News Press Stillwater
REALESTATE W E E K LY Your best source for weekly real estate news and listings for Stillwater and surrounding communities
September 16th, 2021
5.1% New listings rose in the 50 largest metros, opening up options for anxious home buyers who have faced fierce competition the last few months.
5706 W Garden Point
2923 N Monroe “Establishing a Tradition of Trust”
$530,000
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3000 S Range Rd $349,000
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$845,000
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Stillwater NewsPress • Thursday, September 16, 2021
‘Spendthrift trust’ can prevent heirs from blowing their inheritance Parents with free-spending children often worry that their kids will squander a home or other assets that the folks leave behind after they die. Forming a special “spendthrift trust” can help relieve such fears. DEAR DAVE: I am a widow and would like to form a trust so my only son could inherit my home, bank accounts and other assets quickly after I die. The problem is that my son’s spending is out of control, and I am afraid he would squander all my savings and sell my longtime home just to support his lavish lifestyle. Can a trust be arranged so that it would only provide him with, say, $500 or $1,000 per month? If so, he would have enough money to last him for several years. ANSWER: Yes, you could arrange the trust so that your son would get a set amount of cash each month instead of a lump sum upon your death. These so-called spendthrift trusts often are used by parents who want to make sure their heirs don’t squander their inheritance. It takes a little more work to create a spendthrift trust rather than a basic living trust, in part
because you’ll have to specify someone – your banker, estate planner, lawyer or the like – to dole out the cash to your son based upon your preset plan. One elderly couple I knew who set up a spendthrift trust even included a provision that required their free-spending daughter to rent their home to tenants for at least five years after their death, with the monthly rental income to be used to pay for her annual college tuition and related costs. Contact an attorney or planner for details. DEAR DAVE: I am getting ready to refinance my house, and I am planning to follow your recent advice by contacting several lenders and mortgage brokers to get the best deal. But if each of those lenders and brokers order a copy of my credit report, won’t all of those inquiries hurt my credit score? ANSWER: It’s true that multiple queries over a period of several weeks or months can indeed negatively impact your score, in part because it may suggest that you’re trying to line up lots of credit to go on a spending spree. But if you do all of your mortgage hunting within a 14-day span,
bills. Now he has sent us a 30-day notice stating that, because utility costs are rising, we will become responsible for paying the monthly charges beginning in December. Can this change be legally enforced? MYERS ANSWER: Yes, the some disagreement, change can be legally but most historians enforced – sooner or say the adjustable later. The timeframe wrench got its name mostly depends on after London blackyour current rental smith Charles Monstatus. cky, who is believed If you rent on a to have invented it month-to-month around 1858. His basis, the landlord last name was procan start forcing you nounced “MUN-kee,” to begin paying for but the spelling of utilities after providthe tool supposedly ing you with advance transformed to “mon- notice (usually 30 to key” as its popularity 90 days, depending spread. on where you live). DEAR DAVE: We But if you have a have lived in the long-term lease, the same apartment for landlord can’t make several years, and the you pay the bills until building’s owner has the term of the lease always paid the gas, expires and the conwater and electric tract can be rewrit-
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DAVID the inquiries will be combined and treated as only one, because credit bureaus and lenders alike understand that most prospective borrowers do lots of comparative shopping to find the best financing package. This policy will help keep your score from sinking as your search for the perfect loan progresses. DEAR DAVE: I do a lot of my own home improvements and repairs. How did my most handy tool, the monkey wrench, get its name? ANSWER: There is
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ten. Call your local rent board or similar agency for details. DEAR DAVE: I recently received a $10,000 bonus from my employer. Would it make sense to apply the money in a lump sum directly toward the outstanding balance of my mortgage? ANSWER: Yes, but only if you have all of your higher-rate credit cards and personal loans paid off, and you have enough cash socked away to meet at least six months of expenses should you lose your job or get hurt and
cannot work for an extended period of time. Many consumers today are paying 20% or more in interest on their credit cards. It’s better to pay such high-cost debt off before making additional payments toward a low-rate mortgage, because you will save more money faster. Paying the cards off first also will provide additional savings at tax time: Mortgage-interest payments almost always are fully deductible, while finance charges levied by a card issuer are not.
NEW LISTING - 1916 W 9th - 2 BD/1 BA/1 car garage. Very neat one-owner home close to park. Large open living room, dining room and big utility room. Original hardwood floors, built-in shelving and a new room in July 2021. Wood fence and storage shed in back yard with trees.......$145,000 115 N. Boardwalk - 3 BD / 3 BA / 2 car attached garage in NE Stillwater .......................................................... $222,500 5120 W. 5th - 3 BD / 2 BA / 2 car garage in SW area. Lots of storage and spacious backyard.............................. $228,500
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Fall is for wildflowers to keep from taking over. All this may sound a little bit complicated. It is not. While wildflowers do require some occasional attention, these gardens are generally forgiving if you get behind in their
HOME GROWN KEITH REED
care. As long as you understand going in that they are NOT maintenance-free, you’ll be fine.
ucator in the Payne County Extension office. Keith can be reached via email at keith.reed@okstate.edu, phone at 405-747-8320, or in For more inforperson at the Payne mation on this or County Extension any other horticultural topic, you can office, located at 315 contact Keith Reed, W. 6th in Stillwathe Horticulture Ed- ter.
502 N. 10217 BurdickS -Brenna 3 2 1623 Close3.5 to Bath Sho 2,891sqft in & Schools - 225-000 Drs- 4ft Bed - $490,000 Ann- Donna 2023 E.Hollow Linda Ave Large corner lot with outbuilding. Over 1900 sq ft $248,000 – Tiffany 1919 Brooke Ct -- 4 bdrm/3 bath/Large Lot/North 3BR/2.5BA of OSU Campus! - $343,000 - Tiffany - PENDING 814NS.Pennsylvania Rock Hollow Ct. - SW / over 1990 sq ft/SCC Cart access – Tiffany 6000 Ave #43area - 2 bdrm/2.5 Bath CondoGolf Oklahoma City$274,000 - $129,000 - Tiffany 9715 HorizonCreek Dr. - 50 60- livestock 5 acres $100,000- Lori – LoriK.K any 5215E.Spring Cirx E 2/1 1253barn Sq ftonon 3 Lotswith withnoarestrictions Barn - $299,900 0 W. 19thWAve - 7.48 acres city limits $350,000 – Lori K 4713 Country Club inside - NICEStillwater Lot for sale - $25,000 - Donna S. Burdick - 3BR/1.5BA, 1.5 story on large lot 1371 sq ft $89,000 – Lori C PENDING! 1408 N. M 801 Shumard Oaks - 5 Nice Lots for you to build your new home - $27,000 - Donna 00 – Lori 4517 Broker Associate 1115- S. Richfield 3BD/2BA sq ftDistrict/starting $305,000 – Tiffany Scotthaven Nice Large Ct. lots- in Perkins1775 School at - $45,500 20J Addition onna Lori- Donna 10 Lori 405-612-6724 2923Rd N. Monroe - 3BD/2BA 2321 ft $208,000 PENDING! 5607 S Mehan - 52.5 acres for Sale WillsqDivide Ripley– Tiffany Schools - $349,000 - Tiffany n 7917 Pickles Gap Nice large lot in Perkins School District $22,500 – Lori 00 E 810 Rd., Tryon - 53.34 acres. Hunting/Building/The possibilities are endless - $224,028 - Kyle 6021 Hallies Meadow NEW CONSTRUCTION 4BD/2BA 2347 sq ft $379,900 – Lori 1218 W 12th - 4 Commercial Lots in a very High Traffic area/starting at $255,000 - Ann yiffany – Lori 1408 N.PEND Mai 5005 N Perkins - 4000 sq ft warehouse - Oh the The possibilities $399,900 – Donna - 5,900 810546 S 3450 Road, Agra - 160Rd Acres Hunting/Farming/Building possibilities are endless $630,000 - Kyle 5706 W. Garden Pointe Dr. - Gated Community 3BD/3BA, 2754 sq ft $550,000 – Ann 3000 S. Range Rd - 4bed 4.5 bath on 3.2 acres - $845,000 - Tiffany/Dolores 3618 W. Fountain View Ct. - 5BD/2.5BA, in ground pool - Woodland Trails addn $362,900 – Tiffany 3215 S. Boomer Rd - Nice Commercial Building for sale - $2,245,000 - Tiffany 208 N. Donaldson - 4BR/2BA 1851 sq ft - close to shopping & schools $205,000 – Donna a 211 E. Main St., Coyle - 64 Unite Storage Building GREAT INVESTMENT - $185,000 - Donna0 - Tiffany 719 Kar 910 Kansas St. / Pawnee - 1936 farmhouse / 1 acre lot with outbuildings $129,999– Tiffany 505 S.11 Morton Ave. - Ripley Ok Cute home across from the School - $75,000riffan - Lori K. 415 W. 80th - 52.65 acres rural property, no restrictions $300,000 – Lori ri 2923 N. Monroe - 3 bdrm/2 bath/Study/Game Room. One block to Boomer Lake - $219,000 - Tiffany 617 S. Main Downtown Stillwater commercial unit plus apartment unit $395,000 – Tiffany Tiffany 29000 N Glenwood Ct. - 9 lots platted for duplexes close to Boomer Lake - $420,000 - Tiffany 830456 S. 3354 Rd / Carney -3BR/2BA 1468 sq ft - out building $199,900 – Lori 719 Karen , 0 - Tiffany 7917 Pickles Gap - Nice large lot in Perkins School District - $22,500 - Lori 111 E. Tower / Perry 3BD/1BA 1118 sq ft $79,800 – Tiffany 1408 N.6021 Hallies Meadow - NEW CONSTRUCTION 4BR/2BA, 2,347 sq. ft. - $379,900 - Lori ,900 - Lori 502 N. Burdick - 3BR/2BA 1623 sq ft Close to shopping & schools $209,000 – Donna N Perkins Rd. 4,000 sq. ft. warehouse Oh, the possibilities $399,900 Donna 2923 5005 920, 920 1/2 S. Duck . - 2 Investment properties, 2 homes, 5 bedrooms total $160,000 – Amy iffany 5706 W. Garden Pointe Dr. - Gated Community 3BR/3BA, 2,754 sq. ft. - NEW PRICE $530,000 - Ann 1408 N. M 101 W. 80th - Commercial building and shop on 11.5 acres $4,000,000 – Lori 35,900 - Lori 910S.Kansas St. /5011 Pawnee - 1936 farmhouse 1-acre lot with outbuildings - $129,999,500 - Tiffany 354 Cou4517 - Tiffany W. Lakeview - 10 acres/ NW of Stillwater $300,000 – Lori 0 - Lori 415 W.E.80th - 52.65-acres rural property, no restrictions -$250,000 $300,000 - Lori 522 12th Commercial building in downtown Stillwater – Lori 354 - ffany Tiffany PENDING ,900 - Tiffany 3546172620 S. Main - Downtown unit pluselegance apartment unit$950,000 - $395,000 - Tiffany S. Black Oak Dr. -Stillwater 4BD/3BA,commercial 4813 sq ft Georgian & style – Donna E. Tower / PerrySt. - 3BR/1BA, ft. - NEW PRICE $70,800– -Tiffany TiffanyPENDING! - PENDING 1304354 & 11111012 - 45,000 iffany - Lori N. Manning - 3BR/2BA1,118 stormsq. shelter, outbuilding $195,000 PENDING - S. Duck2218 920, 920½ - 2 Investment properties, 2 homes, 5 bedrooms total - NEW PRICE- $152,500 - Amy – Tiffany W. 3rd - Close to campus 3BR/2BA 2208 sq ft $239,000 - - ,000 -Tiffany 1304 & - Lori 101 W. 80th - Commercial building and shop on 11.5-acreson- $4,000,000 - Lori – Lori 1408 N. Main / Perkins4BD/3BA 2098 sq ft NEW CONSTRUCTION golf course $325,000 5011 W. Lakeview 10-acres NW of Stillwater $300,000 Lori 4517 Jenna Ln. - 3BD/2BA 1756 sq ft NEW CONSTRUCTION $266,900 – Lori building in downtown Stillwater - $250,000 - Lori Tiffany 115E.E.12th 80th- -Commercial 14.5 acres m/l Just North of 68th & Mehan - $121,075 - Tiffany 354354 S.3 522 -Kyle Tiffany 2620S306 S. Black Oak203 Dr. E- 4BR/3BA, sq. ft.on Georgian elegance & style - Donna 80th - Nice4,813 large office 3 acres m/l $950,000 – Lori- $950,000 354 Cou Tiffany . -700 Kyle 270 2707. -7 - ,Lori - -Lori 14081304 N. Main /Perkins - 4BR/3BA, 2,098 sq.1717 ft. NEW CONSTRUCTION on golf course -sq. $325,000 - Lori - Lori E 2nd - 4BD/2BA sq ft Split floor plan $175,000 – Ann PENDING & 1306 24 ft. - $135,000 2707 W.S4 3202 317 Lori Lori 4517 Jenna 6038 Ln. -Haydans 3BR/2BA, 1,756- 4BR/2.5BA sq. ft. NEW2183 CONSTRUCTION $266,900 - Lori Brook sq ft $349,000 –-Lori 202 5 - Donna E. 80th - 14.5-acres m/l just north of 68th Mehan - $121,075 - Tiffany N. Monroe - 2 Commercial buildings on & 3 acres $600,000 – Dolores 61152112 354 S. Council sale office in Crescent, OK - No 33.5 acres m/l $167,000 203 E.Rd. 80th- Land - Niceforlarge on 3-acres m/lrestrictions - NEW PRICE $1,200,000 - Lori – Tiffany . S. as- 801 -Ann or S. Burdick - 3BR/2.5BA ft $87,000 – Tiffany 3202 0000 E. 2nd 4BR/2BA, 1,717 sq. ft. Split1371 floorsq plan - $170,000 - Ann ---PENDING 44th Haydans - 15.86 acres - will -divide, look for2,183 signs west $317,000 Brook 4BR/2.5BA, sq. ft.of- Western $349,000 - Lori – Lori ffany 474 2707 . W 6038 , any Cedar Oaks &Commercial 19th - 7.48 acres m/l inon city3-acres limits $350,000 – Lori 2112 N. Monroe 2 buildings $600,000 Dolores N. res m/I, OH the Possibilities! - $2,352,900fany - Lori 601 0000 S. Country Club - 20 look Acresfor onsigns Pavedwest Road $200,000- -$317,000 Ann Lori- Lori 2707N. W 44th - 15.86-acres - willRd. divide, of-Western Lori Crosby 4717 S. Turtle Pond Ct.&- Great m/l Lotm/l for in your - $45,000 Montie Stewart Monty Stewart Cedar Oaks 19th -.-acre 7.48-acres citybuilding limits -pleasure $350,000 - Lori - Tiffany Realtor Associate Realtor Realtor Associate N. Washington Rd. 151.8 acres m/l, OH the Possibilities! $2,352,900 Lori 4717 S. Turtle Pond Ct. - Greatprings .-acre-m/l lot for - $45,000- -Lori Tiffany PEN 4 bed, 2.5your bath,building 2,183 pleasure sq. ft. - $349,000 405-612-4184 405-372-5151 405-372-5151 i N. Washington Rd. - 151.8-acres m/l, OH the Possibilities! - $2,352,900 - Lori
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not to fertilize as too much fertilizer can give undesirable plants a competitive advantage over the wildflowers. There is a learning curve associated with wildflower gardens. For some of us, it’s just adjusting to the presence of weeds and the unkept look of the garden during certain times of the year. While a wildflower garden will never be weed-free, it can be helpful to learn to spot the wildflowers when small so you can regularly pull or hoe weeds before they become a big problem. Another adjustment is accepting that many of our common lawn weeds can in fact be very attractive wildflowers. If a pristine weed-free lawn is your aesthetic ideal, you’ll likely disagree with this statement of a garden full of henbit can be hard to beat for spring color. It will also be important to learn when to cut-back or mow your garden to take full advantage of a plant’s ability to reseed itself. You’ll also learn that some plants will be more aggressive than others and will likely need to be prevented from going to seed
Stillwater NewsPress • Thursday, September 16, 2021
Most wildflower gardens are established by seed using a mixture of annual, biennial, and perennial plants adapted to this area. To give the garden the greatest opportunity of longterm success, fall is the best time to seed. A fall seeding allows the winter annuals (the plants that produce the early spring flowers), and many of the perennials a great opportunity to firmly establish their root systems so they will be ready to explode with growth next spring. Wildflowers tend to be tough plants and do not require much effort during establishment. Simply broadcast the seed over the area you wish to plant and rake it in. If we are not getting regular rains, an occasional irrigation might be helpful through the fall. The seeding rate will vary dramatically depending on the seed mix and how it’s packaged. For example, is the mix 100% seed or it is a combination of seed and other materials such as mulch and fertilizer? Check the label to be sure and adjust accordingly. Unless the area is known to be nutrient-poor, it’s best
Beat your summer ‘revenge shopping’ debt much you owe and how much money you’re debt-free. to whom. If you you can put toward — DEBT AVAdon’t know all the debt and where you LANCHE: With details, certified can cut spending. this method, you The joy of shoutfinancial planner If you’re spending pay off the debt ing to your friends Pamela Rodriguez more on dining out with the highest over the roar of in Sacramento, than you were six interest rate first. a crowded bar, California, suggests months ago, for ex- Then, similar to the giddiness of pulling your credit ample, try cutting the debt snowball seeing the world reports, which you back on that to free method, once that rushing by below can do for free. up cash for debt is paid off, you casyou from the seat “Pulling your payoff. cade the payment of an airplane, the credit report is Next, pick a strat- onto your debt with weirdly constrictprobably the fastest egy for paying it off. the next highest ining sensation of Here are a few com- terest rate. wearing pants that way to know what mon tactics: — BALANCE aren’t elastic — the you owe because there’s no hiding — DEBT SNOW- TRANSFER CREDsummer of 2021 BALL: With the IT CARD: If your brought back many from your credit debt snowball, you credit score is high experiences we had report,” Rodriguez says. channel your debt enough to qualify forgone during the Using a spreadpayoff energy tofor one, a credit past year and a half sheet, pencil and ward the smallest card with a 0% of the pandemic. paper, or a debt balance first while APR promotional But this push to payoff app, list your making minimum period can help you re-create a world payments on the pay off debt faster that felt something debts. Include the balance, interest rest. Once the and cheaper than like “normal” may rate and monthly smallest debt is keeping it on the have brought back minimum payment knocked out, roll original credit card. another familiar the amount you Be sure to wipe out feeling: the anxiety for each. Be sure to account for all were paying on it the balance before of racking up debt. forms of debt, like to the next smallest the 0% promotional If your summer debt. As you wipe period ends to avoid of “revenge” spend- buy now, pay later loans. out more debts, the paying interest. ing has come for Then, dig into payment amount No matter which a payback of its your income and keeps growing like payoff path you own in the form expenses to see a snowball until choose, it’s importof lingering debt, make a plan for paying it off. Then, NG think about how I to prevent yourself ST I L from getting into W more debt as you NE navigate progress and setbacks on the path to normalcy. TAKE STOCK OF YOUR DEBT — AND FIND YOUR 2001 CHERRY LANE • $225,000 PAYOFF PATH Private country setting close to town on three acres. Whether you’re This classy remodel also has three bedrooms, three back to spending most of your time bathrooms and an all new kitchen. Wood burning at home or killing stove, storm shelter. Stillwater schools. time at an airport It is a must see! terminal before a flight, find time to sort out your debt and pick a payoff strategy. First, understand exactly how By Sean Pyles
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Stillwater NewsPress • Thursday, September 16, 2021
NerdWallet
ant to decide on one and commit. Waffling between a few different options can cost you time and money as debts continue to accrue interest. “People have decision overload when figuring out how to pay off their debt,” says Thomas Nitzsche, financial educator at the nonprofit credit counseling agency Money Management International. “Just come to terms with the fact that you’re going to have to do something and figure out a way to overcome that emotional barrier.” If you don’t see a way to pay more than the minimums on your debts monthly, think about calling a nonprofit credit counseling agency for
free budgeting and debt help. KNOW YOUR SPENDING HABITS AND TRIGGERS If your summer debt was the result of revenge spending, dig into the triggers that led you to overspending so you can avoid sliding back into debt in the future. For many, that may have been the opportunity to experience something that they were deprived of during the first year of the pandemic. While travel and eating at restaurants may be safer for those who are vaccinated, these activities can wear down your budget. Rodriguez suggests finding more-affordable ways to enjoy activities you’re
seeking. “If you can think of the one thing you were deprived of, find a smaller scale of that,” Rodriguez says. “So a smaller scale of travel would be going on a local adventure, and that is so much more manageable financially.” The path forward in the pandemic seems likely to have a number of starts and stops, with accompanying opportunities to either spend or save money. Take advantage of moments where you can pull back your spending and direct more cash toward your debt. Having manageable debt – or no debt at all – equips you with more options whenever the world is ready to fully reopen.
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How to negotiate your way to a richer life you want thoroughly before you go to the dealership. Look for the invoice price on car comparison sites such as Edmunds.com and ask several dealerships to give you their best price on the car. “Find the lowest-price comparison, and then use that as your starting offer,” Christian recommends. Knowing your bottom line – the maximum you want to spend on the vehicle – is particularly important because dealerships will often draw out the negotiating process to wear you down and get you to pay more, Christian notes. “I need to know very clearly what my walk-away point is,” Christian says. “And it seems so obvious, but people don’t do this.” BUDGETING WITH YOUR PARTNER
A recent survey by Fidelity Investments found that couples who communicate well are more likely to expect a comfortable lifestyle in retirement, rate their household’s financial health as excellent or very good and say that money is not their greatest relationship challenge. But communicating well about money is hard, because “money is emotional,” Christian says. He recommends calming those emotions by acknowledging and validating them and then asking your partner open-ended questions to find out why they feel the way they do. He cites the experience of starting his own business, when his wife was
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partner wanted did the couple start negotiating an outcome to meet both needs: “So I said, ‘All right, my goal here is to make sure I can have a little bit of money to invest in the business; your goal here is to make sure that we have a certain amount of money in the bank account. How do we reconcile those two things?’” Skipping any of these steps – or trying to have these discussions when you’re tired or distressed about other things – risks alienating your partner and making matters worse. “If you’re very emotional, the first thing that you want to say is probably the wrong thing to say,” Christian says.
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distressed at the amount that they were spending. Christian was raised in an affluent family and didn’t worry much about money, while his wife was raised by a single mom and experienced bouts of homelessness. “Money is survival to her,” Christian says. Rather than discounting her experience or arguing, Christian says he asked a lot of questions and acknowledged that her emotions made sense, given her past. “If you just jump to problem-solving, the person doesn’t feel validated,” Christian says. “The emotional problem is still there.” Only after summarizing what each
Jack Allred Real Estate Jack Allred Broker/Owner
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NEGOTIATING SALARIES Most managers expect job candidates to negotiate their salaries, but many people don’t even try when they’re offered a job, according to surveys by Robert Half, a human resources consulting company. You can prepare for your negotiation by checking salary ranges from the U.S. Bureau
ask way too much or too little. (If you’re negotiating a raise for a job you already have, you probably have as much information as your manager and can be the first to name a dollar amount, he says.) Settle on the salary before switching to other forms of compensation, such as a flexible work schedule, a new title, the ability to work remotely and paid time off, he recommends. “If you start off with the creative options, they might feel like they’ve given you enough,” Christian says. BUYING A CAR In most negotiations, you’ll want to preserve a good relationship with the other person. Buying a car, however, is typically a “purely transactional” interaction so you can bargain harder, Christian says. Research the car
Stillwater NewsPress • Thursday, September 16, 2021
of Labor Statistics , salary compariNerdWallet son sites such as Payscale or Salary. Negotiating is an com, company reimportant personal view sites such as finance skill that Glassdoor, or Robcan help you earn ert Half’s salary more and pay less. guides. Whether you’re dis“People make the cussing a job offer, mistake of not predickering at a car paring enough, and dealership or just that’s one of the trying to work out single best things a budget with your you can do to be significant other, effective in a negothe ability to bartiation,” Christian gain effectively can says. have a huge impact. Good negotiators You don’t have to also write down a be a jerk to be perstrategic plan that suasive. The best outlines what they negotiation tactics want and how they allow both sides to intend to ask for it, win, says Kwame as well as a list of Christian, host good alternatives, of the “Negotiate he says. Anything “ podcast In general, the and director of the person with more American Negoinformation should tiation Institute. make the first offer Confrontational because that’s the approaches – de“anchor” around bating, badgering which the discusor insisting on your sion will revolve, own way – make Christian says. other people defenWait for the person sive and less willing hiring you to name to come to an agreea figure so that you ment, Christian don’t inadvertently says. By Liz Weston
Is art a wise investment?
By Kathryn Graddy
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Stillwater NewsPress • Thursday, September 16, 2021
Brandeis University via The Conversation
In the fall of 2018, a Banksy work, “Love is in the Bin,” sold for US$1.4 million. Now the original buyer has put the work up for sale, and it’s expected to fetch over $5 million – that would amount to a return of more than 250% on the original investment. What if, instead of the art market’s being the sole purview of the deep-pocketed, everyday people could buy shares of a pricy piece of art and sell the shares as they please? That’s exactly what a new platform, Masterworks, seeks to do. Art investment funds have existed for over a century. Masterworks, however, has put a new twist on an old practice, in that the platform allows individuals to buy shares of specific artworks in $20 increments. Investors can then sell these shares in an easy-touse secondary market or wait until Masterworks sells the piece and receive pro-rata proceeds. For nearly 10 years, I’ve taught a course on economics and the arts with art historian Nancy Scott. In this course, we spend time discussing the history and profitability of art investing, both in theory and in practice.
For those thinking of purchasing art purely for investment purposes, it’s important to understand how art investment funds have traditionally worked, and whether experts believe it’s a good investment. The French pool resources An early art investment fund was called The Skin of the Bear (La Peau de l’Ours), which was based in France during the beginning of the 20th century. The name comes from a French fable that contains the aphorism “never sell the skin of the bear before you’ve actually killed it” – the French equivalent of “don’t count your chickens before they hatch” – and it alludes to the fact that investing in art can be a risky endeavor. Partly intended as a means to support emerging post-impressionist artists, such as Picasso, Matisse and Gauguin, the fund was run as a syndicate in which a small number of partners each contributed identical amounts to purchase a collection of paintings. Businessman, art critic and collector Andre Level managed the fund and arranged the paintings’ sale. After the paintings were sold, he received 20% of the sale price for his work. The artists received 20% of the fund’s
profits on top of the money they received from the original sale. The investors would then receive the rest in equal proportions. This concept – returning a proportion of the sale price to the artist – is known as the droit de suite, or artist’s resale right. Versions of this are now law in most parts of the Western world other than the United States. This first art fund was a success. It created demand for new artworks and supported innovative impressionist and modern artists, while providing a sizable return to its original investors. Not all funds are equal Another famous investment in art was made by the British Rail Pension Fund. This fund was established in 1974 to manage a small proportion of the company’s employee retirement holdings, and the objective was to buy works of art over the course of 25 years before selling them off. The fund earned 11.3% in compound returns annually, but because of high inflation during much of that period, the actual gains were much lower. Other notable art funds ended up as failures. Banque Nationale de Paris’ art fund sold its investment in 1999 at a loss and a fund run by British art dealer
Taylor Jardine Ltd. did the same in 2003. Britain’s Department of Trade shut down The Barrington Fleming Art Fund in 2001 after determining it was set up under fraudulent circumstances. And Fernwood Art Investments, founded by former Merrill Lynch manager Bruce Taub, failed to even launch after Taub was found guilty of embezzling his investors’ funds in 2006. Nonetheless, there are art funds that are still in operation, such as Anthea and The Fine Art Group, and, of course, banks and auction houses have long described investing in art as a suitable diversification strategy for the wealthy. But what do economists say about art as an investment? Is it really a ‘floating crap game’? Economic theory suggests that, by definition, investing in art could provide lower returns than investing in stocks. That’s because it’s thought of as a passion investment. Like investing in sports memorabilia, jewelry or coins, part of the return to investing in art ought to be the intrinsic enjoyment of the objects themselves. The total return consists of the monetary return and the enjoyment of ownership. As stocks do not, for most people, pro-
vide this enjoyment value, the monetary returns to investing in these financial instruments should, in theory, be greater than the monetary returns to investing in art. But it’s important to actually analyze the numbers. One of the very first papers on the monetary return of art investing was published in 1986 and written by the late eminent economist William Baumol. The title? “Unnatural Investment: Or Art as a Floating Crap Game.” Baumol estimated the long-run inflation-adjusted returns to investing in art, over a 300-year period, to be just 0.6%. Some researchers have since estimated
higher returns. For example, work by Yale finance professor Will Goetzmann and economists Jiangping Mei and Mike Moses found inflation-adjusted returns of 2% over 250 years and 4.9% over 125 years, respectively. Estimated returns vary based on the time period, sample and methodology. Furthermore, these studies don’t include transaction fees, which, when it comes to art, can be sizable, thanks to the hefty commissions charged by the auction houses or private dealers for serving as the middlemen. They also don’t take into account sample selection; paintings that plummet in value often can’t be sold at auction. Both the Goetz-
mann and the Mei and Moses studies, however, estimate that the performance of the stock market doesn’t seem to be correlated with returns on art investments. So there may be some benefit to investing in art as a way to diversify your portfolio. Art for all? Masterworks, however, is a bit different from the traditional art funds discussed above. Investors are buying shares of a single piece of art, rather than investing in a fund that includes multiple works. The price of entry is much lower, and, as long as there are willing buyers for the share of artwork, investors aren’t locked into the fund for a particular time period.
THERE’S A NEW LAND MAN IN TOWN! Montie Stewart
mstewart@stw-realestatepros.com 405-747-7306
723 S. Main Street, Stillwater, Oklahoma 74074
405-372-5151
www.stwnewspress.com
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