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Article

Sheila S. Blair and Jonathan M. Bloom

[‛Alī Wijdān; Wijdan]

(b Baghdad, Aug 29, 1939).

Jordanian painter and art patron. She studied history at Beirut University College (formerly Beirut College for Women), receiving a BA in 1961. In 1993 she took a PhD in Islamic Art at the School of Oriental and African Studies, University of London. After serving in the Jordanian Ministry of Foreign Affairs and representing her country at United Nations meetings in Geneva and New York, Ali founded the Royal Society of Fine Arts in Jordan in 1979 and the Jordan National Gallery of Fine Arts in 1980 (see Jordan, Hashemite Kingdom of). In 1988 she organized in Amman the Third International Seminar on Islamic Art, entitled ‘Problems of Art Education in the Islamic World’, and in 1989 she organized the exhibition Contemporary Art from the Islamic World at the Barbican Centre, London. In 2001 she founded the Faculty of Arts and Design at the University of Jordan, and has received numerous awards in recognition of her work in the arts....

Article

Molly K. Dorkin

[art consultant]

Paid adviser employed by collectors to recommend and facilitate the purchase of works of art. There is a long history of recruitment of art experts by wealthy patrons for advisery purposes. In the 18th century art historians such as Johann Joachim Winckelmann were actively advising leading collectors like Albani family §(2). In the early 20th century the English dealer Joseph Duveen earned a knighthood for his philanthropic efforts on behalf of British galleries. Enlisted by the so-called American Robber Barons for advice in forming collections, Duveen brokered the sale of many notable Old Masters from English aristocrats to American millionaires, including Henry Clay Frick, J. P. Morgan, Henry E. Huntington, and Andrew Mellon. Their collections ultimately formed the nuclei of many great American museums. Duveen’s contemporary Bernard Berenson was an American scholar and expert on Renaissance painting who turned his hand to art advising. Berenson assisted Isabella Stewart Gardner in forming her renowned collection of Renaissance art. His legacy as an academic is controversial thanks to his habit of accepting payment in exchange for favourable ...

Article

Christophe Spaenjers

Statistical measure showing the development of art prices since a chosen base year. Index series are often represented as graphs, and allow for a comparison with the performance of other assets. An index also enables the measurement of the correlation of art returns with changes in valuations of other investments. Two techniques are commonly used to construct an art price index based on auction transaction data. First, so-called ‘hedonic’ methods use all available sales information to measure changes in quality-adjusted average transaction prices. Second, ‘repeat-sales’ regression models only use price information on artworks for which at least two transactions are observed to estimate the average return in each period.

Measuring the returns to art Investments is not methodologically straightforward. While for a publicly traded financial asset (e.g. a stock in a large company) a price can typically be observed on any given day, in the Art market each item is unique and trades only very infrequently. Ideally, an art index would track the total monetary value of a representative portfolio of objects over time, but this is not possible as we do not observe prices for the same set of artworks in every period. For this reason, even an index based on unadjusted average prices will not accurately capture changes in the willingness to pay for art over time. For example, even if the average price of all transacted artworks is twice as large in one period compared to the previous one, this does not mean that the typical item has doubled in value; it could be that in the second period there were more transactions of relatively more attractive works....

Article

Christophe Spaenjers

Set of financial methods, instruments, and business models that are used in the Art market. Important developments since the 1960s include the spreading availability and use of art price information and price indexes (see Art index), the emergence of loans collateralized by artworks, repeated efforts to create art investment structures, and a strong growth in art market advisory services provided by wealth managers and new entrepreneurs (see also Investment).

The first major development has been the spread of art price information and art price indexes over the last half-century. After a few difficult decades, art price levels and public interest in the art market were going up again in the 1950s and 1960s. A number of books on the history of the art market and on art investment that were published around that time—Le Vie Etrange des Objets (1959) by Maurice Rheims, Art as an Investment...

Article

Anne K. Swartz

[A. I. R. Gallery]

Art gallery in New York. Founded in 1972, Artists in Residence, or A. I. R. Gallery, was the first artist-run, not-for-profit gallery dedicated to women artists in the USA. Encouraged by the burgeoning Women’s Movement, a group of women artists wanted to create meaningful opportunities to show their art and have it seen and discussed. There were few options for women creating art to show it since few of the commercial galleries would show work by women. Women artists might occasionally have a single work included in a group show at a commercial gallery, but it was rare, and solo exhibitions of women artists were rarer still. So, women artists had to develop their own occasions to show their art.

A. I. R. Gallery’s mission is “to advance the status of women artists by exhibiting quality work by a diverse group of women artists and to provide leadership and community to women artists.” The gallery was founded by a group of artists—Dotty Attie (...

Article

Molly K. Dorkin

Prior to the 20th century, the attribution of works of art was not governed by rigid regulations, and art dealers and auctioneers assigned attributions based purely on aesthetic grounds. Works were attributed to the artist whose manner they most closely resembled, but they were not further distinguished on the basis of quality; as a result, many paintings purchased as Renaissance masterpieces in the 18th or 19th century have since been downgraded to studio works or even much later pastiches.

Historically, the patrons who commissioned Old Masters placed a premium on subject-matter rather than originality, and popular narratives were requested by multiple patrons, creating conditions in which the demand for copies could flourish (see Copy). Popular compositions were often reproduced many times: by the master himself, an apprentice in his workshop, or even a later follower or imitator. A master trained his apprentices to approximate his manner as closely as possible, and sold the finished work under his own name. In some cases a master would paint the most important part of a work (such as the faces of the central figures) before delegating the rest to apprentices. Through the 19th century, pupils at prestigious institutions were taught by making copies of works by acknowledged masters. Many pieces, particularly drawings (which for much of their history were working tools, rather than art objects), were unsigned. Damaged or incomplete works of art were subjected to extensive restoration or reworking by later artists, a process that can cloud the question of attribution....

Article

Molly K. Dorkin

An expert with a specialization in a distinct category of fine or decorative arts or other collectables at an auction house, responsible for researching Attributions and setting pre-sale estimates. Specialized auctions of works of art were recorded in Amsterdam as early as 1608, when they emerged as a subcategory of after-death estate sales. It remains unclear whether or not items were appraised for value by dedicated appraisers, forerunners of modern-day auction house specialists, in order to set estimates prior to the sales.

The Auction as a sale process reached England from Holland in 1676, and the first auction of paintings in London took place in 1682. It was widely accepted that the paintings offered at auctions were luxury goods rather than masterpieces, and the ‘specialists’ in charge of sales bestowed attributions with a generous hand. By the end of the 17th century more educated and discerning specialists had begun to emerge, including Edward Davis and Parry Walton (...

Article

Malcolm Gee

(b Berlin, Jan 6, 1914; d Paris, Feb 23, 2007).

German American art dealer and collector, active in France. Berggruen came from a middle-class Jewish family. He immigrated to the USA in 1937, and was granted American citizenship in 1941. He served in the army between 1942 and 1945. After a period working as a journalist in Munich and in the museum section of UNESCO, he set up as an art dealer in Paris in 1948, based from 1950 onwards in a modest gallery on the Rue de l’Université. The Berggruen Gallery specialized in modern graphic art, including Pablo Picasso, and was the principal source in Paris of the work of Paul Klee. Berggruen retired in 1980 and focused on his personal collection of classic modern art. In 1996 Berggruen was invited to put his collection on public display in Berlin in what was originally barracks for the Gardes du Corps, designed by Friedrich August Stüler, where it was known as the Berggruen Collection. In ...

Article

Bonhams  

Molly K. Dorkin

[Jones and Bonham; Bonhams & Brooks; Bonhams & Butterfields; Bonhams & Goodman]

Auction house established in London 1793 by William Charles Bonham, a book dealer (also recorded as Walter Bonham), and George Jones, from a gallery founded by Thomas Dodd (1771–1850), a dealer in antiquarian prints. Bonhams originally specialized in sales of prints in the 18th and 19th centuries, at which time the market was robust. By the 19th century Bonhams was also holding sales of antiques, which were advertised in the London press alongside similar offerings from Christie’s and Phillips. In the 1820s Dodd and fellow print dealer Martin Colnaghi catalogued the print collection belonging to Horace Walpole prior to its sale. Dodd and Colnaghi also catalogued the 50,000 works in the collection of Francis Douce for their donation to the Bodleian Library, University of Oxford. By the 1850s Jones’s son Henry and Bonham’s son George had taken over the business, which became known as Jones and Bonham. Paintings had been offered in their sales alongside print collections since the 1840s....

Article

Joseph R. Givens

(b Hartford, CT, July 9, 1952).

American art dealer, curator, and critic. Deitch is best known for transforming the American art market with the introduction of post-industrial business practices. A Connecticut native, he studied art history at Wesleyan University (1970–74) and opened his first gallery in 1972 at the Curtis Hotel in Lenox, MA. He studied the economics of art at Harvard Business School, and earned an MBA in 1978. His 1980 essay, The Warhol Product, was one of the first publications to address the post-modern phenomenon of art as commodity. In 1979 Deitch helped guide financial institutions into the business of art investment services by co-developing Citibank’s Art Advisory Service, a comprehensive service model that provided élite clients with loans, strategic collection consultation, historical information, and shipping and insurance management. After transitioning to a full-time, self-employed art dealer in 1988, Deitch brokered the secondary market sale of Jasper Johns’s White Flag (...

Article

Molly K. Dorkin

The world’s oldest auction house, founded in Vienna in April 1707 by Joseph I, Holy Roman Emperor (reg 1705–11). Originally called the Versatz- und Fragamt zu Wien (‘The Pawn and Query Bureau of Vienna’), the firm moved in 1777 to the site of an old monastery, the Dorotheerkloster, from which the name ‘Dorotheum’ is derived. By the end of the 19th century the premises were outdated, so Emperor Francis-Joseph I (reg 1848–1916) commissioned the architect Emil von Förster (1838–1909) to design a suitably grand building. This new structure, called the Palais Dorotheum, was completed and formally opened in 1901 by the Emperor, in whose honour the central hall was named. In the early years of the 20th century the Dorotheum introduced many innovations to their auctioneering process, such as the division of sales into categories by object type. The first unique categories, introduced in 1900, were art and numismatics....

Article

Electronic transactions of art over the internet. Since the introduction of the World Wide Web in the early 1990s, e-commerce has grown to become a very important channel for the trade of goods as well as services. Several attempts to transition the art market to the internet have been made since the late 1990s and initial results have been mixed. The e-commerce of art has mainly captured the lower end of the market and only recently efforts have been made to create an electronic presence at the upper end of the market. This segmentation, in combination with concurrent technological advancements, led to new ways of experiencing art online and is driving the transformation of the art market that we see today.

Consumer markets on the internet have grown rapidly since the 1990s and, in 2014, e-commerce represented more than 6 per cent of all retail trade in the USA, growing at 15 per cent annually. Globally, it exceeds $1 trillion every year. Thus, e-commerce has grown vastly since the mid-1990s, when one of the most prominent operators of internet auctions opened to the public: eBay.com. Due to its success, eBay has become one of the most studied online markets and it has also had a large impact on many other marketplaces around the world, which, with only small modifications, have mimicked its design....

Article

Joseph R. Givens

(b Los Angeles, CA, April 19, 1945).

American art dealer. Gagosian is considered a catalyst for the globalization of the art market. Raised in Los Angeles by a middle-class family, Gagosian did not recall visiting an art museum until he was in college. After studying literature at the University of California, Los Angeles (UCLA), from 1963 to 1969 he worked in several entry-level office jobs before making the transition to entrepreneur with a kitsch poster business near UCLA. Within a year, Gagosian transformed the poster business into a frame shop and art gallery, and over the course of the following three decades, he became the sole owner of a powerful art empire.

Realizing the limited sales potential in Los Angeles, he moved to New York and opened a gallery in SoHo with business partner Annina Nosei. In 1980 he returned to Los Angeles and arranged shows that rivalled New York dealers, including a notorious Jean-Michel Basquiat residency in April of ...

Article

[emerging art markets]

Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and antiques in the world after the USA (McAndrew 2014). Works of art made by modern and contemporary artists from all four countries regularly fetch more than $1 million at auction.

The rise of the BRICs has coincided with the global integration of what used to be local art markets: demand for and supply of particular artists or artistic movements may now be dispersed across the globe. The boom which global art markets have witnessed in the new millennium can be attributed partially to new buyers from countries like China and Russia developing an interest in art, both old and new. In describing the emergence of the BRICs, the focus in this article will be on modern and contemporary art, since that is where market development has been most significant, both qualitatively and quantitatively....

Article

Joseph R. Givens

(b Los Angeles, CA, May 3, 1932; d Los Angeles, CA, March 20, 2005).

American dealer, curator, and museum director. Hopps pioneered international awareness of Pop art and helped to establish Los Angeles as an internationally recognized art centre. He opened museum doors to contemporary art and paved the way for the explosion of the contemporary art market in the 1980s.

As a teenager, Hopps was introduced to modern art through frequent visits to the famous collection of Walter and Louise Arensberg. Hopps went to college to study medicine at the behest of his parents, first at Stanford University then at the University of California, Los Angeles (UCLA), but classes in art history, jazz concert promotion, and the creation of Syndell Studio eclipsed his science curriculum. Hopps’s ambition for a large-scale exhibition of West Coast Abstract Expressionism outgrew Syndell’s salon-style space. In 1953 he arranged Action 1, one of the first exhibitions of action painting outside New York. Hopps’s partnership with artist Edward Kienholz...

Article

[tribal art]

The market for ‘tribal art’ emerged in the first decades of the 20th century. By way of avant-garde artists and pioneering dealers, African and Oceanic art slowly became accepted as ‘art’—with its inclusion in the Musée du Louvre in Paris in 2000 as a decisive endorsement. Initially, it was referred to as ‘primitive art’—alluding to an early ‘primitive’ stage in human development; later replaced by the equally biased ‘tribal art’. While still used widely among dealers and collectors (for want of a better word and being conveniently short), the term ‘tribe’, or its derivative ‘tribal’, is frowned upon by the scholarly community.

The foundations of the tribal art market were laid at the turn of the 20th century. European powers colonized large overseas territories in both Africa and Oceania and, along with other commodities, there arrived ethnographic artefacts. Europeans had conducted coastal trade with many African regions over centuries, but systematic explorations of the continental hinterland did sometimes not take place until the first decades of the 20th century. These resulted in the discovery of previously unknown cultures whose ritual objects, such as masks, were displayed during world’s fairs and colonial exhibitions. Many of these objects ended up in newly established museums, such as the Royal Museum for Central Africa in Tervuren, outside Brussels. Vigorous competitors in the collection of ethnographic objects in both Africa and Oceania, these museums became the leading players in the early phases of the tribal art market’s development. Next to these large-scale official collecting activities, colonial, military, or missionary personnel also brought home exotic objects....

Article

Eric M. Wolf

( Houston )

American art collection that opened in 1987. In 2015 the collection contained approximately 17,000 objects, specializing in modern and contemporary art (with particular strength in Surrealism, School of Paris, Abstract Expressionism, Pop art, and Minimalism), antiquities, Byzantine art, and the art of Africa, Oceania, and the Americas. While the vast majority of works in the museum come from the collection of its late founders, John and Dominique Menil, de, the museum continues to collect and grow its art collection.

The main building was designed by architect Renzo Piano and was his first solo museum commission (he had previously partnered with Richard Rogers in the design of the Centre Georges Pompidou in Paris) and his first commission in the USA. In 2013 this building won the Twenty-Five Year Award of the American Institute of Architects, recognizing architectural design of lasting significance. Sited in a residential neighbourhood in Houston’s Montrose district, the modestly scaled museum building is surrounded by bungalows, houses, and smaller satellite galleries creating a campus-like environment. These surrounding properties are owned by the Menil Foundation and are painted a grey matching that of the wooden cladding on the main building. The museum features the first iteration of Piano’s signature glass roof, here suspended over large ferro-concrete ‘leaves’ or fixed louvres, which regulate the natural light entering the galleries. In addition to gallery space, the main building contains a conservation laboratory with studios for painting, object, and paper treatment, a research library, archives, museum offices, and the second floor ‘treasure rooms’, a sort of curated art storage making a large portion of the museum’s collection immediately available to curatorial staff and visiting scholars....

Article

Gary Schwartz

[Jean-Michel]

(b Paris, Oct 3, 1928; d Branford, CT, July 26, 2005).

French art historian and economist, active in the USA. Montias was a specialist in Eastern European command economies who in mid-career changed fields and became a historian of Dutch painting. His interest in the subject was threefold. Before he began writing on Dutch art, he collected it, with the advice of a leading specialist in the field, Egbert Haverkamp-Begemann, a fellow professor at Yale University. This led him to pursue knowledge concerning the minor masters he could afford, which brought him closer to the basics of the Dutch art world. It was an approach diametrically opposed to how most students learn about this material, which is from the iconic masterworks down. His second focus of interest was economic. Three-quarters of a century after the appearance of the last, largely anecdotal survey of the economics of Dutch art, by Hanns Floerke, Montias applied the techniques of neo-classical economics to the field in a way that was accessible to art historians. Entirely on his own, he opened up new perspectives that inspired art historians, economists, and economic historians alike to revisit the subject of Dutch art. Thirdly, Montias was entranced by the ...

Article

Deborah Cullen

[MoMA] (New York)

The Museum of Modern Art (MoMA) was founded in 1929 by patrons Lillie P(lummer) Bliss, Cornelius J. Sullivan and Rockefeller family §(1) to establish an institution devoted to modern art. Over the next ten years the Museum moved three times and in 1939 settled in the Early Modern style building (1938–9) designed by Philip S. Goodwin and Edward Durell Stone that it still occupies at 11 West 53 Street. Subsequent renovations and expansions occurred in the 1950s and 1960s by Philip Johnson, in 1984 by Cesar Pelli and in 2002–4 by Yoshirō Taniguchi (b 1937). MoMA QNS, the temporary headquarters during this project, was subsequently used to provide art storage. In 2000, MoMA and the contemporary art space, P.S.1, Long Island City, Queens, announced their affiliation. Recent projects are shown at P.S.1 in Queens in a renovated public school building.

According to founding director, Alfred H(amilton) Barr...

Article

(b Milan, March 1923; d Milan, April 23, 2010).

Italian collector and entrepreneur. He became interested in art as a young man, and, after receiving his doctorate in law, he began in the mid-1950s to assemble a collection of contemporary art, beginning with works by Antoni Tàpies and Jean Fautrier. He subsequently purchased more than 600 works, concentrating in particular on American art beginning with the work of the Abstract Expressionist generation, notably Mark Rothko but also encompassing that of Robert Rauschenberg and other artists associated with Pop art (Roy Lichtenstein, Claes Oldenburg, James Rosenquist and George Segal); the Minimalism of Dan Flavin, Donald Judd, Robert Morris (ii), Richard Serra, Sol LeWitt, Robert Ryman and Brice Marden; the conceptual art of Joseph Kosuth, Robert Barry (b 1936) and Roman Opałka; and the sophisticated dematerialization of California environmental artists such as Maria Nordman (b 1943), James Turrell and Robert Irwin. Only 20 or 30 works could be displayed at one time in Panza’s 18th-century villa in Varese. The American Pop art works in his collection were sold as a group in ...