ARTICLES ON COLLECTING

Jill DeWitt’s summary of the first in a series, Collector’s Roundtable, sponsored by the Smithsonian American Art Museum

What Makes a Good Collector?

The first session of the Smithsonian American Art Museum’s new series, Collector’s Roundtable took place on Tuesday April 22, 2008. James Cuno, the president and Eloise W. Martin Director of the Art Institute of Chicago, talked about What Makes a Good Collector?

While the qualities of a good collector are not easily defined, Cuno observed that most begin modestly, collecting works that appeal to them personally rather than strictly following the taste and advice of particular dealers or curators. Good collectors visit museums regularly and they know the art market. And, he joked, a mark of a good collector is that they always remember what they chose not to buy, and track these regrets. Good collectors are also aware that they are only a steward of their art. That is to say, they only temporarily own the art, and the art has a life both before and after it belongs to the collector.

The balance of his talk focused on the collector’s dilemma concerning the future of their collection once they are gone. Cuno outlined three options and discussed the advantages and disadvantages of each, as a collector tries to determine how to best serve both the artists and the artwork.

One option is that a collector may decide to release the work back into the marketplace. The benefit of this is that it encourages collecting. The drawback to this option is that, while this choice may eventually benefit the public, it is at best deferring that benefit. This decision puts the artwork itself at risk. And, finally, it doesn’t help artists because future artists are less likely to see the work.

The second option a collector has is to establish a means to perpetuate the collection in the public domain. There are a few ways that one can go about doing this. A collector may open a museum, may open a foundation which lends to museums, or may give to an existing museum with restrictions.

If a collector opens a museum, this serves to perpetuate the vision of the collector as much or more than the art itself. Examples of this are the Barnes Museum outside of Philadelphia and the Isabella Stewart Gardner Museum in Boston. Generally speaking, starting a new museum poses serious financial risks in terms of the museum’s ability to sustain itself. It is difficult to know if a collection is good enough to withstand the test of time. Collectors also have to place their trust in the trustees and the courts to honor their legacy.

The establishment of a foundation which lends to museums also serves to promote the personality of the collector. Yet its drawback is that it is not a permanent benefit to any community.

When a collection is given to a museum with restrictions, such as that the works cannot be sold, deaccessioned, or loaned, a lasting experience is assured. However this can also detract from its value because it prevents the work from being presented in various contexts and it risks becoming a burden to the museum. Decisions to impose such restrictions are not always successful over time.

The third option, one that Cuno acknowledged he has a vested interest in, is to donate to an existing museum. He demonstrated the benefits of this option by detailing the history of donations to the Art Institute of Chicago. The main philanthropists were the commercial leaders who drove the development of the city. In the 1890's these philanthropists donated works by the French Impressionists and Post Impressionists. He emphasized that these were contemporary works at the time—the artists were living or recently deceased. These donors studied hard and, by working with the most important dealers at the time, built small but choice collections. He also mentioned a donor who chose to establish a purchase fund that has helped the collection to continue to build ever since, as well as a group benefactor model. These Chicago philanthropists were dedicated to building a collection for the public and the betterment of the city and its future residents.

In conclusion, he emphasized that a good collector has passion, a commitment to learning, and is willing to take risks. And, most importantly, the collection will have a purpose.

Building strong civic institutions is a means to building a city itself. Collections should be encyclopedic and therefore serve as windows to our world. They teach us about cultures that are no longer foreign but are becoming local as a result of immigration. A good collector maintains a standard of public purpose. The greatest challenge we face today is our pluralism and understanding the culture of our neighbors.

The upcoming sessions of the series will feature Thomas Colville, a private dealer, who will discuss Quality and Connoisseurship; and Debra Force a specialist with a varied background, who will talk about Buying from a Gallery or Dealer. While the first roundtable focused on the larger picture of developing and planning for the future of a collection, the next two will undoubtedly lead to more specific discussions of the decisions facing beginning collectors.

The following is a recent article printed in the Washington Post which is actually at the “101” level. Future articles will be more specific and detailed.

Tuesday Tips: Buying Art
Tania Anderson
Washington Post

I have a long set of 14 stairs in my house that would be so much more exciting if there was something interesting to look at as I make my way from bedrooms down to living and dining rooms. A little artwork would do the trick. But what a pinch to the pocketbook! So I asked some local galleries, "How do you buy art?" I even got them to offer some advice for those of us on a budget. Here are their tips:

Tip #1: Look for something you love rather than just something to decorate your home or office. Once you've fallen in love, then you can think about how it will fit in your home -- wall space, furniture, decor. Think about if it's going in a high-traffic area with lots of sunlight. If so, get it framed with glass that has a UV coating.

Tip #2: Consider starting a collection of a certain type of art such as landscapes or animal scenes. Pick a room in your home to showcase the collection, much like a museum exhibit. "Sometimes people collect in a thematic way," says Kathleen Ewing, owner of Kathleen Ewing Gallery, a Washington gallery that specializes in photography. "It really has to do with where your passion takes you."

Tip #3: Learn about art, local artists and your personal taste for art by visiting galleries and local museums in the Washington area. You can also explore the Internet for what galleries have around the world. Artline is a site that let you see galleries' inventories. Once you figure out what you want, some local galleries will help you track down a specific type of art if they don't have it.

Tip #4: If you're on a budget (and who isn't these days), consider going for prints. They can be a significant reduction in price. Photographs are also more economical than paintings and other types of art. "We have photos here by well-established artists but they keep their prices down because they like to get their work out there," Ewing says. "Things start at $500 to $600, which is still affordable for the young buyer." And consider going to some of the local art schools at the end of the school year. They often have exhibits of their students' artwork and the students are anxious to sell it for cheap.

Tip #5: Make sure you really love what you're buying. Most galleries don't have established return policies but they'll work with you if it's truly something you can't live with. You may end up having to exchange it rather than getting a refund.

Tip #6: Don't buy art as an investment. The art world is too unpredictable and certain art doesn't necessarily guarantee a return later down the road if you try to re-sell it. "What's trendy and hot now could be dead five years from now," Ewing says.

Tip #7: Always ask a gallery if they have anything else to sell aside from what they have exhibited. Many will have additional pieces tucked away that don't fit with what's on display. "We always have things in our inventory that aren't related to what's in the exhibit," says Jessica Naresh, director of visual communications at Hemphill, a Washington gallery.

What have you learned from buying art? Where are the best places to buy art? Post a comment.