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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

Bénédicte Martin

(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....

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

Bénédicte Martin

(b 1939).

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 ...

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

Cassandra Gero

(b Venice, July 1, 1922).

French couturier, ready-to-wear designer and entrepreneur. Cardin is known for space-age style fashions in the 1960s, pioneering the ready-to-wear market and extensive licensing of his name (see fig.).

Cardin was born in Italy, but his family moved to France when he was two years old. He worked as a menswear tailor in Vichy, then as an accountant for the Red Cross during World War II. He later moved to Paris, where he was employed as an assistant at the couture houses of Jeanne Paquin, Elsa Schiaparelli and Christian Dior. Cardin helped execute Dior’s design of the famous ‘Bar’ suit for his inaugural ‘New Look’ collection in 1947. In 1950 he started his own business and designed costumes for theatre productions, including Jean Cocteau’s Beauty and the Beast. In 1953, he began designing small couture collections for women. At the time his fashions were similar to those of other Paris ...

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

Thomas P. McNulty

(b Cleveland, OH, Aug 13, 1938).

American patron and collector. Born the second of six children to wealthy parents in Cleveland, Gund was exposed to the arts—and to art collecting in particular—by her father, George Gund (1888–1966), a banking and investment professional. Gund received a BA in art history from Connecticut College, New London, in 1960, and an MA, also in art history, from Harvard University in 1980. The mother of four children with her first husband, Albrecht Saalfield, she is perhaps best known for her work in museum administration and governance. She has served on the Board of Trustees of the Museum of Modern Art (MOMA), New York, since 1976, as the Board’s President from 1991 to 2002, and subsequently as a Member Emerita. As President of the MOMA board, she built upon the progress made by her predecessor Donald Marron (an executive at Paine Webber). She also served as Chairwoman of the Board of Directors at MOMA PS1—an affiliation that began in ...

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...