!

One of the reasons that more people don’t invest in art is the lack of a means of measuring the value of their investment on a day to day basis like you can with shares. As the old saying goes, “knowledge is power” which means that a lack of knowledge equals a lack of power and a lack of power equals a lack of control. Investors tend to associate the level of control they have over their investment with how secure their money is because a high level of control would allow the investor to quickly react to an event that is causing a reduction in the value of their investment thereby minimising the negative effects. Because most people are extremely selective and cautious when it comes to investing their money, the level of control that people have over their money is a crucial deciding factor when it comes to deciding what their money will be invested in which is why the stock market is such a popular option.

Because of the nature of the art market there has not been a successful attempt as yet to produce an index that would allow people to sufficiently measure the “health” of their investment on a regular basis so those that do invest in art are relying on the factors that determine an increase in value in the long term as opposed to those that determine an increase in value in the short term.

Imagine for a moment that a price index was able to be created for each individual artist that constantly tracked the value of their work (or shares in art) and that there was a way of instantly trading works of art (or shares in art) in real time. The way people approached the art market, the way art was bought and sold and the factors that determine the price people are willing to pay for an artwork would be completely changed if such an index were available. Auction houses and galleries would most likely become obsolete with art brokers taking their place as representatives for artists and service providers for investors. Although such an index would solve the problems of determining value it would also cause most of the advantages of art investment such as the stability, potential for growth, value of the asset etc. to disappear thus probably rendering the whole art market obsolete.

The above scenario will obviously never eventuate (thank goodness) but it does highlight the need for everyone involved in the art world to carefully consider what effect their actions are having on the art market especially when the art market is experiencing such growth.

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Buying Art at Auction – What Every Buyer Should Know

Buying Art at Auction – What Every Buyer Should Know

Buying art at auction can be an exciting and rewarding experience but it can also be an overwhelming experience that can lead to expensive mistakes. Because the auction environment is usually very emotional and fast paced it is imperative that you do your auction bidderhomework beforehand so that you are informed and prepared. Prior to the auction you should attend the auction preview so that you can see the items in the flesh and purchase a catalogue so that you can decide which works you would like to bid on and conduct the necessary research. Once you have decided on the works you are interested in bidding on you should set yourself a budget that includes the buyers premium so that you avoid over-spending or paying too much for an artwork. To help you come to grips with buying art at auction I have included some crucial information below which you should familiarise yourself with before making any purchases.

Auction Terminology:

“After …” – This means that the artwork is considered to be a copy of an artwork by another artist.
“Attributed to …” – Indicates that in the opinion of the auction house the artwork is probably by the artist although there is not enough evidence to be sure.
“In the style of …” – refers to an artwork that is considered to be of the period of the artist and resembles the artists style although
“Circle of …” – refers to an artwork that is considered to be of the period of the artist, closely relates to the artist’s style and reflects the artists influences
“Studio of …” (also workshop of) – refers to an artwork that is considered to have been executed in the studio of the artist and may or may not have been executed under the direction of the artist
“… And studio” – refers to an artwork that is thought to have been exeuted by the artists with the assistance of a member of members of the artist studio
“Manner of …” – refers to an artwork that is considered to have been executed in the style of the artist, but is of a later date
“Signed…”, “Dated…”. “Inscribed…” – indicates that the signature, and/or date, and/or inscription is from the hand of the artist
“Bears signature”, “Bears date”, “Bears Inscription” – indicates that the signature, and/or date, and/or inscription has been added by a hand other than the artist’s

Bid Increments (varies):

Current Bid Bid Increment
< $10 . . . . . . . . . . . . . $1
$10 – $29 . . . . $2
$30 – $49 . . $3
$50 – $99 . . $5
$100 – $199 . . . . $10
$200 – $299 . . $20
$300 – $499 . . . . $25
$500 – $999 . . $50
$1,000 – $1,999 . . . . . . . . $100
$2,000 – $2,999 . . . . . . . . . . . . . $200
$3,000 – $4,999 . . $250
$5,000 – $9,999 . . . . $500
$10,000 – $19,999 . . . . . . . $1,000
$20,000 – $29,999 . . . . . . . . . . . $2,000
$30,000 – $49,999 . . $2,500
$50,000 – $99,999 . . . . $5,000
$100,000 – $199,999 . . . . . . . $10,000
$200,000 – $299,999 . . $20,000
$300,000 – $499,999 . . . . . . . . $25,000
$500,000 – $999,999 . . $50,000
$1,000,000 – $1,999,999 . . $100,000
$2,000,000 – $2,999,999 . . . . $200,000
$3,000,000 – $4,999,999 . . $250,000
$5,000,000 – $9,999,999 . . . . $500,000
> $10,000,000 . . . . . . . . $1,000,000

Buyers Premium:

Bonhams:
20% of the Hammer price up to and including $500,000.00
12% of any Hammer price above $500,000

Sothebys:
25% on art priced up to $20,000
20% of the hammer price from $20,001 to $500,000
12% of the hammer price from $500,001 plus

Christies:
25% on art priced up to $20,000
20% of the hammer price from $20,001 to $500,000
12% of the hammer price from $500,001 plus

Philips De Pury:
20% of the Hammer price up to and including $500,000.00
12% of any Hammer price above $500,000.00

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.