m MSB

PASSION INVESTMENTS

Art

By Daniel DeIRe

Desire Writ Large following—and equally large prices.

M O N U M E N T A L S C U L P T U R E IS

l i t e r a l l y larger t h a n l i fe . So t o o is t h e s p i r i t o f t h e c o l l e c t o r s w h o love i t . Sydney Bes thof f , 77 , a L o u i s i a n a b u s i n e s s m a n w h o o n c e

o w n e d t h e c h a i n o f K & B d r u g ­stores, reserves 10 weeks each year to v i s i t N e w Y o r k and m e e t w i t h m u s e u m curators , a t t e n d auct ions a n d v i s i t g a l l e r i e s a n d s t u d i o s .

B e s t h o f f became h o o k e d o n m o n u ­m e n t a l sculpture i n the 1970s, after h e h o s t e d a n e x h i b i t o f G e o r g e Rickey 's pieces i n the plaza outs ide his N e w O r l e a n s o f f i c e . F o l l o w i n g t h e e x h i b i t , B e s t h o f f t r a v e l e d t o R i c k e y ' s s t u d i o i n C h a t h a m , N . Y . , a n d c o m m i s s i o n e d a 3 9 - f o o t - h i g h , stainless steel abstract w i t h parts that sway i n the w i n d . W h e n i t was f i n ­

ished, B e s t h o f f sh ipped the w o r k i n pieces to N e w Orleans o n a f la tbed t r u c k , a n d h a d R i c k e y a n d a c r e w assemble i t outside his of f ice .

A f t e r nearly three decades, B e s t h o f f a n d his w i f e , W a l d a , are st i l l a v i d c o l ­l e c t o r s , h a v i n g r e c e n t l y t r a v e l e d t o Paris to purchase a piece b y F r e n c h

s c u l p t o r A r i s t i d e M a i l l o l . T h e 5 -f o o t female f igure w i l l go d i r e c t l y

to the N e w Orleans M u s e u m o f A r t , w h i c h houses a separate sect ion a n d sculpture garden t o e x h i b i t the w o r k s d o n a t e d b y t h e B e s t h o f f s . T h e i r h o m e r e m a i n s a v e r i t a b l e m u s e u m i t s e l f , w i t h p i e c e s s i t u a t e d inside a n d i n o u t d o o r gardens.

Col lec tors t y p i c a l l y display m o n u ­m e n t a l s c u l p t u r e i n a garden o r o n a l a w n o n the i r property . These b o l d pieces awe guests and arouse e m o t i o n . "There's s o m e t h i n g spir i tual , e x c i t i n g a n d sensuous a b o u t these w o r k s , " says N a n c y B e r m a n , the daughter o f p r o m i n e n t art collectors and curator e m e r i t u s f o r t h e S k i r b a l l C u l t u r a l Center i n Los Angeles. " T h e y make a v e r y d r a m a t i c s t a t e m e n t a b o u t t h e artist, as w e l l as the col lector."

W h e n h o s t i n g vis i tors , m o n u m e n ­tal sculpture aficionados en joy s h o w ­i n g o f f t h e i r latest acquisi t ions w h i l e discussing a piece's p r o v e n a n c e a n d the h i s t o r y o f its creator . B e r m a n ' s parents, P h i l i p a n d M u r i e l B e r m a n , o f t e n h o s t e d ga la e v e n t s at t h e i r h o m e i n A l l e n t o w n , Pa., e n t e r t a i n i n g presidents and f o r e i g n digni tar ies , i n a d d i t i o n t o the artists w h o s e pieces they purchased. I n quie ter m o m e n t s , t h e i r sculptures assumed an altarl ike appeal, o f f e r i n g B e r m a n a n d her s ib­lings a place f o r sol i tary m e d i t a t i o n . " T h e y b e c a m e a f o c a l p o i n t f o r r e f l e c t i o n and c o n t e m p l a t i o n , some­t h i n g to l e a r n f r o m , t o p o n d e r a n d i n t e r p r e t , " she says. Today, B e r m a n admits that she has never considered herse l f a m o n u m e n t a l art c o l l e c t o r . " I j u s t d o n ' t have the b u g , " she says.

P h i l i p B e r m a n began c o l l e c t i n g art w i t h the f o r t u n e he amassed leasing t rucks and warehouse space t o B e t h ­l e h e m Steel a n d o t h e r n o r t h e a s t e r n businesses i n t h e 1940s a n d '50s .

Sculptor Henry Moore conceived Large Interior Form (left) in 1951, and cast it in 1981 in an edition of six. Seated W o m a n by Fernando Botero (opposite page, left)

was cast in 2004; Two Forms (Divided Circle) by Barbara Hepworth, is inscribed with the sculptor's signature, dated 1969 and numbered 316.

116

\ Worth • June 2005

Decades later, he b o u g h t Hess's D e ­p a r t m e n t S t o r e a n d e x p a n d e d t h e c h a i n f r o m a single o u t p o s t i n A l l e n -t o w n t o several locat ions i n Pennsyl ­v a n i a a n d N e w Y o r k . I n 1 9 8 9 , h e assumed t h e c h a i r o f t h e b o a r d o f trustees o f the P h i l a d e l p h i a M u s e u m o f A r t . D u r i n g his t enure , he f a c i l i ­t a t e d t h e m u s e u m ' s a c q u i s i t i o n o f n u m e r o u s i m p o r t a n t pieces, i n c l u d ­i n g 43 ,000 p r i n t s a c q u i r e d f r o m the P e n n s y l v a n i a A c a d e m y o f A r t t h a t o t h e r w i s e w o u l d have b e e n s o l d at a u c t i o n . " T h e B e r m a n s w e r e t r u e col lectors i n that they acquired w h a t t h e y l o v e d , t h e y l i v e d w i t h i t a n d they shared i t w i t h others , " says Lisa T r e m p e r H a n o v e r , d i r e c t o r o f t h e B e r m a n M u s e u m o f A r t at U r s i n u s C o l l e g e i n C o l l e g e v i l l e , Pa. I n t h e 1980s, the B e r m a n s d o n a t e d m u c h o f t h e i r c o l l e c t i o n t o U r s i n u s , w h e r e

P h i l i p B e r m a n studied f o r one year.

( H e d r o p p e d o u t , b u t the school later

awarded h i m an h o n o r a r y degree.)

T h e t o p i c s o f v a l u a t i o n a n d

a p p r e c i a t i o n f o r m o n u m e n t a l art are

i n e v i t a b l e . A t a r e c e n t a u c t i o n i n

Paris, B e s t h o f f purchased a piece b y

M a i l l o l f o r a p r i c e " i n the u p p e r six

f igures . " B e y o n d the purchase p r i c e ,

c o l l e c t o r s face d a u n t i n g i n s u r a n c e

a n d t r a n s p o r t a t i o n e x p e n s e s f o r

s u c h g r a n d i o s e w o r k s . T h e i n s u r ­

ance a p p r a i s a l process a l o n e c a n

e x t e n d f o r days, at a cost o f several

h u n d r e d d o l l a r s p e r h o u r . M o r e ­

over, m o n u m e n t a l scu lpture is p a r ­

t i c u l a r l y s u s c e p t i b l e t o abuse. O n

several occasions, vandals have spray

p a i n t e d t h e s c u l p t u r e i n f r o n t o f

Besthoff ' s of f ice .

BIG RISKS Natura l ly , a piece's value w i l l vary according to fashion trends. For a r t w o r k d a t i n g t o t h e 1 8 t h c e n t u r y or earlier, such as the B a r o q u e - e r a s c u l p t u r e s o f B e r n i n i , p u b l i c tastes are general ly stable. C o n t e m p o ­r a r y p ieces , h o w e v e r , suc ­c u m b m u c h m o r e easily t o p o p u l a r w h i m s , p o s i n g a t h r e a t f o r b u y e r s . B e s t h o f f w o u l d never r e c o m m e n d art I

as an investment . "It 's j u s t n o t prof i tab le . " People's tastes, he j

argues, are s i m p l y t o o c a p r i - 1

cious. T h e d e m a n d f o r m o d - ! e r n sculpture is h o t and prices are s o a r i n g , l e a d i n g s o m e t o w o n d e r i f today's buyers m a y be e n t e r i n g the market at its peak.

VALUE JUDGMENT | Demand for monumental artwork— large-scale sculpture intended for outdoor display—is soaring, fueling record sales

figures. While collectors jostle one another to acquire the best works, aficionados and

experts alike caution that popular whims can quickly change art values, partic­

ularly in a niche as volatile as modern sculpture. .4f

T h e e p i c e n t e r o f today 's h i g h l y

c h a r g e d m a r k e t is n o t n e c e s s a r i l y

t h e Paris a u c t i o n houses, n o r N e w

York's galleries, b u t an area i n c e n ­

tra l F l o r i d a k n o w n m a i n l y f o r D i s -

n e y w o r l d a n d U n i v e r s a l Studios . F o r

t h e past t w o years , S o t h e b y ' s has

c o n d u c t e d a p r i v a t e sale o f m o n u ­

m e n t a l s c u l p t u r e at O r l a n d o ' s I s l e -

w o r t h g o l f c o m m u n i t y , an area w i t h

e n o u g h o p e n space t o a c c o m m o d a t e

dozens o f w o r k s . I n 2004 , the N e w

Y o r k - b a s e d a u c t i o n house's d i r e c t o r

o f p r i v a t e sales, S tephane C o n n e r y

(Sean's stepson), d e b u t e d the concept

w i t h 11 pieces f r o m e i g h t masters

s u c h as A u g u s t e R o d i n , S a l v a d o r

D a l i a n d F e r n a n d o B o t e r o .

Sotheby 's chose an o u t d o o r sale

t o d e m o n s t r a t e h o w m o n u m e n t a l

June 2005 • Worth

Art

sculpture adorns a landscape. " S e t t i n g

is v e r y m u c h p a r t o f w h a t the sale is

a l l a b o u t , " C o n n e r y says. T h e g o l f

course a d o r n s t h e f i n e l y m a n i c u r e d ,

600-acre gated c o m p o u n d w h e r e the

average p r i c e o f a n e w h o m e is $3.5

m i l l i o n . I s l e w o r t h ' s o w n e r , J o s e p h

L e w i s , has d r a w n f r o m his p r i v a t e c o l ­

l e c t i o n o f m o n u m e n t a l s c u l p t u r e t o

bedeck the g o l f course. T w o pieces b y

H e n r y M o o r e a n d o n e b y P h i l i p Jack­

son c o m p r i s e the course's p e r m a n e n t

c o l l e c t i o n . A c c o r d i n g t o L isa R i c h ­

a r d s o n , t h e c o m m u n i t y ' s r e a l estate

m a n a g e r , " T h e g o l f c o u r s e i t s e l f is

prac t i ca l ly a m u s e u m . "

T h i s year , C o n n e r y a s s e m b l e d 2 7

pieces b y 13 artists f o r the f o u r - m o n t h

sales e x h i b i t i o n , w h i c h began i n Janu­

ary. " W e ' r e t r y i n g t o keep the bar h i g h

G I V E N T H E RISKS and rewards of buying art, collectors and dealers advise their clients

to look for pieces that reflect their tastes.

i n terms o f the cal iber o f art , " he says. Sotheby's displayed m a n y pieces f r o m the era o f R i c k e y and M a i l l o l . " W i t h the e x c e p t i o n o f a f e w notables l i k e Brancus i , Sotheby's c o l l e c t i o n i n c l u d e d t h e b i g g e s t n a m e s o f 2 0 t h - c e n t u r y sculpture , " says T i m o t h y B a u m , an i n ­d e p e n d e n t a r t dea ler based i n N e w Y o r k . Established col lectors o f m o d e r n sculpture, i n c l u d i n g m u s e u m curators, r u b b e d e lbows w i t h f i r s t - t i m e buyers d u r i n g the sale, w h i c h saw e i g h t o f the 11 pieces change hands a n d grossed almost $10 m i l l i o n .

N i n e p i e c e s at I s l e w o r t h h a i l e d f r o m t h e p r i v a t e c o l l e c t i o n o f t h e

e l d e r B e r m a n s . O f t h o s e , H e n r y M o o r e ' s Reclining Figure: Arched

Leg a t t r a c t e d t h e h i g h e s t p r i c e , s e l l i n g f o r $ 5 . 1 m i l l i o n . S t i l l

a n o t h e r B e r m a n p i e c e , L y n n C h a d w i c k ' s Pair of Walking Figures, t w o s t r i k ­

i n g b l a c k f o r m s cast i n b r o n z e w i t h capes a p p e a r i n g t o b i l l o w i n a breeze, sold f o r a p p r o x i m a t e l y $500 ,000 .

M a i l l o l ' s La Mediterranee, a classic f e m a l e f i g u r e t h a t matches the piece he chose to a d o r n his grave, is a 4 - f o o t fig­

u r e based o n t h e f o r m o f his

r f a v o r i t e m u s e , D i n a V i e r n y . Cast i n 1975, La Mediterranee so ld

f o r a p p r o x i m a t e l y $1.5 m i l l i o n at I s l e w o r t h . Hare on Bell on Portland, a

p l a y f u l b r o n z e s c u l p t u r e b y B a r r y Flanagan, depicts

a r a b b i t f r o z e n i n

m i d a i r as i t leaps across a p l a i n . Its f u r appears s m o o t h e d b y the w i n d and its ears are stretched b a c k w a r d , f u r t h e r i n g the i m p r e s s i o n o f m o t i o n . T h i s p iece f e t ched a b o u t $500 ,000 .

M a n y o f the I s l e w o r t h artists estab­l i shed themselves as p r o m i n e n t surreal ­ist painters as w e l l as abstract sculptors. M a x E r n s t s igned the i n a u g u r a l e d i ­t i o n o f La Revolution Surrealiste, t h e P a r i s - b a s e d p e r i o d i c a l l a u n c h e d i n 1 9 2 4 t o p o p u l a r i z e t h i s g e n r e . H i s piece, Le Grand Assistant, a b i r d l i k e f i g ­ure s tanding 5-feet h i g h and p r i c e d at a p p r o x i m a t e l y $ 6 0 0 , 0 0 0 , h a d n o t y e t s o l d as Worth w e n t t o p r e s s . J o a n M i r o ' s 4 2 - i n c h Conque, an egg-shaped b r o n z e abstract w i t h a green and b lack e x t e r i o r , s o l d f o r a b o u t $ 5 0 0 , 0 0 0 . Benediction, a 5 6 - i n c h figure b y Jacques L i p c h i t z , c o m m e m o r a t i n g France's suf­f e r i n g d u r i n g the Second W o r l d W a r , sold f o r $610 ,000 .

A m e r i c a n artists w e r e c o n s p i c u o u s b y t h e i r absence f r o m the 2 0 0 4 Is le ­w o r t h sale. Sotheby's a m e n d e d this i n 2005 b y a d d i n g t w o pieces b y A m e r i ­can p o p a r t i s t R o b e r t I n d i a n a . T h e first, a 6 - f o o t sculpture i n the f o r m o f a b l u e n u m b e r five, d e p i c t i n g t h e artist 's obsession w i t h n u m b e r s , was p r i c e d at $ 1 8 5 , 0 0 0 . S o t h e b y ' s also p r o f f e r e d I n d i a n a ' s Love, a n 8 - f o o t sculpture f o r m e d b y s tacking the l e t ­ters L a n d O atop V and E , p r i c e d at $ 4 8 0 , 0 0 0 . N e i t h e r o f these h a d s o l d b y press t i m e .

Last N o v e m b e r , Sotheby's a u c t i o n e d o f f a 14 - foot sculpture b y H e n r y M o o r e

Painter and sculptor foan Miro conceived and cast Conque in 1969 in an edition of six. The piece is composed of bronze, black and green patina.

Worth • June 2005

Art

f o r $8.4 m i l l i o n , far above the $6 m i l ­

l i o n es t imate . A t t h e same a u c t i o n , a

p iece b y t h e B r i t i s h abstract s c u l p t o r

Barbara H e p w o r t h fe tched $1.13 m i l ­

l i o n , m o r e than double Sotheby's a n t i c i ­

pated p r i c e o f $500,000.

THE CRUCIAL CONTEXT A t events s u c h as I s l e w o r t h , e x p e r i ­

enced buyers h o p e to a v o i d b e i n g dis ­

t rac ted b y the s u b l i m e landscape, and

instead e x a m i n e h a r d c r i t e r i a to eva lu­

ate t h e s c u l p t u r e o n display. T r a i n e d

eyes focus o n the q u a l i t y o f a piece's

surface, o r p a t i n a , a n d its c o n d i t i o n .

Fast idious co l lec tors m a y also b a l k at

pieces cast after an artist's death, such

as M a i l l o l ' s La Mediterranee. T h i s tends

t o decrease a piece's value.

T h e e x t e n t t o w h i c h an ar t i s t has b e e n c o m m e r c i a l i z e d can be a n o t h e r d r a g o n a w o r k ' s v a l u e . Last July, a r t cr i t i c M a r t h a Schwendener c o m m e n t e d

that Indiana's Love sculpture has b e e n

" c o - o p t e d b y e v e r y o n e f r o m poster ,

k e y c h a i n a n d c a n d l e m a k e r s t o t h e

U n i t e d States P o s t a l S e r v i c e , w h o

r e p o r t e d l y p a i d the art ist a t h o u s a n d

dollars f o r w h a t became one o f t h e i r

m o s t p o p u l a r stamps." Botero 's w o r k s

are e q u a l l y o m n i p r e s e n t i n s o u v e n i r

shops a n d g i f t stores a r o u n d the w o r l d .

G i v e n the risks and rewards o f b u y ­

i n g ar t , c o l l e c t o r s a n d dealers advise

t h e i r c l i e n t s t o l o o k f o r p ieces t h a t

reflect t h e i r tastes and mesh w i t h t h e i r

personal i ty . W h e n i t comes to m o n u ­

m e n t a l s c u l p t u r e , h o w e v e r , t h e p a r a ­

m o u n t c r i t e r i o n is w h e t h e r the piece

f i ts i n t o its s u r r o u n d i n g s . A scu lp ture

o u t o f s y n c h w i t h its e n v i r o n m e n t

becomes an eyesore rather t h a n a testa­

m e n t t o the taste a n d sophis t i ca t ion o f

its o w n e r . F o r th i s reason, C o n n e r y

a n d Sotheby's have devised a m e t h o d

f o r buyers to " t e s t - d r i v e " m o n u m e n t a l

sculpture before se t t l ing o n a piece a n d

its f i n a l l o c a t i o n .

A t the 2004 I s l e w o r t h e x h i b i t i o n , a

E u r o p e a n b u y e r considered purchas ing

R o d i n ' s 9 - f o o t , 8 - i n c h , r e n d e r i n g o f

the F r e n c h novelist H o n o r e de Balzac.

A w e d b y its size, t h e b u y e r hesi tated,

w o n d e r i n g i f t h e p i e c e w o u l d w o r k

w e l l w i t h i n his g a r d e n . T o h e l p h i m

make u p his m i n d , Sotheby's staff t o o k

photos o f the statue f r o m all f o u r sides

a n d e n l a r g e d t h e m t o l i f e - s i z e . T h e n

t h e y pasted t h e p h o t o s o n t o a l i g h t ­

w e i g h t rectangular b o x that c o u l d eas­

i l y be m o v e d f r o m the g o l f course t o

the owner 's premises. O n c e there, they

m a n e u v e r e d a n d m a n i p u l a t e d t h e

m o d e l u n t i l they f o u n d the r i g h t spot

f o r the real t h i n g . I n the e n d , Sotheby's

c l i n c h e d the sale. 55

La Mediterranee by Aristide Maillol was conceived in 1902 and cast in 1915.

The sculptor based this 4-foot piece on his favorite muse, Dina Vierny.

120 Worth • June 2005