Le Journal Books

Art Collecting Today is a must-have for anyone interested in learning more about the intricacies of the art market. Whether seasoned veterans or budding collectors, delving in this book will allow readers to draw a clearer picture of the dynamics and intricacies of this buzzing, seemingly confusing, world. From detailed explanations of the art-world practices, to essential tips for newcomers, this book allows collectors of any scale to feel more confident when navigating the arts world.

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Art Collecting Today: Market Insights for Everyone Passionate about Art, by Doug Woodham, April 2017

The author, Doug Woodham, is an economist trained at the University of Michigan and holds a PhD. Previously President of the Americas for Christie’s, Woodham now serves on the board of Twyla, an art venture focusing on exclusive limited editions by the world’s top artists. Himself an art collector, his preference lies in minimalist and conceptualist drawings, as well as land art.

Written in an intuitive and concise style, Art Collecting Today covers topics such as artworks evaluation and appreciation, how to avoid amateurish mistakes, how to protect oneself as an art collector from being used or manipulated, dealing with complicated taxes and cultural property laws, and counsels for those who contemplate starting their own collection. The author also goes at length to explain how the marketplace prices artworks, and what are the different art markets that exist today, originally formed for six world-renowned artists such as Magritte and Modigliani.

The author also takes it upon himself to warn collectors about blind passion when buying art, and explains how to make more effective purchases by understanding how and when galleries or auctions offer a better deal. In addition, a practical explanation of how the world looks like from the other side of the fence, that is from those selling art, offers the reader an enlightening behind-the-curtains experience.

Amongst others, the author focuses on artists such as Andy Warhol and Frida Kahlo, and explains how cultural property laws affect the buying and selling of artworks by world-renowned artists (Germany and Italy, for example, both consider some of Warhol’s work to be part of their cultural heritage). Discussed in depth is also the growing impact of technologies and social media, namely the JPEG standard – which allows for images online to be compressed to smaller files –, Google Images, and Instagram. The latter, Doug tells us, is the newest and most impactful of the three. Indeed, Instagram has shattered the expectation from artists to get traditional gallery representation. As is mentioned in the book, many young artists expose, promote, and sell their art exclusively thanks to Instagram, without any gallerist whatsoever, a challenging notion for professionals in the arts gallery industry.

This insightful work was compiled with the help of an extensive list of collectors, gallerist, lawyers, art advisors, and auctioneers.  A fresh and exciting read for anyone wishing to sharpen their understanding of the arts market world.

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