Buying Art with Clients

One of Emily’s favorites for new collectors: Richard Misrach, Fraenkel Gallery, San Francisco 

As many of you know, Emily Waldorf, a Los Angeles-based Art Advisor and writer of ArtsEtoile is joining Decorati as a guest blogger covering the Art world from an inside perspective. 

In advance of Emily’s first post, Decorati’s Katie Enna spoke with her on Buying Art with Clients.  Read more for Emily’s advice on working with art advisors, determining market values, and the best galleries for new collectors.  Also, check out her helpful hints on learning about art.

  
When you first start working with a new client, how do you start to understand their personal taste in artwork?

I bring in a group of images to our first meeting. We’ll flip through them to discuss what pops out. My clients instantly know what they hate, but they have a harder time defining what they really like. There are frequently clues in a client’s home.

It’s important for clients to select art that causes a gut response, such as “ooh, that image makes me feel happy, or that one makes my pulse race,” because they are going to have to live with the art that they ultimately select. It’s a bad idea to buy something just because it’s a good investment, if it has no visual appeal for the client.  I help my clients cultivate and expand their taste while developing a more discerning eye.
 

What advice would you give to a designer who is helping someone start a collection?

If you’re serious about what is going on the walls, start to think about the art from the very beginning of the project. A serious collector wouldn’t buy a picture just because it goes with their sofa. Art can be a starting point for design, not an afterthought.

 
What are your favorite galleries and/or artists as resources for new collectors and designers?

I recommend the work of Richard Misrach (photo above) at San Francisco-based Fraenkel Gallery, as well as the following pieces.

Damien Hirst Methamphetamine, 2004, Spot Etching, 43 x 80 inches, Galerie Maximilian, Aspen

Enqrique Martinez Celaya, Invierno (Winter), 2007, oil and wax on canvas, 116 x 150 in, L.A. Louver, Venice, CA

Ed Ruscha L.A.S.F. #3, 2003, Color softground etching, 30 x 24 inches, Signed, numbered and dated in pencil, Greenfield Sacks Gallery, Santa Monica, CA

Erik Hagerman, Red Splash, 2007, Used toy blocks, wood, 23″ x 23″ x 8″ inches

 
When do you recommend that a designer work with an art advisor?  
 
It boils down to whether the client is buying collectible or non-collectible art. Collectible art has a resale value and can be considered an investment. Non-collectible art can be beautiful and expensive, but the artists haven’t shown at a museum or sold at auction. They do not have an easily ascertainable resale value and thus much lower liquidity when it might be time to sell.  I would encourage any client interested in buying collectible art to work with an art advisor.

What is the typical financial arrangement between a designer and art advisor?

My financial arrangement is my time plus a percentage of the purchase price, but it can depend on the project.   In general, it is important to have my interests aligned with my clients.  Financial arrangements vary greatly between different art advisors.

How do you ensure the art fits with the established design aesthetic?

Art doesn’t need to be overly matchy—that is a common mistake. I am personally a fan of the eclectic look.  Regardless of the style that you choose with your client, it is the important to follow all of the design principles within the room: scale, proportion, balance, movement, contrast and symmetry should all be taken into consideration when pairing art and furnishings.

I like to have an 18th century style chair reupholstered with fun fabric juxtaposed with a cutting-edge contemporary oil painting. That’s when you get really fresh interiors.  Mixing antiques with contemporary pieces is one of my favorite things to do.  Antiques prices are going down, so it’s a good time to buy.

 
How do you ensure the art you are buying is at, or below, market?

For collectible art, you can go to artnet.com or artprice.com and research comparable recent auction records with similar subject matter, medium, dimensions, etc; that can tell you if the price is in the ballpark. It’s like buying a stock, so the art price fluctuates—but it is transparent. The more established an artist is, the more data you can gather and establish a value.

At the blue chip level, dealers can make you feel like it is a privilege to buy their artists’ work. Dealers will have a waiting list and people will fight to buy certain works. There are few deals to be had at the blue chip level.

With non-collectible art, it’s not traceable, so there’s not an established market price. You can negotiate a little bit more but you have little ability to determine what is a truly comparable work that has sold at another venue.

Another well-kept secret is post-sale offers at auctions.  Designers go to auction houses all the time and make post-sale offers, it’s a great way to get a good deal. Property can sometimes be sold for as low as 50% of the low estimate.

How do you ensure you are buying at the best galleries?

Word of mouth. Also, try signing up for weekly newsletters from your local news source that highlight gallery openings so that you can stay informed of who is showing where.  Los Angeles’ ForYourArt publishes a wonderfully helpful map of all the best galleries that is a good place to start planning an art-filled afternoon.   

With emerging artist galleries, you scrutinize the gallery’s reputation and track record with other artists. You can generally buy a painting in the $5K-10K range before the artist takes off. With emerging artists, you can do more aggressive investing but it’s much tougher than with established artists, if you’re not devoting 100% of your time to following the art market.

What are good resources for designers working with a limited budget?

Art schools with notable alumni that have juried student shows are a good resource for designers to buy work from well trained artists at a reasonable price.  Be sure to find out when the schools hold their graduate student open studios so that you can meet the artists and familiarize yourself with their work. 

Some schools to check out:
UCLA Department of Art
California Institute of the Arts, Valencia, California
Otis College of Art & Design, Los Angeles, California
Yale University School of Art
Rhode Island School of Design
Pratt Institute, Brooklyn, New York

Look for Emily’s guest blog (and more art advice and news) coming soon on Decorati!

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