Introduction
This book is a primer for the Art Collector. It describes the characteristics of a great art collector and the elements of a great collection. It shows why every collector should have an objective for the collection and how to go about it. It does not attempt to answer the question of why or how people become avid and sometimes even compulsive, collectors of works of art; nor is it a sociological or academic study. However, it tries in a “systematic, knowledgeable, and organised way”, to be a “how-to” guide for the novice as well as established collectors; for art enthusiasts – journalists and critics; dealers and gallery owners; investors and scholars, on how to navigate the complex, and often-tortuous paths of art collection.“This book is a timely intervention in art collection evolution and the improvement of the social practice of art collections in Nigeria. It addresses the situation by providing a smooth transition from unserious collector to a dedicated and conscientious collector.”Femi RichardRenowned Art Collector
Preface
The practice of art collecting has a long history, and the ways of collecting art are as varied as the backgrounds, social environments and personal histories of the collectors. There is no single “right” way of collecting art, but there are many practices that will not help creating an art collection of quality. There are many ways of collecting art, and there are many reasons for doing it. For some, it is simply a hobby; for others, it becomes a passion to which they devote considerable time, effort and resources. For a few, it is just a way of diversifying their investments. Whatever their reasons for acquiring artworks, whether enjoyment, vanity, investment or a mixture of all, for many collectors, art is among the most valuable assets they own. Learning how to appreciate them, to manage and care for them, is of capital importance.
There are thousands of books devoted to art. This one focuses on the collectors and their practice. This book does not aim at providing a history of art collecting or a sociological study of the motives for doing. We do not offer specific advice on what or where to collect. We do not enter on whether art is a genuine, profitable asset class for investment or not. Though we refer to these issues, they are outside the scope of the book; its goal is less ambitious. Art Collecting: A Handbook aims at offering the novice and experienced collector a better understanding and some practical advice on some of the main issues involved in this practice. Besides collectors, this book will be of use to many other players in the art world: dealers, critics, scholars, journalists, art enthusiasts.
Sometimes, professionals advising collectors on issues of taxation, insurance, wealth investment, estate planning, legal matters, etc. are not well acquainted with even the basic features of the practice of art collecting. We hope this book will also be of use to them in the eight chapters it is divided into. Chapter One is devoted to the collectors; to their motivations and approaches to collecting. We look at the main characteristics of an “educated, serious collector”. For some decades, the practice of collecting has been considered from the point of view of its value as an investment. We consider this trend in this first chapter. Though collecting is intensely personal, it can become so absorbing as to have an effect on the family of the collector. In this first chapter, we also look at this aspect of collecting.
Chapter Two looks at the development of an art collection. Serious art collections do not happen by chance. Whether properly articulated or not, sound planning and strategy differentiate ordinary accumulations of artworks from great collections. We also look at the role of art advisors and the process of commissioning art. Chapter Three looks at the process of buying art. Whether the collector acquires works from the primary or secondary markets, knowing about different channels work is a necessity. Due diligence is at the core of good practices in art collecting. We also consider it in the chapter. Chapter Four looks at the legal framework within which art collection operates.
These issues might not be the most attractive to the collector, but a good understanding of the rights and duties of collectors, artists and dealers is necessary for any serious collector. Unfortunately, collectors are not always well informed about copyright, moral rights and artist resale rights; we look at them in this chapter. Finally, a long section is devoted to Art Fraud, a threat always present in art collecting. Chapter Five provides tips and suggestions on the transfer of an art collection and particularly, to estate planning. Planning for the future of the collection once the collector is gone is frequently postponed by collectors. This section offers suggestions on possible options open to the collector. Chapter Six offers advice on documentation and management of the collection.
Keeping proper inventories is an indispensable task for the development of a collection and for its transmission to future generations. Insurance and taxation are not the most glamourous and appealing aspects of art collecting, but the educated collector will always take them into consideration. Chapter Seven is devoted to the care required by an art collection. Art collections are always at risk of being damaged by environmental, physical, chemical or biological agents. Knowing how to prevent or counteract these causes of damage is an essential skill for any serious collector. Finally, Chapter Eight offers a glossary of terms collectors come across frequently.
In the process of writing this book, we have learned not only about the technicalities associated with putting together, managing and transferring an art collection, but above all, we have learnt about collectors: people who passionately devote some of their best energies and resources to collecting art. There are wonderful stories of big and small, affluent and ordinary collectors who, sometimes obsessively, follow this interest in life. To own works of art is not the same as collecting art. Although owning art is a necessary condition for collecting art, accumulating and collecting are different practices. From the first to the second, there is a substantial difference in the intentionality of possessing these artworks. A gallery owner with a large number of works in his stores can also be a collector, but generally, is not.
An investor with a good portfolio of art is not necessarily a collector. Neither is a corporation that owns a large number of pieces in their buildings. Great collections are always linked to great collectors. Collections are always unequal because collectors are always different. As Baudrillard famously said: “It is inevitably oneself that one collects”. We hope this book will help them continue doing it in a more systematic, knowledgeable and organised way.
Foreword
I often wonder what motivates an individual to start collecting art. But perhaps more intriguing is, what sustains the collector’s interest in this endeavour?
It is fascinating that some people do not stop after purchasing maybe ten or twenty works but continue accumulating until they have several hundred artworks. I wish I could conduct in-depth research into this aspect of human behaviour. Today, a “Handbook on Collecting Art” can be seen as a modern day “Do it yourself” manual. Personally, I have never been guided by such a book; neither did I come across any handbook on collecting art. So when I was asked to write this Foreword, I was excited although a little uncertain, as I put my thoughts together.“I love this work,” “This is a remarkable piece,” “Lovely,” “Oh that painting speaks to me”- these are some of the common expressions one often hears from collectors as they go through exhibition halls or at various artists’ studios.
These comments are from the heart, triggered by the eyes, processed in the context of our brain and tamed by the depth of our pockets. These are feelings which cannot be expressed in a “Handbook on Collecting Art.” What then are the psychological factors which affect the decision making process of an Art Collector?
How do you analyse or measure the consistency or the intensity which drive one to actually purchase and continuously acquire art?
How does one understand or evaluate the buying pattern of a collector?
Many studies have shown how much our childhood activities, hobbies and upbringing, impact our adult lives. Could this be applicable to our behaviour as art collectors?
For example, many people began collecting various items as children – stamps, marbles, dolls, cards featuring footballers, and country flags. I vividly recall the keen competition between my childhood friends on the type and colour of marbles in our collections. The same applied to friends who collected stamps, dolls and cards. It did not matter the socio economic background of the children. Those who could not afford stamps or marbles collected “ikoto” (tops made from metal strips) which they played with in the sand. Could those childhood behaviours have created the foundation for collecting later in life?
Could there be a correlation between these two phases of life?
Could our early childhood competitiveness for the best marbles, stamps, dolls or card collections have shaped our perception about art or other collectibles?
Did our childhood visits to museums and galleries with our parents or on school excursion have an impact on developing our appreciation of collectibles?
Until a formal study is done, your guesses are as good as mine!1970’s AND 80’SI would like to make a few observations about this era which probably may not apply to more recent or younger collectors, but may resonate with older ones. In trying to understand how it all began for me personally, I think there are four main milestones: The Lagos art scene of 30 to 40 years ago was a very fascinating one. It was mostly characterised by the same group of people who you bumped into, several times a week at shows or exhibitions. These shows and exhibitions were mainly staged then, at the Italian, French, or Russian cultural centres, and at the British Council, and Goethe Institute, then. In those days there were “saloons,” where an art lover would host a small exhibition for an artist in their house or garden.
Corporate bodies, in line with their Corporate Social Responsibility (CSR) efforts, hosted exhibitions curated by art enthusiasts. Saloons have now completely disappeared from the scene, replaced by art galleries. Over the years, the number of people who plough the art scene has multiplied in number and in complexity. As a result, there is now an increased desire to acquire, and the Lagos Art scene is now a major social event. I believe that most of today’s major collectors were part of this scene of the 70’s and 80’s and many started collecting at that time. Secondly, I do believe that there is a “raison d’etre” for collecting. Somewhere in the psyche of the collector is that individual eye for art – a sombre and genuine appreciation of the creative mind of the artist.
Both of these elements are situated within the context of one’s environment. Personally, there has been no method to my collecting or any investment angle. If I liked the artworks, I bought as many as I could afford. I started off by buying watercolours – they were vibrant, bright, colourful, and the texture was light. Landscapes also spoke to me – nature, cities, rural areas, roof tops, monuments. At a later stage, I started looking at oils, etchings and multimedia. Subsequently, I eased into sculptures. In reality, there was no well thought plan on how I bought art. In those days, we would often ask ourselves. “Do you have an Olaku; a Barber, or Ovrati or Akande, or Dale or an Oshinowo, or a Bruce, or an Ewonwu?” These were some of the artists that were talked about among my circle of art friends.
These kinds of questions also shaped one’s acquisition pattern. Finally, another factor which shaped one’s early collection was the influence of art from Anglophone West African especially from Ghana, on the Lagos art scene; the likes of Glover, Delaquis, Kotei, Bartimeus and Butler. POST 2000A lot has changed in the art scene and the collecting of art, since the turn of the century. The advent of local and international auctions conducted by various auction houses including Arthouse, Bonhams and more recently, Sotheby’s, has had a major impact on the art sector in Nigeria. The following significant changes have been resulted: Internalisation of African Art. Especially Nigerian art. Nigerian art has now been taken to the world by more Nigerian artists who live and work in the diaspora.
Also, Nigerian Art is being showcased at many international art fairs. Shows, biennales and exhibitions at international museums. These factors have given rise to an independent system of assessing the quality and value of African artworks. A new value proposition is now being attached to the collection of art from Africa. Collectors, who hitherto have made acquisition decisions purely on aesthetic value can now ascribe monetary value to each of their works. This monetization of African art, though still at its infancy, has brought with it a vibrant interest in Nigerian art, with scores of new collectors, Art Funds and happy artist- both old and young. Driven by enormous monetary value of their collections, a very active art market has evolved with big ticket transactions taking place.
Today, collectors are now trying to maximise the value of their collections by buying contemporary works, thereby hedging their bets for the future. They are focusing on works that command big-ticket value at auctions. They are, in essence, refreshing their collections in order to strike a balance and enhance the overall value of their collections. It is only a question of time, sooner rather than later, before the Nigerian art scene becomes a multi-million-dollar market like the European, Indian, and Chinese art markets. In the past, the issue of provenance was moot. Art was purchased mainly at exhibitions or directly from artists. Although there were a few art dealers, the works they sold also has solid provenance. Collectors exchanged or sold works angst themselves and provenance was never an issue.
Today, this is now an important issue. The lack of documentation or reference database has highlighted the “soft underbelly” of our art market. The increase in the monetary value of our art market. The increase in the monetary value of our art has now made the source and origin of the work an imperative. This has given rise to a noticeable increase in fakes and forgeries. Sadly, the “N” facto has appeared on the art scene in Nigeria. But it is reassuring that collectors are now documenting the works in their collections. For instance, the Foundation for Contemporary and Modern Visual Art (FCMVA) has established a database for contemporary Nigerian artworks.
In future, these initiative will probably ensure a solid reference database for provenance and the documentation of artworks.(iv)These changing times have thrown up a new breed of collectors: The upwardly mobile professionals “investing” in art. The ‘keeping up with the Jones’ type, who see art as a way of validating their position and success in life and attending auctions because they want, and have to be seen.“The new money” type, as the changing political and economic scene in Nigeria has thrown up different individuals, who spend their windfall profits on art collecting. To conclude, it is an absolute privilege for me to write this foreword and to be a part of this new endeavour of a friend and fellow collector, Jess and his co-author, Fabian.
I believe that this book will further stimulate discussion within the art scene in Nigeria and abroad. Olayinka Fisher
