New Treasures Come to Market Following Bank Failures

I don't enjoy being right when people have to suffer, but the following article about a fallen mogul auctioning off much of his art collection is a sign of the times and a testament to the value of fine art work.

I’ve written before that I expected valuable items not seen in many years to hit the marketplace. If the economy continues to remain turbulent, this article may be one example of what we might be seeing more of within our own communities in the days ahead. I’ve always said many antiques and many works of art keep growing in value. It’s in times like our present time that these assets can come in handy for many families.

While I’m not straying from the stated purpose of the 31 Club -- buying and selling quickly -- I did state that it wasn’t a bad idea to set a few items back for your own collection. You, too, might need it on a rainy day.

Here's the article from the Wall Street Journal:

"Fallen Tycoon to Auction Prized Works Lehman's Fuld and Wife Consign Millions in Postwar Art to Christie's for November Sale

'Study for Agony I" is a jewel-toned drawing made by modern master Arshile Gorky in 1946.

It could also evoke the plight of its owners, Richard Fuld Jr. -- chairman and chief executive of Lehman Brothers Holdings Inc., the bankrupt holding company -- and his wife, Kathy, a well-known collector of modern art.

The Gorky drawing is part of a group of 16 postwar drawings owned by the Fulds that were quietly put up for sale by Christie's last month, according to people familiar with the situation. The sketches were consigned in early August following a competitive bidding process between Christie's and Sotheby's. Christie's wouldn't confirm the identity of the seller but says the total presale estimate of the works is between $15 million and $20 million."

continue article here....

Regional Art: There’s No Place Like Home

Have you thought about becoming a specialist in art from your surrounding area? Over the years, I have had some of the greatest art in my home by collecting the works of Kentucky artists. I’ve also made the largest amount of money in this business in Kentucky Art sales. I’ve found many of my Kentucky paintings in other states where they weren't as appreciated as they are at home, so big bucks were made that way. If you think about becoming specialized in the art of your region, both past and present, you might agree that this makes great sense.

As you know, I am forever on the hunt for paintings by Harvey Joiner, Carl Brenner, Paul Sawyier and Patty Thum. There are, of course, many more artists I’ll always add to my collection if they are presented to me, particularly from the Kentucky River Artists. You might recall I stated that everything in my house, with the exceptions of my wife and son are for sale for the right price, but two paintings by Patty Thum are my wife’s favorites, and they would have to go for a pretty penny if she’s to ever part with them.

I’ve been able to share my passions for Kentucky Art with my readers in several past blogs. It isn’t often one finds himself in a position to share his passions with others, however I’m in this position today.

You see, over forty years ago, I got to know an attorney in Owensboro Kentucky, by the name of Robert E. Humphreys, Jr. He had been a friend of my father’s for many years, and Mr. Humphreys assisted both of us in the oil and gas business. Although I knew him quite well, I had no idea many years later I would discover we had a similar passion – a love for the artists of Kentucky. While he was considerably older than me, this was one part of his life we had never discussed.

Well, a year or so ago, I was told Mr. Humphreys had one of the best known collections of Kentucky Art, and upon his death, his daughter and son-in-law acquired it. I wanted to introduce myself to them, so I phoned their residence and had a conversation about our love for these paintings. To my surprise, I was told that this collection would be shown in the Owensboro Kentucky Fine Arts Museum during the month of August, 2008. They also sent me a wonderful book that contains the entire collection of 48 works of Kentucky art Mr. Humphreys collected over three decades. I can’t be thankful enough for this gift. My only regret is that I, more than likely, won't be able to attend the showing this month.

You can feel the excitement I receive when I look at these wonderful paintings by going to the site of the Owensboro Museum of Fine Art. I’ve linked it below. What an honor to have such a wonderful exhibit shared with the people of Owensboro and the many others who will attend this fabulous showing. I hope they will show their appreciation to the family.

Think about becoming knowledgeable about the art of your region. After all, there’s no place like home.

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Today's Photo is a painting by Frank J. Girardin(1856-1945), a native of Louisville, Kentucky who later moved to Richmond, Indiana. This piece is available at Payne Fine Arts

TODAY'S LINK:

Owensboro Museum of Fine Art Humphreys Collection