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

[The Truth is out There]

As I understand it, Park West was attacked in a smear campaine that was backed by one of their competitors, an art dealer. The works in question have not yet been proven to be fake. There is a court case that will bring much to light and if Park West is vindicated, some people will have some answering to do for all the negative comments about PW.

[Tammy Jo]

I have 4 of the milleniums, The card player, the golfer, Mother with hand on bust and pastuer with cow. Anyone interrested in adding to their collection? customems@yahoo.com

[OC]

This is very interesting and informative.

As an artist, I am always looking for possible sales opportunities, but I don't think I want to be involved with an organisation that rips people off.

Why don't those of you who want to collect original art buy directly from the artists who make them? Obviously you're not going to be able to buy a Dali original, but it's worth looking at work by living artists.

You could ask around from the point of view of 'investment', but I think that in all honesty, you are far better off buying something simply because you love it. The artist might become commercially successful and you luck out financially, but at the same time, why buy something horrendously expensive if you can't stand to look at the thing?

I do swaps with other artists if they have a piece I love, and I have a piece they love.

If you're like to see my work, please send me a message and I'll send you a link.

[Mike]

I will write it again. Before anyone buys ANY "art" as an investment, first spend $100 or so on the artists' catalog raisonne. If one does not exist, then find another artist. If you can't get independent information on the art created by an artist (especially regarding prints and multiples) then RUN AWAY!!

[abe hersh]

im sorry to say that you are unaware of park wests business practice.i have been sued by them and sued them back and won.please go to fineartsregistry.com and then have some of the art you bought from them checked by a legit appraiser.i was almost duped for 20000 dollars worth of phony poster art.my friend for 15000 dollars.they wouldnt refund our money till fineartsregisty and"inside edition" got involved.i have saved all the relevant information concerning the whole fiasco,if you would like to be educated.plz go to ebay and see what park wests garbage goes for.not a single sale over 1000 dollars for pieces that park west dumped on people for tens of thousands.be well

[Artnut]

Offering to exchange a piece of art a customer is not happy with makes MUCH more sense than you b!tch!ng about it. It appears to me that they are making an honest attempt to keep the customer happy by offering an exchange. As a business owner I fully undersand the logic in keeping a customer happy, and if this can be accomplished through an action as simple as exchangeing the artwork for another piece, Park West would be crazy not to do it! Get off your high horse and chill out.

I am eduacated in the fieldl of art, and like another person who posted here, I am a Park West customer as well as a customer at many other gallery's. The bottom line is... Park West sells quality art at fair prices.

[Red_ Hatter]

You'll not see any more rip off reports posted on RIPOFFREPORT.COM because Park West has paid them to not post anything. They also paid to have every complaint "updated " with glwoing praises. Instead of posting your report they send it to Park West to show them just how their well spent $$ is preventing postings on the internet.
Class action suits are popping up all over and it just a matter of time before Park West and the cruise lines answer for all this.
BTW Park West is pushing all complainers to exchange art as part of their new 40/40/40 program.
Just what everyone needs more questionable art to replace the questionable ar they are complaining about.
Does this make sense to anyone??

[Dennis]

I have been a long time customer of Park West Gallery and as a "VIP" have attended many events where I have had an opportunity to talk to some of the artists you mention in your comments below as well as others (Max, Glen, Krasnyansky, LeKinff, Yanke, Bull, Marko, Goekel, etc). I assure you that these world-class artists would NOT be associating themselves with Park West if they thought for one minute it would reflect negatively on them or devalue their art. These are successful artists who can (and are) represented by galleries around the world.
I would assume there have been some problems with Park West as they are a very large company and with high volume comes the potential for unhappy customers. Following this same logic I assume that General Motors has had some unhappy customers during their lifetime... As they say, as hard as you try, you can't please all the people all the time. People having buyer’s remorse for spending more than they could afford to spend is not a reason to blame the gallery.
That being said, I am VERY happy with Park West Gallery. I am an avid art collector who purchases regularly from them as well as other galleries. While I know I could go on e-bay and save a few dollars, I know I am getting authentic work when I purchase through a reputable gallery. And regardless what a few disgruntled buyers have said, they ARE a reputable gallery.
I have also read that their appraisals are unrealistic. I have had many pieces appraised outside of Park West Gallery. The first question an appraiser asks is “what is the purpose of the appraisal?” They ask this because there are several kinds of art appraisals, including current value, replacement value, resale value, etc. I can assure you that anyone who is complaining about a high appraisal will quite down if they have an insurance claim and get paid the appraisal amount. Remember, the true value is whatever someone else will pay for it. Keep in mind that Park West appraisals are probably based on gallery prices not e-bay prices.
I could go on and on, but I think that by reading this far you get my point. Park West sells quality art for fair market prices, there are always going to be some unhappy customers when dealing with a company this large, and people need to know what they are doing before they jump in.
Happy art buying…

[dma]

i know its been long time,but did any of you resolve your case with parkwest?

[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.