Collecting Tips in the WSJ - Take 1

The Wall Street Journal ran an article on starting an art collection titled Your First Picasso by Brooks Barnes on Friday, April 4. If you missed the article or are not a subscriber to the WSJ (which means you can't access the article on-line), I have spelled out the highlights (and added a personal comment or two) here. These cliff notes will be posted in sections.

The goal of the article:

With the neophyte collector in mind -- and also more-experienced buyers who want to add cheaper works -- Weekend Journal went in search of strategies for finding less-expensive art with the best chance of increasing in value.

Here is their first of four recommended strategies for finding works at $5,000 or less:

1) Buy 20th-Century prints at auction or through private dealers. Last year, print sales at the big New York auction houses "totaled $31 million, a 35% increase over 2002." Recommended artists: only Picasso... no other artists were named, except as an example of price increase. Takashi Murakami prints sold for $2,800 in 2002 and $8,000 last March. If you didn't get one in 2002, his prints are now above the $5,000 limit they are writing about. They recommend buying Picasso prints from the late 60's or early 70's because prints in all other periods are over the $5,000 mark. My favorite tip: "Try to avoid [Picasso] works that are overly erotic; it keeps value down." Very funny. Recommended auction houses outside of New York and LA are Ivey-Selkirk in St. Louis and Skinner in Boston. They recommend you see a print in-person before buying it to assess condition (torn edges or frayed corners are no-no's); therefore buying a print on-line is not recommended.

I think this recommendation is best for the Investor Collector. (Actually, the whole article is geared towards this type of collector over any other. No talk of collecting out of passion for art in this article anywhere. Then again, it is the WSJ.) If you are looking to collect as an investment, this is the route for you. As you would research a stock, so should (and can) you research a print by most 20th Century artists before heading to an auction. There is a plethora of information available to you by checking out auction results at artnet.com or contacting the auction houses directly to request price lists. Some auction houses even post their recent auction prices on-line.

Comments

[Debbie Did Park West]

Listen well all who have been duped by PW. I have news for you. Not BS but the "real deal". I have PROOF that the "Dali" I bought for $7000 appraised by them for over $11,000 is worth around $75! PW is continuing to lie and say that it's AUTHENTIC and it's up to all of us to take a stand and STOP THIS INSANITY! Everyone who's been a victim needs to drop whatever they're doing and send letters to their Senator's and especially the Michigan Senator immediately. Also the FBI, the Attorney General. Any public figure they know send multiple letters telling of the fraudulent art practices of PW. They have robbed millions of people for "40" YEARS and will continue to do so to unknown victims unless we take a moral stand and run them in the ground! Spend the few dollars and get an "authenticator" NOT an appraiser. An appraiser IS NOT as educated and specialized as an authenticator and in a court of law the latter bears more clout/weight.
So stop reading blogs and doing something PROACTIVE and write today. It's up to us to stop this insane, immoral, deceitful business immediately. Remember, all cruise lines benefit from PW. They receive a majority of your money spent on that art piece and it's HUGH revenue to the cruise line business.
Write today!!

[slav]

There are images of the fake Dali on flickr
http://www.flickr.com/photos/26092432@N03/

[Angie]

Hi all, I am so sorry to hear about all of your PW issues if this helps any I have 2 Links I would like you to visit regarding the on going work to make Park West LEGIT!!!!

http://www.fineartregistry.com/farside/

and this one

http://www.fineartregistry.com/articles/far_investigates/art-auction-investigation.php

[robert]

I have purchased a total of 5 pieces of Dali from Parkwest via 2 cruise ships. My wife saw a TV News show about the fraud practices of Parkwest. If the valus of anything I buy goes up or down that is the risk of an investment I'm willing to except but when fraud enters the picture absolutley NOT. I've invest over 30,000 in Dali work and I'm being told now that certain companys will not even look at it to appriase once I tell them where I purchased it from....Can someone recommend a local Art Appraiser (NJ)?

[Kathy Whittington]

I purchased a Marcus Glenn in Oct 2007 from Park West on a cruise. It was sold to me as an origianl. What I saw on the ship, didn't necessarily look like an original, but I mistakenly assumed that what was going to sent to me was an original I've taken the painting to two local galleries and have been assured that it is NOT an origignal. I'm now hiring a local appraiser to confirm. I love this painting and I SO dissapointed.

[Kathy Whittington]

I purchased a Marcus Glenn in Oct 2000 from Park West on a cruise. It was sold to me as an origianl. What I saw on the ship, didn't necessarily look like an original, but I mistakenly assumed that what was going to sent to me was an origianlly. I've taken the painting to two local galleries and have been assured that it is NOT an origignal. I'm now hiring a local appraiser to confirm. I love this painting and I SO dissapointed.

[mark]

I have worked for PW and can tell you all, we are trained to rip off the passangers,sorry makes us feel bad, but in the begining we were not aware of this.

[Donna]

Well, I feel like i want to be sick. A friend told me to look at this blog, and boy i am not impressed with Park west right now. Over the past 10 years I can saftly say i have spent a GREAT deal of money with Park west at sea, as well as the gallery in Michigan , because we live so close. I am appalled at the businss practices of this company. I am livid and I have contacted David Mirback, and will persue this matter to the fullest. For the cruise ship industry to be associated with park west, this also leaves a bad taste in my mouth. We are all looking to make a quick buck. I will agrre, I purchased the art as an investment.. especially the Peter Max's. I feel dupped and extremely stupid that I was taken advantage of. All i have to say is that Mr Scaglione and the parke West group are in for a fight of a lifetime. My appraials from the company say origionals... how do you dispute that if they are not.

[K]

To All Decieved by Park West-

Not only does Park West Gallery deceive you as the consumer, it deceives its art auctioneers as well. This is coming from personal experience of living and working on ships selling their Art. It is a cut throat business unfortunately and if you don't make the cut by deceiving you the consumer then you get axed from the company.

I myself have a background/degree in Art History, one of the few that were out on the ships and I have say that it gets very hard telling the consumer what they are getting is special because the fact of the matter is this: Park West Gallery has OVER SATURATED the art market on the ships and quite frankly, Princess treats their employees fairer.

I will not get into a whole ordeal, but, personally as an art expert here is my advice to consumers purchasing the art work on the cruise ships, don't get the prints as they are massed produced in Southfield Michigan and most of the time not even hand embellished by the actual artist, but, by local art student. Go for the One of a Kind or "Uniques" paintings instead, at least you know the art actually made it themself.

[Marisa Bautista]

Were ashamed to admit but we too were victims of Park West. We were on the CC Freedom cruise and bought some Dali, Maxx, Glenn and Brodinsky pieces. We haven't received all of them yet and haven't made payments onb the GE credit card. We'll appreciate any advise we can get. Please help.

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[Mariann]

I just received the Pauker embellished serigraph on canvas that I purchased at Park West on a cruise and I must say I love it...and I love the framing...so I paid a little more... The Rembrandt..the frame is huge - no clue where to put it. Still have a lot of respect for that etching...
(see Dec 8 posting)

[Michael Saripkin]

I have purchased several Fanch serigraphs with hand embellishments from Park West auctions while on cruises. I have also purchased several online through various sources. Last year, I was traveling to France and contacted Francois Ledan (Fanch Ledan) in advance. I took with me, two of the more expensive pieces which I bought from Park West, and Mr. Ledan authenticated both of them for me personally.

I am very pleased with my experience with Park West. Yes, they are a little overpriced, but so it the jewelry on the ship, and I always buy some of that. Face it people, you can always get a better price someone if you shop things to death.

My advice, if you can't afford it, don't buy it. Very simple. Just because you were rooked by a fast talking salesmen on the ship, don't blame them. How many have been ripped off by a fast talking time-share salesman. Learn to say no.

Otherwise, have a good time. Buy some genuine art on the ship, and remember, nothing is free. If it sounds too good to be true, it probably is.

You can write me at michael@buildingsforless.com if you want to discuss your positive experiences. I really don't want to hear from the crybabies. With Bush killing my 401(k) and stocks, I don't need anymore bad news.

Michael

[Yves]

Hi Martin,

I also purchased a rembrandt litho from the millenium serie through Park West, but "as an investment".... Bad mistake: You should only buy art that you would enjoy seeing on your wall. My Rembrandt has been sitting in my closet for the last 2 or 3 years: It just doesn't fit my decor, it is dark and gloomy, it is religious, etc. But I figured it would be an investment.

I looked online, and indeed most gallery are selling it for more than what I paid, but also looking at E-Bay, I often see the same litho being listed and NEVER did I see it being sold, so I do not think there is that much interest for it out there.

Also, with all the stories that I heard about Park West, I am quite worried about my "investment". I heard that PW reprints lithos when they need them, so it is not really a limited pressing as they are saying.

I was on a Princess cruise last year, and the auctioneer told me that I was actually lucky to own that Rembrandt (The Raising of Lazarus - Large plate), as it is now completly sold out, and that she could put me in contact with someone who might be interested in buying from me, but I never had the chance to get the name/address of this potential buyer. I would be happy to resell it the exact price that I paid for it, as I simply do not enjoy the piece... so much for an investment !!!

[martin]

Hi...I have cruised on many of the cruise lines over the years and attended most of the art auctions. I am also an auctioneer and have purchased art at these auctions. I have always watched the bidders and not the auctioneer when I want to bid just to make sure I am not competing with the bar stool.
I would recommecnd the way Princess does business ethically over the high pressure tactics of Park West. Princess representatives are sincere, informative and low key and make it informative and fun and offer a 100% money back guarantee so you can afford to have buyers remorse as all of these folks here seem to have. Remember...you should ONLY buy art anywhere..."because you like it!!" and for no other reason....Sincerely, MLS mls1@att.net

[Mariann]

Park West. I purchased two S. Alter seriolithographs, one Shari Erickson Vernon's Fish Market (last one framed) and one Brodinsky Near the Mediterranean in 2003. The Alters and Erickson I happen to love and with the framing were relatively inexpensive. The Brodinsky - not so hot. I just came back from another cruise and realizing these are not original art (I am somewhat of an artist) bought a Alex Pauker with frame because I liked it (paid too much and way more than 2003), a free Marcus Glenn without frame and -- a Rembrandt Millenium etching. After extensive internet research it appears the Rembrandt is an authentic value - with my discount it comes to just a little more than what is offered with on-line galleries. Overall charges are higher at Park West and since it appears most is not original art it would be better to buy something at port from a local artist unless you really love it and can justify the cost. I felt a little taken with this cruise (price of the Pauker) - be careful or paint it yourself.
I'd be interested in other feedback on the Rembrandt Millenium etchings.

[Art Collection]

These tips of your will be a big help to me, since I am just starting my own collection of various types of arts works.

Kris

[Don in Atlanta]

I'm one of the many who bought art at sea through Park West. After reading all of the negative comments, I'm now curious to know if my Marcus Glenn painting is real. How can I determine this?

If you like, you can contact me at

doncwilson@comcast.net

Thanks.

[Jim]

I was very foolish and spent well over $30,000 dollars with Park West at Sea. I know one person in Michigan who has spent over one million over the past ten years.

I have learned that the Dali I purchased is a fraud from a certified appraiser and I have information on at least two class action suits against Park West. I have spoken with former Park West auctioneers and have learned a great deal about the practices of Park West as well as the fact that the cruise ships make a great deal of money from these onboard auctions which makes them co-conspirators. I learned an expensive lesson. Do not buy anything from Park West. They take in nearly 500 Million a year and what you are buying is either over valued or a fake. Dali works should not be purchased because you may very well be buying a fake or a piece that was created out of the blue but printed on what was a blank piece of paper which Dali signed before his death. Contact Dave J. Mirback who posted info on this blog earlier as he is someone who can help you. I was foolish but I was also misled and have yet to find my piece in any catalog prepared by Dali's curator and as for Bernard Ewell, he has a relationship with Park West so obtain an appraisal elsewhere and don't be surprised if Sotheby's or Christy's will not look at your piece if you tell them you bought it Park West. That's what happened to me. If you join one of the class action suits you have a good chance of getting your money back and more since the punitive damages which could be levied against the cruise lines which have in fact refunded money to unhappy customers will only add the proving that the ships owners were aware of the fraudulent ghost bids, misrepresentations made by the auctioneers, and complainst about authenticity and did nothing about it since they make a fortune by leasing space to PW. Mr. Mirback might be able to help you. It looks like after all the complaints filed on ripoffreport.com, the owner of that site has caved in to PW as well and wrote this glowing tribute to PW which contradicts nearly every complaint posted. How much PW paid or what they did to get this once trusted site to change its tune in unknown.

[Blythe]

I read through everything here. And other sites as LGB says to go to:((http://www2.fineartregistry.com/forum/)Park West board.
An investigative report is now underway to expose the deceptive and fraudulent practices of Park West.

As one person posting says on the Fine Art Registry Forum, if you want REAL action and change then report them to the Federal Trade Commission (FTC). They have an online form.

And as was posted there, contact the cruise lines that host any of these auction houses (Park West is one, but it sounds like there are a few scam artists on these cruises auctioning art).

What valid auction house doesn't have a catalog, terms&conditions for purchase and credit to research BEFORE you go to auction, which means, before you board? Don't expect to do research online on the cruise.

Also, people here invite to email them, on this site, but I don't know how to if an email isn't posted. Is there somewhere to click? I wanted to contact a few here.

And who is RAM and what did he/she post that has been referenced? I can't find it!!!

Check out the class action that is brewing.

[steveo]

I have traveled on several cruise lines and purchased about a dozen or so prints. I like the Faunch prints in particular, becasue of the style. I know they are copies and not the real thing, and most of what I spend is in the $100 range for the pieces I buy, so I know I'm not getting an "investment" piece. However, I like the art and friends and family who visit my home comment on how great the art is (I matte and frame them myself). They are great pieces and better than going to Pier 1 or Linen's N Things and buying someting there for the same price...Also have a PW card and never pay interest for the pieces I buy. If I want to see the real thing, I'll go to a museum, at my house, it's just to enhance the decor. Cheers!

[Brandy Rose]

Hello.

I am a card carrying ITWAPA (International Travel Writers and Photographers Alliance).

The comments regarding Park West (at Sea) etc, are quite disturbing indeed. I just returned from a RCI cruise and have another booked for December 07. I attended one of their auctions as well.

I have begun to put together some information regarding the allegations represented here. I invite anyone, regardless of where you in particular stand.

Once I can gather enough detailed information, I would be more than willing to share the aforementioned information with Mr David Mirback in light of the seemingly inevitable class action suit.

My interest though primarily professional, feel travelers are taken advantage of enough by not investing enough time to educate themselves abroad, but to be defrauded by the vessell one is traveling on, spending their hard earned vacation dollars as well.

Finally, I am not an expert in Art by any means. I do enjoy art, and have a few peices I feel fortunate enough to own. But know this, I too in my uneducated, champagne bubbleheaded state, purchased five works whilst on that recently taken RCI cruise, from Park West. It has not been long enough to receive them (three are Krasnyansky's, one is an Itzchak Tarkay and finally a Japanese Woodblock by Kumichika circa 1862.

So, I have personal as well as professional interest in this information. I feel I am in a good place to bring this to all of the parties involved with Park West as well as the Galleries and Cruiselines.

I respectfully thank you in advance for taking the time to email me regarding specific information, documentation, names, places, any and all pertinent information.

Regards,

Brandy Rose
brandyrose45@comcast.net

[LGB]

RAM, I write again to encourage you to contact me. Your knowledge and insight could prove most lucrative for you. Please email me at lgbeddow@hotmail.com.

[LGB]

Those of you who have been deceived by Park West, please consider joining Fine Art Registry at www.fineartregistry.com. Then join the group's forum (http://www2.fineartregistry.com/forum/)and post to the Park West board. An investigative report is now underway to expose the deceptive and fraudulent practices of Park West.

[LGB]

Ram, I write again in response to your posting and urge you to contact me regarding your first-hand knowledge of Park West. I would like to discuss the possbility of hiring you as a consultant.

Thank you. You may reach me at lgbeddow@hotmai.com.