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The first investment in the arts. Part 2
ARTinvestment.RU   17 февраля 2007

The first investment in the arts. Part 2

In first part article ¹ have been touched on preparations for the acquisition of art for investment collections. We concluded that the need to engage in self-education, the various pleadings did not believe fear of fakes and look for direction, an interesting and accessible for the money.

Let's assume now that the novice investor feels the force to a practical step - the purchase. What you need to know when choosing «objective»?

agree that we will discuss the options in terms of the investment is collectible. Emotional motivation Class «I like it because the horse» in this case does not work, the decision should be made carefully, that is, taking into account the established criteria. Those who developed and supported by experts in the market. Among these criteria, the investor will have to simultaneously take into account innovation, the value of the name, the value of the period, with the theme, as well as technology, size, sales statistics. The most difficult - it is a subjective assessment of the capacity of a particular product. Ultimately, the analysis of all of these points determines the notional market value of the work and allows the lead sound reasoning in a conversation with the seller.

Perhaps the most «classic» mistake novice investor - this is known to yield to the magic name. Getting ahead, say that if the name of the artist seemed a textbook-familiar, the universal advice - do not rush rolling his eyes. In addition, it is in itself a bad habit of coming to market, so it also exacerbates the risk of getting vprosak.

In addition to the risk of confusing story of relatives and однофамильцах (laughter laughter, but such things happen even in auctions of high-level, such as «not by» artists Vereshchagin), have the option to demonstrate their incompetence in a little more subtle points.

Marc Chagall. Landscape with izboy. 1968. Oil on canvas. 73 × 54 Estimeyt: 500-700 thousand pounds. Sale price: 848 thousand pounds. Sotheby's. 19.06.06

Vitebsk ideas, painting surreal expression of Marc Chagall developed to a great age. Things created by the end of life, in the late 1970's and early 1980's, are valued lower than that of the period of his creative heyday.

thing is that, in addition to the name of great importance in determining the value of things are the creation and issue. Example: Aristarchus Lentulov - an amazing artist and a pioneer, Co-founder «Jack of Diamonds», the author has piercing pictures «Ring. Bell tower of Ivan the Great » ² of 1915 (broken contours create an inimitable« resonance »domes and ringing just heard!) and several other masterpieces. Portfolio Lentulov first third of XX century, this class could be worth millions, whether they are represented in the market. But almost none. But there are many recent works, 1930's, the same Aristarkh Lentulov but repudiated its avant-garde look to demand a new government of socialist realism. Mediocre figurative (realistic), still lifes, landscapes and genre thing, which of the Lentulov is only one name, now faces token money for the artist of this level. And compared to «dome» not worth almost nothing. For an unprepared person, the academic background is art (in the past, the normal Soviet pupil comprehensive school) a photorealistic painting makes a much more impressive than the much more valuable early innovative work. Nevertheless, they are valuable, and sharp realism - for the sake of completeness and for the collection. In short, this situation - another reason to wonder whether or not to transform the first impression ( «nice and clear») in the opinion ( «I'm more like »).

But even more contrasting example. Realistic by the famous painter Piet Mondrian the beginning of the century may cost about 100 thousand dollars. But the money quickly to pay only for what it is, no early stage in the creative future of outstanding figures of American abstract expressionism - Mondrian-modernist, an innovative style that emerged in 1920-m year. Mondrian works as a valuable period may cost more than $ 20 million. Example - his abstraction «New York City. Boogie-woogie ». The difference of 200 times. And the artist is the same.

Vladimir Yakovlev. A cat with a bird. 1981. Paper, gouache. 71,2 × 101 Estimeyt: 15-20 thousand USD Sale price: 48 thousand U.S. Sotheby's. 26.05.06

«Cat with a Bird» - this is more a philosophical parable Jakovleva graphics, inspired by the scenes, seen from the psychiatric facility. The plot is a recurring characteristic of his art. In addition, this paint is unusually large, which further explains the high price.

And a lot of such examples. There are artists who just attained his distinctive style. Each took place during searches and finds. Moreover, «general combing» type «first drew bad, then good» is not here. It happens that in time the artist returned to his early success theme as David Burliuk, who in the late 1940's in the United States wrote naive village theme, found them back in 1910 in Russia. And it is well again, and so «Late Burliuk», and «early», too expensive. And it is that in old age, when the machines still strong, the artist gradually lose the mood, the sense of weakening, the emotions go. For example, Marc Chagall 1970 - this is not Chagal 1930's, although the scenes are still recognizable, all of the Vitebsk time. In general, for any name you want to keep in mind a period worthy of special attention, it is necessary to remember, or know where to read about it. In short, without the confidence more than to express his admiration, retaining mystique. The gallery is not forced to hold the exam on the knowledge periodnosti, and you can always take a pause in the independent study of the issue or not portraying connoisseur, just ask the right questions.

In addition to the period in terms of artistic value, and therefore the investment potential, it is important to pay attention to the topic. Subject or reception, the plot should be characteristic of the artist, to know, crucial in his work. These themes may be somewhat, but all - their own, right. Example: a recognized theme in the works of Vladimir Nemukhin are playing cards. In the collages, drawings, and paintings from the late 1960's include color, solitaires, Aces and Jacks, not always Bubnova. It is the same theme, recognizable reception card for the artist has for forty years. But open the album «nonconformists» with a famous collection of spouses Bar-Gera and find the turn Nemukhin. And here, next to the familiar «cards» see any soft color abstraction in 1964. Kind and Nemukhin, and a good year, but the artistic value and investment potential in this little abstraction. Same «maps» today can cost hundreds of thousands of dollars, and abstraction only artistic experiment - as it is now clear failure.

The other fish for example - pilot puantilistskie abstraction Vladimir Yakovlev's the late 1950's. Yakovlev - this expressionist portraits, flowers, genre scenes (eg, the same scene with the cat-bird). As for his abstractions, they are rather fashionable, in the few who have succeeded, although many have tried. Some people now like the abstraction Jakovleva, but we have agreed to these terms do not discuss.

Jackson Pollock Composition number 5. 1948 Orgalit, oil. 243 × 121

of leading masters of American abstract expressionism is gigantic height - 2,4 meters. Usually to find a buyer for the product of such a «non» size is not easy. This deficiency reduces the liquidity of things. But the masterpieces of the rules do not apply. In 2006, the painting was sold for 140 million dollars.

But back to the previous year. Suppose you select the name of a large, valuable time, the theme is correct. Already well. What can we say about the technique and the amount? It is clear that the painting technique (oil, tempera), with rare exceptions, is a big plus. For the same artist's paintings, in most cases, more expensive graphics and grows in value more rapidly. It is believed that the beautiful execution tends to be more complete, professional. Paintings less demanding of storage conditions: sunlight, cankerous graphics are not so dangerous to the canvases. Painting is often invoice - its fun to watch. Spectators will not interfere with the protective glare glass needed for the drawings. Of course, modern technology RaeKi (same special plastic glasses with UV filter) significantly prolonged the life graphics. In addition, pictures and songs on paper more accessible. In favor of graphics talk and some expert opinion that Russia has traditionally had strong draftsman, a school of painting was not as well developed. But that is not confusing, to formulate it this way: if you have the opportunity to buy a painting, for investment purposes it is better to rely on it, and not on the schedule. Everything else - exceptions. How, by the way, and the view that for certain artists characterized markedly more confident possession graphic technique that determines its relative value. Example - expressive gouaches Vladimir Yakovlev. It is believed that it is much more rare oils for technical and emotional sense, the artist managed to worse than the work done in formal graphical techniques. The percentage of truth in this, probably is. Although always have to watch a specific thing, and oils from Jakovleva also are good. Interestingly, while in fact the most expensive work of Yakovlev is the gouache «Cat with a Bird», 1981 (paper, gouache, 71.2 x 101; estimeyt: U.S. $ 15-20; sale price: 48 thousand USD; Sotheby 's, 26.05.06), although earlier been sold, and oil. Jakovleva addition, several well known artists, whose formal image of colorful gouaches, strength and emotion to those in the art, in particular Andrew Lanskoe and Oscar Rabin.

PIT Mondrian New York City. boogie-woogie. 1941-1942 Oil on canvas. 95,2 × 92 Selling price: 21 million Sotheby's. 04.11.04

strict geometric abstraction invented Питом Mondrianom in 1920, have high value not only from the standpoint of the history of art. Collectors are willing to pay them tens of millions, as of this famous song beginning 1940's. But a realistic landscape Mondrian beginning of XX century, are 200 times cheaper, as it does not contain anything novel.

Usually said of the graphics applies to work performed in a mixed technique. That is purely beautiful oil or acrylic, or tempera formally valued higher than any casein with sand dust, covered with watercolor. Another point is that not a mixed technique with the reference is to be unambiguous. For example, if the work done in oil with the elements of any application (and passing in the catalog as mixed), it is still considered to be «Oil» and appreciated as art, without allowance for promiscuity technology.

go to size. It asks the logic of «the more the more expensive». This works, but only up to a certain limit, that is, in general, does not work. I doubt that this account, there is a strong scientific justification, but not by chance that in art there is a slang term «commercial size». Okay - this is where the 50 x 70, preferably 70 x 90. Meter or a little more, too well, especially for painting, because then you do not need to use the mount, increasing the total area, and you can apply a thin frame. If, however, be larger than m, it is already threatening to become a problem. Speaking directly to the fate of the market is too large - this shortcoming. Herculean things, which look very impressive at the museum or gallery space, privately owned rather an inconvenience. People collect art, the picture is usually not one, so find a place on the walls with things necessary to scale the volume of air becomes problematic. This picture could not hang close to anything: eclipse, devalue the environment. For a more appropriate space merchant's mansion or palace. And if the current owner with accommodation problems have arisen, it does not mean that there exists a mass of potential buyers able to repeat that experience. In other words, a significant deviation from the commercial size in a on better way significantly reduces the liquidity of the work, the speed of its resale and adversely affects the price. In turn, over miniature paintings ( «small Dutch» does not count) would also be difficult to find a buyer for a good price. But this is again a general rule, if formulated in order to benefit Otten exception.
For example, for a huge amount of contemporary art objects and paintings - a familiar piece. In addition, there are things that are not a sin and a special room to rebuild, rather than grumble about the size. We know that the world's most expensive work of art - abstraction of Jackson Pollock «No. 5» 1948, sold in 2006, privately for 140 million dollars and is 2.4 meters in height. Here is a mismatch and the size of commercial ...

VLADIMIR Nemukhin. Composition. 1964. Collection of Bar-Gera

This abstraction Sixties Vladimir Nemukhin of limited value - only for the historical completeness of assembly, as an illustration of what Nemukhin painted once already. Indeed, valuable was the main theme of the artist is very different. His «Business card» - abstract and expressionist compositions using playing cards.

Now that is clear the main characteristics of «objective», it's time to form their opinion about how much could cost a specific picture. Some, of course. In addition to the Board neangazhirovannogo specialist, you may want to conduct an independent investigation, in particular, refer to the archives of sold lots of auction houses. Free the information provided, for example, www.sothebys.com . It is clear that to find a very similar thing, but still sold over the last two or three years - this is a big success, so often fails. But at least some «hook», sometimes falls. More information is represented in the database class artnet.com and artprice.com , but they are paid and on-line access is done. In addition to individual Russian postwar artists (one of the most growing areas today), there may not be records. For example, for the same Yevgenia Chubarova whose abstraction at the February «Russian» Sotheby's was sold for a record 288 thousand pounds, that sale was the first record in artprice.com .

Suppose that the correct number of similar sales found: the auction was held recently, the thing with comparable technical parameters. Should I take this figure is objectively a market that needs to be «prodavlivat» in a conversation with the gallery? Answer: No, not really. This is only a guide. Auction price can be as unduly speculative, and too low. Galleries also more responsive to demand. If the artist's work is increasing rapidly in price, the price offered by them may be overstated proactively, for example, 30 per cent. And vice versa. If all of a sudden, it turned out that as a result of a successful auction of the particular artist were sold with three excess expert estimates (estimeytov), then this is not the reason for rising prices at the three gallery market. Prices may rise, for example, in 1,5 times, but more abrupt jumps must have a more serious reason. The results of some tenders for this is not enough. In any case, the buyer, collector or investor, is to take into account that at the time of purchase, he almost always overcharged. Gallery operates in the interests of the seller and earns a commission. Comfort is found in the fact that one day this seller to you, and the correct thing by that time had a significant increase in the price.

True, to say exactly when and how to grow, you can not. Otherwise it would have no investments, and guaranteed investment. However, empirically known that the correct choice of products allows it to «digest» the overpayment and to begin to be profitable after one or two years. There are, of course, and much more successful chance. So, after a very successful «Russians bid» owners prior pictures «shot» artists may have to wake up next morning, for example, 50 per cent richer than covered. The moral: the innovative work of high and good quality prospective liquidity professional artists, even with a large overpayment. And remember another empirical rule: the masterpieces grow faster than the market and the unpredictable. It is no coincidence that the serious collectors fight for things for outstanding quality, with the amounts of seemingly now simply unreasonable. Buy top lots as to say, for any money. Just something they feel that the future borders of a reasonable significantly deviated and paid yesterday, hundreds of thousands and millions will be perceived as an unusually profitable investment.

To be continued ...

¹ B. Bogdanov. The first investment in the arts. //Direktor-Info. 2007. Number 5. S. 36-39. Return

² The work is in the State Tretyakov Gallery. Return