Buying young and being art savvy

Not too long ago, an oil painting by the late Paris-based Philippine expatriate artist Nena Saguil sold at auction through Sotheby’s for P2.5 million. What made the sale of this painting remarkable — in addition to exceeding by 1,000 percent its P150,000 estimated selling price — was the fact that Saguil was an obscure footnote in local art history, practically forgotten by her compatriots when she died in 1994. In fact, only 10 years prior to her demise, a similar-sized painting by the artist could easily have been purchased, on installment, for less than P10,000.

Such tremendous shifts of fortune aren’t unique, leaving many scratching their heads and muttering, "If only we had known!" Indeed, the continued upward trend in the prices of artworks by the likes of Fernando Amorsolo and Vicente Manansala, to name a few, have given rise to an increasing fascination with the art market and the way it works. With the promise of returns more significant than stock, money markets or property placements, many individuals are now only beginning to realize the tremendous investment potential of art. Still, with the economy being the way it is, not everyone can play the deep-pocket connoisseur who can plop down millions for a work by Juan Luna, or several hundred thousand for an oil or acrylic by established names like Arturo Luz or Bencab.

The local art market today is largely driven by young, upwardly mobile enthusiasts who can afford to venture sums in the low- or mid-five figures for a work by an emerging artist. Yet, sadly, most are oblivious to the mores and ways of art — making naïve judgment calls based purely on personal taste (a good start, but never definitive), and the proverbial "buzz"(more often than not marketing hype) that surrounds new, untested talent.

So let’s start with this basic rule: art is not about trends; it’s about what works for the long haul. To borrow from fashion parlance, it’s not about what’s en vogue, it’s about identifying the classics: statements that reverberate everywhere and now, withstanding the test of time. In other words, caveat emptor: don’t be taken by flash in the pan types! Gimmickry can be good — think Warhol or Hirst — only if it lies at the heart of the work, and changes the way the world is seen thereafter.

While hubris can dictate what’s hot, or society editors can say who’s in or out, the world of art remains a delightfully complicated domain cohabited by artists working in various media, museum curators, critics, academics, serious gallerists, and a handful of incredibly prescient collectors, whose training and exposure have endowed them with critical eyes.

The key to buying young and being art savvy is to engage with this group. While most buyers and sellers preoccupy themselves solely with queries such as, "How much does this work of art cost?" and "Why is it worth that much?" the few astute ones can also identify and evaluate "Who says who, what and why?"

Art awards are excellent signposts for spotting talent because they encapsulate the consensus of people such as those whose lives are utterly devoted to the practice and study of art.

The Ateneo Art Awards, for example, established in 2004 by the Ateneo Art Gallery in partnership with YStyle, is billed by international art magazines such as Art Monthly as "the most prestigious prize for an emerging artist in the Philippines." Its list of winners is a veritable who’s who of young art, their accolades of excellence in contemporary practice backed up by truly substantive work: Louie Cordero, Geraldine Javier, Jayson Oliveria; Annie Cabigting, Ronald Ventura, Eric Zamuco; Poklong Anading, Mideo Cruz and Maya Muñoz.

Beyond the continuing relevance and affective power of the artist’s work and reputation, it is equally important to consider more objective measures such as the physical quality of the oeuvre: i.e., what material or medium was used, and how well does the artist use it? Will the material deteriorate over time? Are there any long-term problems in its display, care and maintenance?

From the wider vantage point of the market, other factors affecting value to consider include supply, demand, and how broad collector bases are. It is also worthwhile to evaluate the selling price, determine if it is fair (how does it compare to their peers and more established artists), and track the artist’s sales history.

All told, these points must be considered in arriving at a sound purchase decision.

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Nominations for the 2007 Ateneo Art Awards begin in May, with winners announced in August. Visit http://gallery.ateneo.edu.