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| Shared Passions |
Artful Beginnings
Aline Sullivan
08/02/2004
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Respect the Aged
Art experts aver that there is still value to be
discovered in older works, particularly in categories that remain somewhat
obscure. Pre-Impressionist French 19th-century painting has never fully
recovered from the success the Impressionists achieved at the so-called salon
des refuses in the 1860s. The fact that much of the work from this period
is dark, heavy and academic is partly to blame. However, there are many
exceptions. Honoré Daumier’s lithographs, for example, are fresh, often
humorous, and rich in psychological insight. Edgar Degas, no less, was a fan. We
are far better served, advisors suggest, by investing in the best works of
lesser-known artists than to buy second- or third-rate works by even the most
revered names.
What drives the price of art, apart from trends and tastes?
One important factor seems to be the degree of freshness to the market.
Picasso’s record-breaker reached an astronomical price partly because it had
been out of circulation for so long. Manuel E. Gonzalez, global art executive at
JP Morgan, predicts that were it to come up for sale again in another year, it
would not fetch more than $40 million. Consider that Vincent Van Gogh’s Portrait
of Dr. Gachet, purchased by a Japanese businessman for $82.5 million in 1990,
has since sold for one-eighth that price.
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