All About Art

I had two different people in the past week send me links to articles about art. The first was from a friend who is seeking to raise the level of discussion about archives and is doing it very well here. She sent me a link to an article about the Renoir archive. Her comment to me, which I concur with was, "I don't know quite what I'd say about this news story--it's just kind of sad and bizarre . . . "

To summarize (go read the article), the Renoir archive was purchased by a gallery in Arizona. The gallery then produced a business plan to market souvenirs featuring the work of Renoir (yes, you to can own a Renoir sculpture toilet paper holder). The business plan, quoted in the Art Newspaper article, stated that the merchandise would be aimed at “the most Neanderthal of art fans.”

The sale of the archive was made with the blessing of one of Renoir's grandsons, who is named in the business plan. Unfortunately, the "Renoir archive includes letters from Rodin, Monet and Manet, the artist’s Légion d’Honneur medal as well as hundreds of photographs and letters, and even a dossier on fake Renoirs."

The second article came from today's Wall Street Journal. You have to register with the WSJ to read the article, but again, I will summarize. The article was titled, "Perishable Art: Investing
In Works That May Not Last Collectors Struggle to Preserve, Insure Contemporary Pieces; Replacing the Dead Shark." Many works of art are now being questioned about their "staying power. From the obvious "Puppy" discussed in the article, made from fresh flowers, to works of art by "established" artists who may have used materials that may not stand up to the test of time. It hasn't seemed to bother the collectors, from the article, "Aging and wear affect all art, but the ephemeral nature of some contemporary art has become more problematic as values have soared. Prices of contemporary and postwar art shot up 44% in 2006 and 19% annually over the past five years, while art prices overall rose nearly 12% a year from 2001 to 2006, according to Artasanasset.com."

The article continues, discussing the even more problematic use of electronic mediums in art, video, audio, computer, etc. What is it we say in our profession? Migrate, Migrate, Migrate. So insure the work of art, right? Uh, no. "Fine-arts policies also often contain a provision for "loss of value" that occurs when a piece cannot be completely restored to pristine condition after a covered claim. If a $2 million painting is worth just $1.5 million after a tear in the canvas, the insurer pays for the repair plus the $500,000 difference in price. Some fine-arts policies also cover up to 150% of the insured value to allow for appreciation." Put your elbow through your Picasso at your own risk, there, Mr. Wynn.

Art is nice, and I would like to own more of it. But as is once again painfully clear, I can't afford it. Well, maybe the art, just not the insurance.