1-20 of 41 results  for:

  • Art Markets x
  • The Americas x
Clear all

Article

Judith Zilczer

[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 (...

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

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

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....

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

Bliss  

Anne McClanan

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 ...

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

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....

Article

Simon Pepper

(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)....

Article

Titia Hulst

(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 ...

Article

[CPPC; Cisneros Collection]

Collection of Latin American art based in New York and Caracas. Founded in the 1970s by Patricia Phelps de Cisneros and her husband, Gustavo A. Cisneros, the mission of the Colección Patricia Phelps de Cisneros (CPPC) is to support art education throughout Latin America, and to promote the region’s vast contributions to the visual arts internationally. To this end, under the auspices of the Fundación Cisneros, the CPPC supports a rich and varied programme of collecting, exhibitions, and publications. The CPPC is organized around five major sub-collections: modern art, contemporary art, colonial art, the work of artists who recorded their travels to Latin America, and the art of the Orinoco region.

The modern art collection includes a great many important works by 20th-century Latin American artists, particularly geometric abstractionists from such countries as Argentina, Brazil, Uruguay, and the Cisneros’ native Venezuela. This segment of the collection takes on a global aspect, with the inclusion of major European and North American artists whose work relates to the masters of Latin American art. Representative modernists include Joaquín Torres García, Gego, Lygia Clark, Roberto Matta, Hélio Oiticica, Francisco Narváez, and Alejandro Otero, among others....

Article

Joseph R. Givens

The sociologist Pierre Bourdieu (1930–2002) developed cultural capital theory as way to examine the influence of intangible resources on the phenomena of social reproduction and social mobility. He described a society of competing classes, arranged in a hierarchy of prestige. The classes are composed of individual agents who attempt to climb the socio-economic ladder by maximizing the use of capital resources, which include both material objects of symbolic value and intangible attributes that imply prestige and power. Bourdieu identified four types of capital: economic, social, symbolic, and cultural. Economic capital represents one’s financial resources, social capital consists of one’s social support system, symbolic capital describes one’s prestige, and cultural capital includes the knowledge, values, and skills that support an understanding of cultural relations and cultural artefacts. The forms of capital are inequitably distributed among classes, and one form of capital can be converted to another. Since the value of capital is defined by social relations within a specific field, agents strategize the best way to leverage their capital for maximum gain of the valued capital within that field....

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

Sally Webster

(b West Overton, PA, Dec 19, 1849; d New York, Dec 2, 1919).

American industrialist, collector, and museum creator. Frick received little formal education and went to work at an early age as a bookkeeper. By the early 1870s he had earnt enough money to buy up coke fields in Western Pennsylvania, processing the coke in his own ovens. In a few short years he was the major supplier of fuel for Pittsburgh’s iron and steel industries and by the time he was 30 had earned his first million. In celebration he travelled to Europe with Andrew Mellon who, in 1937, would donate his collection and money for the establishment of Washington’s National Gallery of Art. In London they visited the Wallace Collection, which would later serve as prototype for Frick’s New York house–museum. After marrying Adelaide Howard Childs (1859–1931) on 15 December 1881, Frick bought and expanded Clayton, a 23-room home, now part of the Frick Art and Historical Center, Pittsburgh....

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

Lillian B. Miller

revised by Margaret Barlow

(b New York, April 14, 1840; d Boston, MA, July 17, 1924).

American patron, collector, and museum founder. The daughter of a wealthy New York merchant and wife of a prominent Boston banker, John L. Gardner jr (1837–98), she bought her first important painting in 1873—a small landscape by the Barbizon painter Charles Jacque. (All works cited are in Boston, Isabella Stewart Gardner Mus.) In the 1870s she also began to collect rare books, manuscripts, autographs, and etchings, under the influence of Charles Eliot Norton. Although she continued to buy such pieces until her death, after the 1880s books took second place to art. During a trip to Europe in 1886, she visited the London studios of James McNeill Whistler and John Singer Sargent, both of whom painted her portrait, and it was at that time that she decided to give serious thought to collecting art.

Gardner purchased her first Old Master painting in 1888—a Madonna by Francisco de Zurbarán, which became her personal altarpiece. A summer visit to Venice that year kindled her interest in Venetian architecture, and subsequent travels provided her with the opportunity to study important paintings in London and Paris, while strengthening her enthusiasm for collecting. She became friendly with Bernard Berenson, whom she had met when he was a young Harvard student in ...

Article

Article

Joseph Givens

(b Minneapolis, MN, Dec 15, 1892; d Sutton Place, nr Guildford, Surrey, June 6, 1976).

American businessman, collector, and patron. Son of a self-made insurance executive turned frontier oil barren, George Getty (1855–1930), J. Paul Getty grew his family’s oil investments into the largest private fortune in the world. J. Getty was born in Minneapolis, MN, but the family relocated to Bartlesville, OK, in 1904 after George Getty was seduced by prospects of oil prosperity. After amassing a sizeable fortune in Oklahoma, the Gettys relocated to Los Angeles, CA, in 1906. J.

Paul Getty’s capricious approach to academic pursuits led him to Harvard Military Academy, University of Southern California, University of California at Berkeley, and finally Oxford University. Getty joined the family business in 1916, but his proclivity for speculative investment caused his risk-averse father to place strict limits on his commercial dealings. The penchant for bargain hunting that guided his early success in business would come to define his approach to art collecting....

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....