Mary Cassatt, Summertime, 1894, oil on canvas, 39 5/8 x 32 in. (100.6 x 81.3 cm), Terra Foundation for American Art, Daniel J. Terra Collection, 1988.25
Culturespaces and the Musée Jacquemart-André are presenting a major retrospective devoted to Mary Cassatt (1844–1926) in Paris through July 23 2018. Considered during her lifetime as the greatest American artist, Cassatt lived in France for more than sixty years. She was the only American painter to have exhibited her work with the Impressionists in Paris.
The exhibition focuses on the only American female artist in the Impressionist movement; she was spotted by Degas in the 1874 Salon, and subsequently exhibited her works alongside those of the group. This monographic exhibition will enable visitors to rediscover Mary Cassatt through fifty major works, comprising oils, pastels, drawings, and engravings, which, complemented by various documentary sources, will convey her modernist approach — that of an American woman in Paris.
Born into a wealthy family of American bankers with French origins, Mary Cassatt spent a few years in France during her childhood, continuing her studies at the Pennsylvania Fine Arts Academy, and eventually settled in Paris. Therefore, she lived on both continents. This cultural duality is evident in the distinctive style of the artist, who succeeded in making her mark in the male world of French art and reconciling these two worlds.
Just like Berthe Morisot, Mary Cassatt excelled in the art of portraiture, to which she adopted an experimental approach. Influenced by the Impressionist movement and its painters who liked to depict daily life, Mary Cassatt’s favourite theme was portraying the members of her family, whom she represented in their intimate environment. Her unique vision and modernist interpretation of a traditional theme such as the mother and child earned her international recognition. Through this subject, the general public will discover many familiar aspects of French Impressionism and Post-impressionism, along with new elements that underscore Mary Cassatt’s decidedly American identity.
The exhibition brings together a selection of exceptional works loaned from major American museums, such as Washington’s National Gallery of Art, the Metropolitan Museum of Art in New York, the Museum of Fine Arts in Boston, the Philadelphia Museum of Art, and the Terra Foundation in Chicago; works are also loaned by prestigious institutions in France — the Musée d’Orsay, the Petit Palais, INHA, and the BnF (French National Library) — and in Europe, such as the Bilbao Museum of Fine Arts, the Calouste Gulbenkian Foundation in Lisbon, and the Bührle Foundation in Zurich. There are also many works from private collections. Rarely exhibited, these masterpieces are brought together in the exhibition for the first time.
"Portrait of Ms. Blair" by Sir Henry Raeburn, oil on canvas
The “Old Masters,” an informal classification in art historical terms, generally refers to European artists dating from approximately the 1500s (the Renaissance) to the 1800s. They were fully trained artists who had become the Masters of their local artists’ guild. In reality, however, many paintings produced by followers of/ school of/ circle of, have also come to fit into today’s catch-all term. Many of the best-known painters of this geographically and historically broad area are considered Old Masters.
In advance of a key season of Old Masters auctions, we take a look at this revered category through the lens of portraiture. Our editors spoke with two leading specialists: David Weiss, Senior Vice President and Department Head of European Art & Old Masters at Freeman’s Auctions and Iain Gale, Specialist in Fine Paintings, Sculpture and Scottish Art at Lyon & Turnbull, on why they are optimistic about the market for Old Masters portraits, and how buyers should begin their hunt.
Starting a Collection: Old Masters Portraits
“Portrait of Cardinal Ippolito de’ Medici” by Titian, 16th century, oil on panel
Starting a collection of Old Masters portraits can be as broad or as narrow as your means, since this category features artists from a wide range of styles, movements, and geographic locations, including the Renaissance (Gothic, Early, High, Venetian, Sienese, Northern, Spanish), Mannerism, Baroque, the Dutch Golden Age, Flemish and Baroque, Rococo, Neoclacissism, and Romanticism.
These schools include some of the most influential painters in Western art history: Titian, Jan Van Eyck, Hieronymus Bosch, Albrecht Durer, El Greco, Peter Paul Rubens, Artemisia Gentileschi, Diego Velazquez, Frans Hals, Jean-Antoine Watteau, Joshua Reynolds, Thomas Gainsborough, William Hogarth, Jean Auguste Dominique Ingres, Francisco de Goya, William Blake, Eugene Delacroix, and more.
Iain Gale advises that anybody wishing to start a collection of Old Masters portraits avoid what he calls a “scattergun” approach. Instead, Gale recommends choosing one centerpiece around which to build a collection, so that works chosen in the future are more likely to reflect the optimal taste of the first. For a new collector with a budget of around £20,000 (~$25,000) to invest, for example, Gale would suggest looking for a work by a Classical painter like Allan Ramsay (1713 – 1784), or the Romantic Henry Raeburn (1756 – 1823).
David Weiss suggests that a good place to start is by looking to quality drawings by lesser known, but highly accomplished artists of the 17th and 18th centuries, as these “tend, on balance, to be more affordable than their equivalents rendered in oil.” He also suggests using a limited budget for an early engraving or etching.
In offering different approaches to collecting, Gale and Weiss agree on one thing: the market for portraits, Old Masters or otherwise, is a complex one. Ultimately, they note, the motivation of the buyer underscores the value of a work. Collectors may buy portraits for any reason, from “self-aggrandizement to a serious interest in painting,” says Gale. For some, there is concern around buying a portrait of an unknown sitter, somebody else’s ancestry.
Overlooked Old Masters
While painting from the English Tudor and Stuart periods has always held a high price, much of it, says Gale, still appears stuffy and dark after “years of accumulated dirt and nicotine.” However, he adds, closely inspecting a corner of a work can help to show a painting’s true colors.
David Weiss references top tier “school of” or “circle of” paintings, a suggestion he tempers with the caveat that, “this is not to say that landscapes, still lifes, and genre scenes which are direct copies of non-overlooked artist’s paintings deserve a great reception. It is to say that paintings of wonderful quality and skill, and those possessing aesthetic appeal, ought sometimes to sell for more money than they often do vis-à-vis their ‘name brand’ counterparts.”
Weiss says that this can be a particularly wise investment because “school of” or “circle of” paintings “of a major artist can, with the passage of time, be determined to be by the artist after whom the work was first thought to be only modeled.”
Self-Portraits in a Name-Driven Market
“Portrait of a Gentleman Wearing an Embroidered Jacket” by Cornelis Troost, oil on canvas
“The moment when a man comes to paint himself – he may do it only two or three times in a lifetime, perhaps never – has in the nature of things a special significance,” wrote Lawrence Gowing in his introduction to a 1962 exhibition of British self-portraits. According to Gale, there is no necessary correlation between value of a painting and whether it is a self-portrait because the value of a work can be determined by many factors.
“There is a good market for self-portraits, particularly those that can comfortably be given to the hand of a first or second tier painter, a strong case can be made that there is a correlation between a portrait’s value and the identity of a sitter. It is difficult to argue against a portrait of major historical or noble figure outselling a portrait of a lesser known sitter,” says Weiss, before posing a hypothetical question: “An exceptional self-portrait by a lesser known hand or by a follower or student of a well-known artist versus a self-portrait of only passing quality by an important artist? My money is with the former in the current name-driven art market.”
Unless a portrait serves a commemorative purpose, themes and narratives conveyed in a portrait may be subliminal. Such messaging and symbolism tends to include status, wealth, accomplishment, lineage, and power. However, Weiss says, these themes “are not always present in self-portraits, wherein many of the Old Masters sought to and succeeded in presenting themselves in a less grandiose light.”
Quality is Key
“Portrait of a woman washing clothes,” by Henry Robert Morland, oil on canvas
Although the market today is undeniably driven by “name brand” artists, as David Weiss puts it, one crucial factor transcends all others, and both specialists return to the question throughout their responses.
“In my experience, one need only look at some of the offerings in the secondary Old Master auction catalogues of major houses as recently as the 1990s. In many of those sales, the ‘manner of’ and ‘follower of’ paintings that clearly appear to be secondary in quality would either not sell in 2017, or may not even be accepted for consignment in 2017 due to the ever increasing emphasis on quality and on works that are by, or at least have an affiliation with the hand of, an important artist or school,” says Weiss.
Determining the value of a painting is a fine balance, the crucial element being an understanding of what motivates the buyer, says Gale. “It may be more visually appealing, and therefore of great value, if a work is by a good hand, even if it is by a minor artist.”
Dr. Clare McAndrew (Art Basel)graph.
Art Basel and UBS last week published the second edition of the Art Basel and UBS Global Art Market Report.
Art Basel and UBS last week published the second edition of the Art Basel and UBS Global Art Market Report. Written by renowned cultural economist Dr Clare McAndrew, Founder of Arts Economics, The Art Market 2018 presents the results of a comprehensive and macro-level analysis of the global art market in 2017.
Last year, the global art market grew by 12%, reaching an estimated $63.7 billion, with the United States retaining its position as the largest market and China narrowly overtaking the United Kingdom in second place. In 2017, dealer sales increased 4% year-on-year to an estimated $33.7 billion, representing a 53% share of the market, while public auction sales increased 27% to $28.5 billion. Much of the uplift in sales in the auction and dealer sectors was at the top end of the market; away from the premium price segment, overall market performance was mixed.
A continuation of Dr Clare McAndrew's extensive research into this field, the report begins with an analysis of global sales data, including the key benchmark statistics on global transaction values, volumes and geographic market shares. It then continues in successive chapters by analysing the dealer and auction segments, art fairs and exhibitions (comprising a new stand-alone chapter), online sales, global wealth and art buyers, and economic impact metrics.
Key findings of The Art Basel and UBS Global Art Market Report include:
Clare McAndrew, Founder, Arts Economics said: "After two years of uncertainty and decline, the market turned a corner in 2017 with growth in the auction and dealer sectors, as well as at art fairs and online. Despite some remaining political volatility, robust growth in high-end global wealth, accelerating financial market returns, stronger consumer confidence and increased supply led to a much more favorable environment for sales. However, these industry-wide gains were driven by sales at the top end of the market, and away from this premium segment, performance was not all positive, with many businesses coming under pressure. This divergence in performance is a continuing concern, particularly as the majority of employment and ancillary spending comes from the very many other businesses in the art trade below the top tier. To maximize its economic impact, the market to be functioning well at all levels."
Noah Horowitz, Director Americas, Art Basel said: "This report provides an unparalleled overview and analysis of the current state of the market. While the strong gains realized in 2017 as well as the field’s ever more global infrastructure are certainly reassuring, its top-heavy nature and rapidly changing dynamics, as captured in this report, have also never been clearer. Dr Clare McAndrew's findings are a must-read for any serious market participant or commentator, offering fresh insight on a wide range of the most pressing issues in today’s art business."
Paul Donovan, Chief Economist, Global Wealth Management, UBS: said: "The performance of today's growing and globalized art market is a fascinating reflection of wider economic trends and highly correlated with GDP and HNW populations. Collecting is a passion that we share with many of our clients. Alongside our own exclusive art services, this collaboration with Dr Clare McAndrew and Art Basel is a natural fit for our ongoing commitment to the research and analysis of markets and economic data for our clients."
"Path with Firs at Varengeville", 1882
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