Collecting impressionist art

Since so many of us here have other interests besides Ferraris (I know, what a novel concept), can some of you art collectors tell me how not to loose my shirt, right arm and my ass if I start looking at getting some impressionist drawings? I'm not looking at spending a fortune, but after flipping through some recent catalogs, it seems like you can get some really neat drawings for between $5k and $25k.

I only studied art history in university, not the economics side of the hobby.

Any advice?

 

I have always had a love for art, and over the past 4-5 years my business has done well enough to enable me to purchase some great pieces. The best thing you can do is sign up on askart.com and/or artprice.com and pick up a subscription to Art News to begin researching the artists you like. You can also use Sotheby's or Christies sites to watch for auction trends and upcoming sales information. It's very important to get a strong sense of the market to determine what is reasonable to pay. It is also a good idea to visit many public art galleries and talk to curators about what you like and what you want to achieve in collecting art. You will find many retail galleries have outrageous mark-ups on art you could buy at auctions or shops off the beaten path for half the price. I do buy some pieces at galleries I have formed a relationship with, but it is very helpful to be well informed as to what the auction values are to make better deals. Most of the major auction houses will keep you informed when artists you like have work coming up for sale. Above all, the best advise I can give is to only buy things you LOVE. If you just like it, pass on it because you will tire of it quickly and that takes the enjoyment out of collecting. The majority of the pieces I have now are things that still cause me to gaze at and truly enjoy, no matter how many times I look at them.

 

i have always heard buy what you love. what fun is it if you dont like what you are looking at?

 

For the type of art my wife and I collect, the high water mark for pricing is set at auctions. And it seems many of the paintings that are put in auctions are in poorer condition or average quality. It seems that paintings that are less desirable are moved at auction.

Our approach is to spend the time looking at art and developing a relationship with dealers we trust. The dealers know what pieces we have bought, and what we might be looking for next, so they keep us in mind as they are buying.

We've also decided to buy only Grade A museum-quality work by artists in demand. We try to buy the larger canvases. We have to step up to the plate in order to do this, but we're rewarded by the quality of art we enjoy in our house, and by the appreciation.

 

ONLY buy what you like. I have several modestly valued pieces ($5K to $35K). I must be foolish because all the pieces have appreciated but selling is another issue. The value by appraisal is no where near the resale value I have discovered. So, my plan is to donate appreciated art , when I get tired of it, and ask the charity to hold it for two years so I can take the appraisal value as a write-off.

 

Erik I have a good friend who is an art nut! He travels to all the top art auctions and he specializes in Leroy Neiman(sp). I have been with him when he has bought pieces for $250k+. If you have any questions pm them to me and I will pass them on to him. He started small and as he got more interested started collecting more and more. He always says make sure you like what your buying. It doesn't matter how rare it is or how cheap it is if you keep your collection on your walls in your house you don't want to see something you don't like everyday.
Erik

 

I agree about only buying art that you like. Also seek out and find up and coming artists that do work you like. This is an excellent way to get in on the gound floor. We also have been buying art by Latin artists. These people are not so well known artists in the US but well known in other areas around the world, and their work is just starting to gain momentum here.
We are big on Toledo right now and I really like his abstract work. Has a touch of deep south american mystical spiritual stuff.

 

Great Collectors have great eye's.
They also don't care what other's may think.
They please themselves.
Masterpieces can be bought for very little money.

The greatest collector of American Art never payed more than 5K for a painting.

He looked and looked, became friends with artists and when he saw something he liked he bought as many examples of that artists work as he could.

There are undiscovered artists out there today that will someday be very coveted.

 

Erik.

Man.

Take your own advice.

Buy what you like.

It's only art.

 

A friend of mine has been collecting art since college. He found a lot of really amazing stuff by:

Doing freebie work for the smalltime art galleries. He wrote grants and contracts for them, and was exposed to a lot of people in the process. He still does it, and he has a LOT of really awesome stuff that he got for a song.

No name brand stuff. Just really cool art.

 

Not impressionism, but I do know a fair amount about the original Audubons: Havells, Biens and Quadrapeds.

Anybody interested in talking, these are a greater passion for me than *gulp* F-cars..

 

Yup, above all else, buy what you like.

Our art and furniture is all over the map….an interior decorator’s nightmare. Impressionist, modern, antique, etc. My wife is a skilled potter (engineer by day) and we have purchased and traded with friends, students and local artists. That said, we have also purchased from trusted galleries who have done cleaning and restoration work on our older heirloom pieces.

 

Don't worry, I am only going to buy what I like. It is my money and my walls.

I just wanted some advice as to what is the best way to buy it.

And I know where Jim is coming from. I fully believe that you don't have to spend stupid money to get something that you like.

I just want a few nice impressionist pieces and maybe one or two old masters as I like those styles most.

 

Well, I had to look that stuff up. So, it appears that quadrapeds are furry critters (duh), but what differentiates Havells from Biens?

 

Erik, you know what kind of art has always made an IMPRESSION on me? Those painting of ladies that hang over the bar in those old western movies. I also remember being IMPRESSED by Nat'l Geo...

 

A gen-u-wine art common sewer, there.....

 

anyone know much about gustav Klimt???

 

See, I told you us mountain folks were more sophisticated compared to those big city folks...

 

I've spent some time doing research on this one.

To cover myself in a transaction, what type of documentation do I need? Just a bill of sale and a CoA/provenance from the gallery stating that the work is authentic?

Are there any importation rules I need to be aware of if I buy something from a gallery in the UK or the EU and want to bring it back to the USA?

Thanks,
Erik

 

TRASHY!!!! NO!!!!! SAY IT ISN'T TRUE!!!!!!

Judge - No Klimt! Can't stand it.

_________________________________

 

Yup. I like paper.

 

Good thing I read this first. Check your inbox, I did find a nice one in NY...

 

You know, there is a Ferrarichat Consultant who specializes in exactly this sort of thing. Art and Art Collecting. You should check him out.

 

I know, but I was hoping that he would chime in here as I'm sure I'm not the only one that has these questions...

 

OK, let me get him on here.

*changes hat*

Hi. you had a question about collecting Impressionsist art? ;-)

OK, I am not sure what to tell you that is different from what has already been said, but I will say a couple of things;

Spend some time going to gallerues and museums. This will "season" your eye a bit. You will begin to lean towards some artists or styles and away from others. That being said, once you start to look and your eye starts to mature, there is no stopping it. You will begin to see things in art that you never did before, and your tastes will change as you go along. You may start out loving Impressionism, and then get bored with it and move to Modernism, or even *gasp* Surrealism, or something else.

Like others have said. buy what you like. Don't worry about the re-sale value, as it is never a garaunteed (although with certain marquis artists, it is pretty safe bet they will appreciate). As Jim and others have said, don't let price be your standard. There are TONS of worthwhile artisits that can be had for a song, you just have to find the ones you like (again though, don't be hung up on re-sale, if they are unknown, they will likely stay that way, and prices will never come up).

As far as documentation, all you really need is a receipt or a bill of sale from the seller with all of the pertinant info on it; DAte of sale, amount of sale, all the info on the artwork, and of course it should be in the seller's letterhead.

As far as import documentation, it is really up to you to pay any import taxes, etc that might be due opon arrival (assuming you are buying abroad. The gallery should be able to arrange shipping.)

Also, the price you are quoted is never the last price. ALL galleries will give you a discount if you ask for one (except for me, 'cause I am a hardass ...). Start e'm out at a @05 discount or more and see where you end up. 10% is standard and totally acceptable.

Email me or PM me if you have any more specific questions. You can also look at my website, we have alot of nice things to offer (though not all are on the website). Dubya Dubya Dubya dot findlay dot com.