D.C.'s National Gallery of Art Celebrates one of its Most Valued Collectors

The National Gallery of Art in Washington D.C. presents "From Impressionism to Modernism: The Chester Dale Collection." The exhibition, on view at the Gallery's West Building through July 31, 2011, celebrates New York investment broker Chester Dale's 1962 bequest. Dale's allocation of 81 French and American paintings nearly tripled the size of the museum's 19th century French painting holdings and allowed the National Gallery to become one of North America's leading repositories of late 19th and early 20th century French art.

Dale made his fortune on Wall Street in the bond market and translated much of his energy and talent for forging business deals into building his art collection. Dale selected and purchased art based on his own personal tastes and with the guidance of his wife, Maud, an artist and critic. Dale served on several museums' boards of trustees throughout his life, including the MoMA in 1929 (the year it opened), the Art Institute of Chicago, the Philadelphia Museum of Art and of course, the National Gallery of Art.

Over time the Dales acquired some of the most renowned masterpieces in the history of art, creating a truly amazing art collection. The exhibition and its accompanying book will explore the Dales' passion and talent for collecting great art.

Many of the world's best French and American 19th and 20th century artists' paintings are on display, including some of the Dales' favorite works like Henri Matisse's "The Plumed Hat (1919)," Auguste Renoir's "A Girl with a Watering Can (1876)," Vincent van Gogh's "Girl in the White (1890)" and Amedeo Modigliani's "Gypsy Woman with Baby (1919)."

In addition to the dozens of priceless works on exhibit, a new 15-minute documentary film profiling the Dales (produced by the National Gallery of Art) will be shown in the galleries.

Read more about the Dales, their art collection, and the National Gallery's exhibition here.

Start Your Art Collection Now!

Chicago-based contemporary art writer and curator, Claudine Ise, speaks from experience in telling us to begin collecting art ASAP. While most people would think to wait (until gaining a more extensive knowledge of art and of course, having money to collect expensive pieces), Ise gives advice about how and why to begin an art collection as early as possible (i.e. in your early 20s!!!)

She makes a good point in saying that your mid-20s may be the only time you will have any disposable income to spend on what YOU want, and that it's a time when you won't have to ask someone else (like a spouse or partner) before purchasing a piece of art. But as someone in her mid 20s, I'm not sure what "disposable income" she's referring to (especially in this economy). However, after reading the entire article, I do see how it's possible...

I agree with Ise that developing ones own tastes over time is important. Beginning an art collection early is a good (and unique) way to stay independent and formulate individual opinions on what you like and don't like. Her notion of beginning a collection in your mid-20s as a way to create a narrative of one's personal history dating from early adulthood is idyllic: an art collection acting as a visual diary of sorts.

Ise also gives practical advice for how to afford an art collection in your early 20s (by purchasing art instead of the newest ipod, iphone, Mac computer, etc). This is definitely easier said than done for some - but art does last longer than many tangible items, so your investment will pay off over time.

She concludes by saying,"You don't have to buy expensive work to have a 'real' art collection," which pretty much clears up my monetary concerns. She claims a "good" collection for 20-something year olds could simply contain several small-scale drawings (less than $20 each, purchased from art benefits, holiday art school sales, etc.). Her advise is to frame the pieces as soon as possible, display the art with "flair," and look at it frequently.

Good advice... now go out and start collecting!

Confessions of an "Artoholic"

Bose Krishnamachari, a self proclaimed "artoholic," was born in India in 1963. His work (see image, left) has been included in various international solo and group exhibitions. He is also praised for his curatorial skills and possesses an impressive personal art collection. In a recent interview, Krishnamachari discusses collecting art and what his collection means to him.

The artist says he collects art in order to archive time and history and as an artist, to understand the life, times and works of fellow artists. He calls his collection, "A dead investment, but a wealth of knowledge."

In responding to a question about the Andy Warhol and Damien Hirst works he owns, he applauds Warhol's clear understanding of the era in which he created his pop-art and states that Warhol's works reflect a celebration of film, fashion, design, music and media. Additionally, Krishnamachari celebrates Hirst's "Dot" Series (which has gained much negative criticism), claiming the works mark a major phase in the life and works of the artist, who Krishnamachari refers to as "a legend who supported his own contemporaries by collecting, curating and exhibiting."

To read more about the famed artist / collector and his entire interview, click here.

Velazquez and Sargent: Like Peanut Butter and Jelly

John Singer Sargent's "The Daughters of Edward Darley Boit" and Velazquez's "Las Meninas" can arguably be called two of the all-time greatest paintings illustrating themes of childhood and innocence. While they share this honorable title, the inherently linked American (Sargent) and Spanish (Velazquez) paintings have never before been displayed in the same museum (much yet the same collection, side-by-side).




However, that's about to change, as Boston's Museum of Fine Arts has generously agreed to loan "Las Meninas" to Madrid's Museo del Prado. The paintings will temporarily hang next to each other (something Sargent would be honored and delighted to see, as Velazquez's "Las Meninas" acted as the main source of inspiration for "The Daughters of Edward Darley Boit," painted in 1882).

While Malcolm Rogers, the MFA's British-born director, says it is a "big sacrifice" to loan out Sargent's painting (which is one of the museum's most important and treasured paintings), he is also excited about the display and hopes the Prado will reciprocate.

It will also be interesting to see if the MFA's loan opens the gateway to a unique cross-cultural collaboration between the two museums.

Contemporary Art Collectors Stay Close to Home

While contemporary art collectors' tastes are multifarious, and the locales they visit to purchase art vary, there is one aspect of art collecting that many collectors have recently agreed upon: the desire to buy local art. This trend - due in most part to the economic downturn of the past year - is a worldwide occurrence.

In a recent article from the Wall Street Journal, Gary Wasserman, a major collector and Detroit steel company executive says he's stopped buying work from English and Chinese artists (like he previously had). Instead, he has decided to focus on buying "powerfully Midwestern" art.

Italian art collector Pierpaolo Barzan agrees, saying,

"I believe that I can put together a much stronger collection, and make an impact in the art world, by collecting local artists rather than trying to find the next Chinese star"

In addition to supporting local artists and strengthening local economies, the trend of buying locally has allowed art collectors to cut-back on expensive art-buying trips to international destinations.

Likewise, auction houses and galleries are noticing the shift and have made the appropriate changes. As Grett Gorvy, Christie's international co-head of postwar and contemporary art notes,

...the company decided to shift Chinese pieces to sales in Hong Kong. "There's been a reluctance in the U.S. and Europe for these works but the appetite is still strong in Hong Kong and Taiwan..." The New York sales for both houses also include no Indian artists, with the exception of Mr. Kapoor, who was born in Mumbai. Mr. Gorvy says top examples of Indian art were scarce this time around. Instead, both houses [Christie's and Sotheby's] have packed their catalogs with works that traditionally appeal to U.S. buyers, like Alexander Calder, Jasper Johns and Joan Mitchell.

The new direction of art collecting could prove to be extremely positive for artists in smaller U.S. cities (like Atlanta, Austin and Detroit) that have typically been overlooked by the art world. While some collectors are hesitant to stay local, many like that works by primarily regionally-known artists are cheaper (than those of international artists) and collectors may also feel a personal connection to artists who live and work close by.

To read the full article from the Wall Street Journal, click here.

Above images courtesy of the Wall Street Journal

When Collecting is Worth It

While art collectors typically collect because they love art, those who collect with the hopes of gaining wealth may want to re-think their investments. According to recent academic studies, long-run returns tend to be lower for art collectibles than for stocks and bonds.

An article from the NY Times discusses the positive and negative aspects of collecting art. The article states,

If you acquire expertise in a particular area, ideally one shown to hold its value over the years, you can enjoy a pastime that is personally and culturally enriching. It still may not be as financially enriching as other activities, but you stand a good chance of making better deals than many other collectors — or at least you can avoid being played for a chump.

The very feature that makes items worth collecting — scarcity verging on uniqueness — is what makes them problematic as investments. It is hard, almost by definition, to determine the value of a one-of-a-kind, or few-of-a-kind, item.

This shortcoming is amplified by the likelihood that the interests of amateur and professional collectors are often in conflict. In stocks and bonds, by contrast, portfolio managers do better for themselves when they do better for you.

The article dispenses advice on how to be a successful collector and suggests dealing at an auction or hiring an advisor.

On a positive note, the article suggests that in-demand items (rare items and those of high quality) are always in demand, and that being able to look at valuable pieces of art may outweigh some of the monetary cons.

Certain artists tend to be “tried-and-true wealth holders,” Ms. Gyorgy said, including Old Masters, Impressionists and Abstract Expressionists like Willem de Kooning and Mark Rothko.
Their work is out of most investors’ price ranges, of course, and there is no assurance that they will outperform conventional, lower-maintenance assets. But there is one advantage that artworks and some other collectibles have over stocks and bonds: You can look at them.

This consumption value, as academics and specialists in collectibles call it, is what makes them desirable and valuable in the first place, and it accrues to their owners for as long as they possess them. That is why collectors are urged to focus on art appreciation, not capital appreciation.

Mad Cow Addiction

While perusing the web today, I came across a rather interesting story concerning art collecting. When I was growing up, a neighbor lady collected cows, and I'm not talking about a few tchotchkes here or there. She had virtually every inch of her house covered in paintings, figurines, tapestries, etc. Well, it seems like Derrill Osborn could give her a run for her money...

From the Associated Press:

When it came to collecting, former Neiman Marcus fashion executive Derrill Osborn had a singular focus: cows.

From paintings featuring bovine roaming wide open spaces to small toy cows to Staffordshire ceramic figures of the animals, Osborn collected them all. And after about half a century of collecting, the 70-year-old has decided to part with his herd in an auction Wednesday evening featuring about 350 items.

"I decided I would just give it up and auction it off," he said.

His collection made for a dramatic interior in his two-bedroom town house. The home's walls lined with green billiard cloth and wood accents painted a red enamel, his paintings hung from floor to ceiling and his cow-related objects were spread throughout.

"It was a little too much, but it was fantastic," said Osborn, dressed finely in a three-piece suit, his eyes sparkling behind round-rimmed glasses.

The auction also will feature a few non-bovine items including a Victorian croquet set and several items of furniture.

But the cows are the stars. Osborn, who grew up on a New Mexico ranch, said the spark for the collection came when he was a young boy and his great-grandfather whittled a cow from wood for him — an item not in the auction. And even though Osborn left that ranch for a 40-year career in fashion that took him around the globe, items featuring cows still caught his eye as he wandered through antiques stores from Milan to London.

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