Greenville Business Magazine 2009 August Issue : Page 49
››executive lifestyle BY MARY ANN HESTER I n 1981,New York collectors Barbara and Eugene Schwartz bought a Jean-Michael Basquiat paint- ing for $3,150. In 2007, they sold it for $14.6 million. If they had taken the same amount of dollars, given S&P common stock growth, the value of their investment would have been about $36,000. Not everyone gets this lucky, but art can be a worth- while investment for both its aesthetics and asset potential. According to U.S.News &World Report “Art’s popularity as an investment tool may, in part, have grown out of its success as a hedge against inflation… Sotheby’s 2008 New York Spring Auction with its esti- mated $1.8 billion in proceeds is reason for optimism.” So what does it take to become a successful art collector? A lot of money? A degree in art history? Impeccable taste? None of this hurts, but according to museumspot.com what most collectors share is, “the desire to make an investment in something that will give them joy and aesthetic pleasure.” So art apprecia- tion can take on a double meaning – it may increase in value while the collector is free to enjoy the visual rewards whether it is Greenville or New York. Carl Blair, a very successful Greenville artist and collector, has two methods of enhancing his collec- tion: he trades his artwork and he buys art from other artists whose work he knows and appreciates. One of the best trades this color blind artist ever made was to make the down payment on his house with his own art – it is safe to say that both have appreciated over time. As one of the founders and owner of one of South Carolina’s oldest galleries, Taylors’ Hampton III Gallery, Blair has his artwork in over 2,500 public, pri- vate and corporate collections. With corporate patrons like BASF,Hyatt, McDonalds International and IBM and many local collectors, Blair is self-effacing about his own work and the ones he owns. “At this point, AUGUST 2009 | GREENVILLE MAGAZINE 49 col lectors ART
>>executive lifestyle - Art Collectors
Mary Ann Hester
In 1981, New York collectors Barbara and Eugene Schwartz bought a Jean-Michael Basquiat painting for $3,150. In 2007, they sold it for $14.6 million. If they had taken the same amount of dollars, given S&P common stock growth, the value of their investment would have been about $36,000.
Not everyone gets this lucky, but art can be a worthwhile investment for both its aesthetics and asset potential. According to U.S. News &World Report “Art’s popularity as an investment tool may, in part, have grown out of its success as a hedge against inflation…Sotheby’s 2008 New York Spring Auction with its estimated $1.8 billion in proceeds is reason for optimism.”
So what does it take to become a successful art collector? A lot of money? A degree in art history? Impeccable taste? None of this hurts, but according to museumspot.com what most collectors share is, “the desire to make an investment in something that will give them joy and aesthetic pleasure.” So art appreciation can take on a double meaning – it may increase in value while the collector is free to enjoy the visual rewards whether it is Greenville or New York.
Carl Blair, a very successful Greenville artist and collector, has two methods of enhancing his collection: he trades his artwork and he buys art from other artists whose work he knows and appreciates. One of the best trades this color blind artist ever made was to make the down payment on his house with his own art – it is safe to say that both have appreciated over time. As one of the founders and owner of one of South Carolina’s oldest galleries, Taylors’ Hampton III Gallery, Blair has his artwork in over 2,500 public, private and corporate collections. With corporate patrons like BASF, Hyatt, McDonalds International and IBM and many local collectors, Blair is self-effacing about his own work and the ones he owns. “At this point, I have a lot of old friends hanging around me everyday and I admire them for what they have brought to my life. My late wife Margaret picked a lot of these pieces and she was the one with the great eye and I appreciate that.”
Another local success story in many ways are the Shaws – Jack and Jane – founders of Shaw Resources. Early on, Jack Shaw traded three month’s rent on some property (valued at $150 per month) for a Darell Koons painting “Carolina Spring Barn.” Although the property has appreciated, the value of the Koons painting has appreciated a lot more. The Shaws are clearly Koons aficionados and have what is probably the largest collection of his work spread out among their office, Greenville and mountain homes. For Jack Shaw, Koons’ depiction of rural barn scenes takes him back to his childhood traveling with his father so his heart is in these paintings. Both Jack and Jane’s eyes light up when talking about Koons and their pleasure is evident as they describe each scene, the detail and the change in the artist’s technique over the years. They are obviously loyal to his style and the everyday enjoyment they get out of the paintings is a large part of the value to them – this is not to say they are immune to the dollar appreciation. They are also loyal to another South Carolina artist, Leo Twiggs, and own his pieces entitled “After Hugo,” a series of eleven batiks that reside in the lobby of their office. In describing these powerful works, both Shaws comment on how they had to have the whole series or it would be like “breaking up a family.” They have lent the batiks for gallery and museum openings. Jack Shaw laughs and says, “Leo wanted a studio, so by purchasing the entire series, he now has the ‘studio,’ not the ‘house’ that Jack built.” Again, their instinct and their eye prove infallible, as Twiggs’ work has appreciated immensely.
According to Sandy Rupp of Hampton III Gallery (who represents both Koons and Twiggs), there are now infinite resources for collectors and would-be art collectors. Although no self respecting gallery can guarantee an appreciation in dollar value, potential buyers can do their homework and check out the provenance (ownership history), the experience of the artist, the condition of the piece and the sales history of the artist. Rupp says, “I am always glad to talk to people one on one about any artist that I am familiar with or send someone in the right direction. Anyone can pick my mind; I really think that it is a gallery’s responsibility to help educate. I really encourage people to respond to what they buy…it is amazing how people open up once they start really looking at art.”
So when it comes to collecting, it seems there is a common theme among artists and business people as to why they choose artwork. Number one seems to be, “because it gives me pleasure to look at it.” Then if collectors are smart, they study the art world and artists they like and invest in those pieces. Of course, like every other investment, a little luck comes into play too.
But again, art appreciation has a double meaning: it can open up new avenues of visual pleasure while proving to be a lucrative investment.
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