Questroyal 2009 by Pure Imaging Inc.

Q U E S T R O YA L F I N E A RT, L L C Important American Paintings

vo lu m e x

fall 2009

Important American Paintings Entries by gallery

w i t h a d d i t i o n a l a s s i s ta n c e b y

Louis M. Salerno, Owner

Brent L. Salerno, Co-owner

Jessica L. Waldmann, Gallery Associate

Chloe A. Richfield, Director

g u e s t c o n t r i bu to r s

Isabelle M. Havet Ashley G. Rye Sarah Jean Selzer

Matthew T. Andress, Gallery Associate Erin L. Boyle, Administrator André Salerno, Gallery Assistant Rita Walker, Controller

Q U E S T R O YA L F I N E A RT, L L C 903 Park Avenue (at 79th Street), Suites 3 a & b, New York, NY 10075 t :(212) 744-3586 f :(212) 585-3828 h o u r s : Monday–Friday 10–6, Saturday 10–5 and by appointment e m a i l : gallery @ questroyalfineart.com

www.questroyalfineart.com

vo lu m e x

fall 2009

Important American Paintings Entries by gallery

w i t h a d d i t i o n a l a s s i s ta n c e b y

Louis M. Salerno, Owner

Brent L. Salerno, Co-owner

Jessica L. Waldmann, Gallery Associate

Chloe A. Richfield, Director

g u e s t c o n t r i bu to r s

Isabelle M. Havet Ashley G. Rye Sarah Jean Selzer

Matthew T. Andress, Gallery Associate Erin L. Boyle, Administrator André Salerno, Gallery Assistant Rita Walker, Controller

www.questroyalfineart.com

Foreword The Well-dressed Hunter: A Dealer’s Story Letter from the Director

Contents

design:

Malcolm Grear Designers

printing:

Meridian Printing

photography :

editing:

Timothy Pyle, Light Blue Studio

Amanda Sparrow

front cover and inside front cover

( d e ta i l )

Thomas Moran (1837–1926), A Side Canyon, Grand Canyon, Arizona, 1905, pl. 31 back cover and inside back cover

( d e ta i l )

Sanford Robinson Gifford (1823 –1880), Mountain Lake, pl. 17

pa i n t i n g s

p l at e

pa i n t i n g s

p l at e

Avery, Milton

Metcalf, Willard L.

Bierstadt, Albert

Moore, Nelson A.

Blakelock, Ralph A.

3, 4, 5

Moran, Thomas

31, 32

Bricher, Alfred T.

O’Keeffe, Georgia

Brown, John G.

Palmer, Walter L.

Buttersworth, James E.

Redfield, Edward W.

Carlson, John F.

Richards, William T.

36, 37, 38

Church, Frederic E.

Silva, Francis A.

Cole, Thomas

Whittredge, T. Worthington

40, 41, 42

Colman, Samuel

Wiggins, Guy C.

Cropsey, Jasper F.

Williamson, John

De Haas, Mauritz F. H.

Wyeth, Andrew

45, 46

Doughty, Thomas

Gay, Edward

Gifford, Sanford R.

d o c u m e n ts

Guy, Seymour J.

Bates, Katharine Lee

Hart, James M.

Brown, John

Heade, Martin J.

Clemens, Samuel L. (Mark Twain)

Kensett, John F.

21, 22, 23

Crockett, David

Kronberg, Louis

Eisenhower, Dwight D.

Laurence, Sydney M.

Jackson, Andrew

Lucioni, Luigi

Jackson, Thomas “Stonewall”

Martin, Homer D.

Jefferson, Thomas

54, 55

Maurer, Alfred H.

Lincoln, Abraham

Introduction to Historical Documents

Foreword The Well-dressed Hunter: A Dealer’s Story Letter from the Director

Contents

design:

Malcolm Grear Designers

printing:

Meridian Printing

photography :

editing:

Timothy Pyle, Light Blue Studio

Amanda Sparrow

front cover and inside front cover

( d e ta i l )

Thomas Moran (1837–1926), A Side Canyon, Grand Canyon, Arizona, 1905, pl. 31 back cover and inside back cover

( d e ta i l )

Sanford Robinson Gifford (1823 –1880), Mountain Lake, pl. 17

pa i n t i n g s

p l at e

pa i n t i n g s

p l at e

Avery, Milton

Metcalf, Willard L.

Bierstadt, Albert

Moore, Nelson A.

Blakelock, Ralph A.

3, 4, 5

Moran, Thomas

31, 32

Bricher, Alfred T.

O’Keeffe, Georgia

Brown, John G.

Palmer, Walter L.

Buttersworth, James E.

Redfield, Edward W.

Carlson, John F.

Richards, William T.

36, 37, 38

Church, Frederic E.

Silva, Francis A.

Cole, Thomas

Whittredge, T. Worthington

40, 41, 42

Colman, Samuel

Wiggins, Guy C.

Cropsey, Jasper F.

Williamson, John

De Haas, Mauritz F. H.

Wyeth, Andrew

45, 46

Doughty, Thomas

Gay, Edward

Gifford, Sanford R.

d o c u m e n ts

Guy, Seymour J.

Bates, Katharine Lee

Hart, James M.

Brown, John

Heade, Martin J.

Clemens, Samuel L. (Mark Twain)

Kensett, John F.

21, 22, 23

Crockett, David

Kronberg, Louis

Eisenhower, Dwight D.

Laurence, Sydney M.

Jackson, Andrew

Lucioni, Luigi

Jackson, Thomas “Stonewall”

Martin, Homer D.

Jefferson, Thomas

54, 55

Maurer, Alfred H.

Lincoln, Abraham

Introduction to Historical Documents

The Well-dressed Hunter: A Dealer’s Story

Foreword

Looks can be deceiving: this is our tenth anniversary catalogue— the tenth edition of our Important American Paintings series—yet Questroyal Fine Art has discovered and sold important American paintings for nearly two decades. It is on this occasion that we not only celebrate our tenth consecutive major publication, but also our established

He was an obnoxious client with a nearly toxic

expensive. He looked at me from his bed and

attitude. There was not a race, color, creed, or ide-

said, “I hope your miserable face is not the last

ology that escaped his condemnation. His wrath

thing I see before I die. If I gasp, get out and turn

was evenhanded, perhaps one might say fair. He

on the Playboy channel.” “That’s your sage ad-

never met a man, a place, a country he liked. He

vice?” I replied. “Young man, some people put

loved his dog. He took pleasure in ridiculing the

their money in banks that have locks on the

paintings I showed him and the value I placed

wrong side of their doors; others enjoy the status

on them. He had no regard for my ideas or opin-

attained by having a professional lose their

ions and would only listen to them to harvest the

money. But I have mine on the wall where I can

fodder to criticize me with later. I loved this man!

see it.” I regret that he did not live long enough

“You visit me because I buy your paintings, the

to see the scope of his wisdom.

ones I hate the least” was his favorite comment.

There was something about this man’s re-

success as a gallery that continues to proudly specialize in and support America’s

It was not true — I loved this guy ! This was a man who could see the lie in

raised in the suburbs, where differences were

artistic heritage.

things. A bad guy born with a good soul, he com-

neither easy to find nor tolerated. Our yards were

Our art is a treasure not yet discovered by a society nurtured on neon.We will someday grow tired of toys and become as voracious for truth and beauty.

mitted some acts, just shy of criminal, that you

strikingly alike; we wore similar clothes and fol-

would not tell your kids about. Time tempered

lowed rules. The streets were our concrete play-

his behavior but never his thoughts. How this

grounds from which we were all summoned to

character came to love art will always remain a

dinner at the same time. I discovered a dirt road

mystery — a collector whose principal criterion

that weaved through towering trees and thick

was to acquire what he hated least — but, take

brush with a sky unmarked by telephone lines.

— l m s , fa l l 2003

my word, his was a collection I will never forget.

I had never seen anything like it. This was the

It included stunning examples by Cole, Church,

fertile ground that fostered my young imagina-

Inness, and Cropsey — and that was just what

tion, and it was visible only in the little painting

hung in his bedroom. He liked to boast that he

that hung in my grandmother’s home. I would

spent a lot of quality time there.

stare at the painting and daydream: Where would

We are especially confident in this year’s anniversary edition. It presents forty-six extraordinary paintings as well as ten outstanding historical documents. In order to give you, the reader, a different perspective, we have selected compelling quotes from nineteenth- to twenty-first-century critics, curators, periodicals, and artists to accompany each painting. We have also included a brief statement about the artist that relates a little-known detail or anecdote about his or her work and life. We hope you will enjoy our special tenth edition of Important American Paintings. To start, we invite you to read “The Well-dressed Hunter: A Dealer’s Story” written by Questroyal’s owner, Louis M. Salerno. This introductory essay will share our favorite stories, insights, and humor as well as the ideas that set Questroyal apart from the rest.

Educated in the finest schools in the nation, he distinguished himself in his chosen occupa-

bellious nature that struck a chord with me. I was

that dirt road take me? What would I discover? I would never forget how potent art could be.

tion. Occasionally, some genuine insight would mix with his venom: “Buy the best junk when all you can own is junk. If you want to exceed the

Passionate Collectors

speed limit, drive a Ferrari, dummy ! Never take

Many of the collectors I have known share my

advice from anyone unless that person stands

passion. They have each discovered it in different

to lose as much money as you. You’re never as

ways, but these individuals are alike in the very

smart as the day you were born.” But he saved

personal need they have for art.

the best for last.

A recently married couple visited my booth

Months before he died, I told him that I was

at an art fair. They appreciated American art but

hesitating to buy a painting I loved because it was

were not in any position to acquire a painting, as

An economy to be infused with nearly $10 trillion is an economy destined to turn inflationary. We know that quality tangible assets fare well in such an environment. Trust in what you know and love and consider the age-old wisdom of buying when others are selling. — l m s , w i n t e r 2009

This is a pilgrimage everyone should make. I have come to understand that American landscape paintings are a reminder of a self to be found and understood. A call to the wild, a signpost—a warning! Truth is whispered in these paintings. — l m s , “Hiking in the Catskills,” fa l l 2006

The Well-dressed Hunter: A Dealer’s Story

Foreword

He was an obnoxious client with a nearly toxic

expensive. He looked at me from his bed and

attitude. There was not a race, color, creed, or ide-

said, “I hope your miserable face is not the last

ology that escaped his condemnation. His wrath

thing I see before I die. If I gasp, get out and turn

was evenhanded, perhaps one might say fair. He

on the Playboy channel.” “That’s your sage ad-

never met a man, a place, a country he liked. He

vice?” I replied. “Young man, some people put

loved his dog. He took pleasure in ridiculing the

their money in banks that have locks on the

paintings I showed him and the value I placed

wrong side of their doors; others enjoy the status

on them. He had no regard for my ideas or opin-

attained by having a professional lose their

ions and would only listen to them to harvest the

money. But I have mine on the wall where I can

fodder to criticize me with later. I loved this man!

see it.” I regret that he did not live long enough

“You visit me because I buy your paintings, the

to see the scope of his wisdom.

ones I hate the least” was his favorite comment.

There was something about this man’s re-

success as a gallery that continues to proudly specialize in and support America’s

It was not true — I loved this guy ! This was a man who could see the lie in

raised in the suburbs, where differences were

artistic heritage.

things. A bad guy born with a good soul, he com-

neither easy to find nor tolerated. Our yards were

Our art is a treasure not yet discovered by a society nurtured on neon.We will someday grow tired of toys and become as voracious for truth and beauty.

mitted some acts, just shy of criminal, that you

strikingly alike; we wore similar clothes and fol-

would not tell your kids about. Time tempered

lowed rules. The streets were our concrete play-

his behavior but never his thoughts. How this

grounds from which we were all summoned to

character came to love art will always remain a

dinner at the same time. I discovered a dirt road

mystery — a collector whose principal criterion

that weaved through towering trees and thick

was to acquire what he hated least — but, take

brush with a sky unmarked by telephone lines.

— l m s , fa l l 2003

my word, his was a collection I will never forget.

I had never seen anything like it. This was the

It included stunning examples by Cole, Church,

fertile ground that fostered my young imagina-

Inness, and Cropsey — and that was just what

tion, and it was visible only in the little painting

hung in his bedroom. He liked to boast that he

that hung in my grandmother’s home. I would

spent a lot of quality time there.

stare at the painting and daydream: Where would

Educated in the finest schools in the nation, he distinguished himself in his chosen occupa-

bellious nature that struck a chord with me. I was

that dirt road take me? What would I discover? I would never forget how potent art could be.

tion. Occasionally, some genuine insight would mix with his venom: “Buy the best junk when all you can own is junk. If you want to exceed the

Passionate Collectors

speed limit, drive a Ferrari, dummy ! Never take

Many of the collectors I have known share my

advice from anyone unless that person stands

passion. They have each discovered it in different

to lose as much money as you. You’re never as

ways, but these individuals are alike in the very

smart as the day you were born.” But he saved

personal need they have for art.

the best for last.

A recently married couple visited my booth

Months before he died, I told him that I was

at an art fair. They appreciated American art but

hesitating to buy a painting I loved because it was

were not in any position to acquire a painting, as

These are paintings that stimulate us in a most profound way, adorn our homes, educate our children, and ignite conversations we might never have had. They provide historical perspective as markers from which we may measure how far we have drifted from a more natural existence. — l m s , fa l l 2006

they were using their savings to buy a first home.

keep the painting safe until we can afford a

A small but exquisite oil by Frederic Church

proper home.” They finally acquired that “proper

inspired their interest. An uninhibited dialogue

home,” and the little Church was the centerpiece

ensued, and each of us expressed our affection

of their small but aspiring collection.

for the work without any reservation or hesita-

Another collector acquired a magnificent

tion. We felt no need to mask our enthusiasm

coastal view by one of the best American nine-

the way we might if negotiation were likely. A sale

teenth-century painters of the sea. It was a com-

was not possible — or so I thought. Eventually,

manding work, and this man was thrilled to

appetite took precedent over interest, and the

own it. However, about three months after he

couple left in search of lunch. Moments later,

acquired it, he called to say that he had a prob-

the young wife returned and asked if I would put

lem. He loved the painting and had hung it on

the Church on hold for them. She said the look

virtually every wall in his home, but he could

of shock on my face best described their own

not find a location that worked. He said he knew

emotions. She promised to explain later.

just how potent the painting could be and there-

I had an ethical dilemma: the painting was

fore could not bear to put it in a place that less-

valuable and the sale would be significant, but

ened its visual impact. I told him that I would

this couple was simply not in the position to pur-

take the work back in trade, and he could select

chase it. I decided that I would persuade them

another painting that would be easier to hang.

to abandon the idea.

That idea was quickly rejected, yet he remained

They returned with a proposal. Their first

determined.

home could wait. They offered the down pay-

He called again six months later. He was

ment and monthly mortgage payments to pur-

excited, and I could sense that he had found a

chase the Church. The painting would remain in

resolution to his dilemma. He announced that

my possession until paid in full. What transpired

the problem was solved and that the painting

next was a conversation one might expect to

was placed and its potency fully expressed; how-

have in a bizarro world or mental institution. All

ever, he complained that it was the single most

my skills of persuasion were used to unsell the

expensive asset he had ever acquired. I asked if

painting. I argued a practical logic that proved to

he believed I overcharged him. “Well,” he said,

be futile. I attempted a veritable alchemy of

“it cost me over two million dollars !” I thought

words to alter the couple’s thinking. Eventually, I

my client had been driven to insanity as a result

delicately suggested that they seek professional

of his efforts to best display his prized painting,

help and then with obvious sarcasm, I said, “You

as I had sold it to him for about one hundred

cannot live in a painting.” But the battle was

thousand dollars. “I don’t understand,” I stam-

lost, and the painting was theirs.

mered. “I had to buy a new house, and it’s on a

Months later, after several consecutive on-

bluff that overlooks the ocean ! My wife wants

time payments, I asked if they would like to have

me to consider therapy, my daughter misses her

the painting. They replied, “Mr. Salerno, we live in

friends, my banker now has gray hair— but the

a tiny apartment in a tough part of town. Please

painting is spectacular !”

A Fatal Mistake Many clients have inquired as to how I became an art dealer. Like many, I began as a collector. I I looked out on the vast expanse of mountain over valley and had no thoughts of what was or what will be. I could think of only what is. There was a vague sense of something perpetual that does not require fuel or engineering. It does not need any device or man-made design. I relaxed: nothing was required of me, no choices or decisions. I was an intruder in these woods, never to be a landowner. My checkbook was useless. — l m s , “Hiking in the Catskills,” fa l l 2006

Open the pages of this catalogue and assimilate the only known antidote to modernity. One hundred and fifty years of what was thought to be progress is erased and layers of complexity unraveled to reveal long-obscured truth. Welcome to the American nineteenth century, a more transparent time, one in which we are confident that our understanding is not diluted or distorted. We are far from the machinations of financial institutions and the word “subprime” refers only to a lesser grade of beef. — l m s , fa l l 2008

became reacquainted with my interest in paintings by a chance introduction to an international businessman. He was the chief economist of a South American country, and he told me about his important painting collection. I asked why he committed so much capital to the acquisition of art. He said his country was unstable, and his assets could be seized at any time. Real estate, stocks, and bonds were all vulnerable, but his art was stored in various countries far from the reach of his government. I had not thought of art as an asset, and my business instincts motivated me to act: I began to search for works that had investment potential. My first acquisition was a French postmodern painting, a choice based solely on monetary calculations without any

compelling. They were simple views of a place without ruin or monument, and—as best as I could discern—no great event had taken place on their grounds. These were honest works of a land long insulated from civilization. Artists, unencumbered by academic training or convention, painted the landscape in truthful awe and yielded to the Creator with the brilliance found in restraint. This is our nation’s most indigenous art, now known as the Hudson River school, and it became the foundation of my collection. Much of my free time was spent in galleries and museums. I worked to refine my eye and gain knowledge. What began as a twice-yearly acquisition plan quickly accelerated, and I was soon on pace to acquire five or six paintings within the first year. My interest escalated, and I was on the path to addiction. But this was an addiction that I have never regretted.

personal considerations. This was a fatal mistake

If there were such a thing as American

and destined my aspiring collection to instant

Collectors Anonymous, I would be the poster

failure. I could not live with art that I didn’t love, regardless of the financial potential. Those who believe art has no tangible or practical value may change their opinion if they

boy. This is an addiction worth having, and I do not feel guilty encouraging you, nor would I feel any remorse should you need to go to support meetings. — l m s , w i n t e r 2 0 0 4

consider how agonizing the sale of a family trea-

The collection grew and the paintings hung

sure could be. The dedicated collector cherishes

—in the living room, dining room, halls, and,

his paintings and will fiercely resist selling any

before long, guest rooms and then bathrooms.

of them, no matter how significant the financial

Finally, my wife issued a challenge, perhaps an

necessity. This rare characteristic, seldom seen

ultimatum. She said, “You’re good at buying

with other assets, impacts the determination of

these paintings. Why don’t you see if you can sell

worth. The laws of economics conflict with the

them?” And then, as if on command, I became

passionate human being. It is this counterpoint

an art dealer.

that will forever sustain the value of art.

I wanted to prove that my ability to sell paint-

With just a small fragment of this wisdom,

ings was equal to my skills as a check writer, so

I set out to discover the art that had real mean-

my three stunning landscapes by Frederic Church

ing for me. I found American landscapes most

were placed on my sales list. I was criticized for

However, here the present was overwhelming! All I saw had been seen last year and last century. I might have been one thousand years removed from those before me, but in this almighty present, my sentiment, my experience as a man in the wilderness, could not be differentiated… I am just a man alone: there is no measure of my worth, no need to judge or be judged. This is a nature that does not deliberate or mitigate. It knows no pretense, politic, or convention. It is for me as it is for you and as it will be for all who come later. We live insulated in cities of brick and mortar. Where is the raw scent of earth? Our air is conditioned and our windows are closed. So I wonder, how much have I really lived? — l m s , “Hiking in the Catskills,” fa l l 2006

they were using their savings to buy a first home.

keep the painting safe until we can afford a

A small but exquisite oil by Frederic Church

proper home.” They finally acquired that “proper

inspired their interest. An uninhibited dialogue

home,” and the little Church was the centerpiece

ensued, and each of us expressed our affection

of their small but aspiring collection.

for the work without any reservation or hesita-

Another collector acquired a magnificent

tion. We felt no need to mask our enthusiasm

coastal view by one of the best American nine-

the way we might if negotiation were likely. A sale

teenth-century painters of the sea. It was a com-

was not possible — or so I thought. Eventually,

manding work, and this man was thrilled to

appetite took precedent over interest, and the

own it. However, about three months after he

couple left in search of lunch. Moments later,

acquired it, he called to say that he had a prob-

the young wife returned and asked if I would put

lem. He loved the painting and had hung it on

the Church on hold for them. She said the look

virtually every wall in his home, but he could

of shock on my face best described their own

not find a location that worked. He said he knew

emotions. She promised to explain later.

just how potent the painting could be and there-

I had an ethical dilemma: the painting was

fore could not bear to put it in a place that less-

valuable and the sale would be significant, but

ened its visual impact. I told him that I would

this couple was simply not in the position to pur-

take the work back in trade, and he could select

chase it. I decided that I would persuade them

another painting that would be easier to hang.

to abandon the idea.

That idea was quickly rejected, yet he remained

They returned with a proposal. Their first

determined.

home could wait. They offered the down pay-

He called again six months later. He was

ment and monthly mortgage payments to pur-

excited, and I could sense that he had found a

chase the Church. The painting would remain in

resolution to his dilemma. He announced that

my possession until paid in full. What transpired

the problem was solved and that the painting

next was a conversation one might expect to

was placed and its potency fully expressed; how-

have in a bizarro world or mental institution. All

ever, he complained that it was the single most

my skills of persuasion were used to unsell the

expensive asset he had ever acquired. I asked if

painting. I argued a practical logic that proved to

he believed I overcharged him. “Well,” he said,

be futile. I attempted a veritable alchemy of

“it cost me over two million dollars !” I thought

words to alter the couple’s thinking. Eventually, I

my client had been driven to insanity as a result

delicately suggested that they seek professional

of his efforts to best display his prized painting,

help and then with obvious sarcasm, I said, “You

as I had sold it to him for about one hundred

cannot live in a painting.” But the battle was

thousand dollars. “I don’t understand,” I stam-

lost, and the painting was theirs.

mered. “I had to buy a new house, and it’s on a

Months later, after several consecutive on-

bluff that overlooks the ocean ! My wife wants

time payments, I asked if they would like to have

me to consider therapy, my daughter misses her

the painting. They replied, “Mr. Salerno, we live in

friends, my banker now has gray hair— but the

a tiny apartment in a tough part of town. Please

painting is spectacular !”

personal considerations. This was a fatal mistake

If there were such a thing as American

and destined my aspiring collection to instant

Collectors Anonymous, I would be the poster

failure. I could not live with art that I didn’t love, regardless of the financial potential. Those who believe art has no tangible or practical value may change their opinion if they

boy. This is an addiction worth having, and I do not feel guilty encouraging you, nor would I feel any remorse should you need to go to support meetings. — l m s , w i n t e r 2 0 0 4

consider how agonizing the sale of a family trea-

The collection grew and the paintings hung

sure could be. The dedicated collector cherishes

—in the living room, dining room, halls, and,

his paintings and will fiercely resist selling any

before long, guest rooms and then bathrooms.

of them, no matter how significant the financial

Finally, my wife issued a challenge, perhaps an

necessity. This rare characteristic, seldom seen

ultimatum. She said, “You’re good at buying

with other assets, impacts the determination of

these paintings. Why don’t you see if you can sell

worth. The laws of economics conflict with the

them?” And then, as if on command, I became

passionate human being. It is this counterpoint

an art dealer.

that will forever sustain the value of art.

I wanted to prove that my ability to sell paint-

With just a small fragment of this wisdom,

ings was equal to my skills as a check writer, so

I set out to discover the art that had real mean-

my three stunning landscapes by Frederic Church

ing for me. I found American landscapes most

were placed on my sales list. I was criticized for

overpaying when I acquired these small but bril-

wife, he walked into a little antique shop and

the higher price. His response was that he always

I would be quickly relegated to an underling. These

liant twilights; however, quality always prevails.

noticed a small painting propped against the

honors the price quoted and that if I delivered

dealers could best be identified by the incredible

I had paid about $50,000 for each and sold them

wall. It was a view of Venice, and it was a gem. He

a check to his gallery by six o’clock that very eve-

arrogance they displayed. It was so pervasive that

ning, we would have a deal. It was four fifteen

I could not decide if this was a character flaw com-

in the afternoon — if the traffic was absolutely

mon to art dealers or a trait deliberately adopted.

perfect, I might just make it. So I suggested, I

Perhaps they believed that such an attitude

thought reasonably, that I would deliver the check

would mask otherwise transparent shortcomings

first thing in the morning, as the banks would be

or that it held some peculiar appeal to the elite

closed by the time I arrived anyway. But this was

they wanted to court. I am most proud of the

not acceptable to him. He said that it was now a

effort I have made, in unison with my staff, to

sporting event: I would have a fair chance to

eliminate any semblance of a client hierarchy;

make the deadline, and he could rescind the deal

however, in a profit-seeking enterprise, we can

with dignity if I missed it. Not one to back down

never really be perfect. Sometimes it is necessary

from a challenge, I fired up the BMW , fastened

to give the most attention to a buyer considering

my seat belt, and looked at the clock. I had one

a seven-figure painting. But without a doubt, the

in the $60,000 range. Today, twenty years later, I

asked the dealer if he knew who painted it. The

Consider this your treasure map. There is a great deal to be discovered within these pages and much more at the gallery.

would not hesitate to pay a million dollars to have

dealer pointed to the signature and said he did

any one of them back. Time is a great friend to

not recognize the name. He thought it might be

the discerning collector. I will not deny a twinge

Mc Chase and assumed it was no one special. The

of regret, but on the whole I have no complaint.

plumber asked the price and immediately wrote

I am engaged in the pursuit of treasure, and the

a check for four hundred dollars. He got into his

dealer must often sacrifice treasure found for

car and drove around the corner. My cell phone

— l m s , fa l l 2003

treasure yet to be discovered.

rang, and I could hear the enthusiasm in his voice: “Lou, I have a little painting of Venice, and

Hunting

it’s signed Wm Chase. He is one of the greats, isn’t he ?” He drove three hours to get it to the gallery.

It is wise to discount my ideas in proportion to the degree of salesmanship you suspect, but do not miss a truth in plain sight. This is a defining moment in which many will look back and say, “If only I invested then.” — l m s , s p r i n g 2009

The Park Avenue address, the sophisticated staff,

It wasn’t just a Chase—it was a great one. I asked

and the title “art dealer” provide an incomplete

my highly cultured plumber what he would accept

hundred minutes, which was about five less than

satisfaction earned assisting the new or struggling

description of what I do and what my gallery is

for the painting. He said that he would rely on

what I would need if I had a perfect trip. How

collector is the very spice of life!

my sense of fairness. “If I give you one hundred

much risk could I take ? A ticket and I lose. This

times more than what you paid and I sold it for

was becoming a defining moment, a revelation

twice that amount, would that be fair ?” The only

of character. I thought it better to be defeated by

part of the deal he was confused about was how

the law than by my own ineptitude as a driver.

Even the most inspired collectors need encour-

to release me from his giant bear hug.

So, on that day, I was one with the road and the

agement. We all lead busy lives, and it is not easy

phone rang. It was a “picker,” someone who hunts

Sometimes you can find treasure at other

car and the little boy who always longed for a

to remain vigilant. This is the responsibility of the

in far corners of the countryside in search of that

galleries, and sometimes you have to fight for the

good reason to drive too fast. I arrived with about

dealer. Opportunities arise randomly, and deci-

special painting dealers will pay dearly for. He

prize. It was early January and many of the New

a minute to spare, perhaps a better driver than

sions must be made and action taken swiftly to

had found one, and, by his description, it was

York dealers had gone south to the Miami and

an art dealer. My friend honored his promise,

gain the prize. This is yet another advantage of

rare and of a type I had longed for. He would not

Palm Beach fairs. I ventured into a local major gal-

and I left with another treasure.

working with dealers who purchase their inven-

arrive until midnight, and I was to meet him on

lery and instantly noticed a fascinating Hudson

the corner of Madison Avenue and Seventy-sixth

River school painting. I knew the dealer quite

Street. There was nothing that I would not sus-

well, but he was in Miami so I asked his assistant

pend, delay, or cancel to see this painting. And

to quote a price. It was fair, and I accepted at

As both a collector and dealer, I have come to

the market—not just the most valuable paint-

when midnight came, I saw the work illuminated

once. She asked me to come back the next day to

know a great many art dealers. Most have been

ings, but those that represent the best values in

by street lamp. I wrote the check and, with the

complete the sale because she wanted to review

willing to share their knowledge and have given

various price ranges. Dealers whose primary

painting securely under my arm, walked back to

it with the owner. Late the next afternoon, I was

heartfelt advice. But there was a type of dealer I

source of inventory is consigned paintings often

the gallery wondering which of my clients would

at my upstate office when I received a phone call

never sought to emulate. Some dealers would

do not secure the works they would most like to

hang it in their home.

offer to clients.

about. In many ways, I am like a hunter, masked in a suit and armed with currency, in search of beauty. Let me give you a sense of just how exciting it can be. — lms, fall 2007

One October evening at nearly ten o’clock, the

Motivation

tory. It is not only evidence of conviction and the

The Dealer I’m Not

most reliable form of vetting, it is the best way to secure those few paintings that briefly appear on

from the dealer. He said his assistant misquoted

make every effort to assess my means without any

Then there was the plumber who out-

the price, and it was actually $50,000 higher. I

attempt to discover my interests. If they believed

Sometimes I wish that I had some way to

guessed the antique dealer. Seeking a gift for his

said that I understood and would consider it at

my net worth was not deserving of their attention,

sound an alarm to alert my collectors to specific

Those with the confidence to act at this fleeting moment of deflation and cash preservation will secure a distinct advantage. — l m s , s p r i n g 2009

overpaying when I acquired these small but bril-

wife, he walked into a little antique shop and

the higher price. His response was that he always

I would be quickly relegated to an underling. These

liant twilights; however, quality always prevails.

noticed a small painting propped against the

honors the price quoted and that if I delivered

dealers could best be identified by the incredible

I had paid about $50,000 for each and sold them

wall. It was a view of Venice, and it was a gem. He

a check to his gallery by six o’clock that very eve-

arrogance they displayed. It was so pervasive that

ning, we would have a deal. It was four fifteen

I could not decide if this was a character flaw com-

in the afternoon — if the traffic was absolutely

mon to art dealers or a trait deliberately adopted.

perfect, I might just make it. So I suggested, I

Perhaps they believed that such an attitude

thought reasonably, that I would deliver the check

would mask otherwise transparent shortcomings

first thing in the morning, as the banks would be

or that it held some peculiar appeal to the elite

closed by the time I arrived anyway. But this was

they wanted to court. I am most proud of the

not acceptable to him. He said that it was now a

effort I have made, in unison with my staff, to

sporting event: I would have a fair chance to

eliminate any semblance of a client hierarchy;

make the deadline, and he could rescind the deal

however, in a profit-seeking enterprise, we can

with dignity if I missed it. Not one to back down

never really be perfect. Sometimes it is necessary

from a challenge, I fired up the BMW , fastened

to give the most attention to a buyer considering

my seat belt, and looked at the clock. I had one

a seven-figure painting. But without a doubt, the

in the $60,000 range. Today, twenty years later, I

asked the dealer if he knew who painted it. The

Consider this your treasure map. There is a great deal to be discovered within these pages and much more at the gallery.

would not hesitate to pay a million dollars to have

dealer pointed to the signature and said he did

any one of them back. Time is a great friend to

not recognize the name. He thought it might be

the discerning collector. I will not deny a twinge

Mc Chase and assumed it was no one special. The

of regret, but on the whole I have no complaint.

plumber asked the price and immediately wrote

I am engaged in the pursuit of treasure, and the

a check for four hundred dollars. He got into his

dealer must often sacrifice treasure found for

car and drove around the corner. My cell phone

— l m s , fa l l 2003

treasure yet to be discovered.

rang, and I could hear the enthusiasm in his voice: “Lou, I have a little painting of Venice, and

Hunting

it’s signed Wm Chase. He is one of the greats, isn’t he ?” He drove three hours to get it to the gallery.

The Park Avenue address, the sophisticated staff,

It wasn’t just a Chase—it was a great one. I asked

and the title “art dealer” provide an incomplete

my highly cultured plumber what he would accept

hundred minutes, which was about five less than

satisfaction earned assisting the new or struggling

description of what I do and what my gallery is

for the painting. He said that he would rely on

what I would need if I had a perfect trip. How

collector is the very spice of life!

my sense of fairness. “If I give you one hundred

much risk could I take ? A ticket and I lose. This

times more than what you paid and I sold it for

was becoming a defining moment, a revelation

twice that amount, would that be fair ?” The only

of character. I thought it better to be defeated by

part of the deal he was confused about was how

the law than by my own ineptitude as a driver.

Even the most inspired collectors need encour-

to release me from his giant bear hug.

So, on that day, I was one with the road and the

agement. We all lead busy lives, and it is not easy

phone rang. It was a “picker,” someone who hunts

Sometimes you can find treasure at other

car and the little boy who always longed for a

to remain vigilant. This is the responsibility of the

in far corners of the countryside in search of that

galleries, and sometimes you have to fight for the

good reason to drive too fast. I arrived with about

dealer. Opportunities arise randomly, and deci-

special painting dealers will pay dearly for. He

prize. It was early January and many of the New

a minute to spare, perhaps a better driver than

sions must be made and action taken swiftly to

had found one, and, by his description, it was

York dealers had gone south to the Miami and

an art dealer. My friend honored his promise,

gain the prize. This is yet another advantage of

rare and of a type I had longed for. He would not

Palm Beach fairs. I ventured into a local major gal-

and I left with another treasure.

working with dealers who purchase their inven-

arrive until midnight, and I was to meet him on

lery and instantly noticed a fascinating Hudson

the corner of Madison Avenue and Seventy-sixth

River school painting. I knew the dealer quite

Street. There was nothing that I would not sus-

well, but he was in Miami so I asked his assistant

pend, delay, or cancel to see this painting. And

to quote a price. It was fair, and I accepted at

As both a collector and dealer, I have come to

the market—not just the most valuable paint-

when midnight came, I saw the work illuminated

once. She asked me to come back the next day to

know a great many art dealers. Most have been

ings, but those that represent the best values in

by street lamp. I wrote the check and, with the

complete the sale because she wanted to review

willing to share their knowledge and have given

various price ranges. Dealers whose primary

painting securely under my arm, walked back to

it with the owner. Late the next afternoon, I was

heartfelt advice. But there was a type of dealer I

source of inventory is consigned paintings often

the gallery wondering which of my clients would

at my upstate office when I received a phone call

never sought to emulate. Some dealers would

do not secure the works they would most like to

hang it in their home.

offer to clients.

about. In many ways, I am like a hunter, masked in a suit and armed with currency, in search of beauty. Let me give you a sense of just how exciting it can be. — lms, fall 2007

One October evening at nearly ten o’clock, the

Motivation

tory. It is not only evidence of conviction and the

The Dealer I’m Not

most reliable form of vetting, it is the best way to secure those few paintings that briefly appear on

from the dealer. He said his assistant misquoted

make every effort to assess my means without any

Then there was the plumber who out-

the price, and it was actually $50,000 higher. I

attempt to discover my interests. If they believed

Sometimes I wish that I had some way to

guessed the antique dealer. Seeking a gift for his

said that I understood and would consider it at

my net worth was not deserving of their attention,

sound an alarm to alert my collectors to specific

Those with the confidence to act at this fleeting moment of deflation and cash preservation will secure a distinct advantage. — l m s , s p r i n g 2009

Through the Dark Ages, the great famines, the plagues, world wars, and the Great Depression, art has been shown, sold, stolen, collected, criticized, condemed, and cherished. In 2003, worldwide art sales were estimated at $20 billion. Nothing is certain but death, taxes, and art–the third certainty.

Due to aggressive acquisitions by institutions and collectors, the supply of works by Hudson River school artists is declining rapidly. Failure to take action may precipitate feelings of severe regret that cannot be treated by modern therapy or medications.

—LOUIS M. SALERNO, Owner, Questroyal Fine Art

8/19/09

fig. 1 The Magazine Antiques, December 2004

fig. 3 The Magazine Antiques, September 2004

3:29 PM

291092_ADS.indd

opportunities. Other times, I have attempted to reach a deeper part of their psyches, to awaken an interest in art that tends to hibernate when life becomes too stressful. This is exactly when we most need art ! It’s a challenge that gives me an opportunity to be creative. measurable in inches, in variations of 12 by 20, 16 by 24, 18 by 30, and thereabout. Stolen over 100 years ago by a mischievous band of men known as the Hudson River Boys. I know where they hid them. —LOUIS M. SALERNO, Owner, Questroyal Fine Art

291092_ADS.indd

8/19/09

3:30 PM

8/19/09

The Great Show Every year I have a Hudson River school show at the gallery. It continues to grow, and at the most recent exhibit (March 2009), one hundred quality examples by the most significant painters of the

I have tried to demonstrate that art perse-

period were on view. It has become the most com-

veres; it has survived the ages and always will. It

prehensive dealer show of Hudson River school

is the Third Certainty (f i g . 1).

paintings in the nation. The March 2009 opening

I have taken a more humorous approach to

attracted the most collectors in our history. We

warn clients of the limited supply of important

doubled the attendance of the previous year. This

paintings across all price categories. I revealed a

was especially impressive given that we were in

great scientific discovery (f i g . 2).

the heart of a recession. Collectors remained cau-

I have gone further, alerting clients that

fig. 2 The Magazine Antiques, May 2004

tious, but their resistance was obviously waning.

medical science does not have a prescription

In November 2005, we opened an exhibition

to treat the depression that accompanies lost

titled Blakelock, the Great Mad Genius. This was

opportunities (f i g . 3).

the most extensive gallery show for the artist in

I intend to keep beating the drum and to

several decades. He was principally responsible

find new ways to express my enthusiasm for

for American art’s transition to modernism at the

great American art.

turn of the century. His fame grew to proportions

3:30 PM

—LOUIS M. SALERNO, Owner, Questroyal Fine Art

8/19/09

fig. 1 The Magazine Antiques, December 2004

fig. 3 The Magazine Antiques, September 2004

3:29 PM

291092_ADS.indd

8/19/09

3:30 PM

8/19/09

I have tried to demonstrate that art perse-

period were on view. It has become the most com-

veres; it has survived the ages and always will. It

prehensive dealer show of Hudson River school

is the Third Certainty (f i g . 1).

paintings in the nation. The March 2009 opening

I have taken a more humorous approach to

attracted the most collectors in our history. We

warn clients of the limited supply of important

doubled the attendance of the previous year. This

paintings across all price categories. I revealed a

was especially impressive given that we were in

great scientific discovery (f i g . 2).

the heart of a recession. Collectors remained cau-

I have gone further, alerting clients that

fig. 2 The Magazine Antiques, May 2004

tious, but their resistance was obviously waning.

medical science does not have a prescription

In November 2005, we opened an exhibition

to treat the depression that accompanies lost

titled Blakelock, the Great Mad Genius. This was

opportunities (f i g . 3).

the most extensive gallery show for the artist in

I intend to keep beating the drum and to

several decades. He was principally responsible

find new ways to express my enthusiasm for

for American art’s transition to modernism at the

great American art.

turn of the century. His fame grew to proportions

3:30 PM

his trip from Nebraska was an extraordinary act of generosity. He dedicated most of his life to the study of the artist and had just completed his Blakelock monograph, the culmination of twenty years’ work. Interest in his lecture was incredible, and I faced another dilemma: there was not enough room to accommodate the number of guests who wished to attend. To complicate matters further, a film crew wanted to record the lecture for inclusion in a documentary about

Ralph Albert Blakelock

Dr. Geske’s life. I explained the problem, and he

The Great Mad Genius November 15 – December 15, 2005

immediately offered a solution: he would deliver the first lecture, take a short break, and lecture again. Both lectures were at capacity, and he only

OPENING NIGHT November 15, 2005 RSVP required

Q U E S T R O YA L F I N E A RT, L L C 903 Park Avenue, Suite 3 A & B, New York, NY 10021 T: (212) 744-3586 F:(212) 585-3828 Hours: Monday–Friday 10 – 6, Saturday 10– 5 and by appointment EMAIL : gallery @ questroyalfineart.com www.questroyalfineart.com

25.1803

75 paintings for exhibition and sale

F E AT U R I N G

The most important show in 100 years

Music of the night and

Exhibition catalogue free upon request

got progressively stronger.

fig. 4 ArtNews, November 2005

a glimpse of Mr. Blakelock

I am planning future exhibitions and considering the possibility of another Blakelock show. It would be interesting to call attention to other

2-3

8/20/09

great artists that are just below the radar. This is

2:41:52 PM

an approach that will present good opportunities for our collectors.

never before seen, and two of his paintings set

Guests just kept coming. I asked the caterers to

American records at auction. I spent countless

offer drinks in the rotunda to delay entrance to

hours devising a promotional strategy and placed

the exhibition rooms. Three of my staff spent

ads in virtually every major art publication

the evening directing traffic in the hallways.

(figs. 4 and 5). It was my intention to rekindle a

Every window in the gallery was opened to let in

I have pondered various ideas and ways to inform

bit of the nearly century-old fame. I had no idea

some fresh air. Collectors arrived from virtually

and inspire the many collectors who consider

that it had never really subsided; a mere spark

every state in the country. Most of the extended

American paintings. It used to be a taboo to even

awakened an interest that almost caused me to

Blakelock family were in attendance and shared

be evicted from my gallery.

many personal anecdotes. It was midnight before

Innovations

suggest that the acquisition of paintings should fig. 5 American Art Review, September/October 2005

also be evaluated as an investment. I found this

The opening was scheduled for Tuesday,

the last guest departed. Of the eighty paintings

November 15, on the eve of the full moon. Per-

exhibited, thirty-nine were offered for sale and

been cognizant of appreciation. A few years ago,

haps this was not one of my best ideas. The

thirty-seven sold on opening night; the remainder

we received permission from two prominent New

guests began to arrive, and the gallery soon

sold the next morning. In fact, some collectors

York University professors to produce a report

became crowded. All six showrooms were at

were offered substantial profits, and paintings

based on their proprietary research. They studied

capacity within the first hour. The doorman

resold throughout the duration of the show.

the performance of paintings that sold at public

to be absurd, as most collectors have always

called to say that he would activate the service

The following Friday, eminent Blakelock

auction at least twice over a period of time. They

elevator, as the main elevator was jammed and

scholar Dr. Norman Geske was scheduled to lec-

devised graphs and equations that compared

the building’s residents were complaining.

ture at the gallery. He was in his early nineties, so

art in various categories as well as to stock and

We all know collectors who are thankful that at least some of their capital was preserved by their painting collections and did not find its way to the stock market. — l m s , s u m m e r 2009

Ralph Albert Blakelock

Dr. Geske’s life. I explained the problem, and he

The Great Mad Genius November 15 – December 15, 2005

immediately offered a solution: he would deliver the first lecture, take a short break, and lecture again. Both lectures were at capacity, and he only

OPENING NIGHT November 15, 2005 RSVP required

25.1803

75 paintings for exhibition and sale

F E AT U R I N G

The most important show in 100 years

Music of the night and

Exhibition catalogue free upon request

got progressively stronger.

fig. 4 ArtNews, November 2005

a glimpse of Mr. Blakelock

I am planning future exhibitions and considering the possibility of another Blakelock show. It would be interesting to call attention to other

2-3

8/20/09

great artists that are just below the radar. This is

2:41:52 PM

an approach that will present good opportunities for our collectors.

never before seen, and two of his paintings set

Guests just kept coming. I asked the caterers to

American records at auction. I spent countless

offer drinks in the rotunda to delay entrance to

hours devising a promotional strategy and placed

the exhibition rooms. Three of my staff spent

ads in virtually every major art publication

the evening directing traffic in the hallways.

(figs. 4 and 5). It was my intention to rekindle a

Every window in the gallery was opened to let in

I have pondered various ideas and ways to inform

bit of the nearly century-old fame. I had no idea

some fresh air. Collectors arrived from virtually

and inspire the many collectors who consider

that it had never really subsided; a mere spark

every state in the country. Most of the extended

American paintings. It used to be a taboo to even

awakened an interest that almost caused me to

Blakelock family were in attendance and shared

be evicted from my gallery.

many personal anecdotes. It was midnight before

Innovations

suggest that the acquisition of paintings should fig. 5 American Art Review, September/October 2005

also be evaluated as an investment. I found this

The opening was scheduled for Tuesday,

the last guest departed. Of the eighty paintings

November 15, on the eve of the full moon. Per-

exhibited, thirty-nine were offered for sale and

been cognizant of appreciation. A few years ago,

haps this was not one of my best ideas. The

thirty-seven sold on opening night; the remainder

we received permission from two prominent New

guests began to arrive, and the gallery soon

sold the next morning. In fact, some collectors

York University professors to produce a report

became crowded. All six showrooms were at

were offered substantial profits, and paintings

based on their proprietary research. They studied

capacity within the first hour. The doorman

resold throughout the duration of the show.

the performance of paintings that sold at public

to be absurd, as most collectors have always

called to say that he would activate the service

The following Friday, eminent Blakelock

auction at least twice over a period of time. They

elevator, as the main elevator was jammed and

scholar Dr. Norman Geske was scheduled to lec-

devised graphs and equations that compared

the building’s residents were complaining.

ture at the gallery. He was in his early nineties, so

art in various categories as well as to stock and

We all know collectors who are thankful that at least some of their capital was preserved by their painting collections and did not find its way to the stock market. — l m s , s u m m e r 2009

ART

v s. S TO C KS AND BONDS

A Comprehensive Analysis of the Investment Potential of American Art

fig. 6 Art vs. Stocks and Bonds, 2007

fig. 7 Collector’s Series, 2008

bond performance. Our publication Art vs. Stocks

and several institutions and museums have

and Bonds was widely distributed and stimulated

requested extra copies for distribution.

I discovered that both new and experienced

perhaps, the value and collectability of various

collectors were reluctant to ask questions about

paintings. We selected three paintings of equal

collecting. Many did not feel comfortable reveal-

value and submitted images to one hundred of

ing what they did not know, and I understood the

our most active and experienced collectors. They

feeling. Others were simply not aware of what

were asked to select the painting that represented

they didn’t know. In order to address these issues

the best value. The results were posted on our

and to have a resource for first-time collectors,

Web site, and the percentage of the vote each

we produced The Collector’s Series (fig. 7). Issued

painting received could be viewed by collectors.

in six parts, it covered topics related to begin-

Interestingly, the second-place painting sold

ning and maintaining a collection. Each of the

almost immediately. This is an amusing and

six brochures explored a specific theme and pro-

unusual approach but one that may provide

vided opinions and advice from leading indus-

valuable clues to connoisseurship. Several more

It’s not wise to lose faith in this nation’s great resiliency. This is America—survivor of the Revolution, Civil War, Great Depression, social injustice, and two world wars—and through each crisis, no matter what the magnitude, we have risen and prospered. Recovery is inevitable; let’s not be paralyzed in the present but commence a course of action to be best positioned for the future.

try professionals and experienced collectors. It

surveys are scheduled, and we are seeking ways

— l m s , s p r i n g 2009

considered the most basic question: Why collect?

to provide even more valuable insight.

thought and conversation about including art in a diversified portfolio (fig. 6).

Most recently, we developed the concept of a survey as a means to assess the desirability and,

would be offered for sale, but there has been no

mation. If you buy a painting and it’s authentic

surge in supply. The clear decrease in both supply

and in your possession, you will know the most

and quality is a positive indicator no less signifi-

about it. The playing field is equal. Isn’t it wiser to

cant than record prices during robust times. Art’s

own what you understand and what you believe

The concept that scarcity of quality is the principal driver of valuation is held sacred. We have escaped a phenomenon unique to the contemporary art world that necessitates the suspension of the laws of supply and demand so that a buyer’s place within the social hierarchy is improved in proportion to the degree in which he most defies economic logic. Price itself ultimately becomes the primary motivation for acquisition.

status as a cherished asset continues to prevail.

in, and aren’t we all relieved that some of our capi-

This very determination not to sell has served to

tal has been preserved by our painting collection?

effectively rebalance the ratio of demand to sup-

There is seldom any sound reason to follow

ply, resulting in a remarkably resilient market

the crowd. The time to buy is when most are sell-

for American nineteenth- and early twentieth-

ing. These are the principles that have endured

century paintings.

the rigorous test of time.

— l m s , fa l l 2008

There is certainly pressure on the market,

Long before there was a tradition to restrict

and those who must sell may have to be patient

and an academic mandate to inhibit, the fiercely

or accept a lower price. Most collectors have

individual spirit of the American artist was born.

faith in the asset value of their paintings and

The European elites shunned their work, refusing

have regretted the commitment of so much

to recognize its merit and preferring to vent an

capital for the acquisition of stocks. All of their

animosity instigated by history. Today, more than

lives they’ve been conditioned to believe in the

150 years have come and gone, and our art has

stock market — that’s what they read about in

risen above bias and prejudice. It is an art that is

the newspapers and what’s discussed at dinner

still within the reach of its people. I will continue

parties. As they accumulate funds, they parti-

to buy compelling examples by America’s most

cipate in the stock market, but few, if any, take

inspired artists, no matter how great or meager

the time to fully research their investments.

their fame, and will sound that “alarm” when

Most either don’t know how or are unwilling to

collectors grow weary. If they retreat from the

read a balance sheet, and those who can and do

latest gloomy headline, I will remind them to give

are often misled or deceived.

equal credence to positive news. Auction records

Some of these very same people are collectors with a tremendous passion for art, and they

have been broken on numerous occasions during this recession.

spend a great amount of time in pursuit of that passion. They go to art museums, visit galleries, read books, attend auctions, and process and

A Wager

consider a great deal of information. Yet only the

Ten years from today, as I prepare for the next

smallest portion of their portfolios is allocated to

milestone catalogue, I am willing to bet that

The gallery world was discussed and the fine

what they know best: art. This does not seem very

those of you who failed to acquire a work pre-

points of connoisseurship evaluated. Technical

logical, particularly when you consider how well

sented here will wish that you had and those

art has performed throughout the last century.

of you who did will be very thankful. Dinner is

aspects, such as condition and conservation as

The Worst of Times or the Best Time ?

well as framing, were covered. The final issue

So, here we are in the throes of a great recession,

Art is exactly as represented. No one person

focused on the value of American art. Collectors

an economic plague nearly two years in duration.

necessarily knows more about it than anyone

continue to comment on the utility of the series,

Most dealers assumed an abundance of paintings

else. Inevitably, stock insiders have the most infor-

wagered, any takers ? louis m. salerno

It is important to clearly distinguish the market for paintings from the economy that antagonizes us and sets our mood. If we are compelled to read headlines, why not give as much weight to auction records and results that exceed estimates as we do to the latest news from Wall Street? — l m s , s u m m e r 2009

There will be no forthcoming variations, improved models, or new versions. They are as they were 150 years ago and as they will be 150 years from now. The opportunity is at hand. A great collector once said, “I regret only the painting I did not buy.” — l m s , fa l l 2005

ART

v s. S TO C KS AND BONDS

A Comprehensive Analysis of the Investment Potential of American Art

fig. 6 Art vs. Stocks and Bonds, 2007

fig. 7 Collector’s Series, 2008

bond performance. Our publication Art vs. Stocks

and several institutions and museums have

and Bonds was widely distributed and stimulated

requested extra copies for distribution.

I discovered that both new and experienced

perhaps, the value and collectability of various

collectors were reluctant to ask questions about

paintings. We selected three paintings of equal

collecting. Many did not feel comfortable reveal-

value and submitted images to one hundred of

ing what they did not know, and I understood the

our most active and experienced collectors. They

feeling. Others were simply not aware of what

were asked to select the painting that represented

they didn’t know. In order to address these issues

the best value. The results were posted on our

and to have a resource for first-time collectors,

Web site, and the percentage of the vote each

we produced The Collector’s Series (fig. 7). Issued

painting received could be viewed by collectors.

in six parts, it covered topics related to begin-

Interestingly, the second-place painting sold

ning and maintaining a collection. Each of the

almost immediately. This is an amusing and

six brochures explored a specific theme and pro-

unusual approach but one that may provide

vided opinions and advice from leading indus-

valuable clues to connoisseurship. Several more

try professionals and experienced collectors. It

surveys are scheduled, and we are seeking ways

— l m s , s p r i n g 2009

considered the most basic question: Why collect?

to provide even more valuable insight.

thought and conversation about including art in a diversified portfolio (fig. 6).

Most recently, we developed the concept of a survey as a means to assess the desirability and,

would be offered for sale, but there has been no

mation. If you buy a painting and it’s authentic

surge in supply. The clear decrease in both supply

and in your possession, you will know the most

and quality is a positive indicator no less signifi-

about it. The playing field is equal. Isn’t it wiser to

cant than record prices during robust times. Art’s

own what you understand and what you believe

status as a cherished asset continues to prevail.

in, and aren’t we all relieved that some of our capi-

This very determination not to sell has served to

tal has been preserved by our painting collection?

effectively rebalance the ratio of demand to sup-

There is seldom any sound reason to follow

ply, resulting in a remarkably resilient market

the crowd. The time to buy is when most are sell-

for American nineteenth- and early twentieth-

ing. These are the principles that have endured

century paintings.

the rigorous test of time.

— l m s , fa l l 2008

There is certainly pressure on the market,

Long before there was a tradition to restrict

and those who must sell may have to be patient

and an academic mandate to inhibit, the fiercely

or accept a lower price. Most collectors have

individual spirit of the American artist was born.

faith in the asset value of their paintings and

The European elites shunned their work, refusing

have regretted the commitment of so much

to recognize its merit and preferring to vent an

capital for the acquisition of stocks. All of their

animosity instigated by history. Today, more than

lives they’ve been conditioned to believe in the

150 years have come and gone, and our art has

stock market — that’s what they read about in

risen above bias and prejudice. It is an art that is

the newspapers and what’s discussed at dinner

still within the reach of its people. I will continue

parties. As they accumulate funds, they parti-

to buy compelling examples by America’s most

cipate in the stock market, but few, if any, take

inspired artists, no matter how great or meager

the time to fully research their investments.

their fame, and will sound that “alarm” when

Most either don’t know how or are unwilling to

collectors grow weary. If they retreat from the

read a balance sheet, and those who can and do

latest gloomy headline, I will remind them to give

are often misled or deceived.

equal credence to positive news. Auction records

Some of these very same people are collectors with a tremendous passion for art, and they

have been broken on numerous occasions during this recession.

spend a great amount of time in pursuit of that passion. They go to art museums, visit galleries, read books, attend auctions, and process and

A Wager

consider a great deal of information. Yet only the

Ten years from today, as I prepare for the next

smallest portion of their portfolios is allocated to

milestone catalogue, I am willing to bet that

The gallery world was discussed and the fine

what they know best: art. This does not seem very

those of you who failed to acquire a work pre-

points of connoisseurship evaluated. Technical

logical, particularly when you consider how well

sented here will wish that you had and those

art has performed throughout the last century.

of you who did will be very thankful. Dinner is

aspects, such as condition and conservation as

The Worst of Times or the Best Time ?

well as framing, were covered. The final issue

So, here we are in the throes of a great recession,

Art is exactly as represented. No one person

focused on the value of American art. Collectors

an economic plague nearly two years in duration.

necessarily knows more about it than anyone

continue to comment on the utility of the series,

Most dealers assumed an abundance of paintings

else. Inevitably, stock insiders have the most infor-

wagered, any takers ? louis m. salerno

Letter from the Director It is with great pride that I write this letter commemorating the tenth anniversary of Important

PA I N T I N G S

American Paintings. In perusing this volume’s pages, memories come flooding back to me. During my six-year tenure, I have had the experience of calling clients to tell them that “the one that got away” was for sale again. I have had the satisfaction of suggesting our newest acquisition to a client, which would in turn become their latest. And quite memorably, I have had the pleasure

These are paintings that stimulate us in a most profound way,

of soaking up the exquisite, arresting, sublime, and poignant brushstrokes, color palettes, compo-

adorn our homes, educate our children, and ignite conversations

sitions, and visions of the artists whose works fill our walls.

we might never have had. They provide historical perspective

In kindergarten, I began a thirteen-year ritual of Saturday art classes in the subterranean work-

as markers from which we may measure how far we have drifted

rooms of the Museum of Fine Arts, Boston. Although it was thrilling to concoct giant papier-

from a more natural existence. —l m s

mâché dragons, it was in the galleries where I felt most in awe. I remember standing in front of John Singer Sargent’s The Daughters of Edward Darley Boit and being dwarfed by the porcelain vases (props Sargent used to paint the work) displayed alongside it. While, at that age, I think I preferred to be spooked in the dark room of Egyptian mummies, the MFA ’s American collection created vivid memories for me, a foundation in my visceral attraction to art, and perhaps an early career compass. I would like to thank our entire staff for their constant efforts and outstanding work in creating this catalogue, and to Lou and Brent in particular for cultivating a gallery that brings much honor, life, and humor to the art business. I am grateful to you, our valued clients, for your enthusiasm, knowledge, and ongoing passion. It is an honor to work with and among those who have an instinctual appreciation for art, as it is with them that I most easily identify. I hope that you enjoy this catalogue and the carefully chosen words and images that comprise it. Sincerely, Chloe A. Richfield

Plate 3 Daybreak, detail