Art Collecting Commentary

Article written January 2002 by DECOR Magazine.

Alex Adelman’s path to being a gallery owner has been somewhat circuitous. Although he’s been a collector of fine art since he was 15, his studies led him not only to art history, and printmaking, but to anthropology and archaeology as well. Then in the late 1980’s, while working on an anthropology dissertation, he made an abrupt decision to return to the States and switch gears again back into fine art mode.

Adelman accepted a position as a salesman for a large corporate chain of galleries, eventually becoming the director of its largest location. After six years of learning — as he puts it– how to sell and not to sell artwork, he decided to strike out on his own. So in 1993, he became one of the pioneers of selling artwork online, running a virtual gallery from his home in Berkeley, California. This model has proved successful for Adelman, who still does the bulk of his transactions online…

Alex Adelman with framed “L’Issue Derobee”, by Joan Miró

Adelman has strong opinions on the way that fine art should be presented and sold, including a scholar’s passion for exhaustive documentation and an epicure’s taste for expensive framing. “I think of a picture frame as a window into what the artist is trying to do,” says Adelman. And because the work he offers includes signed originals that may be worth upwards of $1 million or more, high-quality experts framing seems appropriate. To that end, Adelman’s custom framer Baxter Quinn play an integral role in his business. After eight years of collaboration, Adelman says that he is very comfortable allowing Quinn to initiate framing design ideas. “By this point we dance ver well together,” says Adelman. “I sometimes ask for a wider mat or fillet, or something of that nature, but in general I have thighest regard for Baxter’s work.”

Joan Miró (1893 - 1983) was a well-known 20th century artist from Spain. Influenced early on by fauvism and cubism, Miró’s style became increasingly abstract and experimental. During his stay in France before and during the Spanish civil War in the 1930s, he became associated first with the Dada movement and later with the Surrealists.

The work shown is L’Issue Derobee, a color etching, aquatint and embossing executed by Miró in 1974. The work is signed by the artist in the lower right and numbered 32/200 in the lower left. Adelman estimates that the work might sell in the $8,500 range at other galleries, but it is his policy to assign a price that is well below retail, which encourages his clients to come back for more, and entices other dealers who may be able to sell the piece themselves at a substantial markup.

To frame the piece, Adelman and Quinn used a 3 1/1″ wide cold leaf frame with a double dutch compo pattern from Decor Molding. The fillet is a Larson-Juhl 1/2″ composition gold leaf fillet from the Vienna Collection. The fabric used in an off-white antique satin domestic 50:50 rayon/acetate blend.

Adelman has an admitted penchant for expensive, “glitzy” framing treatments for the fine art he offers. In this particular case, the opulence of the gold is a nice contrast to the simplicity of the subject matter, and the antique white fabric in now way detracts from or competes with the artwork. It seems fitting that DECOR should feature Adelman with a Miró etching, since it was the acquisition of a Miró at the tender age of 15 that began Aeelman’s life-long passion for collecting fine art.

Aldo Crommelynck, one of the world’s foremost intaglio printers, died in Paris on December 22, 2008, after a brief illness. He is survived by his adopted daughter, Corrine Buchet Crommelynck and his stepson, Jean Marie Buchet. His wife, Pep, passed away several years ago. A private funeral service was held in Paris.

Born in 1931 in Monaco, Crommelynck worked with three generations of artists. Initially as an employee of Roger Lacouriere in Paris beginning in 1947, he spent the years from 1948 – 1955 learning printmaking techniques and assisting numerous artists including Braque, Picasso, Matisse, and Miro. During this period, he formed an especially close working relationship with Picasso. In 1963, which Picasso decided he need a printer close by his house, Notre-Dame-de-Vie in Mougins. Picasso would create etchings on copper plates supplied by Crommelynck in the morning and Crommelynck would return with proofs in the afternoon. When the proofing was complete, the plates were went to Crommelynck’s studio in Paris to be editions. Crommelynck’s studio in Paris to be editions. Crommelynck’s printed for Picasso for over twenty years and collaborating on most of his intaglio projects including the series “60”, and “156”, and culminating in 1968 with Picasso’s Suite 347.

In addition to Picasso, Crommelynck printed for Braque, Matisse, Miro, Roualt, Masson, Leger, and Giacometti during their later years. After Picasso’s death in 1973 and continuing into the early eighties, he printed in Paris for numerous contemporary artists including Jim Dine, Richard Hamilton, David Hockney, Harold Hodgkin, Jasper Johns, and David Salle.

Also and his brother Pierro, had a falling out in 1984 which ended their business relationship and resulted in Pierro’s attempt to take public credit for all of Aldo’s collaborative successes. In 1986, Crommelynck formed a joint venture with Pace Editions Inc. and establish a printing studio with Pace in New York’s Soho in addition to his Paris studio where he collaborated as a printed publisher with Chuck Close, Jim Dine, George Condo, Red Grooms, Alex Katz, Claes Oldenburg, Ed Ruscha, Joel Shapiro, Donald Sulton and Terry Winters.

In 1989, the Whitney Museum organized a tribute to Crommelynck, Aldo Crommelynck Master Prints with American Artists. He received the Grand Prix Nationale Des Metiers D’Art in 1989. Jim Dine and Aldo collaborated on over 100 prints from 1976 to 1997, many of which were included in an exhibition, Aldo et Moi, at the Bibliotheque Nationale de France, Paris in 2007.

In 2000, Aldo retired to Paris.

For further information – contact Richard Solomon (212) 219-8000, ext.22.

In an effort to keep fine art collectors more informed of the ebbs and flows of the art market, and in particular, Masterworks Fine Art, Inc.’s role as one of the most qualified fine art dealers online, we wanted to pass along an extensive and highly informative article on the topic of prints, originality, Certificates of Authenticity, fine art licensing, and licensing agreements.  Written by Brooke Oliver, a nationally recognized art and intellectual property lawyer based in San Francisco, CA, this article is a great reference for those who are interested in learning more about print authenticity.  Oliver covers the gamut of print making processes, the legal criteria for Certificates of Authenticity in many states within the U.S., determining the value of prints, and moreover, the significance of Certificates of Authenticity that must accompany the sale of any print.  She begins her discussion with a reference to the forefathers of the printmaking world, many of which we carry within our inventory; Albrecht Dürer, Martin Schongauer, and Rembrandt van Rijn provide a highly relevant background in establishing the age-old relationship between artist/printmaker, publisher, and dealer.  The bulk of the article serves as a reference for distinguishing the types of prints, editioning, and proofing.  She concludes the discussion with a section on art licensing and licensing agreements.

Oliver has included a brief summary of her work below:

“This paper will explore the issues of authentication, value, and fraud that arise with the sale of fine art prints, and provides working definitions of the often misunderstood types of prints such as etchings, serigraphs, Giclée prints, and other terms used in and around print making and certificates of authenticity.  It provides information about numbering of limited edition prints, disclosures that are often required with the sale of such prints, and information about the significance of chop marks and copyright and trademark notices.  It includes information and resources about art agents and art licensing” (3). [Oliver & Sabec P.C., San Francisco, CA | tel 415.641.1116]

We highly encourage the due diligence of all of our prospective clients, interested collectors, and curious art lovers to take the time to engage, research, and become better informed about the art that drives their interest.  Masterworks is dedicated to its role as the primary online resource within the fine art and print community and believe that Oliver’s article is a great direction towards encouraging open, honest relationships between art dealers and their clients.*

Download PDF here (text version)

Most Impressionist and Modern Art sales in early February 2009 proved that art prices and its market remain strong. And, in a time of crisis, records can still be broken. Great works, strong images, and iconic works attested to be the most desirable and attained the highest results.

The lessons are clear: art continues to be a sound investment, and one should continue collect works as I have always argued. The best of art lifts the spirits, hearts, and minds of those who view them. Great art takes the viewer to new places and experiences, allowing the viewer to be moved in both mind and spirit. Art has always been an investment in two areas: firstly, the heart and soul; secondly, an economic one that weathers the test of time better than most all other tangibles.

Rembrandt, Woman Bathing, CE 1658

Serving as the forefather of the Dutch printmaking Renaissance, Rembrandt van Rijn is many art collectors favorite Old Master. More widely known for his stunning, and now priceless, paintings that are featured in museums all over the world, Rembrandt’s etchings and engravings are highly underrated. They are a true testament to Rembrandt’s range as an artist and also printmaker, having been able to translate his mastery of light and playfulness with shadow with all of his prints featured at Masterworks

“Many people are surprised to learn that Rembrandt’s etchings, not his paintings, were responsible for the international reputation he enjoyed during his lifetime,” says Kahren Jones Arbitman of Carnegie Museums of Pittsburgh. “The extraordinarily high regard Rembrandt’s contemporaries had for his etchings was understandable, for in less than four decades he had pushed the relatively new medium to its expressive limits. While later printmakers tried to coax more from their etchings by altering the process, attacking the plate with new tools, and printing on unexpected surfaces, no one ever achieved greater results than Rembrandt attained with a simple etching needle and copper plates.”

Masterworks Fine Art, Inc. is proud to present this stunning and thorough collection of Rembrandt etchings.

This section is meant to contrast auction house statements of authenticity and condition and compare them to Masterworks Fine Art, Inc.’s terms and conditions of same. The statements extracted from the website or catalogues of the auction houses listed below are direct quotes. These have been extracted from their Conditions of Sale.

In effect they state that all auction items are sold “AS IS” with no statements of guarantee or condition attached.

In Contrast: Masterworks Fine Art, Inc. guarantees BOTH the authenticity and the condition of its works - IN FULL - for the lifetime that our clients own a work. There are no exceptions or restrictions to this statement.

There is an understanding between the auction house and the buyer that once the sale is finalized, the auction house absolves any responsibility for what they just sold. There is a strong element of risk involved with this type of sale. A great deal of expertise is needed when dealing with auction houses for this reason.

There are those collectors who compare our pricing with that of auction houses. Those who compare Masterworks Fine Art, Inc.’s Condition of Sale in terms of guarantee and authenticity are out of touch with the reality that we must back our sales in perpetuity to the original seller. While our pricing is below retail, we have not and will not attempt to match auction pricing.

Our prices are slightly higher (sometimes even lower), but we hold ourselves to higher standards. Read below for excerpts of various Conditions of Sales from the following prominent auction houses:

Christie’s

“Neither Christie’s nor the seller provides any guarantee in relation to the nature of the property… The property is sold “as is”… All statements by us in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Such statements do not constitute a representation, warranty or assumption of liability by us of any kind. References in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder or a knowledgeable representative. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others.”

Sotheby’s

“All property is sold “AS IS” without any representations or warranties by us or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. We and the Consignor make no representation and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. We and the Consignor are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material.”

Bonhams & Butterfields

“All property is sold “as is.” Neither Bonhams & Butterfields nor the consignor makes any representation or warranty, express or implied, as to the merchantability, fitness or condition of the property or as to the correctness of description, genuineness, attribution, provenance or period of the property or as to whether the purchaser acquires any copyrights or other intellectual property rights in lots sold or as to whether a work of art is subject to the artist’s moral rights or other residual rights of the artist. The purchaser expressly acknowledges and agrees that in no event shall Bonhams & Butterfields be liable for any damages including, without limitation, any compensatory, incidental or consequential damages.”

Doyle New York

“All lots are sold “AS IS” and without recourse and neither Doyle New York nor its consignor makes any warranties or representations, express or implied, with respect to such lots, except for the limited warranties expressly stated in the Terms of Guarantee section of this catalogue… Express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging; nor does a reference to particular defects imply the absence of others. References in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder or a knowledgeable representative.

The Terms of Guarantee are controlling, and no statement, whether written or oral, and whether made in this catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. All statements by Doyle New York in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Except as stated in the Terms of Guarantee, neither Doyle New York nor the seller is responsible in any way for errors or omissions in the catalogue or any supplemental material. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry.”

SWANN Galleries

“All property is sold “as is” and neither Swann nor the consignor makes any warranties or representations of any kind or nature with respect to the property or its value, and in no event shall they be responsible for correctness of description, genuineness, attribution, provenance, authenticity, authorship, completeness, condition of the property or estimate of value. No statement (oral or written) in the catalogue, at the sale, or elsewhere shall be deemed such a warranty or representation, or any assumption of responsibility.”

Leslie Hindman Auctioneers

“All lots are sold “AS IS” and without recourse and neither Leslie Hindman Auctioneers, Inc. nor its consignor(s) makes any warranties or representations, express or implied with respect to such lots. Neither Leslie Hindman Auctioneers, Inc. nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. No statement, whether written or oral, and whether made in this catalogue, or in supplements to this catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Leslie Hindman Auctioneers, Inc. and its consignor(s) make no warranty or representation, express or implied, that the purchase will acquire any copyright or reproduction rights to any lot sold.”

SKINNER Auctioneers and Appraisers of Antiques and Fine Art

“All property is sold as is, and neither the auctioneer nor any consignor makes any warranties or representation of any kind or nature with respect to the property, and in no event shall they be responsible for the correctness, nor deemed to have made any representation or warranty, of description, genuineness, authorship, attribution, provenance, period, culture, source, origin, or condition of the property and no statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a warranty of representation or an assumption of liability.”

Masterworks Fine Art, Inc.

The answer is fairly simple economics: with Masterworks Fine Art, Inc., you’re dealing with a private dealer that doesn’t have the typical overheads of a retail gallery.

Retail gallery operations average about $500k/month in overhead costs – these costs must be factored into the price of the art that the gallery sells.

With Masterworks, our pricing is much lower because you’re dealing with a private dealer who owns and sells his own inventory. Our overhead costs are a mere fraction of the monthly operating cost of a typical retail gallery.

There are no sales commissions to pay. You deal directly with the President of Masterworks whose long-term interests are different than that of a typical gallery. Masterworks’s overall goal is to build a long-term working relationship with a client and NOT, for example, a one-time sale to help a sales consultant make their monthly rent.

In terms of expertise, most gallery salesmen do not have specialties in fine art, art history, or art techniques and technologies. You typically deal with a salesman who couldn’t care less whether they sell a car, a watch, or a work of fine art. Masterworks is passionate about fine art and believes our clients should share in this passion, curiosity and respect for the fine art they seek to collect.

Signed CHAGALL lithograph, Bonjour Paris (Good Morning Paris), 1972

With a rapidly changing economy it has become increasingly evident that many people are turning to different kinds of tangible assets as a hedge against both inflation and recession. In my 35 years of experience collecting, buying, and selling original works of fine art, I have found the art market to be far more stable and yield far more consistent returns than any other tangible financial instrument that I know of. It comes down to a general belief that it’s all about collecting “names”, or artists whose careers and reputations have long been established and are not going to fade with the advance of time.

The guide presented below is generally intended for customers who are buying original works of fine art and spending between $10,000 and $250,000. In general, my first piece of advice is to buy well-established, famous-named artists; Old Masters (e.g. Rembrandt, Dürer) and Modern Masters (e.g. Chagall, Picasso, Miro, Matisse, Braque) are certainly sure bets. On the Contemporary side, artists like Calder, Vasarely, and Yvaral are great artists to collect, enjoy, and invest in. (I would include works by Warhol in this list, but his market has become so over-heated that I have some concerns about the sustainability of the doubling and tripling of prices that have occurred on an annual basis over the past 4 or 5 years.)

Buy / Acquire only original works of fine art

Differentiating originals from reproductions can be difficult especially when the artistic media used to create an artist’s work has changed so dramatically over the years. An original etching, lithograph, serigraph, and aquatint for example, are easy to differentiate because they do not show a dot matrix (classically associated with reproductions of original works of art).

The challenge today is that many contemporary artists use mass media for reproducing images like off-set lithography, collotypes, and Giclée to reproduce their works. However, this does not necessarily mean that these works are not original works of fine art. The following conditions are necessary in order to be considered original works of fine art:

1. Hand-signed & Numbered: Works must be hand-signed by the artist and numbered in limited editions.As an example of this, the vast majority of Warhol prints – while among the most collected in the world – are all photo-mechanically reproduced and are not classically considered original serigraphs or lithographs. But because this is the only way Warhol worked, these pieces are considered original works, even though they technically are not. We understand this is a confusing distinction to make and I am happy to be contacted on a piece-by-piece basis to explain the level of involvement by the artist with each work.
2. Catalogue Raisonné Information & Documentation: Be sure that the print corresponds to the printed documentation in a catalogue raisonné of the artist’s, publisher’s, or printer’s work. Artists did not make an original work in 3 different sizes, for example; only 1 size of an original work is typically produced. A good, thorough catalogue raisonné will tell you the technique of manufacture, size of image, size of the printed sheet, and the edition size.There is a minor caviot to this: some areas of printmaking are not documented properly or thoroughly and mistakes can be found in those catalogues that do exist. This is relatively rare and can be explained in other ways.
3. Lifetime Impressions vs. Re-Strikes: A print produced during an artist’s lifetime will have certain qualities and characteristics that are documented in the artist’s catalogue raisonnés. Re-strikes, later impressions, or posthumous works fall in another category. These works are usually printed from original plates. However, the artist did not authorize their creation. They may have been authorized by the artist’s estate but their value is diminished over that of an original work pulled under the artist’s direction and supervision during his lifetime. Both are collectable, but the values will vary greatly.
4. Certificates of Authenticity (COAs): Certificates for graphic works are in general, worth the paper they are printed on; they are only as good as the company who issues them. Having said that, certain COAs are better than others and they should only contain factual information, verifiable by outside sources.

For older works of art, much of this information remains unknown, especially prior to 1900. In those circumstances, you do your best to answer the questions as truthfully and faithfully as possible. Unique works of art (as opposed to original prints) frequently come with COAs by the designated member(s) of an artist’s family who have the moral right to authenticate a work of art.

For example, if you were buying a Picasso unique work, the only people who have the authority to authenticate those works, are Maya Picasso and Claude Picasso (appointed by the French government). If the work of art was by Marc Chagall, the Comité Chagall is THE only entity that can authenticate a unique original work by Chagall. The problem for those dealing in graphic works is that most experts will not authenticate them (they only deal with unique originals).

Please find the following excerpt on COA requirements as stated by the State of California Civil Code 1744 (as of 2003):

1. The name of the artist
2. Information about any artist’s signature appearing on the multiple, such as whether the artist signed it personally or whether it was stamped by the artist’s estate, or by some other source.
3. A description of the medium or process used in producing the multiple such as etching, engraving, lithographic, serigraphic, Giclee or a particular method or material used in any photographic developing processes.
4. A statement about any photomechanical, photographic, or surmoulage (for sculpture) process used to create a multiple of an image produced in a different medium, for a purpose other than the creation of the multiple being described, and a statement of the respective mediums.
5. If a photomechanical, photographic or surmoulage process was used, and the multiple is not signed, a statement about whether the artist authorized or approved in writing creation of the multiple or the edition.
6. Information about whether the artist was deceased at the time the master was made which produced the multiple.
7. Information about whether it is a “posthumous” multiple, that is, where the master was created during the life of the artist but the multiple was produced after the artist’s death.
8. If it is a second or later edition of multiples made from a master that produced a prior limited edition, or if the master for this edition was made from a print or master that was made from a prior multiple, this shall be stated. In addition, the total number of multiples, including proofs, of all other editions produced from that master must be stated.
9. The year, or approximate year, the multiple was produced shall be stated, if the multiple was created after 1949. For multiples produced prior to 1950, the certificate must state the year, approximate year or period when the master was made and when that particular multiple was produced.
10. Information about whether the edition is being offered as a limited edition, and if so: (i) the authorized maximum number of signed or numbered impressions or both, in the edition; (ii) the authorized maximum number of unsigned or unnumbered impressions, or both, in the edition; (iii) the authorized maximum number of artist’s, publisher’s or other proofs, if any, outside of the regular edition; and (iv) the total size of the edition.
11. Whether or not the master has been destroyed, effaced, altered, defaced, or canceled after the current edition. If for example the master screens have been destroyed, then the atelier cannot make any additional images more of that image.
12. If the multiple is part of a limited edition that was printed after January 1, 1983, that statement of the size of the limited edition also constitutes an express warranty that no additional multiples of the same image, including proofs, have been produced in this or in any other limited edition.

Pricing

Pricing is, on a retail basis, based on a gallery’s overhead costs, including its location, sales commissions, etc.; frequently pricing will entail a 50%-100% mark-up. I advise collectors to inquire about galleries’ pricing methods what factors go into the pricing of their inventory. That question alone, if it goes unanswered in a satisfactory manner, should give you an indication of the establishment’s legitimacy and customer service. (As an aside, if you think you can find an original hand-signed work by a prominent artist like Chagall or Picasso for less than $5,000 you are probably buying a fake or a reproduction with a photo-mechanical signature. There’s no such thing has an authentic, hand-signed Chagall for $399.99. However, there can be major price variations where an original Chagall might be $10,000 in one gallery and $25,000 in another – all this varies based on the information provided above.)

Signatures

How do you know an artist really hand-signed a work? The artist’s birth/date dates should be listed on any COA so that you know the real Pablo Picasso (born 1881; died 1973) really signed it, as opposed to a Pablo Picasso in Chicago, IL who is still alive. It is important that the artist’s dates be present to make this distinction very clear.

For major artists, there are frequently comparative catalogues and signature registries where you can find comparable signatures to help gain confidence that the artist truly signed the work. This information should also be contained in the catalogue raisonné, the best of which should tell you if there are unsigned impressions and if so, how many.

Proactive Research & Due Diligence

Do your best to educate yourself about an artist’s work. Speak to the gallery owner directly and ask these questions to make sure you feel confident about your acquisition. A professional dealer will allow for returns, exchanges, and guarantee the work of art’s authenticity for the lifetime of your ownership of that work. Find a good glossary of terminology to research and understand precisely the terms that are involved in the description of the artist’s work. (Masterworks Fine Art, Inc. offers an abbreviated glossary of art terms.)

Quality in a Work of Art

Original works of fine art are hand-made. Because of this, there is variation in the quality of impression. Due to the ravages of time, there are variations in color saturation and condition. A print that has a tear across the middle of it is clearly going to be worth less than a print with full margins and in flawless condition. Brilliant, crisp impressions will sell more successfully than dull, worn impressions. The price ranges can be enormous; for example, an early impression of a Rembrandt print might be priced at $100,000. A later, poorer impression could be $7,000. What makes the difference is a good, strong knowledge of connoisseurship and connoisseurship criteria.

Connoisseurship

This is a critical aspect in acquiring any work of art. Connoisseurship has to do with the assessment and understanding of quality in an original work of fine art. Connoisseurship will always determine the work with the greatest value – which will be the most iconic image by a specific artist. Connoisseurship in a work of art will vary from artist to artist. With Chagall, for example, it has to do with solely the amount of color saturation and Chagall-like imagery. With Picasso, in contrast, connoisseurship will depend on the graphic qualities of the image and the brilliancy with which he is able to convey a message in a relatively small number of strokes.

I often reference and artwork’s “curb effect,” or its ability to pulls you in from across the room, allowing you to distinctly tell who the work has been created by. A Picasso that looks like a geometric work of art by Vasarely is not ever going to be as desirable or collectable as a Picasso of a mother holding a child from the Blue Period. In other words, historically, the most collectable and valuable works of art by major artists, are works that scream they are works by those artists.

By Irma Adelman, Berkeley School of Agricultural Economics

Picasso ceramics

The present economic situation in the United States is one of stagflation — stagnant growth coupled with inflation. In addition, the US economy is in the midst of a financial crisis that threatens the stability of the entire financial system. And, unlike in most recessions, our balance of trade as well as our balance of payments continue to be negative leading to a declining value of the dollar. Currently, the rest of the world is not uniformly in the same position, but we could well find ourselves in a state of global stagflation should the recession in the US deepen.

Personal investment strategies need to adjust to take the current economic outlook into account. During periods of stagflation stocks usually decline. Bonds yield very low nominal returns. In fact, bonds currently yield negative real returns when one factors in present rates of inflation. Financial assets are therefore unattractive as well as unusually risky. This leaves real assets, and, in the short run, foreign currency.

Among real assets, the traditional major form of investment in housing and real estate holdings is unattractive, since their prices are declining precipitously, and there seems to be no end in sight. Indeed, this, together with the collateralization of mortgages and the evolution of derivatives is the basic cause of the current US financial crisis.

So, currently, the best form in which to hold savings is in tangible assets other than housing. These include, but are not limited to, precious metals, natural resources and art.

Art has exhibited a number of trends. During the past several decades, art has escalated in value. In fact, on the average, rates of returns from art have exceeded those from stocks. The biggest price increases have been for contemporary art, followed by impressionist and modern art, and by old masters.

The major names, with long established museum credentials, have withstood the test of time best and yielded the greatest price increases. Buying a nice work by an unknown artist is like going to the gambling tables in Vegas: you never know what will happen in the long run. In contrast, works by known artists of great repute have yielded the largest returns. Picasso, Chagall, Miro, Calder, Warhol, and Vasarely are just a few artists whose works come to mind.

Lastly, on a personal note, art, of course, has another advantage. Art is inspirational, and is the tangible commodity that not only increases in value but also gives visual pleasure and stimulation.

Irma Adelman, FRSA

Thomas Forsyth Hunt Chair
Professor Emerita,
University of California, Berkeley School of Agricultural Economics
Fellow Royal Society of Arts and Commerce, London
Fellow Royal Society of Arts and Commerce
Fellow American Academy of Sciences, Washington, D.C.

Why do we feel collecting lifetime impressions are important?
Several other art dealers and auction houses will inform the buyer of only the state designation for the print (seemingly comparing the state to a badge of authenticity). The critical information is whether the print was produced during the artist’s lifetime. A later state impression may exhibit NONE of artist’s original work, by the artist’s hand; the subtlety, quality, detail, or characteristics that a lifetime impression would possess are lost. I know I am out of sync with many dealers and auction houses on this, but I will explain further why I feel state discrepancies are important to address in Old Masters.

Please note: The study of old master prints is very complex and connoisseurs can spend a lifetime becoming an expert on just one artist. I seek to continually advance my own scholarship of such areas, becoming knowledgeable in all aspects of printmaking and Old Master prints.

Why is Masterworks Fine Art, Inc. concerned about lifetime impressions?
Lifetime impressions (also known as contemporary printings or impressions) are prints that were produced during the artist’s lifetime. This is in contrast to prints produced after the artist died (e.g. re-strikes).

What is so important about lifetime impressions?
An etching plate, for example, lasts maybe 100-150 impressions before it needs to be re-worked or re-etched (leading to secondary or tertiary states or more). Otherwise, the impression from that plate becomes grey because the lines do not hold ink as the plate has been worn from the printing process. As a plate gets re-etched by the printmaker over time, there is less and less of the artist’s hand present.

An etching is made by scratching a sharp object into a copper surface, or plate. When the line is scratched in, it produces raised elements of copper “shavings” that are displaced by the scraping of the line into the plate. This is known as burr. If burr is present, it means the print was made from an early impression of that state of the plate, further implying the artist’s involvement in the creation of the print.

In the case of Rembrandt van Rijn (1606 – 1669) for example, by the time of Jean, a collector of Rembrandt’s etching plates in the early 19th century, there is, in general, little of Rembrandt’s hand left in the etching…. I personally feel that these works are not very collectible.

What is a state?
The proofs taken while the artist is working on the plate, stone, etc. to check different stages of his progress are known as states; each one showing additional working constitutes a different state. The last one is said to be the definitive state (or proof). [Ref. Melot, M. et. al. (1981) History of an Art: PRINTS, Editions d’Art Albert Skira S.A.: Geneva]

Aren’t all impressions after the 1st state considered late impressions?
I believe this presumption to be incorrect, especially when making global assessments of Rembrandt’s works. Many of the artist’s etchings are found in many states - up to 10 or more. Comparatively, some prints are only found in one state. Rembrandt, and presumably several other printmakers and artists, may have worked and re-worked his plates over time; each time a plate was re-worked, it would create a new state. The expertise used to distinguish these various states has been the subject of many argumentative books and discussions.

Do catalogues of Rembrandt’s works necessarily correspond with one another for etching and state designations?
No, these designations / assessments vary from catalogue to catalogue of Rembrandt’s etchings, depending on the author or scholar. The following list of catalogues are included in the library at Masterworks Fine Art, Inc:

1) Nowell-Usticke, G.W., Rembrandt’s Etchings, 1967 or 1988 re-print.
2) Biörklund, George, Rembrandt’s Etchings: True and False, 1968
3) White, Christopher and Boon, Karel, Rembrandt’s Etchings, Vol. 1 & 2, 1969
4) Hind, Arthur, A Catalogue of Rembrandt’s Etchings, 1967

Some go by Nowell-Usticke’s system, some Hind, some Biörklund, and some Bartsch. Occasionally these catalogues correspond, however there are also some discrepancies. I consider Nowell-Usticke’s catalogue as a good basis to start referencing Rembrandt’s works, but I then compare the other catalogues (especially Biörklund) for more detailed information.

What should I collect?
It is my opinion, that the only collectible Rembrandt prints are those that were produced during Rembrandt’s lifetime, between 1606 and 1669; presumably these were created by his own hand. Almost all of the Rembrandt etchings available at Masterworks Fine Art, Inc. are considered to be lifetime impressions, although we have some later editions available (in general, they will be from a 17th century or very early 18th century edition).

Heard about Rembrandt editions being pulled every hundred years?
More than 85 original plates survived Rembrandt’s death (some of these have been deemed copies or student work). These plates have become the reference from which later editions have been made. The concept of producing editions every 100 years is silly. I find Rembrandt prints editioned within the last 100 years are simply not collectible. These late impressions bear little, if any, of Rembrandt’s original work because these plates have been re-worked to allow new editions to be made.