Drawing
from life
By Paulette
Thenhaus
What's it worth?
Anyone following the art market knows the market has
"overheated" and is now in a cool down mode. At an auction earlier
this month, a Christie's representative claimed that the art house got a third
less than it expected. Paintings went without bids. Manet’s "Young Girl on
Bench,"1850, expected to bring $12 million to $15 million ... had no
taker. Bids for a classic Rothko painting from 1960 estimated at 20 million to
30 million, opened at $10 million. It had no buyer either.
Today's blue-chip art buyer is described as, "Responsible,
intelligent…less speculative." This can be interpreted as, "They
watch their Gucci pocketbooks." Bad news for artists and art dealers.
If respected art houses are stuck with great art, what about
the average Joe Art Collector? Do you want a real life story about David (D),
an art collector, and Paulette (PT), an artist and appraiser? Maybe it will
answer (indirectly) some of your questions on appraising and selling your Aunt
Lulu's barn scenes...
Meet D. Unlike the above described buyers of art, he made his
money gambling on the ponies. Bidding at art auctions made him as high as
betting horses. With no art training or art education, he bought what he liked.
Hundreds of artworks ranging from a Motherwell collage to a Jess (a Bay Area
favorite) painting.
His random collection is finally catalogued and in his
"gallery," an expensive, rented, walk-in storage space in the heart
of San Francisco. There's even coffee and sometimes sweets for the upscale
renters. Of course, D wants to sell,
not store his treasures. To do this
he realizes it requires major research. So when he e-mailed me about a St.
Louis artist we both knew of (D and I are both St. Louis natives) a wacky
e-mail journey into art sales began:
MARCH 25,
2007
D: What do you know about Fred Conway? I want to sell a fight
scene of his. What do you think I can get for it?
PT: You know I couldn't appraise an artwork without SEEING it…dimensions,
etc.
D: Duh, I know that.
PT: The Conway I saw (for sale at an antique shop) it was there
for YEARS at $125. That doesn't mean anything now (20 years later) ... maybe in
the $500's. Just a guess. A fight scene sounds neat but you can't hang it in
most living rooms in St. Louis.
D: They don't fight in St. Louis?
D: Have you heard of Jess?
PT: Yes, I saw Jess in CA. He's got at least one piece in the
Durant Museum in Berkeley. I think he is hot. Is he still alive?
D: No, died a couple of years ago.
PT: That could make a difference.
D: “The deader the better,” say the gallery people.
PT: I think he is very prolific in the Bay Area. No one knows
him here ... but what do you expect?
D: Nothing, I'm trying to sell it HERE.
LATER ON
MARCH 25, 2007...
D: Yes, I know about Fred Conway (probably referring to $125
price tag). I want to sell it to someone who has major interest. Have to buy
groceries soon. Here it is (photo of fighters). Not a great job of photography
but it is okay.
AUGUST
13, 2007
D: OW! I was doing
some research on Fred Conway and looked at the oil I have. It is dated 1973.
Thought he died in 1972. Dang, it must be another Fred Conway. I am up to my
eyeballs in disappointment lately. Was just to write a St. Louis gallery when I
checked the piece again.
PT: D., See, artists CAN PAINT IN HEAVEN!
D: I guess.
PT: What? Did you read the date wrong or was it a fake
signature?
D: I asked the guy at the gallery for a copy of his signature
and whether he would be interested in consigning it but haven't heard from him
yet...
PT: Hope this guy is interested in selling it for you.
D: Me too.
AUGUST 14,
2007
D: I have some work to be in auction next month but I wasn't
thrilled with the estimates of what they might get. Some of them are going for
what I paid for them twenty years ago! One is a Robert Motherwell and the other
is a Henry Moore piece on paper. I have been increasingly overwhelmed lately.
AUGUST
15, 2007
D: Sorry about the heat. I am wearing a sweater right now. I'm
not getting the big name prices that I anticipated. I am going through some
discouragement. Lots of money and lots of time probably wasted to some degree.
Hope to have a few good moments to think about things.
AUGUST
17, 2007
D: From the St. Louis Gallery:
Your painting IS by the St. Louis Fred Conway, I am something
of an expert on his works. I wrote a book on him and nine other artists and
have sold countless Conway paintings. Congratulations, you have a fine example
of this artist's work.
SEPTEMBER
4, 2007
D: From the St. Louis Gallery:
Sorry for the delay in responding to your e-mail. I have been
traveling and only recently returned. If you would like to sell or consign your
Conway painting we would be pleased to have it. I would estimate a retail price
of $1,500. If you would like an outright purchase I will offer $750. If you
would like to consign the piece I will try to net you $1,000. This of course is
contingent upon viewing the painting.
SEPTEMBER
6, 2007
PT: Don't you think the art market is a little like the housing
crisis...overpaid...can't sell? $750 may not be a million but what is your rent
now? Poor Fred probably only got $100 for it in his lifetime. One more point:
Fred Conway is a regional artist and I doubt much known nationally. This effects
the $$$.
SEPTEMBER
17, 2007
D: From the Gallery:
Thanks for keeping on top of the tracking. The painting arrived
today in good shape. I will make some calls and see if we can find a home for
it. I will also be forwarding a consignment agreement shortly.
OCTOBER
24, 2007
D: Check arrived. Have had a bad bronchial and sinus attack.
Feeling a bit better. Hope all is well.
*************
It only took eight months for the sale but it did sell. You want to know for how much.
Funniest thing is that I forget. I know it was at least $750, which is only
about $250 more than I appraised it for... sight unseen. Let's just say the
search for a home for the artwork was more exciting than the final sale price.
11/13/08