Relevant Articles

Picture


Two records set for Norman Rockwell in recent Heritage Auctions sales
The oil on paper Tough Call, 16 x 15in (40.5 x 38cm), a 1948 study for a Saturday Evening Post cover, took $1.68m (£1.31m) including buyer’s premium at Heritage Auction in Dallas last week. It had hung in a house in Austin, Texas, where the family that owned it believed it to be a cheap copy. Once consigned, it was expected to take around $300,000 but ended up far exceeding its estimate and setting a record for any oil study by the artist. The buyer remains anonymous.
It is the second record to be set for a Rockwell oil study during the past few months. In May, his 1960 Triple Self Portrait, also a Saturday Evening Post cover study, took $1.3m (£1.01m) including buyer’s premium at Heritage.

more…


Picture

…In fact, this oil on paper composition represents a truer version of Rockwell’s intent than the final product on display at the Baseball Hall of Fame. To Rockwell’s dismay, another Post illustrator darkened the skies without his consent. Rockwell fired off an angry letter about “the piece of sky added when I still feel it was better as I conceived and painted it.”                                                                                                                                                                                                                                                                            more…

Picture


Picture

Picture

DALLAS, Texas (May 4, 2017) — Norman Rockwell’s Study for Triple Self Portrait, an oil study for the artist’s self-described 1960 Saturday Evening Post“masterpiece”, sold for $1,332,500, a new world record for an oil study by the artist Wednesday during Heritage Auctions’ American Art Auction in Dallas.                                                                                                                                                                                                                                                                                                              more…

Picture

Analysis

Welcome to the $45 Billion Art Market: 5 Things to Know From the TEFAF 2017 Global Art Market Report

In a thriving international art business, there was a marked shift to private transactions.

artnet News, March 4, 2017

Global art sales went up, auction houses got squeezed, and Asian bidders took home an increasingly large piece of the art-market pie.

– The report paints a picture of “a stable and resilient market, experiencing positive growth.” However, sales are moving away from the auction houses to the private sector, both to private sales by auction houses and to dealers. In 2016, public auction sales of works of art, high-end jewelry, and decorative arts, reached $16.9 billion globally, a drop from $20.8 billion in 2015.
more…


Picture

Norman Rockwell Study Sets World Record at Heritage, Reaches $1.3 Million
DALLAS, Texas (May 4, 2017) – Norman Rockwell’s Study for Triple Self Portrait, an oil study for the artist’s self-described 1960 Saturday Evening Post “masterpiece”, sold for $1,332,500, a new world record for an oil study by the artist Wednesday during Heritage Auctions’ American Art Auction in Dallas.

The record-setting Rockwell led a $4.5 million auction of diverse American art pieces that realized a 96 percent sell-through rate by value and saw spirited bidding across all Heritage Auctions bidding platforms.
more…

Picture

Art Donors Give to Smaller Nonprofits

Recipients increasingly include hospitals, libraries, retirement centers and nursing homes

By DANIEL GRANT
Nov. 1, 2015 10:05 p.m. ET

Picture

Elaine Gans donated ‘Barrett,’ a 1986 piece by Bay Area artist Tom Holland, to Cedars-Sinai Medical Center in Lost Angeles. PHOTO: ELIANE GANS

Picture

Donations Of Art: They Are Not Just Appropriate For Museums

Lawrence Zalewww.visualartsadvisory.com/ | May 11, 2001

This article contains the following information:

• The Importance of the Relationship between Fundraiser, Art Advisor and Donor

In the case of a donor intending to receive FMV (fair market value) as a tax benefit, instead of original purchase price or simply giving, the following is suggested:

“…If there is agreement from a trust, estate, and tax standpoint that the collection should be donated, finding an appropriate recipient related-use charity to display the art properly is crucial. To achieve those objectives, collectors would be wise to use the services of a fundraiser and an independent art advisor.”           more…

• Identifying Charities, Other Than Museums, that are Suitable for Art Donations

– The Union Rescue Mission, dedicated to reducing homelessness in Los Angeles, believed it could accept donations of art by creating an art program for its constituents, while increasing its endowment. Under the part-time curatorial direction of John D’Elia, a one-time Presbyterian minister, the Mission has received over 400 donations of art that is presently valued in excess of $1,500,000….

– Across the country in the New York City section of Riverdale, the Hebrew Home for Aged, located on 19 acres that overlook the picturesque Palisades, has assembled an art collection over the last 30 years that today exceeds 4,500 works of art. The collection includes paintings, sculpture, drawings, prints, and photographs of artists such as Pablo Picasso, Marc Chagall, Alexander Calder, Andy Warhol and Frank Stella…

– The City University of New York (CUNY) is one of the largest universities in America. With over 350,000 students, including those enrolled in adult and continuing education programs, the University has many alumni who have made donations of art to colleges from which they graduated…
more…
• Determine the Appropriateness of Art as a Charitable Contribution

• Basic Tax Rules

Covered in detail      more…

Art Donation Tax Benefit: A Synopsis

Artwork donation in its most basic form:  For current FMV tax benefit donate to a nonprofit that will meet IRS fair use standards. To receive purchase price; donate to any designated nonprofit organization who will liquidate the asset for needed funding.

Donors obtain a receipt from the organization where estimated value is recorded. For art worth in excess of $5,000 an appraisal and documentation by an accredited appraiser is IRS required.

Further, Art work(s) with a total value deduction at or exceeding $20,000 (claimed within the same year) must have a complete, signed appraisal by an accredited appraiser attached to the return. Be sure to verify IRS requirements regarding photo-documentation. Consult a tax specialist for details.


Picture


A Point for Redress: Deaccession


by Ingrid Bond, 4/4/2017

From The Association of Art Museum Directors Code of Ethics:

“… A museum director shall not dispose of accessioned works of art in order to provide funds for purposes other than acquisitions of works of art for the collection (in accordance with Paragraph 25, p. 9).     

AAMD members who violate this code of ethics will be subject to discipline by reprimand, suspension, or expulsion from the Association. Infractions by any art museum may expose that institution to sanctions, such as suspension of loans and shared exhibitions by AAMD members.”                                              more…                   

It’s easy to understand why there are stringent standards curtailing the deaccession of donated artwork. After all we are referring to nonprofit museums; not commercial art galleries. Provision to this effect is built into an industry code of ethics museums adhere to (in order to maintain their membership status which includes the ability to receive loans from other member museums) stating that the practice of deaccession is to occur solely to finance new acquisitions.

However, the unforeseen can happen…

• Delaware Art Museum Sells Off Paintings by Winslow Homer and Andrew Wyeth

Sarah Cascone, June 30, 2015

Hopefully, the Delaware Art Museum is really and truly out of the hole. The financially-troubled institution has just sold two paintings by Winslow Homer and Andrew Wyeth, completing its four-piece fire sale. “Today, we close one of the most difficult chapters in the story of the Delaware Art Museum,” said museum CEO Mike Miller in a statement. “We reached our most important goal—keeping the museum open and thriving.”

• Also see ‘Mother Jones’ article below re: The MET deficit 

Nonprofits are governed by regulations of the all important 501 status, articles, boards and industry association. Decisions to sell artwork, any valuable asset, doesn’t come without careful consideration, made in the best interest of the constituency. This is why in particular when it comes to selling artwork expressly to maintain the viability of an organization (not to add to a collection) that Bond Fine Art says — surely such a consideration is paramount. For what is a collection without a museum?

There are several potential benefits of selling static works that would seem to uphold and maintain an ethical nonprofit standard: increase outreach, i.e., expansion of viewing space, to refine and update an unwieldy collection and thereby decrease storage/overhead by redistributing that which has become a storage cost factor for the purpose of renewal of the collection — or as a saving grace. Again, performed within the parameters outlined by their status, mission, within their articles, and board passed.

The recirculation of dormant art is a healthy action for nonprofits, their constituency, and for the artwork itself.


Picture

Art Museums Should Be Allowed to Participate in Both Sides of the Free Market

KEVIN DRUM APR. 22, 2016

New York City’s Metropolitan Museum recently announced that it was running deficits and needed to restructure its operations—most likely including layoffs.

Michael O’Hare is agog:

The Met has a collection worth at least $60 billion, thousands and thousands of objects almost none of which (by object count or square feet of picture) is ever shown or ever will be…. Selling just two percent (off the bottom by quality or importance, of course, and much more than two percent of it by object count), for example, could endow free admission forever. Selling .3 percent would cover that pesky deficit, also forever. And the smaller museums and collectors who would buy works freed from the catacombs would show it.
more


Picture

Criteria for the Deaccession of Artworks

A work being considered for deaccessioning must meet at least one of the following criteria:
more

View a list of the Dallas Museum of Art’s deaccessioned artworks.


Picture

Seeing a Cash Cow in Museums’ Precious Art

By DOREEN CARVAJAL, APRIL 4, 2015

“…With government subsidies to public institutions being cut back, museums in countries like Britain, the Netherlands and Germany need the income from art sales to close budget gaps, make repairs or finance expansions. That has led to fears that masterpieces will disappear from public view to adorn the living room walls of a Saudi prince or hedge-fund billionaire.”

“If you want to safeguard cultural identity, you cannot sell the best pieces of your collection,” said Marilena Vecco, an assistant professor of cultural economics at Erasmus University in Rotterdam. “This is the challenge for all museums.”
                                                                                                                                                          more  

Picture

“St. George’s Kermis With the Dance Around the Maypole” (1627), by Pieter Bruegel the Younger. Creditvia Sotheby’
When a Sotheby’s official appraised a painting by Pieter Bruegel the Younger in 2005, he set its value at $500,000. But when the owner of the 17th-century work, “St. George’s Kermis With the Dance Around the Maypole,” sold it at a Sotheby’s auction in 2009, it drew more than four times that amount, or $2.1 million.
What explains the wide gap between the estimated and actual value of the work?
The expert from Sotheby’s would later say that, after the appraisal, there had been a spike in prices created by a “large influx of Russian buyers” eager to obtain old masters and that the painting had been cleaned before being sold.

But the United States Tax Court took issue with that account in a recent decision.
more…

Picture

A slice of the LEP art market pie

Limited Edition Prints: Fundraising Availability & Potentials 

by Ingrid Bond 2/16/2017

Following is a 20 year overview of the limited edition print secondary art market as it relates to my dealership experience – from right before the advent of the ‘online gallery’ of the latter ’90’s – to today.
more…


4 Profitable Fundraising Ideas Using Art

Fundraising using limited edition artworks nets huge returns with low risk.

by Fidelis Art Prints

Selling or auctioning limited edition reproductions from a specific exhibition or from top-artists is a cost-effective and attractive fundraising option for non-profit groups, public galleries art groups, schools, corporations and individual artists.

The proven success of art fundraising has created one problem, it has lead to popular artists being bombarded with requests to “donate” their original art for fundraising. Although, each cause may be worthy, even top-moneymaking artists (nor their dealers) can afford to gift their inventory more than once a year. This is where high quality, limited edition reproductions find their place in art fundraising…
                                                                                                                                    more…


Why You Should Always Donate Your Art for Fundraising
An appeal to Art Producers, whether that’s artist, or printer… a point of view for the fundraiser’s information

Last year we were asked more than a dozen times to donate artwork for a good cause. Are the number of “asks” getting greater every year?

I’ve been involved with various art fundraisers since the early 90′s and learned that when smartly executed, good money can be raised by auctioning quality art. The thing is, art auctions have become so successfully popular that artists are being bombarded with requests to donate.

What will you say this year when you are asked to donate your art for a good cause?

My short answer—yes. Why. . . because it’s a good cause, but mostly because it’s good business. In this post, learn how donating your art to fundraising auctions provides great marketing opportunities.

I’m of the position that artist’s should always donate.
more…


BARRON’S PENTA

Art Advisors: Are They Worth It?

By ROBERT MILBURNNov. 8, 2014 3:37 a.m. ET

The art market’s explosion has spawned an industry of art advisors to new and seasoned collectors. A tour with an advisor and a client. 

It was bound to happen: As the market has exploded in recent years, legions of scholars, former gallery owners, and others have gone into business as art advisors, offering their services to help folks build a smart art collection. Walk into any big art fair and you’ll bump into dozens of these creatures, maybe hundreds. But should you hire one?

Good art advisors coach everyone from the greenhorn needing an education to the aficionado hunting down specific works to fill out their collection. Karen Boyer runs the art…

… According to Wendy Cromwell, president of the Association of Professional Art Advisors, advisors typically charge a sliding scale commission of 20% for art works under $100,000 that you purchase under their guidance; that commission might go as low as 5% for works over $1 million. Of course, the more often you return to an advisor, the more bargaining power you’ll have. Those who want advice only should expect to pay $100 to $250 per hour, Cromwell says.
more…

Barron’s Penta is a subscription based publication — get on once, but then it’s pay to view.


Picture

Donations Of Art: They Are Not Just Appropriate For Museums

Lawrence Zalewww.visualartsadvisory.com/ | May 11, 2001

As seen above… this article contains the following:

• The Importance of the Relationship between Fundraiser, Art Advisor and Donor

In the case of a donor intending to receive FMV (fair market value) as a tax benefit, instead of original purchase price or simply giving, the following is suggested:

“…If there is agreement from a trust, estate, and tax standpoint that the collection should be donated, finding an appropriate recipient related-use charity to display the art properly is crucial. To achieve those objectives, collectors would be wise to use the services of a fundraiser and an independent art advisor.”
more…
• Identifying Charities, Other Than Museums, that are Suitable for Art Donations

– The Union Rescue Mission, dedicated to reducing homelessness in Los Angeles, believed it could accept donations of art by creating an art program for its constituents, while increasing its endowment. Under the part-time curatorial direction of John D’Elia, a one-time Presbyterian minister, the Mission has received over 400 donations of art that is presently valued in excess of $1,500,000….

– Across the country in the New York City section of Riverdale, the Hebrew Home for Aged, located on 19 acres that overlook the picturesque Palisades, has assembled an art collection over the last 30 years that today exceeds 4,500 works of art. The collection includes paintings, sculpture, drawings, prints, and photographs of artists such as Pablo Picasso, Marc Chagall, Alexander Calder, Andy Warhol and Frank Stella…

– The City University of New York (CUNY) is one of the largest universities in America. With over 350,000 students, including those enrolled in adult and continuing education programs, the University has many alumni who have made donations of art to colleges from which they graduated…
more…