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Tag: World Art Market Conference

  • Art Activity but No Art Business

    This text is the third of three that reviews the first World Art Market Conference, held in 1976. Read the first and second reports.

    First World Art Market Conference
    Friday and Saturday, October 29–30, 1976
    New School of Social Research, New York

    Artworkers News also covered the Art Market Conference. Its report [from Gerald Marzorati] featured other speakers and issues, while showing that what seems witty to one reporter may appear distraught to another—although a bounder is still a bounder.

    Speakers: Milton Esterow, Thomas Hoving, Thomas Messer, Clyde Newhouse, Leo Castelli, Ivan Karp, Ruth Braunstein, George LeMaistre, Rubin Gorewitz, Deborah Remington, Robert Indiana, and others

    “Works of art of course cannot be compared to stocks and bonds,” warned Milton Esterow as he opened the first day’s events.

    The keynote address, delivered by Thomas Hoving, director of the Metropolitan Museum of Art, bounded quickly across the history of museum art buying in the United States and settled on the future role of the art museum. According to Hoving, whose own museum has escaped the financial crunch plaguing art institutions in the 1970s (the Met budget showed a modest surplus this year), all is changing for the better. He foresees an emerging “technotronic era” which will not, as Orwell warned, snuff out creativity, but enhance it.

    “Our Western artistic manifestations will tend to diminish in importance, and we will begin to recognize a multiplicity of centers and styles,” he said, adding that the tastes of a few critics and a small group of curators won’t wield the power they do today. Hoving, whose cry for a larger art public and “museum without walls” seemed to leave many in the audience cold, concluded by predicting a greater role for art museums, proclaiming that art could become “the broadest and most powerful communicator” in history.

    His exuberant optimism was countered later in the day by the somewhat distraught remarks of Thomas Messer, director of the Guggenheim Museum, who noted that if the economy remains in its present condition, museums might have to forego collecting and concentrate their energies on conservation. “Museum directors may well be institutionalized dealers in the future, trading and deaccessioning to get new works and funds,” Messer said. He has guided all buying and selling at the Guggenheim since the early ’60s and promised to remain “an activist,” seeking services and funds from all available sources.

    For the remainder of the opening-day session, two panels discussed specifics of the art market. Though all the dealers agreed that the boom in art buying of the 1960s is over, most hastened to add that the present mood of the market is a healthy one. Members of the panel, who collectively make up what one reporter termed “the sheiks of the oil-on-canvas market,” emphasized the importance of the quality dealer (usually pointing to each other), the seller with a good reputation, and the importance of the dealer to the history of art. “Every great collection has been formed by a dealer,” boasted Clyde Newhouse, president of the Art Dealers Association and third-generation gallery owner.

    “They’re a monopoly—it’s that simple,” commented a young art consultant attending the conference as a reporter for Wall Street Weekly. “Price fixing is a given and 100 percent profits are commonplace.”

    At the afternoon panel, “What’s Happening in Contemporary Art,” discussion once again centered on the difference between the market of the 1960s and 1970s. “I’m pessimistic,” offered Leo Castelli, who amassed a fortune over the last decade through the sale of works by such contemporary heavyweights as Jasper Johns and Robert Rauschenberg. “There is art activity,” he added, ignoring the audience’s mock sympathy, “but no art business.”

    Ivan Karp, calling himself the only “downtown” gallery owner on the panel, accused fellow dealers of ignoring the surge of creativity among younger, lesser-known artists, whose work Karp claimed to spend “four hours a day” examining. The most outspoken member of the panel, Karp also denounced the auctioning of art (“the process distorts prices”), the role of critics, and the validity of the conference itself, since, in his words “there is no art market—my artists don’t sell a thing.” Karp, unlike many of his peers, didn’t reap a fortune in Abstract Expressionism and Pop art and therefore had no reason to bemoan the current scene.

    The four out-of-town dealers from Chicago, Dallas, Boston, and San Francisco made few comments, as talk centered on New York gossip. The one issue which finally involved the entire group stemmed from Castelli’s assertion that it remains “essential” for all artists who take their work seriously to come to Manhattan.

    “Nonsense. I just don’t believe that,” snapped Ruth Braunstein of San Francisco, who had drawn applause for noting the lack of women speakers. “If an artist feels he should be in New York, then he should be. If not, that’s fine too.”

    The audience seemed more interested in hot tips and inside information than discussion of trends and comparisons. “What’s the best buy in modern American Art?” read one question put to Castelli, who refused to respond to that and others he said could only be answered speculatively. Most dealers noted, however, that such advice is usually given to customers as part of the rationale for buying a particular work.

    “Let’s face it,” said a young Parsons art student working as an usher. “These characters paid a couple hundred bucks to learn how to make more. It’s no different from buying a scratch sheet at the racetrack.”

    The second day began with an address by George A. LeMaistre, director of the Federal Deposit Insurance Corporation. Outlining the expanding role of banks in the art market, he said most banks remain hesitant to loan money for purchasing art. He listed some ways bankers’ fears might be assuaged. For instance, one Chicago bank, rather than lending exclusively to collectors, extends credit to artists themselves, usually to sculptors for cost of materials.

    In the afternoon panel on artists’ rights, discussion, heated at times, focused on recent legislation in California guaranteeing artists a 5 percent royalty on work resold for over $1,000. Rubin Gorewitz, accountant and adviser to artists and art groups, said the law, which he helped draft, “will help the artist and help everyone else five times more.”

    Artist Deborah Remington doubted this, pointing out that there is no mechanism for enforcement. ‘‘I’d have to sue for my money,” she said, adding angrily, “It’s an elitist law anyway.” Only artists of great stature, “the Chagalls and Mirós,” would benefit, because only they have “secondary markets.” “Where we need help is when the artist is young and struggling,” Remington said, “not after he’s getting six figures.”

    Robert Indiana, who spoke little during the royalty law discussion, emphasized that the real issue is the status of the artist in America. “An artist is a nonperson, a nonentity—just look at a museum board and see if you can find an artist. They’re not even accepted by those in the art world.” Indiana also was critical of American copyright laws, which, he said, are the primary hazard for visual artists. “The copyright laws have been the tragedy of my own life,” he lamented, referring to his LOVE painting, which was reproduced in thousands of posters without his permission and without royalties.

    Both artists agreed that the country needs a federal “cabinet level” department of cultural affairs to give art a higher priority in the national life.

    In Terms Of count: unknown

    Source

    Written by Gerald Marzorati, this review appeared in Artworkers News 6, no. 7 (November 1976); and reprinted in Judy Seigel, ed., Mutiny and the Mainstream: Talk That Changed Art, 1975–1990 (New York: Midmarch Arts Press, 1992), 49–50. In Terms Of thanks Midmarch Arts Press for permission to republish this review.

  • Art Market Booming, Dealers Say

    This text is the second of three that reviews the first World Art Market Conference, held in 1976. Read the first and third reports.

    First World Art Market Conference
    Friday and Saturday, October 29–30, 1976
    New School of Social Research, New York

    Not only is art alive, it is thriving, was the assessment given by some of the nation’s foremost museum officials, art dealers, and artists to some four hundred persons at the first World Art Market Conference over the weekend. “Far from being less pertinent, the fine arts and the art museum will become more important,” Director Thomas P. F. Hoving of the Metropolitan Museum of Art declared.

    “If the art museum does harness the contemporary tools, techniques, and aesthetics of the very best aspects of communications, it can go beyond art education, art appreciation, and art history and can become the broadest and most powerful communicator in visual history,” Hoving continued. “This will most assuredly be the next great epoch of the art museum.

    However, Director Thomas Messer of the Guggenheim Museum said it will be possible only if museums get enough money to make acquisitions. They are made now, he added, mostly through borrowing, trading, and begging.

    One panel disagreed about the extent of artistic creativity, while another attributed the slump in the art market following the booming 1960s to a return to realistic prices. “I can say the market is on a solid trend now,” John Marlon, president of the prestigious Sotheby Parke Bernet auction house, reported at the New School for Social Research, which sponsored the conference with the ARTnewsletter periodical.

    Speaking of a surge of art interest in the South, dealer Louis Goldenberg, president of Wildenstein & Co., said he was “very, very surprised” at the growing number in the last half-year of private individuals’ buying art destined just for museums. “The market, the future for those museums, is absolutely enormous,” Clyde Newhouse, president of the Art Dealers Association of America, added.

    In another panel discussion, there was accord on New York City as the world’s art capital. But the prominent dealers who participated—among them New York’s Leo Castelli, Chicago’s Richard Gray, Houston’s Meredith Long, and Boston’s Portia Harcus—debated whether it was an art collecting center as well. “Where are the new collectors, then?” Castelli demanded. “Well, there aren’t any. They are mostly elsewhere.” Countered dealer André Emmerich of Manhattan and Zurich: “I think there still are collectors around, perhaps not as spectacularly as there once were.”

    As for new movements in art, Lawrence Rubin, codirector of M. Knoedler & Co., said, “It may very well be that the creation of art in the ’70s is slower, less dramatic.” It would not be the first time, he continued, that creation was at a pause. “The reason the ’70s look slower, it’s because they are slower,” Rubin said. Said Ruth Braunstein, director of San Francisco’s Quay Gallery, today’s artists “will emerge as strong a group as [those which] came out of the ’50s and ’60s.”

    Other panelists included artists Robert Indiana and Deborah Remington, plus George A. LeMaistre, director of the Federal Deposit Insurance Corporation (FDIC), who foresaw an expanding, profitable role for banks in financing art.

    In Terms Of count: unknown.

    Source

    Written by Malcolm N. Carter, “Art Market Booming, Dealers Say” was published in the Morning Record, a newspaper based in Meriden-Wallingford, Connecticut, on November 1, 1976. The article was distributed nationwide through the Associated Press and appeared in numerous other dailies with headlines such as “Experts Feel Art Thriving,” “Conference Concludes Art Is Alive and Thriving,” and “World Art Conference Paints Rosy Picture.”

  • Speculate in Art? Not Us!

    This text is the first of three that reviews the first World Art Market Conference, held in 1976. Read the second and third reports.

    First World Art Market Conference
    Friday and Saturday, October 29–30, 1976
    New School of Social Research, New York

    Rereading this report [from Lynden B. Miller] in 1990, the notion of a “Last World Art Market Conference” comes to mind—what to do while the value of your collection bottoms out. Of course all this took place at the onset of gold fever, when it did not do to admit, at least in public, that one might indeed “speculate in art.”

    Speakers: Thomas Hoving, Milton Esterow, Thomas Messer, Leo Castelli, Ivan Karp, Ruth Braunstein, others, dealers

    Billed as “The First World Art Market Conference,” coproduced by the New School and ARTnewsletter—a biweekly hot-tip dispenser that you can pick up for a mere $60 a year—the show was, as John Everett, president of the New School, said in his opening remarks, about the “business of art.” It appeared to be mostly a media event. The press was given the three front rows, fussed over with TLC. Some four hundred others, dealers, and collectors from around the country, and a few artists hoping to learn about “business,” paid $200 each to see and hear the superstars of the art market. Those expecting a clear view of the crystal ball—specific investment advice—were disappointed. But they got lots of encouragement and word that the art market is very good these days.

    After the “welcoming continental breakfast,” Everett told us there’s money “itching” to be spent in art. Next, Milton Esterow, publisher of ARTnewsletter and ARTnews, cosponsor, and comoderator, earnestly assured us that those who make money on art buy for aesthetic reasons only—that you can’t make money speculating on art. Then we got down to the serious business of trying to find out how to do just that.

    Keynote speaker Thomas Hoving, director of the Metropolitan Museum of Art, bounded onstage for a rapid-fire delivery of his optimistic view of the future of museums, now changing, he said, from passive displayers of art to active educators and conservators of art and culture (thus, not surprisingly, making a case for many of his own controversial changes at the Met).

    Then the august directors of such institutions as Wildenstein, Parke Bernet, and Christie’s sedately discussed trends in art-buying around the world, with an emphasis on pre-twentieth-century painting and sculpture and other art objects of increasing rarity, which, they agreed, will become even more expensive. Despite several years’ slump, it seems there is still a lot of money around for art, particularly in the US Southwest, Europe, and, more recently, Iran and the oil-producing countries. Esterow tried manfully to elicit some inside information on specific items or periods for investment, but to no avail.

    castellikarpwarhol
    The dealers Leo Castelli (left) and Ivan Karp (center) with Andy Warhol in 1966 (photograph by Sam Falk/New York Times)

    After lunch, Thomas Messer [of the Solomon R. Guggenheim Museum] spoke wittily of the museum director’s difficulties in maintaining the excellence of a collection without money, and his efforts to get same.

    The 2:30 PM panel discussion—with Leo Castelli, André Emmerich, Lawrence Rubin, and Ivan Karp of New York; Portia Harcus of Harcus-Krakow, Boston; Ruth Braunstein of Quay Gallery, San Francisco; Richard Gray of Gray Gallery, Chicago; and Meredith Long of Meredith Long & Co., Houston—was considerably livelier than the morning’s, and of greater interest to contemporary artists.

    Karp, in flame-red open-necked shirt and black leather jacket, a well-calculated contrast to the banker’s attire of his colleagues, began with a lament on the dearth of big-spending collectors while a wealth of exciting new art fails to sell, which brought howls of laughter and appreciation from the audience. Rubin, of Knoedler Gallery, and Emmerich said they found no exciting new art beating down their doors. There was also disagreement about the number of collectors, but it was clear from the discussion that there is a lot of money and art activity in what Castelli, with a wave of his hand toward the out-of-towners, referred to as “the provinces.” He said he himself is looking for “stars, not activity.”

    Ms. Braunstein noted that the New York dealers on the panel, except for Karp, are the “establishment,” so that perhaps little exciting new work comes to them. She said she finds much thrilling new work with new materials. She also asked Esterow why there were so few women participating, which drew applause from the audience, particularly the press section, which was predominantly female. Esterow was ready for that: “25 percent of art dealers are women; two out of eight panelists equals 25 percent.” (However he wasn’t quite so careful introducing the panel, having named first all the men in order down the table, and then the two women seated among them. It also bears noting that no woman artist was mentioned by name in the entire day, though Karp did use the phrase “his or her artistic temperament” to indicate that the artist is of two possible sexes.)

    The dealers seemed to agree that their major function is educational, as big sales are few and far between. All day there were pious protests from speakers that one would not, heaven forbid, speculate in art. Castelli finally reminded his fellow dealers that such folk do exist.

    The discussions would all have been more relevant and informative if moderators Esterow and Donald Goddard, managing editor of ARTnews, had asked better questions, or been more alert and articulate, or allowed some exchange with the audience. Nevertheless, Castelli’s reminiscences of the ’60s, when he was a kingmaker, were colorful; Rubin’s and Emmerich’s snobbery was piquant; Karp was hilarious, irreverent, and delightful, as when describing the “Hirshhorn Waltz”—an embrace from Mr. H. at the conclusion of a bargaining session. (All agreed that Joseph Hirshhorn was a keen bargainer.)

    What did the audience, exceeding in numbers [greater than] the sponsors’ fondest hopes, get for their tax-deductible $200? A simulated leather portfolio, suitably inscribed, crammed with promotional material for the New School and Parsons (now part of the New School), literature about New York City museums, advance copies of ARTnews, and, of course, ARTnewsletter, which, begun one year ago, circulates to one thousand dealers and collectors. A catered buffet, where perhaps the concrete information about investments and the market not coughed up by panelists and speakers was exchanged off the record. And a glimpse of the movers and shakers of the art market world.

    What did the sponsors get? $80,000 less costs. A lot of promotion with collectors and dealers, and, potentially, in forty-three organs of the press. Confirmation that there is indeed a lot of money “itching” to be spent on art, although perhaps not much in New York as there used to be. And proof that there are a lot of people itching to make money off the people making money off art.

    In Terms Of count: unknown.

    Source

    Written by Lynden B. Miller, “Speculate in Art? Not Us!” was originally published as “Art Business at the New School: World Art Market Conference” in Women Artists Newsletter 2, no. 7 (January 1977): 1, 4; and reprinted in Judy Seigel, ed., Mutiny and the Mainstream: Talk That Changed Art, 1975–1990 (New York: Midmarch Arts Press, 1992), 47–48. In Terms Of thanks Midmarch Arts Press for permission to republish this review.