Latest Albright-Knox Windfalls: Should Auction Houses Just Say No?
The financial success of the Albright-Knox Gallery's collections-management failure continues to grow: Hammer total for the 24 works from the Buffalo museum's Thursday and Friday disposals at Sotheby's was $5.98 million ($6.84 million, with buyer's premium). On June 7, it sells antiquities, including its much admired Bronze Figure of Artemis and the Stag, estimated at $5-7 million.
The highlights from Thursday's African, Oceanic & Pre-Columbian Art sale are here. The highest-priced Albright-Knox lot from Friday's sale of American Indian Art was a Zuni Polychrome Pictorial Jar, selling for $57,000 (with premium), against an estimate of $15,000-20,000. Results from the museum's two previous sales this year at Sotheby's are here.
Albright-Knox director Louis Grachos told Colin Dabkowski of the Buffalo News that this result "bodes well for the future of the endowment and the gallery."
But I think it bodes ill for the future of responsible museum stewardship of collections that they hold in the public trust.
I don't blame the auction houses for abetting this: I recognize that their job is to provide an efficient marketplace for authentic works with good title, not to enforce museum ethics. I was therefore pleasantly surprised, during my recent conversation with Marc Porter, the president of Christie's, to learn that considerations of appropriate museum practice can sometimes can enter into his auction house's business decisions:
We would counsel museums about what could be a norm in the culture with respect to the way in which cultural property is managed. And I think we're an important voice in this. We have told institutions that their proposed method of deaccessioning was not something that we would recommend, and we have decided not to participate.
I, of course, asked Porter if his decisions "not to participate" had included the Albright-Knox sell-off. He, predictably, refused to say.
I invite readers' comments on the Albright-Knox sales and on the question of whether auction houses should take responsibility in assessing the propriety of museum disposals. I, for one, don't blame Sotheby's for taking the business. I just wish that it hadn't.
Click link below for readers' comments.
---Steven Miller, executive director of the Morris Museum, writes:
While it would appear the place has every legal right to do as it wishes with the collection (as long as those actions are also legal), clearly the only reason it is selling stuff is to get money, and lots of it.
The opposition may have a good emotional point about Buffalo loosing good old art, but few boards of trustees (let alone directors) will feel even a twinge of remorse when millions are landing in their museum's coffers. In fact, the astonishing dollars rolling onto the Albright-Knox's balance sheet will simply bolster the sellers' argument that such funds will have a more long-term benefit than keeping the art that generated the profits.
If the opposition is on the ball, it will watch carefully to see if: a) the Albright-Knox actually uses the money to buy new art and does not divert dollars to cover operating costs; and b) the powers that be buy good contemporary art. This ain't as easy as it used to be.
Regarding the first point, it is very easy over time to rely on funds gained from selling collections to cushion operations either by freeing-up other moneys for use, or allocating part of the income (and even principal) from the deaccessioned funds' investments to cover "general operating expenses." From the outside it is often hard to know exactly what is happening internally with a museum's finances. Regarding the second point, those knowledgeable about contemporary art will have to watch and comment.
---Katka Hammond, a member of the Buffalo Art Keepers (the local group that opposed the deaccessioning), writes:
The Albright-Knox sales were clearly opportunistic, rather than being motivated by a real concern with the role of the museum and its responsibility to the community it primarily serves. There are lots of people who wish the Albright's director and board hadn't a) decided to sell off its treasures in the first place; and b) had quit or pulled some pieces from upcoming auctions once they had made more money than they ever dreamed of. The whole process and the resulting loss of Buffalo's artistic patrimony to gamble on future, possibly specious acquisitions, was flawed and short-sighted....
The Albright has naturally defended its decision, and chosen to address questions about it on their website. As for the idea of "quitting while they're ahead," they answer: "The figure of $15 million was an estimate, not a goal. The goal is to increase the fund that the Gallery draws on when it buys works of art. This fund must be built up as much as possible if the Gallery is to remain first-rate. So the success of the first auction is no reason to cut the sales short. On the contrary, it's a reason to see them through."
---Geoffrey Gatza writes:
I am a Buffalo poet and quite active in the local poetry scene. I should like to politely disagree on this sale of art. I have lived here all of my life and these art pieces have been a major part of my art experiences. I go about 5 times a year for exhibits and almost once a month for the free Fridays in the gallery. A lot of relevant fun is happening here with the new director---and it is making a huge good impact on the art lovers in this city. And for me, this sale is helping to keep this gallery relevant to Buffalo and it's patrons without having to ask our cash strapped town (really big Erie County financial crisis).
I would disagree with your articles as your wording makes it seem that we have large room with nothing but the skid marks from forklifts in the art gallery. I am sad about the sale, as these Asian figures were favorites and I am fond of the "Artemis and the Stag" from childhood. But to make to bright future to happen and not for the AK to revert to an element of nostalgia the
gallery needs a lot of money.
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LEE ROSENBAUM
I'm a veteran cultural journalist who writes frequently for the Wall Street Journal's "Leisure & Arts" page. I've been a regular cultural contributor on New York Public Radio (WNYC). I've appeared as an art-market commentator on BBC-TV and have published numerous Op-Ed pieces in the New York Times and Los Angeles Times. I am author of The Complete Guide to Collecting Art (Knopf) and have lectured on cultural property issues at the New Acropolis Museum and the University of Pennsylvania, on deaccessioning at Columbia Law School, the University of Iowa and the annual conference of the Museum Association of New York, and on museum governance and cultural property issues at Seton Hall University. more
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