HERE’S A NY BUYERS GUIDE
If you want to build an art collection, you have many ways to find and buy the works you want. And you don’t need to be a billionaire to succeed.
This is particularly true when collecting modern art, which means selecting works created in the past 100 years. Best of all, New York City offers collectors some of the world’s best art markets. So let’s go shopping!
GALLERIES. This is the way most collectors enter the art market. New York boasts over 1,000 galleries, most of which specialize in particular periods or schools of art.
The oldest cluster of galleries is located in the “Silk Stocking district” on Manhattan’s Upper East Side, on or near Madison Avenue. While this area is home to many of the city’s more established showrooms there are also several newcomers, such as Gagosian (which has four showrooms found in each of the main gallery districts), Spanierman, and Bookstein Projects.
Chelsea, located on the West Side in Midtown (roughly in the area bound by 14th Street and 30th Street north and south, and Eighth Avenue and Twelfth Avenue on the east and west) is now the hot gallery district where you are most likely to find the latest and trendiest works of art on show. This includes some of the city’s newest galleries, as well as such stalwarts as Jim Kempner, Tagliatella, and Atlantic Gallery.
Two other art districts worth exploring are found in Soho (bordered by Houston Street and Canal Street north and south, and Broadway and Sixth Avenue in the east and west), and in the East Village (primarily in the area bordered by Eighth Street /St Marks Place and Canal Street on the north and South, and Allen Street/Second Avenue and Third Avenue/Bowery on the east and west). Note: Soho, once home to the New York’s trendiest galleries, is now largely an area packed with high fashion boutiques and restaurants. The East Village still retains a scruffy edge which can make it an exciting contrast to the other more established gallery districts.
How much does it cost? Prices range from under $100 to over $1 million. Most galleries take 50% of the sales price of any art work in show. Buyers can do some bargaining, but this depends largely on whether the gallery sees you as a potential regular customer. Regardless, you should inspect the artwork, and request a Certificate of Authenticity (useful for tax, insurance and possible resale purposes).
Some artists try to insert a copyright clause in this document, but you can usually successfully reject this, as your purchase transfers ownership from the artist or gallery to you. However, transfer of ownership does not let you to legally sell copies of the art you purchased claiming those to be original. Technically this fraud and forgery, unless the artist or agent sold the original artwork with a bill of sale specifically awarding rights to produce a specific number or kind of copies.
AUCTIONS. If galleries are too staid, you might want to go where the action is: There are dozens of auction houses in New York, where sales breed competition. Moreover, auction houses generally boast a dedicated staff and knowledge of the art market. The leaders are Christies and Sotheby, which have a global presence. Two others of note are Swann Gallery and Doyle’s (aka William Doyle Galleries). The expertise of these auctioneers isn’t free. They charge fees ranging from 26% of the bid price for lower priced items (ranging from $100 up to $1 million) down to 12% of the bid price for works selling over $1 million.
Check the auction house web sites to get more detailed information. All four of these auction houses publish on-line catalogues which provide varying degrees of details about the works being sold. Interested parties should visit the auction show room to inspect the artworks. Are they properly signed and in good condition? Buyers should ask the auctioneer about provenance and if necessary, authenticity. Most auction house staff are proud of their art expertise, and they are keen to make bidding and buying as easy as possible. Although most auction houses post-COVID have resumed live on-site proceedings, the four addressed here also have remote bidding facilities by phone, app, or through third parties like Invaluable.
PURCHASE FROM THE ARTIST. This can be the most interesting and exciting way to build an art collection. It can often include getting to know the artist and his/her studio. Generally, this is also the least expensive way to acquire art, as the price is almost always negotiated, and there are no fees that must be paid to galleries or auctioneers. Even if an artist exhibits in a gallery, many are willing to do a deal outside of the gallery, as the once-strict contractural relationship between galleries and creators has relaxed considerably over the past decade.
PURCHASE FROM AN ESTATE. When an artist/collector dies or decides to sell their collection, there is often an opportunity to buy several works related by style or artist through an agent acting on behalf of the collector’s heirs. This is often handled by an estate liquidator or attorney well versed in such transactions. This can enable the buyer to minimize sales tax as well as fees charged by galleries and auction houses. But such purchases are usually discrete, and are often only monitored by collectors interested in a particular artist or collection.
This can sometimes yield surprises: After his arrest and conviction, the infamous embezzler Bernie Madoff was compelled to sell his art, furniture and antiques in a forced estate sale. The proceeds went to help compensate his victims. But this reporter found most of the items rather care-worn and trashy and – how appropriate! – looking as if they were imitations.
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