Northwest Arkansas Times from Fayetteville, Arkansas on May 26, 1974 · Page 7
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 7

Fayetteville, Arkansas
Issue Date:
Sunday, May 26, 1974
Page 7
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Page 7 article text (OCR)

As Value Skyrockets MeHhwe* Arlianm THUS, Sim., May M, 1*74 *Avrmviu.i, ABIC ANUS Art Auctions Bring In Record Money NEW YORK (AP) - Art !s · world currency traded by thousands of people each year -and its value is generally skyrocketing. From Great Falls, Mont., to New York City, art auctions are bringing in record amounts of money. An auction of 20th century art at a gallery here in early May garnered more than $3.5 million, mostly for contemporary paintings and sculpture. In Montana, more than $200,000 in paintings and sculpture were sold last month at the 6th annual Charles M. Russell Auction of Original Western Art. And a Chicago couple bought an antique Chinese pottery figure for under $3,000 in 1959 This year it was valued at $92,500. Last fall, a New York businessman and taxi .fleet owner, Robert Scull, sold a pop art painting by Jasper Johns for $240.000. He bought it in 1965 for $10,200. More Americans than ever are buying art, selling art and paying higher prices for it. New York experts say prices for European and American 19th century paintings and for moderns, including op and pop art, have increased as much as 1.000 per cent in the past 15 years. That's why some buyers are financial speculators, noi real collectors, according to some gallery owners. They describe rising prices as "fantas tic." ECONOMIC CHANGES "Because of changes in the economy, more people are thinking about investing in what goes on their floors or walls. Then the economic law of supply and demand applies -- demand is on the rise so prices keep going up," said John Marion, president of Soth eny Parke Bcrnet. one of the nation's best-known art auction galleries. "More people have more spending power. And it isn'l just Americans. Every nation ality can be found at our art auctions," he added. The role of Japanese collec tors was cited by Marion as an example of the international art ·market. The Japanese collec tors began advertising in New York newspapers early las year for opportunities to,pur chase 'paintings, especially those of French impressionist and old masters. "They bought quite a bit a auction," he said. "Then thej weren't around for about si" months. Now they're bad again. And there is an influx o dealers from the Middle East representing oil money thi wants to buy ancient art/' Marion added that European Heath, Moo Meet TOKYO (AP) -- China- Chairman Mao Tse-Tung me Saturday with former. Britis Prime Minister Edward Heatt in Peking, the Hsinhua New Agency reported. The broadcast, monitored Tokyo, said they had a wide ranging conversation. Present at the meeting wer J. Addis, British ambassador to China and seven members o Heath's party which flew into Peking Friday. yndicates have developed as mportant art collectors in the ast few years and have played predominant role in Amerian art auctions. "I don't know where their money's coming rom." he said, "but they have lot of it." FORGET TO LOOK BACK Another aspect of inter- lational art collecting as in- estment conies from Fred Voolworth, owner of Coe-Kerr "Jallery, which specializes in American art. He says Ameri- ans sometimes forget to look lack to the days of the Russian ·evolution and of war-torn Eu- ·ope. "People fled catastrophe carrying a jewelry and rolled-up anvases. Their money was worthless but they got a new tart in life by selling art hey'd collected." Woolworth, who handles famous American painters in- eluding Andrew Wyeth, finds that the art world has up and down fluctuations just as the ;old market does. "In the long run it all levels out somewhere in the future. For example, when the Japanese were buying a tremendous amount of western art very rapidly, they got some great hings but also some not-so- great. It had an enormous im- 3act on prices. But when their jconomy began to have prob- ems, they sold some pieces and a ripple effect resulted. A ertain amount of selling cleared the air, and now they're ready to be buyecrs again," Woolworth added. ASK ABOUT INVESTMENT Some collectors do come to a gallery to ask if a painting or sculpture or procelain figure is a good investment, Woolworth added. "They want to know what an object will be worth in two or three years. I tell them it's like your investment banker on Wall Street--ask him what IBM slock purchased today will be worth in two or three years. The chance is the same." But when Picasso prints which sold for $25.000 in 1969 are sold four years later for $179,000 many Americans see Ihe art market as more sure thing than chance. About $25 million is what they spent last year on prints alone. "Most people buy because t h e y love a painting," Woolworth said. The former investment banker says no other business is as intriguing as the art world. "Real collectors buy paintings to live with. People are nervous today about loaning paintings or sculpture for show with their names _.. them. It might leave them open to art kidnaping, political stuff. But they can't lock paintings in a vault. They have to take a chance, just as you do with your children, or as life itself is a chance. You just hope it won't happen to you/' CORNER ON MARKET Marvin Rosen, a New York businessman, has a small corner on the art market. He brought four Chinese porclains, ranging from bowls to vases, to a free appraisal week at Soth- eby Parke Bernet. I wasn't interested until I was married 5V4 years ago." Rosen said. "Virginia loves porcelain so much. Every time I say, 'Don't buy,' she's right and I'm wrong. Since we started collecting we've been eating, and drinking porce- h a ve books every- VOTE FOR BILL SKELTON FOR SHERIFF WASHINGTON COUNTY I came to the cifhem DIM more time before May M, fo ask for four voto ami support. I would liked »o hove met every dtfcen of OUT ·mat county, but » knew you know lhat iff impossible. I would tike «o work for you ot your (tariff. I ho** a good clean and honed rocord and I want to hoop H mot way. I wffl serve' you wilh integrity, import and effkieiKy. I promise you now *«t all arib will be answered by mo and my deputies. I wrU aho worfc with oH taw enforcement to ppofort you, your *iMren and your property. When you Mod me I will be there. wwit to thanh ovory one that hat o m, for your Sheriff and hod anything to do with where. "We buy anything we think is good -- and reasonable -- and so far we've done well. In another two or three years we'll be experts, writing our own books, maybe we'll even go into business. We love collecting." Rosen's Ching Pei vase, bought for $350 last year, was appraised at between $600 and $800, and other porcelains have appreciated in value. But for the Rosens, collecting is as re- warding as the investment growth. Anita Burton wasn't so lucky. She brought two portraits that have been in her family for years into the gallery for appraisal. "1 thought a theater or something might be able to use them," she said. "They're ugly in my place." But appraisers said her paintings were valueless at auction, of worth only mentoe*. family me- Wool worth said he tell* clients there's only one «ur» way to buy art that's also a good investment. "Buy what you really like to live with, and buy quality. Quality is always · good investment." Thar* You MUSKRTON a* pott tor by Bffl Skdtou SUNDAY MAY 26th 7 P.M DAVID PRYOR WILL ANSWER QUESTIONS LIVE ON CHANNEL 5 TELEVISION Ft. Smith Pol. Ad Paid For By Stanly McNulty, Jr. ;. , ,M ; .-i .-i IDAY-TUESDAY ONLY .. . LY 9-10; CLOSED SUNDAY Kmart Blasts Rising Prices with these Fantastic Discounts BROWN CLOGS TANK TOPS CHICWIGLET BOYS'SHIRTS MEN'S SHIRTS fleg.7.97 2 Oars Women's brown leather clog has rubber-soled wooden bottom. Charge it Women love these nifty, nylon knits! Wide selection of styles, colors. Charge it. Futl 2-ozs. human hair. Pre- styled and ready to wear. Natural shades. In box. Zingy solid colors he likes. No-iron polyester/cotton, short sleeves. Boys' sizes. Cool scoopneck style in easy-care polyester/cotton. Sharp solids, fancies. SCREEN DOOR SALE GIRLS' CLOGS BASEBAU Aeg.8** 2D*r* Aluminum door with 2- ·djustment panel, hardware included. 32x80". 2 75 68 2D»f» Carefree blue, cotton denim clogs with rubber wedge soles. Rope trim. Rubber - covered baseball has cork center. Well made SWIM MASK fteg.f.17 Safety plastic lens, adjust*Me strap. Save, 8-TR.PlAYER AegvM.M Solid state. Recessed and sliding control Charge M. Quaker Sta'» ' MOTOR OIL 38c Quart 10W-30 24-HOUR TIMER 4 56 IDtf* Automatically turns lamps and appliances on/ off, repeats every 24 hrs. 5.7* HIGHWAY 71 B. NORTH AND ROLLING HILLS DR. - FAYETTEVILLE

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