Picasso's "La Lecture" Sold for $40.5 million

This is due to several factors that the Art Newspaper and Artprice have been discussing for quite some time. In their January 2012 edition, the Art Newspaper explains that the art market is not a single entity but smaller markets that are combined under one name which means that the profits for 2011 do not even include the private sales in galleries or between individuals thereby making the revenue gains even more substantial. The profits were derived from the driving demand for what the Newspaper described as new buyers liking the “branded nature of contemporary art”, mixed with the demand for fresh and correctly estimated property.

Zhang Xiaogang’s “Forever Lasting Love (Triptych)” Sold for $10.2 million

Art Price’s Art Market Insight features two article’s titled “2011 from the AMCI’s viewpoint” and “The global art market – an overview of 2011”. These articles reiterate that the art market confidence is at an all-time high, but with a focus on the international factors that lead, and continue to led to, the market’s success. The financial markets closed the year 1% down while the art market posted a 15% increase in revenue. The first part of 2011 saw lots of new records being set with over 6.3 billion dollars in revenue between January and June alone. This was aided by revenue coming in from China, which became the world’s leading fine art marketplace in 2011 (China alone accounted for 36% of the global art market).

Unfortunately with the European debt crisis, the art market fluctuated from July to August. However with the success of international art fairs and the late Contemporary art auctions, buyers were certainly more than optimistic about the value of their investments and continue to be. Going into 2012 the art market doesn’t seem to be worried as China maintains its hold, and Modern and Contemporary art are as popular as ever. So when buying a work of art in this economy you should feel confident, because there’s nowhere to go but up.

A work near the Tripoli airport at left, and a mural by Egyptian artist Ganzeer, Cairo

Dissent is at the heart of an article that Anny Shaw and Gareth Harris wrote this month for The Art Newspaper. Chronicling the rise of street art in Egypt, Syria and Libya that followed the explosive events of the Arab Spring, the authors discuss memorial murals dedicated to lives lost in Tahrir Square, portraits of Gaddafi as a rat or vampire, and the simple slogan “the people want the fall of the regime”. The latter, scrawled on a wall in Daraa, Syria, ignited that country’s revolution after its authors were arrested and allegedly tortured.

Street art is defined by its location – public – and by its intent. What Shaw and Harris describe are acts of courage and faith; setting personal safety aside, these artists create ephemeral, impassioned images punctuating and encouraging the revolutions, elections, and repression of their worlds. Pro-government supporters are even responding with art of their own.

Art, by definition, evolves and changes. Contemporary art breaks through boundaries and conceptions, and street art is often found at the frontlines of the struggle. Art in the Streets, MOCA’s recent exhibition devoted to the history of graffiti, proves that street art has become, in some ways, mainstream. The artist-revolutionaries in Tripoli, Cairo and Damascus are anything but.

We might compare their work to the socialist imagery of Leger and maybe, through a small stretch of the imagination, to the moralizing tendencies of Brueghel, expressed in his World of Seven Virtues and World of Seven Sins. We can contrast their murals, stencils and slogans with the a-politicized works of Jasper Johns, in whose hands the American flag becomes a striped and starred object divorced from predetermined connotations. And we can hold them up for admiration, silencing those who grumble that art cannot affect change, or is nothing more than a picture on a wall.

“Well, which wall?” we might ask.

Information for this post was taken from:

Shaw, Anny and Gareth Harris. “Arab protesters put their art on the streets”. The Art Newspaper. Issue 231. January 2012.

Moore Working

Henry Moore is one of the most iconographic artists of the 20^th century. His works in sculpture, bronze, Rosenthal Porcelain, and on paper are well known for the fluidity of line work that is abstract and detailed. His works effortlessly draw out the viewer’s feelings of compassion, interest, and wonder and thus it is not difficult to see why his works have increased in value.

The 20th Century British and Irish Art sale at Bonham’s in November broke the world auction record for a work on paper by Henry Moore. A 1941 drawing of a seated mother and child sold for $989,286. In addition, a 1939 bronze sculpture by Henry Moore, Stringed Reclining Figure, was also sold at this auction for $441,544.

Stringed Reclining Figure, 1939

As discerned from Art Price, the turnover value for works by Henry Moore in public auctions was over $33 million in 2010, with a 24% increase in value since 1998. The popularity of his mediums, such as bronze sculpture, Rosenthal Porcelain, and drawings vary depending on the iconography and price. However as the artist evaluation and recent auction listings indicate, the investment of owning a work by Henry Moore appears to be a wise decision.

In “The law vs scholarship,” Georgina Adam and Riah Pryor cite, “a growing fear among experts that they might be sued for giving their opinion” (The Art Newspaper, December 2011). Using the recent examples of a contested group of Degas plasters and a large group of drawings thought by some to be done by Francis Bacon, they voice concern that art collectors’ willingness – even eagerness, they suggest – to sue experts over undesired answers discourages scholarship.

Group of recently discovered Degas plasters

Even after disbanding in the 1990’s upon completion of the catalogue raisonné, the Pollock-Krasner Foundation has been sued over a number of works; recently, The Jean-Michel Basquiat Board was sued by the owner of Fuego Flores (1983), and given the choice of reaching a decision as to the work’s authenticity or paying up to $5m in damages. And who can forget that the Andy Warhol committee just called it quits, after being the subject of so many lawsuits.

This inclination to sue is dangerous. Aside from racking up high legal fees for scholars pursuing important, widely beneficial research, it turns the world of art scholarship and buying into a carnival sideshow. Although no one can be naïve enough to disassociate art from its value these days, we should try to uphold some shred of dignity for our art, our experts, and ourselves. Lawsuits should not be seen as a valid avenue to the authentication of an artwork, no matter its cost or potential value. Catalogue raisonné authors or artist board members should not suffer nightmares featuring a collector advancing, art in one hand and a legal threat in the other.

Andy Warhol

The Andy Warhol Foundation has developed a rather convoluted reputation in their quest to catalog and certify the vast collection of over 100,000 (across all media) works that Warhol created. The Foundation Board has made several controversial decisions regarding the authentication of specific prints and screen prints that have landed them with millions of dollars’ worth of legal bills and a negative reputation as the monopolizing entity of the Warhol market. However a collector may feel about their role in the art market, they play an important one. In an interesting turn of events this past month, the Andy Warhol Foundation announced that it will dissolve its authentication board at the beginning of 2012.

Wahol- Blackglama

What does this mean for the collector? Will panic spread through the art market as Warhol’s go unregulated? That does not seem to be the case as the Art Newspaper brilliantly discusses in The problem with authenticating Warhol.  In the article they note the facts” that none of the top five Warhol works sold at auction have been stamped by the board…”. With only 16 out of 49 works for sale this past month having been authenticated by the board, there is no reason for collectors to fear.

All of the top record-breakers are, however, detailed in the artist’s catalogue raisonné that the Warhol Foundation has compiled. There are three completed volumes of the catalogue that document Warhol’s paintings, prints, screen prints, and sculpture until 1974. The foundation’s mission is to make a complete catalogue of all of Warhol’s works and will continue to review works submitted for inclusion in future editions, but in its own time (unlike the authentication board, which took requests).

The Foundation stepping away from the market to focus on scholarship will undoubtedly led to good things. A more complete catalog of Warhol’s work will aid the art market in regards to authenticity as the new scholarship will include his drawings and photographs, which currently do not exist in a cohesive form. When looking at the Warhol works the Authentication Board has been exposed to, there is no cause for concern as only 6,000 of Warhol’s more than 100,000 works have gone through the authentication process. Thus the only advice to offer a collector is to practice due diligence in regards to researching the provenance of a piece and feel 100% comfortable and confident in their purchase.

Frescoes inside the Church of Santos Juanes in Valencia, Spain

Pseudomonas stutzeri was developed by a team of biologists, their efforts driven in part by Pilar Bosch, who learned her tricks from the group that cleaned the Campo Santo di Pisa in Italy. Growing the bacteria in a culture containing the elements that need to be removed from the frescoes, the scientists develop a strain that eats away, literally, at the gluey remnants of past botched restoration attempts and at the salt blooms left by pigeon nests.

The bacteria are spread on an area of the frescoes and covered with a gel; when heated by a lamp, this gel generates humid conditions under which the Pseudomonas thrive, and get to work.  Just 90 minutes later, the targeted area of the fresco is washed clean with water and dried, killing the bacteria and leaving behind a shiny clean section to admire.

In this way, about one third of the frescoes decorating the walls of the baroque and gothic Church, whose original structure dates back to the 13^th century, have been restored to date.

What strikes me, and what might occur to fresco aficionados, is how this restoration-by-bacteria creates a neat symmetry, revealing what was created through similar means. The artist paints one pre-determined portion of fresco per day. Before work begins, wet plaster is laid down. The fragment must be completed before the plaster begins to dry. Any mistakes must be manually removed, and sometimes the entire section – called a giornata in Italian due to its daily time limit – has to be taken out.

Bosch and her team of people and Pseudomonas might think of their own work as broken down into miniaturegiornata, 90-minute cycles of apply and unveil. As for this joint venture of bacteria, biologists and baroque art, I knew the world needed to know.

There were several insights that were revealed in these sales as to the direction of the art market. The first of which is that Surrealism is gaining popularity once more. Max Ernst’s incredible masterpiece, “The Stolen Mirror,” sold for a record $16,322,500. While two classic works by René Magritte also found homes with “La fin du mond,” making $7,026,500, and the painting “Les vacances de hegel,” making $10,162,500. Surrealism is an interesting theme as it attempts to express the workings of the subconscious through fantastic imagery and strange juxtapositions of subject matter, which not everyone appreciates but the works do have quite the solidarity in the art market.

La femme qui pleure, I by Pablo Picasso

Several of our other artists that we feature had great sales as well. Pierre-Auguste Renoir’s “Portrait en buste de jeune fille” went for $1,874,500, and Wassily Kandinsky’s color-charged 1908 Expressionist composition “Weisser Klang (White Sound)” sold for $8,930,500. These all seem to affirm, when taken in accordance to the auction results of the past few years, that art is a good place to put some of your wealth as it has proven to be a resilient market. The confidence in the art market can only continue to rise as additional Contemporary auctions occur this week.

'Two-Piece Knife Edge’ by Henry Moore

Martin Bailey reports in The Art Newspaper (October 2011), what is known: the Department for the Environment, Food and Rural Affairs, the Department for Culture, Media and Sport, the Greater London Authority, the Henry Moore Foundation, the Parliamentary Estate, and the Parliamentary Art Collection all deny ownership (and therefore responsibility) of one of the most important Moore sculptures in the United Kingdom. The Palace of Westminster’s Deputy Curator Melanie Unwin states the problem succinctly: “All of the organizations I have approached have said it is not them. It is even possible that the sculpture does not have a legal owner, but this is something on which we will have to seek legal advice.”

The closed circuit, “do not pass go” research behind what Bailey calls a “Kafkaesque trail” leaves just one thing certain. Until someone steps forward, the sculpture will continue to languish in its damaged state. If money were no issue, I know I wouldn’t mind having something to put in my backyard.

Luckily, there are several things we all instinctively do when we hang works on the wall which are correct. These range from measuring the distance from the ground we want the work to hang on (universally around 5 feet, 2 inches as that is median eye level) to making sure our nails and/or brackets are horizontally even so the work doesn’t seem tilted to strategically placing the nails and/or screws on a stud. All of these are proper hanging techniques, but here a few more tips we use at the gallery.

The first set of tips revolve around the bolts/screws/nails/hooks themselves, with the most important being to always use two bolts/screws/nails/hooks for any work you hang no matter the size; and when more than ten pounds of weight is involved then a molly bolt is recommended. A molly bolt usually consists of a pointed end, which is used to help insert the bolt, the bolt or screw itself and the anchor.

Example of a Molly Bolt

The anchor is a sleeve that fits around the bolt and is threaded, so it expands as the bolt is tightened. It just provides some extra support for the weight of the work. Nails are fine to use, but screws and/or bolts should ideally be used as they are drilled into the wall which provides for little wiggle room that hammering a nail often creates in the drywall.

After the correct supplies are chosen, which depends on your preference and weight of the work, the process begins. This is where the importance of measurements cannot be stressed enough. No one likes the feeling of screwing in a bolt and realizing when the work falls or won’t fit in the desired spot that the distance they measured on the wall was wrong. Therefore to avoid the frustration, always measure the hangers on the back of your work and then transfer the measurements to your wall, leaving a mark with a pencil or tape.

Tape, especially masking tape, is handy for after the hanging if you want to tape around the nail/bolt/screw and hanger to provide extra assurance and support. As the work often gets mismanaged in the hanging process, do make sure to always support the bottom when hanging so the work does not drop. The last bit of advice would be to rotate works on display so they do not get damaged by elements such as light.  When everything is done right there will be no accidents or crashes, and you and the artwork can rest easily knowing everything is secure. Happy hanging!

In determining how to conserve the paper that has been damaged, conservationists have three main categories that the damage can fit under. They consist of Fixable, Fixable to a Degree, and Not Fixable. All of which are dependent on the complexity of the restoration, which in turn corresponds to cost as well results.

The first category explained will be Fixable which includes wet mounting, dry mounting, and tape/hinge removal, all of which when done wrong, or simply through age leaves residue that effects the chemical change of the paper. All of which is explained in the article What is “museum archival framing”?. However, as a brief recap, wet mounting is artwork that is glued to another surface. Dry mounting is liquefied dry mount tissue that causes the work of art to bond with another sheet of paper. Lastly, tape or hinge removal is due to the excessive use of hinges/tape that attach the art to its current mount.

Example of Paper Conservation

The second category of paper conservation is Fixable to a Degree. This classification consists of treatments that may or may not result in a “good as new” appearance, which is caused by discoloration. There are six types of discoloration which include foxing, tideline, mat burning, toning, light staining, and tape/hinge staining, Foxing is brought on by metal salts resident in paper, which could be due to fungus/or mold.  Tideline is caused by water polling on the surface of an artwork. Mat burning is evident of thin, dark lines, nearest the cut edge of an acidic mat board. Toning is discoloration due to fumes emanating from acidic material. Light Staining is caused by the penetration of UV light on unprotected paper. Lastly, tape or hinge staining is darkened areas left by tape, hinges, or glues as discussed in the paragraph above. Tears, holes, or abrasions to the papers surface are also classified as fixable to a degree depending on the size and complexity.

The last category of paper conservation is Not Fixable , which means it is unwise to fix the surface of the paper. This includes faded pigments and abrasions to screen-print inks which if fixed leave a permanent residue on the work is discernable through UV illumination and could possible alter the value of the work if done poorly.

The conservationist we trust with our art is Diane Jeffrey of Studio Conservation Inc.. Masterworks Fine Art has been using Diane for years to inspect and guide our decisions concerning the potential problems of a piece. She has been an instrumental aid in our success as a business and offers over 25 services designed to preserve and conserve not just original works of art, but paper, posters, and other collectibles as well. Please feel free to view her website at http://www.atstudioc.com to see what she can do for your conservation needs as she is the only one we trust for ours, or you may contact her directly at (800) 583-8379 for any inquiries.

Another great resource is the American Institute of Conservation, which offers articles, and a directory. This particular resource is more informative than this article for those of you looking to possibly have work conserved or wonder what kinds of misfortune can fall upon your art investments if you do not properly care for them.

Throughout his childhood, Calder was always constructing toys. He was fascinated with using objects to create multiple dimensions, and upon receiving his degree in mechanical engineering in 1919, Calder decided to apply his passion and formal training to a career as a professional artist. He attended art classes in New York, and in 1926 moved to Paris, where he received acclaim for putting on small-scale circus performances known as Cirque Calder. These spontaneous performances were fashioned from wire, string, rubber, cloth, and other objects that Calder found and assembled.

Through the creation of the Cirque Calder, Calder’s interest in both wire sculpture and kinetic art began. He maintained a sharp eye with respect to the engineering balance of the sculptures and utilized these to develop the kinetic sculptures. Calder’s further experiments to develop purely abstract sculpture came from his visit to Mondrian’s gallery where Calder was inspired to make art multidimensional. This lead to his first truly kinetic sculptures, manipulated by means of cranks and pulleys. By suspending the works in mid-air, Calder discovered that he could add life to the otherwise static sculpture.

Example of Calder Mobile

By the end of 1931, Calder moved on to more delicate sculptures, which derived their motion from the air currents in the room. From this, Calder’s “mobiles” were born. At the same time, Calder was also experimenting with self-supporting, static, abstract sculptures, dubbed “stabiles” to differentiate them from mobiles.

Calder is noted as saying, “Out of different masses, tight, heavy, middling—indicated by variations of size or color—directional line—vectors which represent speeds, velocities, accelerations, forces, etc. . . .—these directions making between them meaningful angles, and senses, together defining one big conclusion or many.” From this, we can only glimpse at the magical vision he had of the world that surrounded him. The mobiles and stabiles he created to encapsulate that vision continues to inspire us to see the intertwining relationship of all the elements in the universe.

When researching a Rembrandt impression, we consider the image and sheet size, the type of paper on which the work is printed, and the watermark (if there is one). We consult Nowell-Eusticke, the authoritative catalogue raisonné for the artist, compare our results against the volumes by Hind and White & Boon, and turn to the recently-published Watermarks in Rembrandt’s Prints by Ash & Fletcher. These books describe, in one way or another, differences large and small between each printing of a single plate.

Rembrandt experimented with the effects of printing on different kinds of paper, and is known to have used vellum, calfskin parchment, creamy handmade European papers, coarse “oatmeal” papers made from the dregs of the papermaking vat, and the thicker, softer “Japan” paper (Ash & Fletcher, 11).  Not all of these papers were made with watermarks or wire marks, as they are also known, but those that were can provide insight into the time frame in which a print was pulled.

As methodical studies of watermarks found in the graphic work of specific artists appear, the identification of these marks becomes increasingly valuable. It is a rare day when we uncover a full watermark on a newly acquired print. Finding even the tip of a crown or a partial cluster of grapes enables us to match that fragment to a documented watermark. If we can nail down what paper the work is on, we can at least be certain that the impression was not pulled before a certain date.

How does this relate to Rembrandt?

Say we determine that a certain watermark was produced in the early 18^th century. A Rembrandt etching on that particular paper couldn’t possibly be a lifetime impression, given the artist’s death in 1669. Ash and Fletcher note: “Our research often revealed the use of the same paper in the same print or in prints produced within a few years of each other” (15). That being said, they continue, “Rembrandt may have purchased certain papers in quantity, saved them, and used them intermittently over the years” (Ibid). This passage underscores the difficulty Rembrandt scholars face in assigning prints an exact date. Though helpful, a paper’s dates of creation do not necessarily dictate the time frame for the printing of a specific state. A plate may have been etched one year and printed the next. It may also have been reprinted a decade later.

Information obtained through a watermark about a paper’s country of origin, dates of manufacture, and import history can narrow the time frame for an impression and authenticate the work. However, sometimes our search for a wire mark leaves us empty-handed, and we turn to determining the state of the print.

To begin with, be sure to place your ceramic out of direct sunlight in a location where it won’t get knocked over. When handling these artworks, wash your hands and wear latex gloves, a material that prevents the piece slipping from your grasp. Your bare hands contain oils and moisture that can stain the clay, affecting image and value. Ideally, you should display the work in a dust-tight case to avoid particles settling on its textured surface, which is difficult to clean and easily scratched.

If you have to, use a can of compressed air (what’s known as an air duster) to dust terra-cotta, raku, bisque, and other unglazed, soft ceramics. With glazed artworks, the use of a soft brush is preferable to that of a cloth, which can leave behind hard-to-remove fibers. If a piece has a coarse surface or fragile decoration prone to flaking, avoid using a brush or cloth to dust the surface.

Fragile or unstable ceramics sometimes exhibit “crazed” glazes, which manifests as a series of fine surface cracks. In some cases considered a flaw, the effect can also be intentional. Crackle glazes are, in effect, a controlled form of crazing. Multiple causes exist: the clay, especially when porous or unglazed in certain areas, can absorb moisture and expand after firing; significant, rapid temperature changes can throw the work into thermal shock; or the glaze can simply be too small for the pottery. Imagine a person in a too-small, fine-knit sweater whose skin shows through the strained weave.

Crazing, glazing, cracking, and crizzling.

Crizzling? Why, it’s the crazing equivalent for stained glass and antique art glass, of course. This same network of thin surface cracks renders glass works cloudy, dull or opaque. An instable or deficient chemical makeup, linked to the use of too much alkali, or not enough lime, in the manufacturing process, is to blame. Over time, salt leaches away from the glass, setting off chemical reactions that weaken the object. Sadly, sisseling or crackling or crisseling – however you want to call it – is damage that can’t be undone.

At least correct handling of your ceramic masterpiece will maintain its condition, and prevent future deterioration.

We look to Nowell-Usticke’s authoritative Rembrandt’s Etchings: States and Values before cross-checking the entries in catalogues by White & Boon and Hind, amongst others. Nowell-Usticke makes the following remark in his introduction:

“A great multiplicity of states seems to have always been associated with
Rembrandt’s etched work. I feel this idea is incorrect. Rembrandt was
basically a one state etcher. […] after completing his etching he would
carefully inspect it; only when he was satisfied would he remove the
varnish and pull about five trial proofs to check general appearance […]
If these proved satisfactory […] he would pull about twenty more proofs
before putting the plate aside” (14).

These early prints, created within Rembrandt’s lifetime, are known as lifetime impressions, and are the most valuable works on the market. The word also applies to those impressions that the artist may have pulled if an initial printing sold well. Nowell-Usticke estimates 25 more prints followed the “early” examples, and these he terms “intermediate”. The last prints are “late”. This simple nomenclature opens the door to a complex web of plates destroyed and existing, reprints, retouches and more.

An etching can exist in one state, or in nine and our job is to determine where the work in our possession fits in with the print’s history.

Catalogue entries ask the reader to scrutinize the shading on the edge of a cloak or look for additional horizontal shading on a window sill. States of a print can vary minutely, meaning correct identification requires careful examination. Without our extensive library, which contains rare books and is a source of pride here at the gallery, we would not be able to complete such comprehensive research.

In the case of our Jakob Thomasz Haringh (The Young Haring), however, there was little room for doubt. The catalogue informs us that state III impressions of this print show a large picture added to the wall at left; state IV impressions are printed from a plate that has been, “cut down to head & shoulders only; the picture has been removed, leaving some traces” (Nowell-Usticke, B 275). The trimming of the plate narrows our options considerably, enabling us to name the correct state.

When we acquired Curly Headed Man With a Wry Mouth, our research was similarly short-lived. The plate, which has been destroyed, only existed in two states. Since impressions from the later printing show “The badly worn face & neck gone over with the roulette,” we had no trouble categorizing a first state print (Nowell-Usticke, B 305).

Navigating the catalogue raisonnès can be confusing at first, and we don’t always find what we’re seeking, but the research opens technical windows onto a great artist’s work and methods. And it’s surprisingly satisfying to find, yes, “The cross no longer touches the border at L. Fine diagonal L-R shading added below scroll (Making 3 directions)” – must be a State II Christ Crucified Between Two Thieves, Oval Plate (Nowell-Usticke, B 79).

To be sure, the national spectacle that was the debt ceiling crisis did not help things. Ending just hours before the United States ran out of money to pay its bills, the problem has actually been delayed, not resolved. Fitch Ratings warned that though the debt ceiling agreement reached Congress represents a step in the right direction, the U.S. still lacks, “a credible plan to reduce the budget deficit to a level that would secure [its] AAA status over the medium-term.” The threat still remains that the country’s credit rating may take a dive, fueled by lenders’ concerns that $14 trillion in debt is unsustainable.

Those who had never imagined the United States might be unable to settle its accounts are perhaps imagining a similar scenario played out in their own personal finances. For the individual, it may not be an option to file away these concerns for a later date. In the face of such an unstable financial market, investing in tangible assets can be an answer. Precious metals such as gold and silver are proving to be safe investments, having risen 16% and 30% in value respectively in 2011 alone. In the United Kingdom, you can turn to the Wine Investment Fund, where annualized returns range between 8% and 20%. And then there is the Fine Art Fund Group, whose investors are currently enjoying returns above 25%.

Even if you can’t afford the Fund’s $250,000 base level investment, individuals can build l art collections with personal and monetary value. Though numbers are tumbling right and left, the art market is going strong. Christie’s closed its Paris Contemporary Art auction at over €8.4 million ($3.8 million) on May 31, 2011, and showed similar numbers between its two Impressionist and Modern Art sales just weeks earlier. The auction giant recently hosted an entire event dedicated to Picasso ceramics, where pieces sold between $800 and $134,000. Such an extraordinary price range underscores the accessibility of art for investors with all budgets.

Whether you choose to fill your portfolio with Modern Masters such as Chagall, Miró, and Picasso, or contemporary favorites like Warhol, Yvaral, or Vasarely, you can’t go wrong.  Art is one of the few tangible assets that will simultaneously enrich your aesthetic life and ensure your financial wellbeing, over the long term.

Resources:
1. “U.S. Stocks Manage to Eke out a Gain.” New York Times. August 4, 2011.
2. “Gold, fine wine, art or under the bed: what’s the safest place for your cash?”Guardian UK. July 25, 2011.
3. Christie’s: Auction Results, May 2011.

Organized chronologically and by period, the exhibition provides insight into the breadth of Picasso’s oeuvre. From the early Blue Period in Barcelona through the revolution that was Cubism, it moves into Neo-Classicism and Surrealism; bronze and “found” sculpture shares space with such later, exuberantly fragmented paintings as The Matador (1970), a self-portrait.

“I haven’t got a style,” Picasso asserts, and this exhibition denies any possibility that the artist might be limited in people’s minds to a single movement. A range of styles, each mastered in its own right, fills the rooms. Notable is the complete absence of wall text explaining the history or analyzing the significance of the works. Timoth Burgand, Curator in Charge of American Art for the Fine Arts Museums of San Francisco, explains that this lack of text allows for personal, direct interaction with the art. Instead of being bogged down with explanation, the works are free to speak for themselves.

That we learn something new about Picasso from this exhibition is no surprise. Visit the Museu Picasso in Barcelona and an astounding range of works on paper display the master artist’s talent in the graphic arts. View our collection of ceramics and understand yet another, perhaps lesser known, side of his work. Travel to the Museo Reina Sofia in Madrid – the monumental Guernica and its black and white vision of the bombing of that town during the Spanish civil war awaits. If you can’t stop by the de Young for a visit before October 9, you will find the artist’s works scattered around the globe, or you might bring a piece from our collection home to you.

Calder was influenced by Léger, and Léger admired Calder’s work. Their paths crossed multiple times as Léger was often in the audience of Calder’s circus performances and Calder invited him to write the preface to his catalogue for the exhibition at Galerie Percier in 1931. The two artists had a close relationship and were often seen walking around New York or Paris together searching for visual inspiration. In their art, although they tended to resolve their depictions of the modern world in different manners, we can see the ideological thread between their work and similar integration of figuration and abstraction.

Calder and Miró lived in Paris at the same time and became close friends. Their artistic parallels have been well documented and exhibited. Both artists have an impish quality, a sense of play, and a love of adventure in their works. In describing the similarities in his work with that of Miró, Calder is quoted as saying, “Well, the archeologists will tell you there’s a little bit of Miró in Calder and little bit of Calder in Miró.” That could certainly be said of many artists relationships.

Surrealism uses visual imagery from the subconscious mind to create art without the intention of logical comprehensibility. Many Surrealist artists and writers regard their work as an expression of the philosophical movement first and foremost, with the works being an artifact. During Magritte’s life however he had a rather turbulent relationship with the movement. While in Paris in the 1920’s, Magritte became acquainted with much of the Surrealist theory and their romanticized notions of scandal, crime and disguise. However, Magritte was disgusted by the superficial methods of the Parisian and Belgian Surrealists and strove to remove himself from the association, but the movement continued to impact his work.

Magritte would remove an object from its usual context so that its purpose could change. With paintings like La Durée Poignardée, 1939, Magritte wanted viewers to put aside utility and common sense while interpreting the objects found in the work. In his artwork, Magritte toyed with everyday objects, human habits and emotions, placing them in foreign contexts and questioning their familiar meanings. He suggested new interpretations of old things in his deceivingly simple paintings, making the commonplace profound and the rational irrational. He painted his canvasses in the same manner as he lived his life, in strange modesty and under constant analysis.

Magritte’s intended goal for his work was to challenge observers’ preconditioned perceptions of reality and force viewers to become hypersensitive to their surroundings. As one of the more popular artists we sell, Magritte is timeless in his juxtapositions that reflect everyday life and beliefs, a great addition to any collection.



Alexander Calder was born in Pennsylvania and encouraged to create at a young age. Despite his talents, Calder did not originally set out to become an artist, but became an engineer. He did sketches for local papers and magazines which brought about a renewed passion. This was further fueled in his creation of both wire sculpture and kinetic art. As the inventor of the mobile and stabile sculpture, Calder also created paintings, lithographs, toys, tapestry and jewelry. As he stated of his inspiration; “The underlying sense of form in my work has been the system of the Universe, or part thereof. For that is a rather large model to work from.”

Jasper Johns hails from Georgia and is at the forefront of American art. His richly worked paintings of maps, flags, and targets led the artistic community away from Abstract Expressionism toward a new emphasis on the concrete. Johns laid the groundwork for both Pop Art and Minimalism. Today, as his prints and paintings set record prices at auction, the meanings of his paintings, his imagery, and his changing style continue to be subjects of controversy. Constantly challenging the technical possibilities of printmaking, painting and sculpture, Johns laid the groundwork for a wide range of experimental artists; “When something is new to us, we treat it as an experience. We feel that our senses are awake and clear. We are alive”.

Sam Francis is a prolific Californian artist. Considered one of the premier colorists of the twentieth century, his exciting, movement-driven, multi-faceted splatter/brush paintings are classified as Abstract Expressionism, but he is also closely associated with Color Field painting. Color Field painting is type of abstract art that consists of broad areas of low-contrast color on a very shallow picture plane. Francis held a deep love for color and had a brilliant awareness of the contrasts in colors and lights which is displayed in his work; “Color is born of the interpenetration of light and dark.”

The leading figure in the visual art movement known as Pop Art and one of the most sought after and successful American artists of all time is Andy Warhol. There is no denying this Pennsylvanian’s brilliance at removing everyday objects or celebrities from their context and isolating them to challenge the traditional art culture and views on commercialism. Warhol’s  life is well known and his art still breaks auction records, and we are fortunate to offer his works; “Once you ‘got’ Pop, you could never see a sign again the same way again. And once you thought Pop, you could never see America the same way again.”

Last, but certainly not least, is the American sculpturist Deborah Butterfield.  Born in California, she chose to create self-portraits using images of horses. Butterfield crafts the horses out of scrap metal, cast bronze, wood, wire, and organic materials such as mud.  She photographs the frame of the figure before she puts the material on which enables her to piece the work together from all angles giving the horses their realistic movement of body through which we are then able to interpret the emotion and context . Interestingly, she only works in the winter, so her works usually take 3 to 5 years to complete.

Joan Miró’s abstraction “Femme a la Voix de Rossignol dans la Nuit” sold for $7,709,608 while Henri de Toulouse-Lautrec’s “La Liseuse” sold for $9,165,339. “l’Empire des Lumieres,”  by René Magritte went for $3,888,313 and Pierre-Auguste Renoir’s widely exhibited “La Source (Nu Allonge)” sold for $8,241,788.

European buyers have been dominating the sales, but U.S. buyers have made an impact as well. This only goes to show that art is a great investment at any price level, in any country. With the steady return of good sales, art is stronger than it has been in quite while.

Art Basel features galleries from North America, Latin America, Europe, Asia and Africa. More than 2,500 artists, ranging from the great masters of Modern art to the latest generation of emerging stars, are represented in the show’s multiple sections. The exhibition includes the highest-quality paintings, sculptures, drawings, installations, photographs, video and editioned works. Last year, 62,500 people attended Art 41 Basel, including art collectors, art dealers, artists, curators and other art enthusiasts.

In the VIP preview that occurred June 14, 2011 there was well over millions of dollars of art sold. Even if one does not attend the fair or collect the artists represented by the galleries, the sales at the fair are excellent indicators of the market for both price and mood. Although the art market has yet to regain the giddy heights of the boom that preceded the 2009 slump, the million-dollar sales at Art Basel tell that the market is strong and worthy of investment.

Picasso’s most important influence however can be seen in the modern artists that aspire to emulate his work, challenge his techniques, and reinterpret his works with their own flair. With Picasso’s staggering output of more than 20,000 paintings, drawings, prints, sculptures, and photographs there is plenty to choose from.

Picasso invented cubism with Georges Braque, invented the collage technique, and painted the 20th century’s most imposing masterpiece “Guernica”, so it is indeed hard to think of any modern artist who didn’t at some point in their career take cues from Picasso.

These artists range from Max Weber to Man Ray to Willem de Kooning to Jackson Pollock to Arshile Gorky to Lee Krasner to David Smith to Andy Warhol to Claes Oldenburg to Jasper Johns and Roy Lichtenstein.

Many more artists are inspired by Picasso’s art and will continue to be. As they strive to capture Picasso’s versatility and movement through art and life, they embrace Picasso’s creative lawlessness and redefine art in their own right. So when looking at a de Kooning in a gallery or museum, take an extra second to ponder about the influence of Picasso.

There are many different options available besides these two but they are the most popular, as London-based Fine Art Fund displays. Fine Art Fund was the first fund of its type to invest in art as a worldwide asset class, and continues to be the only one to do so on a major international scale. However their creation is gaining in popularity as can be seen with several companies in several different countries taking a similar approach to the art market.

In Brazil, Plural Capital is an investment firm based in Rio de Janeiro and São Paulo that has launched BGA Private Equity Investment Fund. This new art-fueled market venture is worth $24 million and the strategy is to buy contemporary works, mainly from Brazil, for three years, and then spend two years selling off the art it has purchased. Therefore it encourages private investors to use the contemporary art market as a financial instrument.

Russia provides another example as to this sort of investment gaining popularity, but with a twist. One art investment firm, Atlanta Art, is valued at $4.7 million and just began trading last month. But it is Sobranie.Photoeffect valued at $467 million that is has a twist in their investment plan. What makes Sobranie.Photoeffect different is that instead of raising money from wealthy individuals to buy art, it has obtained its works from a group of anonymous Russian collectors. The plan for the fund is to sell five to 10 percent of its stock at auction every year, paying its final dividends after 15 years and then ceasing to exist. Sobranie.Photoeffect deals exclusively with photographs and holds over 290,000 original prints.

Russia and Brazil are not the only examples of art investment funds, but France and China offer different variations. In China, a financial corporation has gone public with China’s first openly traded art portfolio, on the Shenzhen Cultural Assets and Equity Exchange (SZCAEE). Issued by the Shenzhen Artvip Cultural Corporation, the art portfolio comprises 12 paintings by contemporary artist Yang Peijiang in the form of 1,000 shares, which sold out on the first day of trading, netting $354,480. As the artworks are traded by Artvip, which is managing the 12 works, profits are dispersed to shareholders. The Exchange itself is interesting as it was established in 2009 by the Chinese government, but functions as an alternative platform for the trading of a wide range of cultural assets — including artworks, luxury goods, and films — as part of the Chinese government’s attempt to commercialize, diversify, and regulate the public exchange of such cultural properties.

Meanwhile in France, the French company A&F Markets has come up with a venture called Art Exchange that will treat artworks as investment vehicles, opening them up to partial purchase by shareholders. The initiative has just launched with an offer of shares in two pieces, one by Sol LeWitt and the other by Francesco Vezzoli. Now 11,000 shares of LeWitt’s “Irregular Form” are available at $13 per share, for a total value of $142,000 and 13,500 shares of Vezzoli’s “The Premiere of a Play That Will Never Run” are also offered at the same rate, giving it a total price of $174,000.

What does an art investment fund do for you? Well it provides those who cannot afford to buy expensive works of art an avenue for reaping a profit off of the art, as well as provides new buyers with an “in” into the art world. In two of the examples listed above, shareholders are even able to have the piece on display in their home on a loan so to say. Thus, in addition to sharing the potential appreciation and profits of the artwork, the artwork is being admired and enjoyed as well.

Impressionist and Modern Art is holding steady in the art market. Several impressionist records were set this past week with Maurice Vlamincks Paysage de Banlieu selling for $22,482,500 (originally bought 17 years prior for $6,822,500) and Maximilien Luces’sNotre-Dame de Paris, that sold for $4,226,500. Pablo Picasso was a top seller with Les Femmes d’Alger, Version L going for $15,762,500, Homme au Mouton selling for $7,138,500, and Femmes Lisant (Deux Personages) selling for $21,362,500. All of these rare works are being offered at the perfect time for both old and new investors to enjoy.

Contemporary Turkish Art, generally sold in Dubai and London, is blossoming into the international art world as can be seen in the specialized sales held at major auction houses in April. In total, the sales in April 2011 generated $6.1m. The best results were Ömer Uluç and Erol Akyava’s painting End of Encounter, which brought in $741,000. The Whispering Wall II by Burhan Cahit Dogançay reached $375,000, and an untitled work by Orhon Mubin went for $326,000.  These results show that the Dubaian market, which is traditionally strong for Contemporary Turkish art, is now being outshined by the European segment of the market.

Contemporary Chinese Art is dominating the global art market. Many of the works are selling for quadruple of what they were estimated at. Total revenue from one auction was $46.68m. One of the highest selling contemporary artist’s is currently Zhang Xiaogang, whose Forever lasting Love (1988) sold for $9m. Only time will tell if the market continues to rise or fall, but as Chinese art buyers are actively collecting, the market looks to be a good investment.

Once in Paris, Sonia enrolled in the Académie de la Palette in Montparnasse. However she was not happy there and tended to spend more time in the galleries around Paris. Her own work during this time was influenced by artists such as Van Gogh, Matisse, Henri Rousseau and Gauguin. In 1908 she married German homosexual art gallery owner Wilhelm Uhde. It was during her time at Uhde’s gallery that she met and had an affair with Robert Delaunay.

Sonia and Wilheim Uhde divorced in 1910, and Sonia went on to marry Robert Delaunay and have a son named Charles. Sonia is quoted as saying about Robert, “In Robert Delaunay I found a poet. A poet who wrote not with words but with colors.”

The Delaunays are often credited with the creation of Orphic Cubism or Orphism. This is a form of Cubism that focused on pure abstraction and bright colors influenced by Fauvism and the dye chemist Eugène Chevreul.

Sonia, who made paintings, prints, books, textile and fashion designs, carpets, furniture, mosaics, and the odd movie set, is more often remembered as the wife of Robert Delaunay, but she is an established artist in her right, whose works today are gaining the respect of the art market.

Susan Brown, who co-curated “Color Moves: Art and Fashion by Sonia Delaunay,” on view through June 5 at the Cooper-Hewitt, National Design Museum, in New York, notes that a critical reappraisal is in the offing. “It’s my impression that she’s going to fare better in the long haul. Particularly in the past 10 years or so, there’s been a lot of focus on her work.”This can be seen in the six auction records for Sonia that were set this past year, with prices outpacing estimates.

“The demand is escalating along with prices, and the number of collectors who seek her works is also rising,” says Thaddée Poliakoff, owner of Le Coin des Arts gallery, in Paris. Sonia’s high stands at €4.1 million ($3.9 million) from a 2002 auction of the 1915-16 canvas “Marché au Minho.”

Another opportunity for collectors are Sonia’s works on paper. Prices are relatively low for her prints and gouaches, which can be purchased from our Delaunay collection. It is “Pochoirs” that command the highest prices, due to rarity. According to Tudor Davies, head of prints for Christie’s Americas, “her etchings tend to be valued more highly than her lithographs, no doubt because they provide a better sense of surface.” He advises collectors to “look at the strength of the composition and the use of color and contrast. Simply put, you want the image to be as strong visually as possible when it is on the wall.”

Information was obtained from Artist Dossier: Sonia Delaunay – ARTINFO.com

“Sixteen Jackies” was sold for $20,242,500, while “Shadow-Red” (1978) sold for $4,842,500. Warhol’s “Statue of Liberty” (1986) sold for $3,442,500 this past week and was last sold in 2008 for $2,210,500. That is a 2.8% increase in value over 3 years for an average of .93% increase in value a year. With a steady increase such as that there looks to be no stopping the raising values of Warhol.

Miró was a highly disciplined hard working man. He spoke little and looked like the perfect bourgeois. He was orderly, reliable and punctilious. He was astonishingly versatile, willing to try almost anything. Nothing of him had any touch of a free spirited bohemian that he seemed to exhibit in his works.

In 1927, when Miró was 34 he was already a successful artist but he had a restless temperament and lived in provoking times. Surrealism, he discovered, had limitations. He was ready for a radical change in art, but he realized that he would have to create it himself. With his famous words, “I want to assassinate painting,” Miró did just that.  He took the elements out of art and stuck to the essentials. Whether he used a limited color palate or sparse geometric designs or different material he deified the essence of painting being on a canvas.

”I personally don’t know where we are heading,” Miró told a Spanish journalist in 1931. ”The only thing that’s clear to me is that I intend to destroy, destroy everything that exists in painting. I have utter contempt for painting. The only thing that interests me is the spirit itself, and I only use the customary artists’ tools — brushes, canvas and paint — in order to get the best effects. I’m only interested in anonymous art, the kind that springs from the collective unconscious.”

By the end of his long life, Miró had executed paintings and sculptures that prefigured Abstract Expressionism, Pop art, Color Field painting, process art, appropriation, and even conceptualism. Ultimately he succeeded in his goal of “assassinating painting”, and left us with a canvas of brilliant colors combined with simplified forms that allow us to embrace our inner child.

Picasso was the first modern celebrity artist, unapologetic for his crass behavior, while Matisse lived in contrast, a reserved man shielding his life from the public view. They mocked each other in their respective works, yet revered each other for their talents. Matisse ”left me his odalisques,” Picasso famously declared after Matisse died, and then, in ”Women of Algiers,” Picasso returned these odalisques to their original source, Delacroix. He was expressing what Françoise Gilot, the painter and Picasso’s lover, called a kinship based on the common ”understanding of the same artists and the same principles.”

Both of the artists had a restless, self-confident, combative intelligence. As can be seen in the cross comparison of their careers and from the respect and admiration adorned from their art, they were strong contemporaries whose fame seemed to rise and fall in contrast to one and other. By the end, Picasso was strapping canvases onto the roof of his car and driving them over to show an elderly Matisse. ”Everything considered, there is only Matisse,” Picasso said. ”Only one person has the right to criticize me,” Matisse responded.

Picasso once said that in order to grasp 20th-century art, you ought to see ”side by side everything Matisse and I were doing.” This rivalry and friendship seemed to bring out the best in both artists. Thus, us lovers of the art world, are fortunate that they co-existed because without the personality or presence of one or the other, who knows what sort of influences would have driven them, and what masterpieces we would have lost out on.

Braque’s role is often underplayed as Picasso is the more commercially acclaimed artist, but Braque was capable of remarkable flexibility and invention. It was certainly a give and take between Braque and Picasso, and of their velocity of discovery and invention. However Braque’s and Picasso’s attraction to notions of selflessness and anonymity probably owes more to the reticence and tact of Braque, than to the overly self-confident of Picasso.

Even after Picasso and Braque went their own ways, when Braque enlisted to join the war efforts, they occasionally made snide remarks about each other but remained loyal to what they had shared during these years. They never expressed what transpired between them. As Braque recalled, ”Picasso and I said things to one another that will never be said again … that no one will be able to understand.” This dedication and respect is one seldomly seen in the art world, and their silence on what transpired signifies that they felt their time together was sacred. And without such time spent together, who knows if Cubism would exist or even be considered an art form today.

Take Claude Monet and his first wife Camille Monet. Camille was his model before she became his wife and inspired some of his most famous works, Woman with a Parasol and Woman in the Green Dress. Pablo Picasso’s use of his lover’s in his art is unquestionable, therefore, it isn’t surprising to find them in his brilliant masterpieces, such as Dora Maar in Guernica. In more recent memory, the way Christo and Claes Oldenburg have latterly given their project-manager wives equal billing.

Such passion and respect have created wonderful masterpieces that tell stories of love, betrayal, sadness, hope, and desire. Without the influence of such women, who knows what would have inspired these artists to create.

*obtained from Picasso and Theft of the Mona Lisa

It must be noted that some people have a much more rigorous definition of an original print than others, however we consider the collaborative work completed during the artist’s lifetime with their signed approval to be an original, as they produce a vibrant image that more skillfully projects the artists’ message. Given the multitude of techniques used by key artists and the great variety of techniques available, the involvement and collaboration of the artist leaves one with no sensible conclusion then to say all techniques should be considered equal as long as the artist’s intent was approved through the artist’s original signature on that piece of work.

Museum archival framing uses 100% cotton rag as matting material, the colored space between the piece itself and the frame. Besides protecting the work from being close to the frame, it also protects the work from being too close to the glass which can have adverse effects such as condensation. The mounting hinges (invisible attachments between your art work and the backing board) are made of Japanese paper with natural wheat or rice paste used as the adhesive.

The conservation glass used in such framing filters out between 97 to 99% of ultraviolet rays, which protects the work from fading as well as scratching. In addition to possessing all of those materials, the frame should have an acid-free paper dustcover stretched across the back. This prevents dust particles and tiny insects from gaining access to your art work.

With great catastrophe however comes a renewed sense of purpose and hope and several artist communities around the world are taking action to show their support. Takashi Murakami, the chairman of GEISAI (a Japanese art festival), is encouraging artists to upload their work onto Twitter, with a theme of “providing encouragement to the victims and those who have despaired in the quake’s aftermath.” For those interested in viewing the works, they can be accessed at ameblo.jp/geisai-net.

There is a non-profit called Artists Help Japan, where communities of artists are holding special events through which to help raise money for the affected victims. As well as an online community, the Sweet Streets Blog of Manga Art, that is hosting an online fundraiser by selling art created by Japanese artists who have been affected by the earthquake. With such an informed international art community putting their efforts into fundraising, it shows how destruction can cause creation, and with that creation aid in recovery efforts. *

*Information retrieved from an article by Yuhei Wada

What this means is that art, is once again, becoming a chief investment as the difficult economic times appear to be improving. Concerns remain of course, but the recent months of great sales due to the emergence of wealthy collectors from Asia, the Middle East and South America has deepened the pool of buyers and therefore increased the demand.

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.

Limited edition Agam donated to Oakland Hebrew Day School

Understanding the chromatics of Rothko. Attempting the complex construction of the Tower of Babel. Art at Oakland Hebrew Day School isn’t just an activity, it is core to the curriculum. OHDS recently received a Yaakov Agam original limited edition, pencil signed, silk screen, created in 1979 to honor the peace treaty between Egypt and Israel from Alex Adelman of Masterworks Fine Art. Read full article.

The BBC explains recent Christie’s London sales:

A “blue period” Picasso has fetched £34.7m at auction in London.

Christie’s says the event will be the biggest art auction ever held in London. It forms the centrepiece of a week of arts sales in the capital, where a self-portrait by Edouard Manet has already been snapped up for £22m.

Prices have soared recently, with Picasso’s 1932 picture Nude, Green Leaves and Bust fetching $106m (£72m) in New York last month, making it the most expensive art work sold at auction.

Read the full article

In The Wall Street Journal’s A Flight to Tangibles, world famous art dealer David Nahmad describes the art market. “It is simple,” says David Nahmad, one of the world’s most famous art dealers. “A lot of investors are distrustful of equities. They are terrified of cash that pays 0% at the bank and is threatened by the ‘great inflation’ lying one to two years ahead.”

He adds, “There is no argument over their worth; they just grow constantly in value in an art market that is awash with money but short of supply. They are also very safe. If the world collapses but you own a Picasso, then amid the ruins you still own a Picasso. What we are seeing is a flight into tangibles. It has happened many times before.”

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As you can see on the website, this has allowed us to have the best inventory we have ever had in our 30 year history. In order to continue this process, we are constantly running sales to raise capital for other purchases to further enhance our offerings to you. Unlike other galleries, or auction houses, there is no overhead cost as we only consist of four employees. That means we are able to give you, the customer, a lower price as we do not need to inflate the pockets of anyone. So please enjoy the sales, make your wish lists, and know more art will be coming soon.

Before and after conservation at Studio C.

Works of art are subject to a variety of disfiguring ills, many of them caused by environmental and human effects. These ills can range from small tears, stains, to natural aging to the damage caused by fluctuations of temperature and light exposure. The inks and paints that the artist themselves use can contain acids as well, and a good conservator can deacidify a work often making the work even more archival then when created.

Much of modern conservation is directed toward producing a stable, favorable situation for the display of art works and maintaining regular inspection and diagnostic procedures to combat deterioration. The conservation of a work in need of repair is done by a conservator whose work is guided by high ethical standards. Their mission is to preserve the history of the work, while at the same time bringing it back to its original state to convey the original intent and message of the artist. Museums, and other institutions of archives, often have very strict guidelines as to how their works are conserved and preserved due to the necessity that everything the conservator does to the piece must be reversible. As an art gallery we rely on the conservator for their skills and ability of inspection, to judge the condition of our works, as well as their knowledge and professionalism for when we do need them.

Effective art conservation and restoration ultimately depends upon the conservationist’s understanding of materials, technical craftsmanship, and aesthetic and historical awareness. One conservationist in particular that Masterworks Fine Art has been using for years to inspect and guide our decisions concerning the potential problems of a piece, is Diane Jeffrey of Studio Conservation Inc. She has been an instrumental aid in our success as a business and offers over 25 services designed to preserve and conserve not just original works of art, but paper, posters, and other collectibles as well. Please feel free to view her website at http://www.atstudioc.com to see what she can do for your conservation needs as she is the only one we trust for ours, or you may contact her directly at (760)721-5528 or toll free at (800) 583-8379 for any inquiries.

Sheryl McMahan                                                                                     Curatorial Registrar

Featured in the February 2010 issue of L’Objet d’art magazine, this article was written by Monsieur François Duret-Robert, veteran art-world journalist, professor, specialist in art-world jurisprudence and expert on droit moral.

It’s a family quarrel, but one that could deeply impact the image of Victor Vasarely’s works, whose origins stem from the variations of the artists’ moods.  The court has had to decide if the artist himself was aware of his actions at the end of his life, when he decided to give his confidence in the future of his works to one heir, and then later granted the same to another.  The situation was brought in front of the courts, whose first solution was to give the artist’s grandson reason.

To understand this dark story, we have to better understand the Vasarely’s.  Victor Vasarely had two sons, André, a doctor, and Jean-Pierre, a brilliant artist known as Yvaral.  Jean-Pierre had a son, Pierre, from his first marriage.  Jean-Pierre then remarried Michèle Taburno, leaving her widowed in August 2002.

The current conflict between Pierre and Michèle concerns the droit moral for the Victor Vasarely works, a right that would have been willed to his son, Jean-Pierre and then to his grandson, Pierre.

The wills are different.

In his will, dated November 28th, 1990, Victor Vasarely states “my son Jean-Pierre, artist who has complete knowledge of my works to be the unique legatee of the moral right related to my work”.  In a second will from the artist dated July 29th, 1991, the artist confirms exactly the same, but in a third will dated April 11th, 1993, he changes his will stating, “I give Pierre Vasarely my only grandson, the disposable part.  He is the only one with the capacity to ensure continuation of my work at the Vasarely Foundation, which bears my name.”

The problem, in effect, is knowing if Victor Vasarely had all of his mental faculties intact when he drafted that third will.  Dr. Patrick Fremont, the psychiatrist who examined the artist a few months later (January 1994) wrote that the artist was plagued by a disease that had obliterated him of his mental faculties and crippled his ability to express his desires.  He went on to say that the artist suffered from “an intellectual deterioration which not only affected his memory, but did not afford him the mental capacity to make any decisions”.  Then there’s the court appointed expert, Dr. François Régis Cousin, who expressed a significantly different opinion.  During his testimony in June 1999, more than two years after the death of Victor Vasarely, Dr Cousin stated that “there was no reason to doubt the artists’ mental capacity on April 11th, 1993”.

Based on that expert witness’ testimony, on March 24th, 2005, the Paris court decided that “although Victor Vasarely suffered some weakening of the spirit as a result of his advanced age and mental disease, there is no evidence to prove a state of insanity on April of 1993, nor any reason to annul the will written on that date”.  Therefore, we cannot contest the validity of the last will from a legal standpoint.

Who holds the moral right?

After Victor Vasarely and his son’s Yvaral’s death, two of their heirs claimed to hold the moral right for the Vasarely works, his daughter-in-law, Michèle and his grandson, Pierre.

Michèle invokes her husband, Yvaral’s will, which states, “I give my wife the moral rights to my work and to my father, Victor Vasarely’s work, which he willed unto me.”  Pierre on the other hand, was claiming that the artist’s last will gave him “the disposable part”, which includes the moral right.

The Aix en Provence court decided that the last will was the one that would be accepted, as a result of that decision, Pierre is currently the titleholder for the moral rights to his grandfather’ works.  More surprisingly, was the court’s order concerning the archives.

The destiny of the archives

The Aix en Provence court ordered Michèle to transfer Victor Vasarely’s archives to Pierre.  A decision like this is highly suspicious, because the indisputable fact is that Victor Vasarely himself gave Michèle his archives; there is no doubt about this.

There is the artist’s letter dated August 8, 1991, where he wrote, “to the little Michèle, I give you my archives, my folders with the condition that you will always keep them and work together with Yvaral to protect my work”.  Then, there’s the fact that in 2007, Pierre stated that Michèle has been in possession of the archives for 15 years, confirming that she received the archives in 1992, making it a “manual gift”, which by law means that there exists a consensual agreement between both parties.  There is generally no way to reverse a “manual gift”.  Therefore it is very surprising that the judges did not take this evidence into consideration, and even more surprising how the court explained their decision, stating that “the archives are indispensible and correlate to the moral right.”  That concept is incredibly difficult to defend.

Let’s pose the question clearly: what are artist’s archives for?  The response is rather evident:  to certify the authenticity of their paintings and drawings in addition to establishing the catalogue raisonné.  Having the moral right does not include any prerogative on either certifying authenticity of the cataloguing of the works.  We all know that there exists a lot of confusion about this in the artworld, and many people confuse the moral right and the ability to certify the authenticity of the works, but there is an abundant amount of jurisprudence that support the fact that these functions are not one in the same.

The Paris court said that “the prerogatives of the moral rights, which belongs to the heirs, is simply to protect the image of the artists, since the knowledge they purport to have about the artists’ creations does not give them any power on authenticity.”

When you look at all the different judgments and court decisions regarding moral rights, the very limited credit the courts give the artist’s heirs is stunning.  Additionally, the certificates of authenticity created by the owner of the moral rights carry little weight in the courts eyes.  As for the realization of the catalogue raisonné, there is no implication that this privilege belongs to the artists’ heir.  The completion of a catalogue raisonné, the scientific classification of the artist’s works, can belong to anyone.  The only necessity is to respect the copyright obligations associated with the works.

Returning to the Vasarely affair, the question now is who will be recognized as the specialist for the artist’s work?  The answer is simple:  the person (he or she) that proves they are the most knowledgeable in the artists’ works.  Whether or not they hold the title to the moral rights is not important, and justly so.

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.

UPDATE (Feb. 10, 2010): Yet again, hammer prices are soaring well over high estimates on auctions in 2010 at Sotheby’s and Christie’s. A Nazi-looted Gustav Klimt painting was estimated at $19 mil to $29 mil, and sold for $45.4 mil.

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.

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.

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 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.

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)

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.

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.

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’s 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’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.”

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.

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.

Picasso ceramics

By Irma Adelman, Distinguished Fellow, American Economic Association

We are living in an era of great uncertainty coupled with major structural change.  The structural change affects not only the US economy but also its demographic structure, its technology, its communication system and its global economic relations. In addition, we are in the middle of two wars, locking us into substantial military and economic assistance expenditures.  Furthermore, the political system has become dysfunctional and the economy paralyzed.  No wonder economic growth has become stagnant and unemployment rampant.

Along demographic lines, we are experiencing an increase in the fraction of population of retirement age that is not compensated by an increase in people of working-age.  In addition, there has been a rise in life-expectancy.  The net result is that a greater share of GNP must be devoted to maintaining retirees and providing them with health-care. Also, a larger share of the work-force must be imported and we must graduate into a post-industrial age.

Technical change has had many different ramifications.  Production has become more high- education intensive. The speed of the communication-system has become instant from virtually all points of the globe. It has therefore become possible to decentralize production globally, while maintaining managerial and technical control  in the US with a consequent  globalization of production in what are nominally US-firms coupled with  a 24-hour production cycle. And the transmission of news across the globe has become essentially instant, accelerating economic, financial and political reactions to events happening anywhere in the world.

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.

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, Econometric Society

Fellow, American Academy of Arts and Sciences

Fellow, the Royal Society for the Encouragement of Arts, Manufactures & Commerce

Fellow, American Agricultural Economics Association

Order of Bronze Tower, Government of South Korea, 1971

Vice President, American Economic Association, 1979-80

Women’s Hall of Fame, University of California at Berkeley, 1994

Distinguished Fellow, American Economic Association, 2004

Laurea ad Honorem in Economia Politica, Universita Di Parma, Italy 2005

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.

I will focus this discussion on the works by Pablo Picasso (1881 – 1973) as I consider him to be one of the most prolific and innovative printmakers of our time.

As mentioned earlier, there are many levels of originality in prints – the works created by Picasso are no exception. Picasso created many different forms of prints in varying mediums. Etchings, aquatints, linocuts, lithographs and ceramics were editioned under his direction and were made to his specifications. His physical involvement varied from work to work, but his creative input was never compromised. I consider any print authorized by Picasso (evidenced by his hand signature or his creation of the plates) to be an original work.

A few prints from the series titled the Barcelona Suite are featured at Masterworks Fine Art, Inc. (Harlequin and Mother & Child) published by the Museo Picasso in 1966. All works from this edition are offset lithographs, hand signed and authorized by Picasso as evidence of his approval for each print that was produced.

Another printer that Picasso worked with was Guy Spitzer who also helped produce offset lithographs featuring unique, hand-applied stencil coloring. I consider the prints by Spitzer to be quite nice – each have notations on the reverse of the sheet, stating their unique piece number and edition size; this is viewed as one of the earliest examples of official documentation for each Picasso print, similar to a certificate of authenticity.

Prints made in collaboration with printmaker Aldo Crommelynck are perhaps the most beautiful works ever created by Picasso (their inherent textural qualities and the depth of color is enhanced when viewed in person). In my opinion, the series by Crommelynck is better than the prints created from plates which Picasso made himself.

I think the major differences should be considered with the artist’s involvement with the printing process, and the level of originality of the process employed.