DOCSLIB.ORG

The Case of Goupil, Boussod & Valadon from 1860 to 1914

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

GERALDINE DAVID #, CHRISTIAN HUEMER+, KIM OOSTERLINCK# Art Dealers’ Inventory Strategy The case of Goupil, Boussod & Valadon from 1860 to 1914 ABSTRACT Proper inventory management is crucial for art galleries. Yet, despite its importance, inventory management has been overlooked in the literature. We distinguish four main strategies used by art dealers to manage their inventory and use this classification to set the inventory strategy of Goupil, Boussod & Valadon, a major art gallery active in France at the end of the 19th century, into perspective. Goupil’s books cover the sale of more than 25,000 artworks between 1860 and 1914. Rapidity to sell was a key element in Goupil’s strategy. Out of the sold artworks, almost 75% were sold within a year. Goupil required a slightly higher mark-up for artists from which he held a large inventory. Mark-up for artists in residence and the likelihood to sell their artworks at a loss were lower, signaling a preoccupation for their long-term market. JEL Codes: N14, N44, Z11. Keywords: Art market, Art Gallery, Goupil, Boussod & Valadon, Inventory Strategy # Université Libre de Bruxelles (ULB), SBS-EM, 50 av. Roosevelt, CP 114/03, 1050 Brussels, Belgium, [email protected] # Research Center, Österreichische Galerie Belvedere, Prinz Eugen-Straße 27, 1030 Vienna, Austria, [email protected] # Université Libre de Bruxelles (ULB), SBS-EM, 50 av. Roosevelt, CP 114/03, 1050 Brussels, Belgium, [email protected]. Art Dealers’ Inventory Strategy The case of Goupil, Boussod & Valadon from 1860 to 1914 ABSTRACT Proper inventory management is crucial for art galleries. Yet, despite its importance, inventory management has been overlooked in the literature. We distinguish four main strategies used by art dealers to manage their inventory and use this classification to set the inventory strategy of Goupil, Boussod & Valadon, a major art gallery active in France at the end of the 19th century, into perspective. Goupil’s books cover the sale of more than 25,000 artworks between 1860 and 1914. Rapidity to sell was a key element in Goupil’s strategy. Out of the sold artworks, almost 75% were sold within a year. Goupil required a slightly higher mark-up for artists from which he held a large inventory. Mark-up for artists in residence and the likelihood to sell their artworks at a loss were lower, signaling a preoccupation for their long-term market. JEL Codes: N14, N44, Z11. Keywords: Art market, Art Gallery, Goupil, Boussod & Valadon, Inventory Strategy 2 Art Dealers’ Inventory Strategy The case of Goupil, Boussod & Valadon from 1860 to 1914 Introduction In most businesses, inventory management is important, as large inventories, put a strain on the finances of companies. Arguably, inventory management is even more important for art galleries. Inadequate inventory management poses a direct threat to galleries’ survival (Moulin, 1967; Horowitz, 2011). For example, Milo (1980, p. 66) explicitly mentions the large inventory of artworks by René Magritte, when his market was not as established as today, as one of the reasons of the failure of the Centaure Gallery in 1932. Inventory and rent represent galleries’ largest expenses (Shubik, 2003). Other elements, which galleries share with other retailers active in the luxury industry, render inventory management complex. Whereas for consumption goods several methods exist to evaluate demand, for artworks demand is highly uncertain. In this case, the literature highlights the need to create a safety stock (Wild, 2002). This need is reinforced when supply cannot be guaranteed – as is the case for the art market. Guaranteeing a large supply is however not easy for galleries since they are often undercapitalized. Galleries with relatively limited means tend indeed to have the smallest inventories possible (Mahé de Boislandelle, 2005, p. 185). This approach minimizes risk but it might also limit the ability to sell. Uncertainty in the art market also pertains to the timing of the sale. An art dealer may believe a given artist will become successful in the future and therefore build a large inventory of the artist’s work. Yet, success may take time to materialize. 3 Meanwhile, capital is tied up. Besides the financial costs related to the need to finance the inventory, art dealers have also to take into account storage and insurance costs. These elements are not specific to art galleries and reflect issues faced by many other actors in the luxury industry, such as for example jewelers. In both cases, however, inventory turnover may be lower than in other industries because of a high mark-up. As pointed out by Williams et al, (2012, p. 648) “Companies that sell high mark-up items, such as jewelry stores and art galleries, can operate successfully with much lower inventory turnover rates.” The relationship between turnover and mark-up is therefore also crucial. Galleries have adopted several strategies to address the challenges posed by inventory management (Fage, 1930; Gee, 1981; Jensen, 1994; Moulin 1967; Velthuis, 2005). In general, it seems that art dealers rely on four main strategies1: 1) The first strategy consists in buying artworks following a client’s commission. In this case, the role of the dealer is limited to intermediation. Instead of having a stock of artworks, the dealer works as a broker buying only artworks for which he already has a client. This approach requires the least capital. As the dealer has no inventory, stock cannot represent a financial burden. 2) The second strategy, very close to the first one because it does not require keeping an inventory, is to work with consignments. For contemporary art, uncertainty regarding the ability to sell artworks from a non-established artist renders the acquisition of a large stock of artworks extremely risky. Consignments allow minimizing the risk. The artists consign the artworks to be sold to the dealer who is in charge of exhibiting them. The proceeds of the sale are then divided between the two according to an agreed-upon ratio (Velthuis, 2005, p. 61). Consignments have become common since World War II. As for 1 The remainder of the article provides more details on these strategies. 4 the first strategy, the dealer has no stock. This approach requires however more capital than the first one, as rent has to be paid. 3) The third strategy, especially present for dealers with limited resources, aims at limiting the financial burden of inventory by guaranteeing a large turnover. Jeremy Cooper (1985, p. 45), a former art dealer, highlights for instance the importance of speedy sales because art galleries are usually undercapitalized and need cash flows. Accepting a lower mark-up to guarantee a speedy sale is common in this approach. Alternatively, dealers with limited resources may decide to share the acquisition of an artwork with other dealers to limit the financial burden created by inventory. 4) The fourth strategy is for art dealers to rely on a large inventory. This strategy is capital-intensive and may therefore be hard to sustain. Moulin (1967) distinguishes two approaches within this strategy. The first approach is to create a large inventory of well-established artists and to buy continuously on the market when opportunities arise. This is the approach favored by the Wildenstein dynasty (Moulin, 1967, pp. 102-103). In this case, margins have to be high because the low speed of sales forces art dealers to fund a large inventory (Bernier, 1977, p. 341). The second approach is to focus on the artists “discovered” by the dealer. Then, the dealer often requires a right of first refusal or a monopoly on the artists’ production. In this case, building the inventory is less costly than for well-established artists but dealers face the risk to have to fund this inventory for a long period, the time for the artist to be recognized. By the end of the 19th century, it became more and more frequent for art dealers to enter in a contractual relationship with artists to buy their production in exchange of a fixed sum. The dealers Paul Durand-Ruel, Daniel Henri Kahnweiler and Ambroise Vollard all relied on this approach (Moulin, 1967, p. 114, Velthuis, 2005, p. 61). Contractual relationships could however also prove 5 disastrous for dealers if the hoped-for-success did not materialize. In this case, and as pointed out by Milo (1980, p. 63), “The merchant is quickly overwhelmed by the paintings that accumulate in his shop or gallery”.2 These different strategies allow setting art dealer’s practices in an analytical framework. This does not mean however, that art dealers adopted only one strategy, nor that they could not change their strategy as their business evolved. Ambroise Vollard is for example mostly associated to the fourth strategy. Yet, at the beginning of his career, he relied on the first strategy, and in general only bought artworks if he already had a client (Morel, 2007, p. 278). The same holds for Paul Durand-Ruel. Even though his general strategy was to discover new artists and hold a large inventory of their work, at the beginning of his career, he sometimes bought artworks with the objective to sell fast even if it meant earning a low margin (Kelly, 2014). The aim of this paper is to determine the interplay between inventory strategy and mark-ups. More precisely, in this study we aim to analyze the relationship between the time in inventory and mark-ups in order to gain an understanding about inventory strategies pursued by art dealers using the example of Goupil. Based on this case study, the article will discuss to which extent some of the conclusions drawn from the Goupil case may be valid for other large art dealers. There are indeed, to the best of our knowledge, no quantitative analyses of art galleries’ inventories.
Recommended publications

  • Illustrations of Selected Works in the Various National Sections of The

    SMITHSONIAN INSTITUTION libraries 390880106856C A«T FALACr CttNTRAL. MVIIION "«VTH rinKT OFFICIAI ILLUSTRATIONS OF SELECTED WORKS IN THE VARIOUS NATIONAL SECTIONS OF THE DEPARTMENT OF ART WITH COMPLETE LIST OF AWARDS BY THE INTERNATIONAL JURY UNIVERSAL EXPOSITION ST. LOUIS, 1904 WITH AN INTRODUCTION BY HALSEY C. IVES, CHIEF OF THE DEPARTMENT DESCRIPTIVE TEXT FOR PAINTINGS BY CHARLES M. KURTZ, Ph.D., ASSISTANT CHIEF DESCRIPTIVE TEXT FOR SCULPTURES BY GEORGE JULIAN ZOLNAY, superintendent of sculpture division Copyr igh r. 1904 BY THE LOUISIANA PURCHASE EXPOSITION COMPANY FOR THE OFFICIAL CATALOGUE COMPANY EXECUTIVE OFFICERS OF THE DEPARTMENT OF ART Department ' B’’ of the Division of Exhibits, FREDERICK J. V. SKIFF, Director of Exhibits. HALSEY C. IVES, Chief. CHARLES M. KURTZ, Assistant Chief. GEORGE JULIAN ZOLNAY, Superintendent of the Division of Sculpture. GEORGE CORLISS, Superintendent of Exhibit Records. FREDERIC ALLEN WHITING, Superintendent of the Division of Applied Arts. WILL H. LOW, Superintendent of the Loan Division. WILLIAM HENRY FOX Secretary. INTRODUCTION BY Halsey C. Ives “All passes; art alone enduring stays to us; I lie bust outlasts the throne^ the coin, Tiberius.” A I an early day after the opening of the Exposition, it became evident that there was a large class of visitors made up of students, teachers and others, who desired a more extensive and intimate knowledge of individual works than could be gained from a cursory view, guided by a conventional catalogue. 11 undreds of letters from persons especially interested in acquiring intimate knowledge of the leading char¬ acteristics of the various schools of expression repre¬ sented have been received; indeed, for two months be¬ fore the opening of the department, every mail carried replies to such letters, giving outlines of study, courses of reading, and advice to intending visitors.
  • Arnold) Glimcher, 2010 Jan

    Arnold) Glimcher, 2010 Jan

    Oral history interview with Arne (Arnold) Glimcher, 2010 Jan. 6-25 Funding for this interview was provided by the Widgeon Point Charitable Foundation. Funding for the digital preservation of this interview was provided by a grant from the Save America's Treasures Program of the National Park Service. Contact Information Reference Department Archives of American Art Smithsonian Institution Washington. D.C. 20560 www.aaa.si.edu/askus Transcript Preface The following oral history transcript is the result of a recorded interview with Arne Glimcher on 2010 January 6- 25. The interview took place at PaceWildenstein in New York, NY, and was conducted by James McElhinney for the Archives of American Art, Smithsonian Institution. Funding for this interview was provided by the Widgeon Point Charitable Foundation. Arne Glimcher has reviewed the transcript and has made corrections and emendations. The reader should bear in mind that he or she is reading a transcript of spoken, rather than written, prose. Interview JAMES McELHINNEY: This is James McElhinney speaking with Arne Glimcher on Wednesday, January the sixth, at Pace Wildenstein Gallery on— ARNOLD GLIMCHER: 32 East 57th Street. MR. McELHINNEY: 32 East 57th Street in New York City. Hello. MR. GLIMCHER: Hi. MR. McELHINNEY: One of the questions I like to open with is to ask what is your recollection of the first time you were in the presence of a work of art? MR. GLIMCHER: Can't recall it because I grew up with some art on the walls. So my mother had some things, some etchings, Picasso and Chagall. So I don't know.
  • Lettres & Manuscrits Gustave Le Gray

    Lettres & Manuscrits Gustave Le Gray

    LETTRES & MANUSCRITS BEAUX-ARTS Carrière, Delacroix (lettre illustrée), Maurice Denis, Matisse, Monet, Regnault, Renoir, Soutine HISTOIRE Gambetta, Grégoire XI, Henri III, Henri IV, Louis XI Documents concernant l'Artois, la Flandre, la Picardie, l'Auvergne, le Carlades, le Forez, Lyon, la Provence LITTÉRATURE Cyrano de Bergerac, 2 manuscrits du XVIIe siècle L'Autre monde ou les États et Empires de la lune, une des 4 copies connues, non censurée, La Mort d'Agrippine, version primitive presqu'entièrement différente de celle imprimée Proust, précieuse correspondance de 17 lettres à son ami le poète Fernand Gregh, 1892-1909, avec multiples échos de la Recherche et autres de ses œuvres, évocations de ses premiers pas littéraires, notamment dans la revue Le Banquet, florilège de citations de Baudelaire, Hugo, Molière... Vian, dactylographie corrigée signée de L'Écume des jours [Artaud], importante correspondance à Paule Thévenin le concernant : Althusser, Athanasiou, Deleuze, Leiris, Nin, Paulhan, Paz Beaumarchais, Fontenelle, Louvet de Couvray, Madeleine de Scudéry, Balzac, Barbey d'Aurevilly, Baudelaire, Céline, Cocteau, Dumas père, Flaubert, Gautier, Hugo, Lamartine, Musset, comtesse de Ségur, Stendhal, Vigny MUSIQUE Bizet, Cherubini, Delibes, Franck, Gounod, Meyerbeer, Rossini, Saint-Saëns FORTS ENSEMBLES sur chacun de ces sujets GUSTAVE LE GRAY SOUVENIRS DU CAMP DE CHÂLONS Exemplaire du général de Wimpffen, annoté de sa main, 51 photographies dont 4 avec signatures ou dédicaces d'officiers portraiturés, enrichi de 3 photographies de Gustave Le Gray dont un autoportrait dédicacé Gustave Le Gray, Souvenirs du camp de Châlons, n° 67 Experts Alain Nicolas Pierre Gheno Expert près la cour d’Appel de Paris Expert près la cour d’Appel de Paris Librairie Les Neuf Muses 41, quai des Grands-Augustins 75006 Paris Tél.
  • 2003/1 (1) 1 Art on the Line

    2003/1 (1) 1 Art on the Line

    Art on the line Leaving L’Estaque: Cézanne’s imagery of Provence in the 1880s Jonathan Kear Department of History and Theory of Art, Rutherford College, University of Kent, CT2 7EN, England [email protected] Keywords Cézanne, L’Estaque, nineteenth-century French painting, Provence, Montagne Sainte-Victoire, landscape painting. Abstract Traditionally, Cézanne’s landscape painting has been accounted for exclusively in terms of the evolution of the painter’s technique. His pictures of L’Estaque have been regarded as preparing the way for his mature style of painting that culminates in the pictures of the Montagne Sainte- Victoire. This article argues for an alternative approach to Cézanne’s landscapes which points to crucial shifts in his selection of motifs, shifts that divide his earlier and later painting. Focusing on the different types of landscape subject Cézanne painted it demonstrates how his choice of motif was reworked in relation to different traditions and conceptions of landscape painting asso- ciated with his native Provence. Rather than seeing the L’Estaque pictures as a prelude to his subsequent paintings of Provence, it suggests they represent a short-lived moment when Cézanne overtly engaged with modern motifs in a fast developing industrial region. His later paintings of Provence mark a decisive break with this modernity and the cultivation of a more tra- ditional and nostalgic vision of the region. Perhaps no artist is so indelibly associated series of depictions until the late 1880s. This with the painting of a single motif as period saw important changes in Cézanne’s Cézanne. Today it is as the painter of the landscape painting, in which his choice of Montagne Sainte-Victoire that he is most motifs was successively revised.1 To illumi- famous.
  • Exhibition of French and Belgian Art from the Panama-Pacific International Exposition, 1915

    Exhibition of French and Belgian Art from the Panama-Pacific International Exposition, 1915

    anxa 2634 -262 SPECIAL EXHIBITION CATALOGUE CITY ART MUSEUM SAINT LOUIS EXHIBITION OF FRENCH AND BELGIAN ART FROM THE PANAMA-PACIFIC INTERNATIONAL EXPOSITION, 1915 Opening, February 6, 1916 Series 1916 No. 4 'U 4 Digitized by the Internet Archive in 2016 https://archive.org/detaiis/exhibitionoffrenOOstio SPECIAL EXHIBITION CATALOGUE Series of 1916; No. 4 EXHIBITION OF FRENCH AND BELGIAN ART FROM THE PANAMA-PACIFIC INTERNATIONAL EXPOSITION, 1915 CITY ART MUSEUM ST. LOUIS FEBRUARY, 1916 THE CITY ART MUSEUM, ST. LOUIS ADMINISTRATIVE BOARD OF CONTROL \VILLIAM K. BIXBY President SAMUEL L. SHERER Vice-President DANIEL CATLIN DAVID R. FRANCIS MAX KOTANY WILLIAM H. LEE EDWARD MALLINCKRODT CHARLES PARSONS PETTUS THOMAS H. WEST R. A. HOLLAND Director MADELEINE BORGGRAEFE Secretary CHARLES PERCY DAVIS Curator he present Exhibition of French and Belgian Art which is being sent to various museums is the greater T part of the French exhibit which was shown in the Palace of Fine Arts at the Panama-Pacific Exposition, and represents in a most instructive manner the general trend of French art at the present time. It was the desire of those responsible for the collection to exhibit chiefly works produced within the last fifteen years and by men of recog- nized ability of every school. The major portion of the works here assembled was selected from the Fine Arts Section; but a few judiciously chosen additions, including the Belgian paintings, were made from the retrospective exhibition in the French Pavilion. It is fair to assume that all of the works presented are characteristic examples by the artists represented, and that they afford the American public an opportunity to study the typical, present-day art of France, the sort of art that one would expect to find assembled in the annual exhibitions of the Salon.
  • Information to Users

    Information to Users

    INFORMATION TO USERS While the most advanced technology has been used to photograph and reproduce this manuscript, the quality of the reproduction is heavily dependent upon the quality of the material submitted. For example: • Manuscript pages may have indistinct print. In such cases, the best available copy has been filmed. • Manuscripts may not always be complete. In such cases, a note will indicate that it is not possible to obtain missing pages. • Copyrighted material may have been removed from the manuscript. In such cases, a note will indicate the deletion. Oversize materials (e.g., maps, drawings, and charts) are photographed by sectioning the original, beginning at the upper left-hand corner and continuing from left to right in equal sections with small overlaps. Each oversize page is also filmed as one exposure and is available, for an additional charge, as a standard 35mm slide or as a 17”x 23” black and white photographic print. Most photographs reproduce acceptably on positive microfilm or microfiche but lack the clarity on xerographic copies made from the microfilm. For an additional charge, 35mm slides of 6”x 9” black and white photographic prints are available for any photographs or illustrations that cannot be reproduced satisfactorily by xerography. 8710060 Walls, Gary Neil METAPHORICAL RELEVANCE AND THEMATIC CONTINUITY IN THE EARLY PAINTINGS OF PAUL CEZANNE, 1865-1877 The Ohio State Universily Ph.D. 1987 University Microfilms International300 N. Zeeb Road. Ann Arbor, Ml 46106 Copyright 1987 by Wells, Gary Neil All Rights Reserved PLEASE NOTE: in all cases this material has been filmed In the best possible way from the available copy.
  • Rue Laffitte: Looking at and Buying Contemporary Art in Mid- Nineteenth- Century Paris

    Rue Laffitte: Looking at and Buying Contemporary Art in Mid- Nineteenth- Century Paris

    Véronique Chagnon-Burke Rue Laffitte: Looking at and Buying Contemporary Art in Mid- Nineteenth- Century Paris Nineteenth-Century Art Worldwide 11, no. 2 (Summer 2012) Citation: Véronique Chagnon-Burke, “Rue Laffitte: Looking at and Buying Contemporary Art in Mid-Nineteenth- Century Paris,” Nineteenth-Century Art Worldwide 11, no. 2 (Summer 2012), http://www.19thc-artworldwide.org/summer12/veronique-chagnon-burke-looking-at-and- buying-contemporary-art-in-mid-nineteenth-century-paris. Published by: Association of Historians of Nineteenth-Century Art. Notes: This PDF is provided for reference purposes only and may not contain all the functionality or features of the original, online publication. Chagnon-Burke: Rue Laffitte Nineteenth-Century Art Worldwide 11, no. 2 (Summer 2012) Rue Laffitte: Looking at and Buying Contemporary Art in Mid- Nineteenth- Century Paris by Véronique Chagnon-Burke Most nineteenth-century scholars agree that, by the end of the Second Empire, Paris had become a city of spectacles, a city in which the character of the flâneur defined a new way of relating to the urban environment via visual consumption.[1] The city’s transformation had started well before the Second Empire and many of the structures and institutions needed to indulge in the leisure of looking were already in place during the July Monarchy in 1830s and 1840s. The new residential quarters north-west of the old center of Paris, the streets around the Bourse, the numerous passages that allowed shoppers to stroll without the nuisance of the traffic, the asphalted streets with modern apartment blocks, and the banking sector of the Chaussée d’Antin and the rue Laffitte, all provided public places where one could engage in the visual consumption of all sort of goods (figs.
  • Edgar Degas: Six Friends at Dieppe, September 16, 2005-January 15, 2006

    Edgar Degas: Six Friends at Dieppe, September 16, 2005-January 15, 2006

    Edgar Degas: Six Friends at Dieppe, September 16, 2005-January 15, 2006 In the late summer of 1885 Edgar Degas (1834-1917) traveled north from Paris to join his friends for a seaside holiday. His destination was Dieppe, a picturesque town on the Normandy coast. While relaxing with the family of writer Ludovic Halévy, he created a large pastel drawing of six male figures. They included Halévy and his young son Daniel; the painters Henri Gervex, Jacques-Émile Blanche, and Walter Sickert; and "a man of taste," Albert Boulanger-Cavé. This exhibition reveals the story of Six Friends at Dieppe, a remarkable group portrait that represents a unique performance of art and friendship. The fishing port of Dieppe on the Normandy coast of France became a popular vacation spot in the early years of the nineteenth century. Within easy access from Paris by train, it could also be reached by the steamers that crossed the English Channel. Dieppe's transformation into a chic watering place began in the 1820s under the patronage of Caroline, Duchesse de Berry, who encouraged the construction of fashionable bathing huts and a public spa. By mid-century the first of Dieppe's casinos buzzed with activity and the wide stretch of land to the west of the port gave way to an avenue of grand hotels and a broad promenade. The beachfront was further enhanced when Dieppe was discovered by the court of Emperor Louis-Napoléon III, which prompted Empress Eugénie to design grassy lawns for leisurely strolls and sporting activities. By 1885, the third version of the casino, a Moorish fantasy, was already under construction, and the town's summer colony boasted a fascinating mix of artists, writers, and international society.
  • What Copying Meant to Cézanne

    What Copying Meant to Cézanne

    The Japanese Society for Aesthetics Aesthetics No.21 (2018): 111-125 What Copying Meant to Cézanne NAGAЇ Takanori Kyoto Institute of Technology, Kyoto Introduction Did copying hold particular meaning for Paul Cézanne (1839-1906)? Determined to become a painter, Cézanne set off for Paris in 1861. There he made drawings of the human form at the private Académie Suisse, and began to make copies of the artworks of the past at such museums as the Louvre. He took the entrance exam for the national art academy but failed. Though he gave up on that exam, he entered a succession of paintings in the government-sponsored Salons of 1866, 1867, 1868, 1869, 1870, 1872, 1878, 1879 and 1881, each rejected because they did not fit the Neoclassicist trend then controlling the Salon. [1] After the Salon was privatized in 1881, he finally had a work accepted in 1882 as the student of his friend Antoine Guillemet (1843-1918), but then lost interest in the Salon and did not enter any other works. But this did not mean that Cézanne ignored classic paintings.[2] In a process that continued into his later years, Cézanne created numerous copy drawings of works at the Musée du Luxembourg, the contemporary art museum of the period, and of the works of the past assembled at the Louvre and the Comparative Sculpture Museum in the Trocadéro, thus indicating that he maintained a strong interest in the great artists of his own period and of the past. Cézanne received official permission to make copies in the Louvre on November 20, 1863, and on April 19, 1864 he made a copy of Et in Arcadia Ego (fig.
  • The Impressionist Artists

    The Impressionist Artists

    Impressionism and Its Canon James E. Cutting 2006 University Press of America Library of Congress Control Number: 2005934187 ISBN 0-7618-3344-7 For Claudia Lazzaro, my wife, who offered encouragement, a wry smile, an open mind, and a promise of what could be Contents Image Credits vii Preface ix Chapter 1: Culture, Art, and Science 1 Chapter 2: Canons and Their Structure 9 Chapter 3: Categories and Their Measure 21 Chapter 4: The Impressionist Artists 41 Chapter 5: Museums 69 Chapter 6: Dealers and Collectors 91 Chapter 7: The Core Canon 119 Chapter 8: The Broader Canon 135 Chapter 9: Scholars and Curators 157 Chapter 10: A Second Sample 169 Chapter 11: The Public and Mere Exposure 183 Chapter 12: A Theory of Canon Formation and Maintenance 199 Appendices 219 Bibliography 269 Index 279 Author Information 299 Image Credits Cover: Jean-Louis Forain, Au café (At the café, ~1879, Dixon Gallery and Gardens, Nashville, TN). This image was exhibited at the 4th Impressionist exhibition. Forain is not usually considered an Impressionist painter, and this image definitely not in the Impressionist canon. (New image for this edition.) Figure 2.1, page 11: Edgar Degas, La mélancholie (Melancholy, 1867-70, The Phillips Collection, Washington, DC). Edgar Degas, Repasseuses (Women ironing, 1884-86, Musée d’Orsay, Paris). Figure 4.2, page 50: Armand Guillaumin, Place Valhubert, Paris (1875, Musée d’Orsay, Paris). Claude Monet, Le bassin d’Argenteuil (The Argenteuil basin, 1872, Musée d’Orsay, Paris). Figure 4.3, page 52: Jean-François Raffaëlli, La place d’Italie après la pluie (Place d’Italie after the rain, 1877, Dixon Gallery and Gardens, Nashville, TN).
  • Bazar À Treize

    Bazar À Treize

    1 D U M AR D I AU S A M E D I D E 16 H À 19 H H ORAIRE S PLU S INTEN S IF S EN PÉRIO D E D E CATALOGUE + 33 (0)1 46 33 64 91 [email protected] S ITE : www.pierre-saunier.fr Conditions de vente conformes aux usages du Syndicat de la Librairie Ancienne & Moderne et aux règlements de la Ligue Internationale de la Librairie Ancienne DOM. BANC. : SOCIÉTÉ GÉNÉRALE 63, RUE DAUPHINE - 75006 PARIS 30003 03082 00027000276 77 IBAN : FR76 3000 3030 8200 0270 0027 677 - SIRET 523 988 301 00017 - N°TVA INTRACOmmUNAUTAIRE FR 84 523 988 301 2 1 Intérieur de l’atelier d’un artiste au dix-neuvième siècle Tandis qu’un artiste peint, qu’un autre modèle, les élèves et les amis fument en causant, agacent un king-charies, jouent de la guitare ou s’exercent à l’escrime du bâton. Que devient l’inspiration au milieu de cette agitation ? Ce qu’elle peut. Dessin aquarellé d’Auguste Clésinger publié en 1849 dans Le Magasin Pittoresque. On peut reconnaître Honoré de Balzac, Gérard de Nerval, Théophile Gautier, Arsène Houssaye, Charles Lassailly, Pierre Deschamps, Alexandre Dumas... 2 2 - BERTAL (sic) & LÉFIX. LES OMNIBUS. Péré- grinations burlesques à travers tous chemins. Paris, Ildefonse Rousset & Cie, 1843-1844. 8 numéros reliés en un volume in-8, bradel demi-toile verte à coins, quelques couvertures (Lavaux). Collection complète en 8 livraisons. Chargé de la brosse et du pinceau, Bertall illustre tous les équipages. La parodie des Burgraves occupe les 3ème et 4ème livraisons.

  • Financial Innovation, Tax Law, and the Making of the Contemporary Art Market

    MICHAEL W. MAIZELS & WILLIAM E. FOSTER, THE GALLERIST’S GAMBIT, 42 COLUM. J.L. & ARTS 479 (2019) The Gallerist’s Gambit: Financial Innovation, Tax Law, and the Making of the Contemporary Art Market Michael W. Maizels & William E. Foster* Introduction ........................................................................................... 479 I. Castelli Makes a Market .............................................................. 481 A. Cultivating Critical Reception and Demand .......................... 481 B. Sustaining a Stable of Artists ................................................ 483 II. The Tax Incentive ....................................................................... 485 A. An Incentive for the Wealthy ................................................ 485 B. The Tax Treatment of Charities and Their Supporters ........... 486 C. The Valuation Game............................................................. 489 1. The Allure of Overvaluation ........................................... 490 2. Attempts to Ensure Independent Valuation ...................... 492 III. Evidence from Castelli’s Archives ............................................... 495 IV. Castelli’s Enduring Significance for Art and Law ........................ 498 A. Castelli’s Lasting Influence on the Business of Art ............... 498 B. Enduring Lessons for Tax Law and Policy ............................ 499 V. Conclusion .................................................................................. 500 INTRODUCTION This essay presents an account