Art Collecting Fundamentals (Fundamentals of Collecting), by Jamie David

in book •  7 years ago 

In 1974 his vast collection, considered by many to be the finest private art collection in the world, found a permanent home in Pasadena where it now resides in the Norton Simon Museum—a true masterpiece.

Just as there have been forgeries in painting, even more so there have been forgeries in sculpture. A sculptor will limit an edition size because the clay original and mold are fragile and deteriorate with use resulting in an inferior casting. An unscrupulous foundry could make unauthorized copies of the sculpture. Always check the provenance when buying a piece of sculpture by a deceased sculptor and insist on a certificate of authenticity.

For the artist to sell to a person who was exposed to his/her work in the gallery first is called "taking the client out the back door," and is a risky practice for artists, with both their reputation and gallery representation on the line.

If you bought the work for investment and you think over time the artist's work will go up in price, you may ask the dealer to give you a certificate of authenticity without the sales price on it (a separate receipt will do).

Once you have determined that a framer employs "archival" framing methods and standards then consider the framer's aesthetics. Does the framer have an eye for what style and type of frame will enhance the piece? A good framer is an artist in his or her own way—it takes a special talent to excel at the craft.

It's a good idea to stay away from interior decorators when seeking framing advice. There's a good chance they're more interested in the frame as decoration, and thus, overdo it.

The frame's function is to provide a "framework" for the art, not to be noticed for its own sake.

The general rule of thumb is to hang your art at eye level.

You should be as cautious of selling at auction as you would be at buying. The first thing you should do is put a "reserve" on the work. A reserve is the minimum amount you will accept for the art.

The U.S. government has established a tax loophole that actually encourages donations of art to museums and non-profits. The only requirement is that you hold onto the artwork for a year and a day, and that it be donated to a qualified entity. This little gem of an investment vehicle is based upon a widely used tax law that permits an art collector to purchase the art at a lower price, hold the art for an appropriate length of time, then donate it at the higher retail "fair market" value.

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