american art
Got Abercrombie?
No, not that annoying place at the mall. Chicago artist Gertrude Abercrombie (1909-1977), to be far more specific. Abercrombie was a major proponent of the Magical Realism school that incorporated the use of surrealism in the 1940s and 1950s among Chicago area and Wisconsin artists. She was also a cultural force; memorable for hosting musicians (think Billie Holiday), poets (think Archibald MacLeish), and artists at her North Shore home. Abercrombie as an artist who preferred concept to technique in her artwork, and the result is a collection of paintings that are, on the surface, rather naive looking, but draw one in with unusual, often noctural themes. Diminutive and weird, her artwork sells. Among the 65 works in her auction record at Askart, 95% have sold. That’s a 5% buy-in rate, folks. That’s gooooooood.
Treadway Gallery has, among its offerings at the March 7 auction, a smallish 1945 Abercrombie oil, The Visit. The noctural visitor is one of her enduring themes, so its right on for this artist. Value-wise, it has a bit of a problem, though: it has only been off the market for less than 2 years. Previously sold at a rival Chicago auction house in Sept. 2008 for $7930, this time it’s being offered with a 7-9k estimate, but will likely sell for lower. For measure, Abercrombie’s work commonly sells into the five figure range. Bargains, at least so far, don’t happen in the market for Abercrombie, but given this piece’s recent exposure in the marketplace, it might translate in to a sweet deal for someone willing to buy and hold for a while.
A Tool to Deceive and Slaughter
In preparing to write a short bit about the devastating effect of overexposure on a work of art – that is, how value tends to drop dramatically when a single work of art has been offered for sale multiple times over the course of a handful of years, I came across this small black box. And it is challenging that notion head-on. Let me back up and explain.
One of the key factors in a work of art’s value is its freshness to the market. If it’s been in the same collection for a generation or two (or more), demand tends to rise significantly over, say, if the same work of art is offered for sale a year or two after being sold. Sure, there are exceptions to this to be sure, particularly in the contemporary art market; but widely speaking, fresh works are king.
Sales venues like Ebay have challenged this notion, but not significantly: if a work of art is offered for sale and fails to meet reserve or garner an opening bid, the future value is still hurt, but there are not any lasting sales records to haunt it – Ebay’s completed auction records only last for a few months or so. Still, I’ve watched paintings that might have had significant value get completely pummeled by a seller’s repeated unsuccessful attempts at selling it. For that reason, I never recommend offering a work of art on Ebay more than once.
And now, Caleb Larsen’s A Tool to Deceive and Slaughter. A single work of art which, by way of its own internal programming, puts itself up for auction every week on Ebay. As an appraiser, my head is spinning. What happens to value when ownership is so fleeting as to only last a week? Motivation to sell is not a factor at all in this equation; it is part and parcel of the work itself. But what motivates the buyer? When I first became aware of this piece by way of Felix Salmon’s article, it was listed at $1500. Before the end of the auction, the price was upped to $2500, but failed to sell. It’s current auction ongoing, it started again at $2500, and bidding is up to $4250. Methinks that a rise in press coverage may be a large component of its rise in value. Therefore, the more publicity that this work receives, the higher its value? The seller, after all, isn’t “dumping” it back out into the market; the work itself, by design, is placing itself back out into the market.
According to the artist’s response to a question posed within the descriptive text of the auction site, “The perpetual state of uncertainty and the instability of ownership are primary components of the work”.
A work of art for the times, to be sure. And I will be watching with confoundment at how the market responds.
1/29/10 Update: Bidding on the piece closed yesterday evening at $6350 with 19 bids. It is currently en route to its next owner, and will presumably be set to auction itself again as soon as an ethernet connection is established. Wonder what the opening bid will be? Apparently that is at the discretion of its new owner, but I would still recommend an opening bid lower than the sales price.
Picks from my Ebay Watchlist
Is it just me, or does the quality of art offerings on Ebay seem to be ramping down lately? I usually associate November with a month of better-than-average offerings in the art categories. Still, as almost always, there are some attractive offerings amongst the bunch worth passing along to any interested collectors out there:
FERDINAND BURGDORFF “TEMPLE TO ATHENA”
Burgdorff was a prolific artist, stationed for the bulk of his career in a studio in Carmel, California. He had a very long career, stretching from the 1910s throughout his life to the 1970s. His paintings most in demand are with California subject matter, from the 1920s and 1930s. The painting in this listing is neither. The subject matter is European, and dated 1959. It is, however, a great example of his signature style; the light pastel palette and soft pointillist brushstrokes. The market lately has not been kind to Burgdorff’s work. It is an excellent time to snap up a gem like this painting for a heretofore unheard-of price of $230.
Le Petit Matelot (The Little Sailor)
Don’t let the French title fool you; Mary Ronin was an American artist and illustrator in the mid 20th century. I cannot find sales records for her paintings, but her style is highly reminiscent of a popular contemporary of hers, Ralph Cahoon. This is one of those artists that, in time, the market will recognize, and I’m sure that her paintings will be valued at much more than the $150 opening bid.
b.1906 CECIL HEAD Barnyard Cat INDIANA Regionalist NICE
Cecil Head was a Brown County artist, and is one of the up-and-comers in the market for Indiana art; he was too young to have been a part of the original Brown County colony, but old enough to have firm roots in the modernist WPA movement that sets his artwork apart from the older set. In terms of Head’s own career, this painting is late (dated 1984), which the art market would currently count as a strike, but this is also a Hoosier Salon painting, complete with tag on the reverse, which sets it apart from the crowd. Get it now while it’s cheap!
Art at Auction: Shannon’s Results In, 10k buyer alive?
Sales results are in for Shannon’s Oct 29 Art Auction, and I have been puzzling over them for a few days. With just over 75% of lots sold (as compares to just under 70% for the previous sale), it bodes well for the art market. The offerings as a whole were quite exceptional, and it looks as though demand was robust, as many works in all ranges sold above the high estimate. The top lot of the sale, Colin Campbell Cooper’s 1927 oil “The Terrace at Samarkind” brought 456k, over its estimated range of 2-300k. All in all, I would say that this is a good example of a successful sale and would declare the market for good quality American paintings to be in stable health.
“Terrace at Samarkind”, Colin Campbell Cooper
Except for my earlier declaration that if the Tucker painting didn’t sell, it would be a marker for the death of the 10k buyer. Here’s what happened: The Tucker painting didn’t sell. So, how’s a girl to reconcile? The one pick that I had for gauging the health of the 10k buyer falls flat, while a whole host of other paintings in the same range perform well? There are a few variables that I can think of that might have had negative influence on the performance of the painting. The subject matter is New Mexico, and while that’s undeniably one of the factors that made it such a hot painting in the first place, the auction house is in Connecticut, which might not have led to the spirited bidding that may have taken place should the auction have been held in Santa Fe. And although the painting was new to the auction market, it may not have been new to the marketplace; in other words, it may have already been shopped around to the dealers most likely to drive the bidding, and overexposure in the art market can be deadly. I don’t know, In my eyes, it’s still as hot a painting as ever, and one that, if it is being offered post-sale, would be a smashing investment piece.
The verdict: 10k buyer lives, market for American Art alive and kicking!
Art at Auction: Eyes on Shannon’s Oct. 29 sale
Be still my heart: Shannon’s twice annual sale of American Art is coming up on October 29th, and, judging from the newly posted online catalog, there are some wonderful gems coming up for auction. Shannon’s, to me, also represents a kind of bellwether for the American Art market, and so I will be watching it closely.
Looking back to the auctions of late summer and early fall that featured American Art, I noticed a pattern amongst the unsold lots — a good many of them fell in the estimated range of the upper four figures to lower five figure paintings. That is, what seems to have been missing from these auctions is a large pool of buyers of the 10k painting. Shannon’s Oct 29 auction, however, includes a large number of works estimated in this range, and I’m hoping that the volume and quality of these works are enough to draw the 10k buyer out of hiding.
Case in point: Lot 82, Allen Tucker, New Mexico Landscape, 1925.
Tucker, an artist known for his expressionist landscapes which strongly echo Van Gogh, is hot. He was an artist based in New England, where he painted the majority of his work. He did, however, make painting trips to the Taos art colony in the 1920s, a period in New Mexico art that is also hot. I cannot find, among his auction records, another equivalent example of New Mexico subject matter, but I can tell you, this pairing is on fire. Throw in a conservative auction estimate of 8-12k, and if that doesn’t bring out the 10k buyer, then I will, on the spot, declare them all dead.
Picks from my Ebay Watchlist
Another small round of what’s caught my eye amongst the offerings in Art on Ebay lately:
Maybe I’m just a sucker for paintings of birch trees, but that issue aside, this is a fantastic early 20th century New England painting – the use of light is superbly rendered, and the subject matter of landscape with creek and cattle is charming. Hamilton is an artist without extensive auction records, but his auction record of $912 in 2002 was for a painting that, in my opinion, was only about 1/2 the painting that this is. At the opening bid of $500, it is a beautiful bargain.
I wasn’t at all familiar with this contemporary artist when I first saw this piece. The seller does a very thorough job though, in his description, of including pertinent information and links to the artist’s work, so I caught up quickly. Wow! Portraits from an alternate universe indeed! So delicately rendered in the anachronistic style of the Victorian daguerrotype, but his subject matter is so weird…….I love the juxtaposition. Reminds me of one of my very favorite artists of the 20th century, Frank Holt. Looks like Louie’s similar pieces are selling in galleries in the 2-4k range. This is a rare opportunity to purchase one on the secondary market.
Maurice Tanner is one of those artists that, if you’ve seen and noticed one of his paintings, you’ll be able to spot another one from across a crowded room. He had a very distinctive style, and his subject matter almost never changed. I imagine that he had a permanent post on one particular peak in the Smoky Mountains for the bulk of his career (the painting is listed as Brown County, but it is indeed Tennessee). But that shouldn’t diminish the individual paintings themselves, they are, without exception (from among those I’ve seen), beautiful. They are the kind of paintings that are a pleasure to look at – muted colors, strong use of light, but always a slight haze. As of now, Tanner is an artist without auction records. But I do predict a day wherein it will be hard to believe that a sizeable painting of his could be had on Ebay for a mere $150. There seems to be no slowdown in the market for 20th century Southern art – snap it up before the market catches up!
Art at Auction: Why the heck didn’t this sell?!
Among the unsold lots from Treadway Gallery’s Sept. 13 sale are some fantastic pieces that are worth sharing. The auction overall had a very nice selection; although I haven’t been following their auctions closely for the last couple of years (but having been a frequent buyer and consignor before then), the selection struck me as uncommonly good. As with any auction, however, there are lots that go unsold, and Treadway is kind enough to post these online along with purchase prices.
Paging Walker Evans? This is a fantastic image, and although the photographer is not a particularly well-known one, the purchase price is dirt cheap. How did this beauty go unsold in the first place?
I’m bullish on Caser. Because he’s associated with Illinois, I see his work on a regular basis. And Treadway is an auction house that frequently offers his work. His beautiful, delicate art nouveau style of painting is consistently top notch, regardless of subject matter. And lovely young nude ladies, as far as subject matter, is golden. His auction records have only recently begun to pick up the requisite steam, yet oddly this beauty did not sell. As icing on the cake, the frame, at least from the front, looks an awful lot like a Carrig Rohane, which would be worth the asking price all by itself. Totally fallen between the cracks, this one.
I heart Brown County art. Especially that of the heavy hitters such as Griffith. This painting has all the glory of his best pieces; the only reason I can imagine that it didn’t sell (because Griffith’s work almost always sells) is that the estimate might have been a tad high (though perfectly reasonable) for this market at 10-15k. The purchase price, however, is a bargain, and a fine investment.
Art at Auction: James D. Julia, the Brave
It was without a doubt an exceptionally bold move: in the midst of this economic slump, at the end of the summer, when many art buyers are typically doing other things anyway, James D. Julia, a Maine auction house, holds a spectacular 4 day auction, including upward of around 850 lots of fine art. That’s right: 850 lots. The offerings ranged from those estimated in the low hundreds to the six figures, many offered without reserve. Talk about a stimulus plan for the art market! And here’s what happened: the auction brought in 3.1 million. People bought art. The top lot in the auction, and cover lot for their catalog, the Stunning 20″ x 30″ canvas entitled “The Villa Borghese, Rome, 1871, by George Inness: 
Sold for $132,250
Because the offerings were so vast and diverse, it’s difficult, at the moment, to characterize the individual results with any broad statement. Looking only at the unsold lots, though, the bulk seem to have been among the paintings estimated at the mid-to-high four figure, and low five figure range. Perhaps this is the market sector that has been hit the hardest over the last year: the buyer of the 10k painting. Outside of this range, the results reflect really a rather strong auction. By their website’s own account, “Along with a capacity crowd, active internet participation and a telephone bank that, in several occasions showed 16 people standing, bidding was very active and proved that fresh conservatively estimated quality goods are still in demand and can fetch strong prices”. A heartfelt Bravo, James Julia, for taking such a chance on the art market. Encore!!
Picks from my Ebay Watchlist
I haven’t been wildly excited about the pickings in original art on Ebay lately. The worthwhile investment pieces have looked either fishy (in other words, likely fake), or have been offered with ridiculously high prices/opening bids. I have managed, though, to pool a nice assortment together to post:
A great 16 x 20 oil by Beaux Arts graduate and San Francisco artist Ethel Marjory Wallace (b. 1891). This painting has such a delicate appeal, and the gold ground is highly Klimt-esque. Ethel Wallace is a listed artist, but without any sales records that I can find, so the pricing is somewhat arbitrary. The buy-it-now price of 950 seems a little high for an artist without sales records, but given the style and subject matter, this could be a real sleeper of a painting. As more of her work comes to market, a solid price point will be revealed, and it is likely to be at least in the four figures, if her other work is on par with this painting. I would think a winning bid of 750 or less would be an excellent buy.
This oil painting is full of bells and whistles for me — A period 1930s modernist city scene that is simple and charming and……..WOW! Can that price be right? Seriously, this painting is easily worth twice or three times the buy-it-now price of $325. True, Green’s sales records have been very mixed for the last 10 years or so, but it looks like the market has also been flooded with some pretty sub-par work. His early auction records are very strong; up to $2500. The clincher for me is that it looks like a distant cousin to a work in Barridoff Galleries Aug sale that I much admired: Stefan Hirsch’s “City Nocturne“, estimated at 70-90k, sold for 110k.
Great painting by an early 20th century California artist who was very prolific, so sales records are plentiful. Judging from sales in the last couple of years, this painting would bring about 2k; the seller has it listed for $725. Good buy! Quality work by early California artists continues to be a good investment.
Art at Auction: an update
One down, two to go: with the Aug. 7 Barridoff Galleries auction over, my eyes are squarely on James D. Julia’s four day run, Aug 25-29, to give a report on the state of the secondary American Art market.
Results on the Barridoff auction appear mixed, with no clear message about the market, save for this: the market for 20th century Photography continues to flourish. Despite what was an impressive pre-auction buzz, there were a fair amount of buy-ins (when the bidding fails to reach the level of the painting’s reserve, or lowest selling price) at the sale, which isn’t unusual even in times of non-recession. But of the 15 lots that consisted of original photographs, 13 sold, with a few over their auction estimates. The top seller in the category was lot 81, Ansel Adams’s (1902-1984) “Reflections”, at $10,920.
The stunner of the sale, though, was a 44″ x 34″ oil on canvas entitled “Two Nudes” by Marguerite Zorach (1887-1968), estimated at 60-90k, it brought 264k. Yowza!
