Art Market

Rhode Island Artist Survey 2019

This year, I am conducting a survey of artists based in Rhode Island in order to learn more about the market for works of fine art by local artists. This survey is anonymous and takes just three minutes to complete. If you are an artist based in Rhode Island, please consider taking my survey to help me form a more accurate image of the realities of our regional marketplace. This brief questionnaire seeks to gauge price points, sales, and strengths and weaknesses of the market from the eyes of artists.

This survey will be available through February 28 and, should enough artists participate, I will post the results with analysis here on my blog at michaelrosefineart.com. You can click the button below to head to the survey:

Five Must-Read Art Business Articles for August 2018

August tends to be a slow time throughout the art market, but there were some interesting stories in the news nonetheless. From the changing strategies of galleries and dealers in the face of new market realities, to a couple of interesting Old Master issues, there is a lot to learn about both old and new in the field. Read on to see links to this month's five selected top stories along with short blurbs to accompany them.

  1. David Zwirner appoints curator-cum-Instagram-influencer as its first online sales director—why?
    by Margaret Carrigan via the The Art Newspaper (August 3)
    Carrigan explores the Zwirner's decision to add Elena Soboleva, a self-described "curator, innovator and global art adventurer" to head their online sales. Zwirner is one of the largest galleries in the world, and has seen a huge increase in sales via online in recent months. As they look to corner this market and improve on their strategies in the space, it made sense to reach out to an expert with a following of her own. This posting is likely a harbinger of changes to come at other galleries looking to bolster their digital footprint.

     
  2. Sotheby’s Posts $57.3 M. Net Income for Second Quarter of 2018, Down 26 Percent from Same Period Last Year
    by Annie Armstrong via Art News (August 6)
    Although overall, Sotheby's saw a steep decline in income from the same period last year, company officials pointed to a bookkeeping issues related to Asian sales to underscore that overall sales remained strong. In Asia, sales were actually up 15% overall which points to the future of the market to some extent. The financial health and sales strength of leading auctioneers like Sotheby's, Christie's, etc. is indicative of the broader condition of the market.
     
  3. The Strategies Art Dealers Use to Discount Artists’ Work
    by Anna Louie Sussman via Artsy (August 20)
    Discounts are a regularly used tactic throughout the gallery market and one that remains controversial. Many good collectors insist on discounts while artists tend to push back against them. Sussman's article does a great job of bringing together a nice array of sources in different positions in the field to learn more about strategies behind this practice as well as opinions of it. A great read for artists and gallery professionals alike.
     

  4. Italy Revokes Export License for Frick Collection’s First Painting Acquisition in Decades
    by Staff via Artforum (August 24)
    The Frick Collection, one of the great private-turned-public collections in the world, recently made its first painting acquisition in years. Now this purchase of a full length portrait of Prince Camillo Borghese by François Gérard is in jeopardy as the Roman culture ministry responsible for approving export permits has reneged on its initial 'ok' on the grounds that the gallery where the painting was purchased did not fully complete their paperwork and left out important details about the piece. This is a great illustration of just one of many potential pitfalls of acquiring Old Masters in Europe and it will be an important story to follow especially if it heads to arbitration in the Italian courts.
     

  5. A large Artemisia Gentileschi painting is coming to auction for the first time ever.
    by Benjamin Sutton via Artsy (August 28)
    Gentileschi is one of the great women artists of the Baroque period, and has seen a renaissance in interest over the last decade or so. The Dorotheum, the great Viennese auction house, will offer a painting of Lucretia by the artist featuring a pre-sale estimate with a high end over $800,000. Of course compared to other Old Master pictures this may not seem like a huge sum but it is significant. Sutton notes that the National Portrait Gallery acquired a self portrait of the artist as Saint Catherine last month for over $4millon. Lucretia will be sold at auction for the first time on October 23 after more than a century in a private collection. It will be interesting to see how the market reacts.

Five Must-Read Art Business Articles for July 2018

In this second installment of what will hopefully be an ongoing series, I outline my five must-read art business articles for the month of July. This month it was very tough to narrow down the five articles I selected. With issues as varied as Brexit, Holocaust Restitution, Copyright Law and other details in the news, I picked a few pieces that I felt covered issues of key concern to a broad audience. There is so much incredible arts journalism being written right now, so be sure to follow these links and explore other stories that interest you.

  1. Ending a Seven-Year Dispute, a US Court Rules That Artists Aren’t Entitled to Royalties for Artworks Resold at Auction
    by Eileen Kinsella via artnet (July 9)
    Kinsella was one of the first journalists to break the news that the Ninth Circuit Court of Appeals has struck down a California state law, the 1977 California Resale Royalties Act (CRRA). The law had required fine artists to be paid royalties of 5% when their work is resold. The court ruled that the statute was pre-empted by the Federal Copyright Act, which does not provide for resale loyalties to artists. This is a blow to artists whose works sell for high values in the secondary market after leaving their studios.
     
  2. 19th Century Women Artists Get Overdue Recognition—Will Their Market Follow?
    by David D'Arcy via the New York Observer (July 18)
    This piece examines the ascendancy of 19th Century women artists in recent scholarship and exhibitions and questions whether the market for such works, which has often been rather soft, can gain interest to match the renewed energy in the institutional sector. D'Arcy provides a review of the Women in Paris exhibition now on view at The Clark in Western Massachusetts and includes a few market examples. The market for these artists will be interesting to follow going forward.
     

  3. The End of Exhibitions? As Attendance Plummets, New York Dealers Are Scrambling to Secure the Future of the Art Gallery by Rachel Corbett via artnet (July 18)
    Corbett outlines what people in the gallery business have known for some time, which is that gallery attendance is on the decline across the board. As individuals seek out new and varied venues for seeing and purchasing works of art, the gallery exhibition seems to be increasingly less relevant. This fact precipitated the inaugural Chelsea Arts Walk, which offered visitors after hours visits with thirty members of the ADAA. This article indicates some of the tactics galleries are using to resurrect their practice; ideas of relevance to those working in every part of the sector.
     

  4. Christie's Sales Soar in Strong Art Market
    by Kelly Crow via The Wall Street Journal (July 24)
    Crow is one of the best market analysts working today. In this piece she breaks down Christie's central role in the current market and their astounding success in the first half of 2018. Perhaps most notably, Christie's online-only sales rose nearly 50% to $37.7million. The overall success of Christie's first six months of 2018 was helped in no small part by the once in a lifetime auction of the David and Peggy Rockefeller Collection which made up a fifth of their total revenue for the period. Their sales though, along with competitor Sotheby's, indicate that the market conitues to be going strong.
     

  5. How Leo Castelli Changed The Art Market Forever
    by Nate Freeman via Artsy (July 31)
    This great profile by Nate Freeman gives a very accessible introduction to the story behind one of the most legendary art dealers of all time: Leo Castelli. Through his eponymous gallery, Castelli not only shaped the careers of many American artists in the mid twentieth century but also laid the groundwork for the commercial gallery model that exists, almost unchanged, today. Without Leo Castelli, there would never have been a Larry Gagosian.

How To Champion Emerging Artists in Three Easy Steps

The term “emerging artist” is easily one of the most overused and least understood in the art world. Essentially, an emerging artist is one whose career is in its earlier stages. The first few years of an artist's career are crucial to success in a variety of ways. This is the period when an artist will make important connections, begin to define their personal brand, and lay the groundwork for the rest of their professional life.

These years can take place at any point in an artist’s lifetime. There are artists who emerge at 22 and there are artists who are considered emerging at 75. Artists whose careers are just beginning can, and I do emphasize can, be a great investment too. But they can also be an enormous risk. Their work is unproven in the marketplace, and early sales may not be indicative of longevity or retained value over time.

Regardless of the investment quality of work by emerging artists, these individuals deserve support, guidance, and recognition. Younger emerging artists will be the next generation of the artistic community, so championing them and their work helps to build the future of the visual arts.

For those who are interested in art and interested in supporting artists at the start of there career, here are three easy ways to do so:

1. Buy Their Work

The best way to support an emerging artist, or any artist for that matter, is a simple one. Buy their work. This does not mean that you have to make a sizeable financial investment in their practice. It is acceptable to ask what works they have in accessible price points, and a purchase at any price provides them with funds to continue making art and living their life. You might also commission them for a special project or buy a series of smaller pieces over an extended period of time. Financial support is fundamental to an artist's success.

2. Encourage Them

If you do not have the funds or the wall space to purchase work from an artist, consider providing encouragement and support in non-monetary ways. Show up at their exhibitions, leave a kind comment, let them know their work is impactful to you. Pass along opportunities for grants, residencies, commissions, and other projects they may be a good fit for. Thank the gallerists who exhibit their work. In short, become an advocate for their success.

3. Tell people about them

Use your network to promote the work of your preferred emerging artists.  Share their art and exhibitions with your friends on social media, host a gathering in their honor, introduce them to your circle. Show people their work. Borrow a couple of their paintings to highlight in your office or business. So many sales of fine art are the result of extensive networking and artists only have so many venues to meet new people. You can support emerging artists by spreading the word about them and helping them to built their base of fans and followers.

These are just three of many ways you might support emerging artists, but they also easily apply to art makers at any stage of their career. Talk to artists and work with them. Find out where your support will be most effective. Artists cannot succeed in a vacuum. They require supporters, patrons, and a community of people to encourage their continued creative endeavors. To learn more about building and managing your collection, visit my advisory services page, or if you are an artist who needs guidance, visit my creative services page.

Image in header: Students painting at the Art League School, courtesy of Wikipedia Commons.

Five Must-Read Art Business Articles for June 2018

Artists, collectors, and people interested in art often ask me for good venues to learn more about art business and the art market. There are so many great publications and blogs to follow it can be tough to keep up. So, I will be putting together a curated reading list each month to help highlight some of the key stories related to the business of making and selling fine art. This month's listing includes stories on the financial perils of being an artist and insights into the auction and gallery business. I hope you might keep an eye out at the end of each month as I share must-read articles to keep you apprised of the goings on in the art world.

  1. Advice for Artists on How to Make a Living—When Selling Art Doesn’t Pay the Bills
    by Carroll Michels via Artsy (June 25)
    In this excerpt from her popular book How to Survive and Prosper as an Artist, Seventh Edition, published recently as an editorial on Artsy, Michels expertly outlines different career options for artists to help supplement their creative work. The majority of working artists do not make their entire living from their work, so this is especially timely and helpful.
     
  2. Artists Support Themselves Through Freelance Work and Don’t Find Galleries Especially Helpful, New Study Says by Benjamin Sutton via Hyperallergic (June 14)
    Benjamin Sutton does a great job in this article of breaking down a recent study from the Creative Independent on how artists support themselves. The findings are quite interesting, if not totally surprising. One important note I do not think Sutton mentions though, is that the majority of respondents to the survey were younger artists in the early part of their career. This likely influenced the results.
     

  3. Cheim and Read, Storied New York Gallery, Will Close Its Chelsea Space After 21 Years and Transition to ‘Private Practice’ by Eileen Kinsella via artnet (June 28)
    As shakeups in the commercial gallery market continue, news broke this week that New Yorks' Cheim and Read would close its Chelsea gallery space, move uptown, and shift to a private practice model. Kinsella's article provides some excellent background analysis on Cheim and Read, and gives some insights into the change, which is indicative of larger movements in the marketplace.
     

  4. Why Guarantees Are Actually Good for the Art Market
    by Doug Woodham via Artsy (June 28)
    In this article, Doug Woodham does a wonderful job of explaining the sometimes obscure process by which major auction houses offer guarantees to consignors. He breaks down the issue giving some very interesting real world examples, highlighting the differences between house guarantees and third party guarantees. This is a useful piece to read for those interested in learning more about the functionality of the auction marketplace.
     

  5. Meet the entrepreneurs catering to fresh crop of digitally-savvy art collectors
    by Isabel Togoh via The Irish Independent (June 24)
    This piece covers the incredible rise of Unit London, a gallery in London run by two entrepreneurs in their late 20's. Joe Kennedy and Jonny Burt founded their first space in 2013 and just this week moved into a new 6,000 square foot permanent home in London's Mayfair district. These young gallerists have built an international following for their artists and have utilized social media to make their gallery accessible to a broader range of potential collectors. They are a bright spot in the gallery market and their story provides some solid insights for other gallerists on how to do business.