Art Collecting Today: Market Insights for Everyone Passionate about Art

Art Collecting Today: Market Insights for Everyone Passionate about Art

by Doug Woodham


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An insider's guide to buying, collecting, and selling art from an insider of Christie's
Grounded in real-life stories, Art Collecting Today is the essential practical guide to today's art market. A lightly regulated industry with more than sixty billion dollars of annual sales, the art market is often opaque and confusing to even the most experienced collectors. But whether a seasoned collector, an uninitiated newcomer, or an art-world insider, readers will learn within these pages how the art marketplace works in practice and how to navigate it smartly. Those who may have been put off by art-world practices will finally feel they have the knowledge needed to participate freely and fully, and collectors will be able to pursue their passion with more confidence.
Important topics covered include:
  • How to evaluate, buy, and sell art while avoiding costly mistakes and time-consuming roadblocks
  • How the market works in practice for essential artists like Ren? Magritte, Christopher Wool, Amedeo Modigliani, and Yayoi Kusama
  • How collectors can be taken advantage of, and the actions they should take to protect themselves
  • Why tax laws in the United States reward "art investors" yet penalize "art collectors"
  • How cultural property laws impact the market for works by such artists as Frida Kahlo and Andy Warhol
  • Advice for new and prospective collectors

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

    Product Details

    ISBN-13: 9781621536376
    Publisher: Allworth
    Publication date: 04/03/2018
    Edition description: Reprint
    Pages: 208
    Sales rank: 804,966
    Product dimensions: 5.90(w) x 8.90(h) x 0.60(d)
    Age Range: 18 Years

    About the Author

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

    Table of Contents

    Introduction ix

    Chapter 1 Experiencing Art Is (Almost) Free 1

    Our New Cathedrals 2

    Three Technologies Helping Make It Happen 4

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

    Zero, Nada, Zilch 9

    Chapter 2 The Marketplace For Fine Art 21

    Winner Take All 22

    Means and Desire 23

    Best Time to Be an Artist 26

    The Art-Market Ecosystem 27

    Chapter 3 Passions And Emotions 45

    An Itch to Scratch 52

    Different Collector Species 54

    Wisdom from Seasoned Collectors 58

    The Price of Perfection 61

    Chapter 4 Case Studies-How The Marketplace Works 71

    Christopher Wool: Becoming Trophy Art 72

    Amedeo Modigliani: Fakes and Catalogue Raisonnés 75

    Yayoi Kusama: Embracing Consumerism 77

    Rene Magritte: Condition Issues and Pricing 80

    Ruth Asawa: A Well-Timed Museum Retrospective 83

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

    Putting a Price on an Artwork 86

    Chapter 5 Buying Art Wisely 93

    Buying from Galleries 93

    Auction Houses-More Similarities than Differences 98

    The Curious Relationship between Gallery and Auction Prices 101

    Avoiding the Scoundrel's Corner (Part 1) 103

    Chapter 6 Buying Is Easy, Selling Is Hard 113

    Will They or Won't They 114

    Auction House Deal-Making 115

    Finding the Narrative 117

    The Story of Jason and Lily 120

    Avoiding the Scoundrel's Corner (Part 2) 126

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

    Andy Warhol as Cultural Property 131

    Butterfly Wings and Animal Skins 134

    Generosity, Taxes, and Legacy Planning 138

    Chapter 8 Making Their Way-New And Prospective Collectors 147

    A Toe in the Water 147

    Searching for What Is around the Corner 149

    In Praise of Connoisseur Collectors 151

    Appendix. A Peek Behind The Curtain 155

    Enhanced Hammer Deals 155

    Guarantee Deals 158

    House versus a Third-Party Guarantee 161

    Avoiding the Scoundrel's Corner (Part 3) 162

    End Notes 165

    Bibliography 177

    Acknowledgments 183

    Index 185

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