Art Collecting Commentary

The fine art market has shown that it is strong enough to withstand the downturns of the current stock market, and this strength is showing very clearly in recent auction results. There has been more action in art sales in the last half of 2009 than I have seen in the past 4 or 5 years. The gains are across the board from Rembrandt to Warhol, and all over the world.

As people become less comfortable with intangible investments, such as stock market shares, we are seeing a reallocation of moneys to tangible assets, such as precious metals, gems, and fine art. As the returns continue to grow, so will the art market.

In November 2009, Sotheby’s New York estimated Andy Warhol’s “200 One Dollar Bills” at $8 million to $12 million. It sold at an impressive $43.8 million . “Bidding was very deep tonight. There is a great desire for great art - consumer behaviour has started to accelerate,” said Sotheby’s head of contemporary art Tobias Meyer.  Also in November, a metal multiple by Victor Vasarely beat out estimates by over 300%.

These recent hammer prices prove that there is a revitalized demand for beautiful art going into 2010.

Article written the November 2003 issue of Kensington Outlook in Berkeley, California.

MIRO, MIRO ON THE WALL: Art dealer Alex Adelman of Masterworks Fine Art Inc. stands by the work of artist Joan Miro. Since 1998, donations of art to the Kensington Education Foundation from Adelman raised more than $45,000 for the programs at Kensington Hilltop Elementary School. This year Adelman is contributing several works including pieces by Pablo Picasso, Marc Chagall, Joan Miro, Kathé Kollwitz, Marcoantonio Raimondi, Georges Braque and James Abbott Whistler. The works will be auctioned at the Garden Party November 8 at the Unitarian Universalist Church in Kensington.

At a time when school districts are slashing their curricula, students in Kensington enjoy courses in such areas as art thanks to the likes of Pablo Picasso, Marc Chagall and Alex Adelman.

Adelman, an art dealer who runs the online Masterworks Fine Arts Inc., has donated works of art to the Kensington Education Foundation’s Garden Party auction since 1998. In four years, those donation raised more than $45,000 for the school to support art, science, computer and other programs.

Despite moving out of Kensington and not having children, Adelman continues to donate works of art to support the elementary school.

“I still have roots in the community. I still have friends in the community,” he said. “I’ve always believed the first priority in any community has to do with education.”

This year marks the twentieth anniversary of the Garden Party, an annual fundraising event that combines food, drink, live music and both a silent and live auction. For many in the community, the gala represents the social event of the year. But the Garden Party also accounts for more
than half of the Kensington Education Foundation’s annual $170,000 budget.

This year with continued pressure on finances in Sacramento as well as the budget pressures on the West Contra Costa Unified School District, foundation members say it is more important than ever to bring in money to keep the programs it funds going.

“We’re faced with more drastic cutbacks next year and we have the feeling we are going to have to pick up more programs to cover what the district can’t” said Esther Hill, president of the Kensington Education Foundation.

In addition to the fine art being offered, auction items range from a day on the Delta with science teacher Jan Lovell to a day in the life of a Tugboat donated by Ted Blanckenburg. There are also getaways including one to Ventana at Big Sur, a ride in the KGO helicopter and the private tasting of reserve wines and a cave tour for six people at the Moon Mountain Vineyard.

The Oakland-based real estate firm Grubb & Co. is underwriting part of the cost of theevent this year with a $3,500 donation.

The Garden Party will begin at 5:30 p.m. Saturday Nov. 8 at the Unitarian Universalist Church at 1 Lawson Road in Kensington. Advance tickets can be purchased for $45 each by calling Christy Wise at 558-1842 or at the door for $50 each.

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. In February 2009, this Edgar Degas sculpture sold well over its estimate at 13.3 million pounds, as well Joan Miro’s 4-foot 9-inch tall surrealist abstract, “Femmes et Oiseaux dans la Nuit”, on the same day.

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.