Spend an hour or two at MoMA, Tate ModÂern, or some othÂer world class museÂum and inevitably you’’ll overÂhear some variÂaÂtion of “my sevÂen-year-old could paint that.”
MayÂhaps, Madam, but how much would it fetch at aucÂtion?
As a new docÂuÂmenÂtary series, the Art MarÂket (in Four Parts), makes clear, the monÂeÂtary valÂue of art is tricky to assign.
There are excepÂtions, of course, such as in the irreÂsistible PicasÂso anecÂdote citÂed in the trailÂer, above.
UsuÂalÂly howÂevÂer, even the experts must resort to an eduÂcatÂed guess, based on a numÂber of facÂtors, none of which can tell the whole stoÂry.
As jourÂnalÂist and forÂmer direcÂtor of New York’s White Columns gallery, Josh Baer, points out in the series’ first episode below, even art marÂket indices are an unreÂliÂable tool for assessÂing worth. A porÂtrait of actress ElizÂaÂbeth TayÂlor by Andy Warhol failed to attract a sinÂgle bid at aucÂtion, though artÂnet Price DataÂbase reportÂed sales of between $27 milÂlion and $31.5 milÂlion for othÂer “Liz” paintÂings by the same artist.
I’d have thought a sigÂnaÂture as famous as Warhol’s would conÂfer the same sort of insÂta-worth PicasÂso claimed his John HanÂcock did.
The unpreÂdictabilÂiÂty of final sales figÂures has led aucÂtion housÂes to issue guarÂanÂtees in return for a split of the profÂits, a pracÂtice Sotheby’s North and South AmerÂiÂca chairÂman, Lisa DenÂniÂson, likens to an insurÂance polÂiÂcy for the sellÂer.
With the excepÂtion of the ill-fatÂed Warhol’s great big goose egg, the numÂbers batÂted around by the series’ influÂenÂtial talkÂing heads are pretÂty stagÂgerÂing. SnapÂpy editÂing also lends a sense of art world glamÂour, though galÂlerist Michele MacÂcarone betrays a cerÂtain weariÂness that may come closÂer to the true enerÂgy at the epiÂcenÂter of the scene.
As for me, I couldn’t help thinkÂing back to my days as a recepÂtionÂist in a comÂmerÂcial gallery on Chicago’s tourist friendÂly MagÂnifÂiÂcent Mile. I was conÂtempÂtuÂous of most of the stuff on our walls, which ran heavÂiÂly to pasÂtel garÂden parÂties and harÂleÂquins posed in front of recÂogÂnizÂable landÂmarks. One day, a couÂple who’d wanÂdered in on impulse dropped a ridicuÂlous sum on a florid beach scene, comÂplete with shimÂmerÂing rainÂbows. Rich they may have been, but their utter lack of taste was appalling, at least until the wife excitÂedÂly conÂfidÂed that the paintÂing’s setÂting remindÂed them of their long ago HawaiÂian honÂeyÂmoon. That clarÂiÂfied a lot for me as to art’s true valÂue. I hope that the couÂple is still alive and enjoyÂing the most for their money’s worth, every sinÂgle day.
The Art Market’s othÂer three parts, “GalÂleries,” “Patrons,” and “Art Fairs,” will be released weekÂly through mid-June. And we’ll try to add them to this post, as they roll out.
RelatÂed ConÂtent:
Warhol: The BellÂwether of the Art MarÂket
Braque in Bulk: CostÂco Gets Back into the Fine Art MarÂket
Ayun HalÂlÂiÂday is an author, illusÂtraÂtor, and Chief PriÂmaÂtolÂoÂgist of the East VilÂlage Inky zine. She wrote about her brief stint as a gallery recepÂtionÂist in her third book, Job HopÂper: The CheckÂered Career of a Down-MarÂket DiletÂtante. FolÂlow her @AyunHalliday