Nancy G. Heller
[International Exhibition of Modern Art]
Exhibition of art held between 17 February and 15 March 1913 in New York at the 69th Regiment Armory, Lexington Avenue, Manhattan (see fig.), from which it derived its nickname. The exhibition then travelled to the Art Institute of Chicago (24 March–16 April) and Copley Hall, Boston (28 April–19 May). This first large-scale show of modern art held in the USA (see United States of America, §III, 3) resulted from the independent campaign of the Association of American Painters and Sculptors, a group of progressive artists formed in 1912 to oppose the National Academy of Design and to broaden exhibition opportunities for American artists. Davies, Arthur B(owen), the president of the group, and Kuhn, Walt were determined to present an international survey for the first in what was to have been a series of exhibitions. The Armory Show was modelled on the Sonderbund exhibition in Cologne (...
(b Roubaix, March 5, 1949).
French businessman, patron, and collector. Born into an industrial family from northern France, Bernard Arnault studied at the Ecole Polytechnique in Paris. After completing his studies, Arnault took over the family’s construction business, Ferret-Savinel, which he converted into a real estate company by the name of Ferinel in the 1980s. He then took over the Boussac Group, which was facing financial difficulties but controlled the department store Le Bon Marché and the fashion label Dior, among other assets. The ‘Arnault System’, which evolved from these moves, relied on a series of acquisitions that culminated on 13 January 1989 in his being appointed chairman of France’s foremost luxury goods conglomerate, Louis Vuitton Moët Hennessy (LVMH). With a net worth of an estimated 37.2 billion euros in 2015, Bernard Arnault became the second wealthiest individual in France. The entrepreneurial structure of the French luxury industry is oligopolistic, with three international conglomerates dividing the market among themselves: LVMH, PPR (Pinault-Printemps-Redoute, controlling Gucci), and Richemont. This structure was created through the absorption of a number of independent small-scale businesses (so-called PMEs) associated with specific products and well-known brands. Since the late 20th century, the luxury houses have maintained privileged relationships with the art market. Window displays of luxury brands are frequently designed by artists, while the auction houses play more and more with the codes of the luxury industry, making the demarcations between these two worlds increasingly tenuous; art is central to the marketing strategy of the LVMH group....
Molly K. Dorkin
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 ...
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....
Reviser Natasha Degen
The arena in which a buyer seeks to acquire, either directly or through an agent, a particular work of art for reasons of aesthetics, connoisseurship, investment, or speculation. The historical beginnings of the art market lie in patronage. With the growth of Collecting for aesthetic and worldly motives rather than religious ones came a corresponding growth in dealing, with the dealer acting as middleman as the number of artists and collectors increased and spread geographically. The dealer, often an artist, discovered and promoted other artists and persuaded collectors to buy at a price determined by him. His role was strengthened by the 16th-century distinction between artist and artisan and the concept of a Masterpiece. This precept, allied to a growing antiquarian interest, reinforced the position of the dealer as arbiter of taste, and his status was further enhanced as great collections were amassed and disposed of in the 16th and 17th centuries. During this period collecting became popular with the middle classes and the art market expanded accordingly; the sale of art by ...
While the art market in the 21st century is small relative to other creative industries—and negligible in comparison to financial markets—it is bigger than ever before in terms of its geographical scope, consumer base, and influence on culture at large. Since the turn of the millennium it has expanded dramatically, even in the face of the worst economic downturn since the Great Depression. From 2000 to 2007 the size of the art market grew nearly threefold. After a brief contraction of 33% in 2009, the market recovered and achieved a historic peak of $68.2 billion in 2014, despite having since cooled (in 2017, sales totaled $63.7 billion; McAndrew 2018). Boosted by the rise of China and increasing wealth inequality, the art market has been reshaped by trends in the broader economy: globalization, privatization, and financialization. As the market adjusts to these new conditions, it has entered a transitional phase, with its business models evolving and its reach widening....
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...
(b New York, March 31, 1848; d Hever Castle, Kent, Oct 18, 1919).
British collector of American birth. He was a member of a wealthy family whose fortune came from fur trading; he became interested in art and antiquity during his appointment as American Minister in Rome (1882–5), rapidly acquiring a fine collection of ancient and Renaissance sculpture. He transferred the collection to England when his term as minister ended, dividing it between his country houses at Cliveden, Bucks, and Hever Castle, Kent. His eclectic, Neo-classical displays were in keeping with the nostalgic grandeur of Edwardian England. At Cliveden, eight Roman sarcophagi in the forecourt were matched on the rear terraces by Renaissance fountains and balustrades exported from the Villa Borghese in Rome. Hever Castle, the childhood home of Anne Boleyn, was restored and enlarged by Astor far beyond its medieval extent, and a Renaissance atmosphere was achieved by means of the placement of numerous Roman sculptures, including further fine sarcophagi (sold in ...
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....
Reviser Darius A. Spieth
Public sale in which items are sold to the highest bidder. Auction houses, the organizers of such sales, act as intermediaries between buyers and sellers and, in return, typically charge one party or both parties a percentage of the price attained for their services. As a type of commercial transaction, auctions are not unique to the trade in art and antiques, but they play a major role in art-related business because they establish benchmark prices and because they make the price formation process transparent. Art auctions have a long and varied history, going back to Classical antiquity. The modern history of auctions, as a major commercial platform for art buying and selling, begins at the turn of the 18th century in Flanders and Holland, before taking root a few decades later in Paris and London. In Paris, for many years any type of auction could only be administered by state appointed ministerial officials, the ...
While the main public art museums in Australia are to be found in its capital cities (see Australia §XII), throughout Australia there are over 160 regional art galleries, which are owned and funded by local and state governments. As well as displaying their own permanent collections, these art galleries have extensive exhibition programmes that include major national and international travelling exhibitions, together with community-based art shows. As Australia’s landmass is greater than Europe but with a relatively small population (22.68 million), this is an excellent way of taking art to people in country towns, isolated communities, and the hinterland of major cities. Regional galleries have outstanding art collections, acquired through philanthropic endowment and the Federal Government’s taxation concessions for cultural gifts. These collections constitute a significant percentage of the country’s Distributed National Art Collection and include key paintings in the history of Australian art.
Although some regional galleries date from the 19th century, there were still only seven in existence in ...
M. Sue Kendall
(b Philadelphia, PA, Jan 2, 1872; d Chester County, PA, July 24, 1951).
American chemist and collector. Barnes made his fortune after discovering the drug Argyrol in 1902. By 1907 he had become a millionaire. He and his wife moved to the suburb of Merion on Philadelphia’s affluent Main Line and with his new income began to collect paintings of the Barbizon school. In 1910 he renewed contact with a former school friend, William J. Glackens, who introduced him to the works of Maurice Prendergast, Alfred H. Maurer and Charles Demuth, and who encouraged Barnes to collect Impressionist and Post-Impressionist paintings instead of Barbizon works. In 1912 Barnes gave Glackens £20,000 to go to Paris and buy whatever art he saw fit. Glackens, with the help of Maurer, acquired for Barnes works by Renoir, Degas, van Gogh, Cézanne, Monet, Gauguin, Pissarro, Sisley and Seurat. In Paris, Glackens introduced Barnes to Gertrude and Leo Stein, through whom he became familiar with the work of Picasso and Matisse....
(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 ...
American collectors. Robert Woods Bliss (b St Louis, MO, 5 Aug 1875; d Washington, DC, 19 April 1962) and his wife, Mildred Bliss (née Barnes) (b New York City, Sept 1879; d Washington, 17 Jan 1969), developed their interest in art while living abroad, where Robert Bliss served as a diplomat until his retirement in 1933. They were particularly concerned with the then neglected areas of Pre-Columbian and Byzantine art. Their Byzantine collection included coins, icons, ivories, mosaics, jewellery, and textiles; their Pre-Columbian collection was similarly wide-ranging. In 1920 Robert and Mildred Bliss purchased Dumbarton Oaks, a large house in the Georgetown area of Washington, DC. Although they lived there intermittently for only seven years, they extensively renovated the house and over 53-acre garden. Lawrence Grant White (1887–1956), who had worked at McKim, Mead & White (where his father, Stanford White, was a founding partner), was the architect responsible for adding the music room in ...
French art dealer. Blondel became active as an art dealer in Paris in the late 1960s, and his high-profile gallery in the Marais district closed in December 2014. Blondel is best remembered for restoring attention, in the market and in the scholar community, to figurative painters from between the two world wars such as Tamara de Lempicka, Aleksandr Yakovlev, and Bernard Boutet de Monvel (1881–1949). Blondel was also interested in the applied arts, dealing for instance in Jean-Jacques Ruhlmann furniture and Gallé glass, when few collectors were interested in these objects. After studying architecture, Blondel became keenly interested in art, developing a special fascination with Hector Guimard, the Art Nouveau architect and furniture designer who famously created the iconic Parisian Métro entrances. In 1966 Blondel’s passion inspired him to open his first gallery, the Galerie des quatre vents (Gallery of Four Winds), in the sixth arrondissement of Paris. His intention at the time was to re-value forgotten artists from the first half of the 20th century. Due to public indifference, many paintings and objects from this period were very accessibly priced. Demand for such objects was very low, and a functioning market for this niche hardly existed. At the same time, Blondel and Laurent Sully Jaulmes began an urban photography project, which they pursued between ...
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....
Thomas P. McNulty
American philanthropists and art collectors. Eli Broad (b New York, June 6, 1933) spent most of his youth in Detroit, MI. In 1954 he graduated from Michigan State University with a degree in accounting, and married Edythe Lois Lawson. Upon graduation, Eli Broad began his career as a professional accountant but changed course when in 1957 he co-founded (with Donald Kaufman, a builder) the Detroit company Kaufman & Broad, which produced inexpensive homes for the rapidly expanding post–World War II population.
Kaufman & Broad attained considerable success in the 1950s, and continued to expand in the decades that followed. In an attempt to diversify its income stream, Kaufman & Broad entered the insurance market, beginning with its acquisition of Sun Life Insurance in the late 1970s, and its addition of a second insurance firm—Coastal States Corp.—by the mid-1980s. With the acquisition of still more insurance and financial companies, Broad’s holdings were organized under a new firm—Broad Inc.—later renamed SunAmerica, which in turn would be acquired by the international insurance giant American International Group (AIG). Broad remained with AIG through to the end of the 1990s, when he retired and, with his wife Edythe, began to pursue their interests in collecting and philanthropy....
(b Dunfermline, Scotland, Nov 25, 1835; d Lenox, MA, Aug 11, 1919).
American industrialist and patron of Scottish birth. Aged 11, Andrew Carnegie immigrated with his parents to Allegheny, near Pittsburgh, PA, where he educated himself while working as an office messenger and telegraph operator, before rising to enormous wealth through railroads, oil, and the iron and steel industries. During his lifetime he gave more than $350 million to a variety of social, educational, and cultural causes, the best known being his support for public libraries, which he believed would provide opportunities for self-improvement without ‘any taint of charity’. Here communities had to pay for the building site and the books, and to commit at least 10 per cent of Carnegie’s initial gift in annual support. As Carnegie struggled to give away money—for ‘to die rich was to die disgraced’—music, fine art, archaeology, and technical schools also became beneficiaries, together with programmes for the education of minorities in recognition of civilian heroism and world peace (still a central concern of the Carnegie Foundation)....
(b Trieste, Austro-Hungarian Empire [now Italy], Sept 4, 1907; d New York City, Aug 21, 1999).
American art dealer. Leo Castelli opened his eponymous gallery in 1957 and he gave Jasper Johns his first solo show in 1958, which established both the artist’s and the dealer’s reputations as Castelli sought to identify the successor generation to the Abstract Expressionism; the gallery’s stable included Robert Rauschenberg, Frank Stella, Lee Bontecou, and Pop artists Roy Lichtenstein, James Rosenquist, and Andy Warhol. After the Green Gallery closed in 1965, the Minimalist artists Robert Morris, Larry Poons, Donald Judd, and Dan Flavin joined as well, establishing Leo Castelli as the pre-eminent dealer in American avant-garde art.
Leo Castelli obtained a law degree from the University of Milan in 1924 and started his career in banking and insurance. He married Ileana Shapiro, the daughter of a wealthy Romanian industrialist in 1933 (they divorced in 1959), and moved to Paris in 1934. He partnered in 1939 with interior designer René Drouin to open the Galerie d’Art Décoratif. A childhood friend from Trieste, the artist ...