Art Collecting Today: Market Insights for Everyone Passionate about Art

by Doug Woodham

Overview

Grounded in real-life stories, Art Collecting Today is the essential practical guide to today's art market. A lightly regulated industry with more than sixty billion dollars of annual sales, the art market is often opaque and confusing to even the most experienced collectors. But whether a seasoned collector, an uninitiated newcomer, or an art-world insider, readers will learn within these pages how the art marketplace works in practice and how to navigate it smartly. Those who may have been put off by art-world practices will finally feel they have the knowledge needed to participate freely and fully, and collectors will be able to pursue their passion with more confidence.

Important topics covered include:

How to evaluate, buy, and sell art while avoiding costly mistakes and time-consuming roadblocks

How the market works in practice for essential artists like René Magritte, Christopher Wool, Amedeo Modigliani, and Yayoi Kusama

How collectors can be taken advantage of, and the actions they should take to protect themselves

Why tax laws in the United States reward "art investors" yet penalize "art collectors"

How cultural property laws impact the market for works by such artists as Frida Kahlo and Andy Warhol

Advice for new and prospective collectors

Informed by close to one hundred interviews with collectors, lawyers, art advisors, gallerists, and auction specialists in the United States and Europe, as well as by the author's own experiences, Art Collecting Today offers a lively and thought-provoking analysis of the day-to-day workings at play today in the fine art marketplace.

Product Details

ISBN-13:	9781621535737
Publisher:	Allworth
Publication date:	04/04/2017
Pages:	208
Product dimensions:	5.90(w) x 9.00(h) x 1.00(d)
Age Range:	18 Years

About the Author

Doug Woodham brings a unique perspective to the art market from his lifelong interest in art, business, and collecting. A trained economist with a PhD from the University of Michigan, Woodham served as president of the Americas for Christie's, the international auction house. He is currently on the board of the arts venture Twyla. Earlier in his career, he was a partner with McKinsey and Company, working primarily with asset and wealth management clients. He continues his advocacy for collectors by advising private clients on legacy planning associated with their art collection, including helping them to asses alternative disposition strategies. Woodham and his wife, who are based in New York City, are avid collectors with a focus on drawings by artists associated with minimalism, conceptualism, and land art.

Table of Contents

Introduction ix

Chapter 1 Experiencing Art Is (Almost) Free 1

Our New Cathedrals 2

Three Technologies Helping Make It Happen 4

The Great Mash-Up-Art, Fashion, and Music 7

Zero, Nada, Zilch 9

Chapter 2 The Marketplace For Fine Art 21

Winner Take All 22

Means and Desire 23

Best Time to Be an Artist 26

The Art-Market Ecosystem 27

Chapter 3 Passions And Emotions 45

An Itch to Scratch 52

Different Collector Species 54

Wisdom from Seasoned Collectors 58

The Price of Perfection 61

Chapter 4 Case Studies-How The Marketplace Works 71

Christopher Wool: Becoming Trophy Art 72

Amedeo Modigliani: Fakes and Catalogue Raisonnés 75

Yayoi Kusama: Embracing Consumerism 77

Rene Magritte: Condition Issues and Pricing 80

Ruth Asawa: A Well-Timed Museum Retrospective 83

Elizabeth Murray: Right Place at the Right Time, Until Tastes Changed 85

Putting a Price on an Artwork 86

Chapter 5 Buying Art Wisely 93

Buying from Galleries 93

Auction Houses-More Similarities than Differences 98

The Curious Relationship between Gallery and Auction Prices 101

Avoiding the Scoundrel's Corner (Part 1) 103

Chapter 6 Buying Is Easy, Selling Is Hard 113

Will They or Won't They 114

Auction House Deal-Making 115

Finding the Narrative 117

The Story of Jason and Lily 120

Avoiding the Scoundrel's Corner (Part 2) 126

Chapter 7 Unintended Consequences-Cultural Property, Endangered Species, And Taxes 131

Andy Warhol as Cultural Property 131

Butterfly Wings and Animal Skins 134

Generosity, Taxes, and Legacy Planning 138

Chapter 8 Making Their Way-New And Prospective Collectors 147

A Toe in the Water 147

Searching for What Is around the Corner 149

In Praise of Connoisseur Collectors 151

Appendix. A Peek Behind The Curtain 155

Enhanced Hammer Deals 155

Guarantee Deals 158

House versus a Third-Party Guarantee 161

Avoiding the Scoundrel's Corner (Part 3) 162

End Notes 165

Bibliography 177

Acknowledgments 183

Index 185

Editorial Reviews

The latest in Allworth’s series on the nuts and bolts of the art world, Mr Woodham’s book is an elegant, amusing and perceptive guide to a market that is (often) long on hocus-pocus and short on transparency.” —THE ECONOMIST

“Several books about the notoriously opaque art market claim to be user-friendly, but Doug Woodham, who was president of Christie’s Americas between 2012 and 2014, may be the first to produce a truly hand-holding guide.” —THE FINANCIAL TIMES

“Mr. Woodham’s book contains startling information about the number of people in the market for the world’s most expensive art.” —THE NEW YORK TIMES

“Doug Woodham deftly explains how a sixty-billion-dollar marketplace works. It is beautifully written—clear, concise, and free of art-world jargon. A must-read at all levels of collecting.” —VIK MALHOTRA, Chairman of the Americas and Senior Partner, McKinsey and Company

“This book is a gem. It is full of great stories and surprises for both specialists and general readers. It is brimming with practical advice for how collectors can best navigate the complex world of modern and contemporary art.” —LAURIE TISCH, Co-chair of the Board of Trustees at the Whitney Museum of American Art, President of the Laurie M. Tisch Illumination Fund

"An intelligently written and insightful book on the art market, this fascinating read is relevant to both newcomers and seasoned collectors alike. I know of no other comparable book. It’s an instant classic.” —DON MARRON, Trustee and President Emeritus of the Museum of Modern Art, Chairman and Founder of Lightyear Capital

“For anyone who cares for or is just curious about art, Doug Woodham is an astute, lively, and entertaining guide who tells you candidly how the art world works, how it’s changing, and how to get engaged. Art Collecting Today presents his wealth of knowledge in a crisp, accessible, and fascinating form.” —MELISSA BERMAN, President and CEO, Rockefeller Philanthropy Advisors

“This thoughtful volume is one of the few that explores the entire ecosystem of the art market—auction houses, art fairs, advisors, galleries, artists, and museums. Woodham aims to make the market more accessible and rightly foregrounds passion, quality, and connoisseurship as the jumping off point for collecting.” —ADAM WEINBERG, Alice Pratt Brown Director, Whitney Museum of American Art

"A 'must' not only for collectors, but for artists who would better understand what makes art valuable.... Anyone interested in the making, buying, or selling of art should have this book at hand for an in-depth review of the latest market forces affecting its sale and value." —DONOVAN'S BOOKSHELF

“The latest in Allworth’s series on the nuts and bolts of the art world, Mr Woodham’s book is an elegant, amusing and perceptive guide to a market that is (often) long on hocus-pocus and short on transparency.” —THE ECONOMIST

“Several books about the notoriously opaque art market claim to be user-friendly, but Doug Woodham, who was president of Christie’s Americas between 2012 and 2014, may be the first to produce a truly hand-holding guide.” —THE FINANCIAL TIMES

“Mr. Woodham’s book contains startling information about the number of people in the market for the world’s most expensive art.” —THE NEW YORK TIMES

“Doug Woodham deftly explains how a sixty-billion-dollar marketplace works. It is beautifully written—clear, concise, and free of art-world jargon. A must-read at all levels of collecting.” —VIK MALHOTRA, Chairman of the Americas and Senior Partner, McKinsey and Company

“This book is a gem. It is full of great stories and surprises for both specialists and general readers. It is brimming with practical advice for how collectors can best navigate the complex world of modern and contemporary art.” —LAURIE TISCH, Co-chair of the Board of Trustees at the Whitney Museum of American Art, President of the Laurie M. Tisch Illumination Fund

"An intelligently written and insightful book on the art market, this fascinating read is relevant to both newcomers and seasoned collectors alike. I know of no other comparable book. It’s an instant classic.” —DON MARRON, Trustee and President Emeritus of the Museum of Modern Art, Chairman and Founder of Lightyear Capital

“For anyone who cares for or is just curious about art, Doug Woodham is an astute, lively, and entertaining guide who tells you candidly how the art world works, how it’s changing, and how to get engaged. Art Collecting Today presents his wealth of knowledge in a crisp, accessible, and fascinating form.” —MELISSA BERMAN, President and CEO, Rockefeller Philanthropy Advisors

“This thoughtful volume is one of the few that explores the entire ecosystem of the art market—auction houses, art fairs, advisors, galleries, artists, and museums. Woodham aims to make the market more accessible and rightly foregrounds passion, quality, and connoisseurship as the jumping off point for collecting.” —ADAM WEINBERG, Alice Pratt Brown Director, Whitney Museum of American Art

"A 'must' not only for collectors, but for artists who would better understand what makes art valuable.... Anyone interested in the making, buying, or selling of art should have this book at hand for an in-depth review of the latest market forces affecting its sale and value." —DONOVAN'S BOOKSHELF

From the Publisher