Many factors influence long-term value of art

In Chicago, New York, Sante Fe or even here in the Corridor, art can become a valuable investment. Yet no matter what the market, the ultimate financial payoff can be tricky.

Gallery owners and artist representatives in the Corridor say a variety of factors ultimately influences the long-term price.

'It depends on the artist, their show record, if they are (exhibited) in museums or not, and how much they have sold. It's kind of like getting experience,” said Ann Stamats, founder and owner of Black Earth Gallery, 329 10th Ave. SE in Cedar Rapids.

'A lot of times art - unless if it's by a really big name in the world - does not really appreciate much. Most of the time, if you are doing something for tax reasons or donations, you end up filing a copy of the receipt showing how much you paid.”

And the value of a piece of art even can decline as the popularity of the artist diminishes, said Stamats, an art consultant and artist's representative.

'Even artists that make it big in New York City, London or Paris, you don't know how long they're going to remain popular,” she said. 'You can have someone who is really hot and in five years they haven't done anything else and have lost favor in the art world.”

Suzy McGrane-Hop, a certified art appraiser, fine art consultant and owner of the Gilded Pear Gallery, 808 Third Ave. SE also in Cedar Rapids, said paintings, sculptures, fiber art and wood art by regional artists have performed well over time.

'Obviously pieces by Mauricio Lasansky, Marvin Cone and Grant Wood will increase in value,” she said. 'Other artists, like Fred Easker and John Preston who are known in the community, have held their value or increase in value over the last 10 or 15 years.”

Janelle McClain, art consultant and former co-owner of the CornerHouse Gallery and Frame in Cedar Rapids. warns that investing in art can be very risky.

'It's not a liquid investment,” McClain said. 'It's very much like clothes. Things can come into in fashion in the marketplace and they can fall out of fashion.

”You can have a decade where people are intrigued with American regionalism, and 10 years later the market has dropped. Then it comes back again as the pendulum swings the other way.”

McGrane-Hop said most of the residential and corporate clients that she works with prefer to buy 'local.”

'They like to get to know the artist and have a sense of pride in the pieces,” she said. 'They are more likely to keep those pieces in the long run, rather than just a decorative piece that they will replace if they move to a different house.

'If you buy pieces that you love, you will always find a place for it regardless of whether you move to a different house or need to downsize.”

Ithiel Catiri, co-owner of Catiri's Art Oasis in Amana with his wife, Jenise, said collectors' personal desire will increase the value of art by prolific artists after they no longer are producing new pieces.

'That can increase the value of a particular piece, depending on much someone really wants something,” Catiri said.

Regional artists such as Gordon Kellenberger of Amana have a loyal fan base that collect their original paintings and help maintain or increase their value, according to Catiri.

'People come looking for his pieces to see what is fresh and available,” Catiri said. 'We tend to do very well with him.”

McGrane said corporate clients periodically will evaluate the art they exhibit and purchase new pieces as an investment.

'They typically are looking for something that will hold its value or increase over the years,” she said. 'They're not looking at a lot of limited editions or posters. They're looking for originals.”

Stamats said she often is asked how much the type of frame contributes to the value of a painting.

'The frame does not increase the value of a painting - no matter how much you paid for the frame,” she said. 'The value of a Picasso does not change by how you frame it. It's still a Picasso.

'I always like a simple frame - black, brown, white or natural.”

Catiri said the internet has opened the market for fine art beyond physical borders.

'People who have been through a gallery have a feel for the artist's work and can find out later what is available,” he said. 'There's also the tangible aspect of being in a gallery and seeing a piece of art face to face.

'A lot of folks may look something up on the internet, but they will still come and visit a gallery for the personal touch.”

l Comments: (319) 398-8366; george.ford@thegazette.com