Cheap & Chic: Benefits, Bargains & The Art of Giving

Everyone, from the media to Sotheby's and Christie's, is reporting that price tags on fine art are down this year, mostly due to the economy. It's a great time to start an art collection or to give the gift that keeps on giving joy all year round, but there are many things to consider before you empty your wallet at the nearest gallery or auction house.

With some help from Jeff Bergman of Pace Prints galleries in New York City, we compiled these top tips to help you cash in on the art world's crisis:

AUCTIONS
When even Sotheby's and Christie's are struggling, you know we have re-entered a radical recession. But, according to Bergman, now is definitely a good time to buy for consumers.

"Everybody [in the art markets] is a bit more flexible than they were in the past," he said. "It may not be on everything, and it may not be on the biggest names, but at auctions there have been a lot of bargains to be had lately."

His best advice? Don't go in looking to make an investment that's going to appreciate over time, or for the hottest artists of the past few decades. Instead, look for the best deal on a very nice work in pristine condition. Bergman also mentioned that charity auctions, where the pieces have been donated and there is no minimum sale price or threshold that needs to be met, are the best places to find art bargains right now—plus, your purchase is tax deductible.

"In good markets, people tend to overpay at charity auctions, and in bad markets, people tend to underpay, so right now is a good time to find great deals."

PRINTS, EDITIONS & MULTIPLES
Numbered prints, known as "editions" or "multiples" in the art world because they are numbered, signed, and made in numerous but limited quantities, are always less than originals due to laws of supply and demand, making them a wonderful way to own a big name for a much smaller price tag—and you still end up with a signed work of art. Bergman's advice for consumers on buying prints, editions, or multiples is to always do your homework.

"On the retail side of things, I think people would be smart to price check like they would when buying anything else," he said. "If you're looking at a print or edition (a multiple), which is what I sell, there are other pieces out there so it doesn't hurt to shop around. I always tell people that if they can go to the original publisher, that's the best bet. It hasn't gone through a middleman, so no one is taking a cut and there hasn't been any markup. Crown Point Press, in San Francisco, has published some really beautiful prints over the years, and over time they have done some really interesting promotions for clients, like discounts. They're primarily a publisher rather than a storefront or a gallery. You can shop their website and then get on the phone with them and see what you can do in terms of trying to negotiate. If it's a Chuck Close print, then you probably won't have much luck, but if the person is lesser known or it's been sitting there for a while, you might have a shot."

Some additional resources Bergman suggested for buying prints online were OriginalPrints.com, boasting hundreds of signed editions, including dozens from Takashi Murakami, and two sites carrying original editions in runs of less than 200 as low as $20 each, which were 20x200.com and TinyShowcase.com. On the website for Bergman's own gallery, PacePrints.com, we even found a signed, original edition (of 70) Chuck Close self-portrait for less than $5,000.

BENEFITS
Like charity auctions, benefits are works of art donated to a school or arts institution that are then sold as a fundraiser to support ongoing programs. In addition to the tax deduction, benefit works can mean big names with small price tags. At BAM.org, the online home of the BAM performing arts center in Brooklyn, NY, currently available benefit works for sale included an original Jim Dine print for just $3,500, an original Roy Lichtenstein print for just $2,000, and, our favorite, an original William Wegman weimeraner print for just $1,750. While these aren't exactly bargain basement prices, they are worth their wallet weight in bragging rights. Check out BAM.org for more information.

STUDENT ART SALES
If it's a real painting you're after, be it oils or watercolors, 'tis the season for student sales at art schools and universities around the country.

"I'm a huge fan of the student sales," Bergman said. "In general, you're buying something because you love it, because it's something you enjoy, and it's nice to have a piece by an unknown artist as long as you're not trying to make an investment in it. I rarely say to my clients to invest in art, and while I don't discourage that opinion, I try to encourage people more to buy art because it's something that you love and if it turns out later that it's gone up in value, then great. With student sales, these days, you can track the careers of these artists over the Internet, too, which is something you couldn't do years ago."

Check with your local college or university to find out when and where they're hosting their semester-end student art sale event, and get there early on the first day of the sale for the best finds.

EBAY & ONLINE SELLERS
While there are reputable online art dealers, like some of the print websites we've already mentioned, Bergman advises against buying art on online auction sites and from discount dealers unless you're extremely experienced. The inability to gauge quality and condition over the Internet can lead buyers to pay far too much for a work of art that's been damaged—a risk especially with stringent or no-return policies.

"Always make sure you're buying reputable art from reputable dealers," Bergman said. "Like with anything else, you just have to be careful because you never know what you're going to end up with."

MUSEUMS
If you're unsure of the person's style, or are feeling intimidated by fine art, why not gift an annual membership to a local museum? Yearly individual memberships we reviewed were only between $50 and $150—with many offering substantial discounts through the end of December 2008—and, as Bergman pointed out with charity auctions, as non-profit organizations your gift is also considered a tax-deductible contribution (which your accountant will love come April 15th). Plus, less selfishly, most include additional perks for the recipient like discounted purchases in the museum store, discounted parking, free admission to special events, and other VIP list fringe benefits. (Who knows? Maybe they'll even invite you to tag along.)

Here's the skinny on individual gift memberships in five major cities (with high-value family memberships noted for children's museums):

Boston: Museum of Fine Arts (MFA), $75; Isabella Stewart Gardner, $60; Institute of Contemporary Art (ICA), $65; Boston Children's Museum, $125

Chicago: Museum of Science & Industry, $70 (plus free tote bag, gift box, and DVD with membership); Art Institute of Chicago, $80; The Field Museum, $80; Chicago Children's Museum, $80 (for family of 4 with $10 off discount through Jan 4th)

New York: Whitney Museum of American Art, $60 (with 20% off through December 2008); Solomon R. Guggenheim Museum, $75; Metropolitan Museum of Art, $60 (for MetNet, a special Internet user benefit level); Brooklyn Museum, $55

San Francisco: San Francisco Museum of Modern Art (MoMA), $75; deYoung Museum / Legion of Honor, $80; Exploratorium, $85 (for Family membership, includes 2 adults and 4 children); Cartoon Art Museum, $35; Zeum, $85 (for Family + Caregiver membership, includes 3 adults and 4 children)

Seattle: Seattle Art Museum, $60; Experience Music Project, $50; Frye Art Museum, $50; The Children's Museum of Seattle, $75 (2 adults, all kids under 18, plus 4 guests)

Story: Copyright 2008, Shoestring, LLC. Photos: Courtesy of OriginalPrints.com