Bottomline, read the fine print.

Last week I purchased a piece of art from the Serpentine Galleries in Kensington Gardens, London, which specializes in contemporary art. I’d been there as a class field trip and loved the exhibit and the site – just outside Kensington. The museum has two buildings in the same area, but not connected. The galleries shop is small compared to other London museums, it mostly retails books and art. We were there as part of my Art Business program at Sotheby’s Institute of Art, for a tour and lecture being given by two art historians, both authors, Ben Street, Flavia Frigeri whose books were in the shop. I like buying at the museum shops because I know that the revenue is going back into their endeavors, which is why I was looking for a gift the other day, that was art related and would be unique.

I found a limited-edition print created and signed by Yoko Ono. I liked the art, and I liked buying something of hers, because I think she is undervalued as consequential artist. It fit my interests and a budget. It was to be a gift for my son and his wife. Even as a child, instead of a stuffed animal, I’d bring him a piece of art from a business trip or vacation. Nothing really expensive, often outsider art, but I figured a work had few years to steep before he’d be ready to sell it, and with luck, it would appreciate in the meantime. My thought was that someday, he could sell it for cash to buy something of his own liking.

I used a credit card and gave them all the shipping info to their address in another state. A confirmation of the sale arrived in my email a few seconds later. I reviewed it three hours later… carefully. It was there I found the small print I should have read before inputting my credit card. “It is the Artist’s expectation that the Artwork will not be purchased for resale and will be retained by you for your own personal enjoyment. Specifically, you may not sell or offer for sale the Artwork on any interne- based auction or other website.”

Though there was no thought of reselling the art at the time I bought it, being told it can’t ever be resold is not in the best interest of my gift or the people receiving it. In my thinking, this term makes it basically a receipt for a financial gift to the museum without even the benefits of a donation. I cancelled my order. They took a week to refund the money to my account.

Read the fine print.

Since completing the Art Business certificate at Sotheby’s Institute of Art in London, I split my time between my own art and building an art business service. Currently, I am working with a collector to create a strategy and inventory for their massive art collection - 2,500+ pieces. The strategy aspect is to align their art collection with their personal financial and legacy interests; the inventory to understand, value and insure the collection.

Some items will remain in the collection and some deaccessioned- whether gifted or sold to fund other endeavors. We are using software to house the inventory, which means we, me and a small team of art or art history, students, are photographing pieces, matching related receipts and other provenance (found either on the back of the piece or in one of 40 years of banker boxes.) The process also includes documenting dimensions and tracking media, substrates and other info, and valuation of each piece. (This is a 9 to 12 month project.)

In order to create a process and to train the students, I have personally data entered about 70 items.  I am struck by the lack of information that we can glean to be able to document an individual piece. This is not good for the Artist.

Basically, if it can’t be identified and associated with the artist, it cannot be (easily or with certainty) valued. This means that is highly unlikely it would be included in an exhibit or go to auction. For an artist these are the things that add and prove value in their work. Therefore  the beauty of the painting is truly only as good as eye of the beholder. To put it plainly, if you want your art to increase in value, so you or your heirs or your gallery can price it higher, it must be attributed to you.