What Goes Round Comes Around

I love following how taste changes, how the younger generation looks at things differently than we did. No matter what age you are, you look at the younger people and don’t understand. I can give you an analogy that pertains to many areas of life: My mother took some medicine that had been declared bad for her at one time, and then later was told to take it. She said, “If I live long enough, what was bad for me is good for me again”!

Which brings me to this headline that I so enjoyed reading in an article by Vivienne Chow in the October 6 issue of Artnet, “Why are Young Collectors Buying Old Art?”. Needless to say, young people usually like the art of their day. Young collectors are dazzled by the hype that accompanies record prices; that same press attention is one reason some mega millionaires and billionaires compete to set records and bask in the publicity.

This article focuses on the Frieze Masters Fair for art before the 21st century. Started in 2012 by the organizers of the annual Frieze fair for contemporary art, which has been a fixture in the London art scene since 2003, the “Masters” Fair is now run by Emanuela Tarizzo. She was formerly director of the Tomasso Gallery in London, which sold European sculpture, old master paintings, and ancient art, with a specialty in Renaissance bronzes. Ms. Tarizzo speaks of the common language of art, how it can bring together various cultures and tell “the broader story of humanity”. The 2009 graduate of the Courtauld Institute looks forward to a “dialogue with contemporary audiences”. 

Tarizzo is hoping to bring knowledge and rigour to strengthen the fair's position as a bridge between the past and present.

Photo by Elaine YJ Zheng

The article points out that auction sales of Old Masters have grown by 24% globally during the first half of this year. What do you know, it says this is partly due to the material that is being offered! This is not to say that now the younger generation of collectors will suddenly abandon the contemporary and focus on collecting the old, but, as they are being introduced to it they are open to mixing older work in with their contemporary acquisitions.

In this respect, art fairs are so valuable as they present a broad range of available works without the pressure. If you visit an art gallery, you will see what the dealer specializes in. Auctions are organized around special areas of art. You have to understand what you are looking at, the context and condition of the work, whether the estimate is in line with similar work, and finally, what you are willing to pay for it. Here are illustrations of a gallery, which was once mine, an auction, and a Frieze fair.

I was trained that it was best to specialize, even in our private collection. When we bought our first Native American work of art by a Hopi Indian and I said to my wife, "Now we can start a collection of Indian art." She practically yelled at me, “NO”, we cannot learn about all Native American art. We need to focus on one of the many different cultures. We chose to stick with collecting Hopi, deepening our understanding by visiting the Reservation. Years later, we broke that rule but still concentrated on the Southwest Indians. Would it have been so bad to learn about the Indians of the Plains as well?

At an art fair such as TEFAF in Maastricht and FRIEZE in London, you can compare and contrast, seeing what the art dealers are showing and learn about various kinds of art. You will encounter serious collectors who have come to add to their collections. You will find that dealers are eager to talk to you, not just to sell but also to cultivate possibly a future client. One of my clients used to talk about being able to learn from dealers and getting an education in art and the market for free. The truth is that the best art dealers are passionate about what they deal in and love telling people why.

To be fair, it is intimidating to walk into a gallery if you are not well-versed in its specialty, and we never want to embarrass ourselves. But the dealers and auction houses now have a new ally, the internet. You can preview from home the offerings of auction sales and dealers’ stocks. Excellent images are available, and Google or Reddit may provide answers to questions. Today’s generation can go to a fair, a dealer, or an auction house with a new degree of confidence, better prepared to evaluate what they are looking at from eras and places that would previously have been foreign to them.

With 120 dealers from 26 countries, I will finish with three examples from a recent Frieze Masters Fair.