Page 90 - Studio International - January February 1975

attention to his panel, which Artemis adheres strictly, as I trunk is going very tar indeed Sam Green, who is currently
included Pierre Cabanne, strictly in fact as Modarco, to the and does less than justice to what preparing the 1975 exhibition for
J. P. Hodin, Pierre Kister and traditional recipe for making Artemis does offer its shareholders the new Boston Institute of
Michel Seuphor, for by the first money — buy cheap and sell dear. — the possibility of investing in a Contemporary Arts building and
year of trading — 1971— The original shareholders in sophisticated, securely financed who organized Andy Warhol's
Modarco had run up a 20% Artemis were primarily rich dealing operation which may first one-man show as well as the
position in some pretty lacklustre friends of Baron Lambert who make them a great deal of money 'Art for the 60's' exhibition',
impressionist and post- believed with him that money if and when it offers its shares in contributes advice on American
impressionist works at near the • could be made from art-dealing. the public market. art. Also on the independent
top of the market. Indeed, Their accurate assumption was Artco International can only be advisory panel are Mr Emile
despite his claim that 'quality art that due to the ebullient post-mid- discussed in this context because Veranneman and Mr Teto
appreciates at a much more century art market, few of the it believes, like Artemis and Ahrenberg, both well-known for
satisfactory rate than speculative good traditional dealers could Modarco, that art, if wisely their deep commitment to
or trend art', the hopeful afford to replace their stock and purchased, is a very sound contemporary art. As was
investor might be forgiven for thereby take advantage of the investment. in every other respect mentioned in Studio International
having some difficulty boom. So by pooling a percentage it differs from them in October, Veranneman's
distinguishing between the two, so of their considerable fortunes, a fundamentally. it does not ambitious project of creating a
swiftly was every nuance of vehicle would be created wich manage funds entrusted to it in private museum in the Belgian
fashion reflected in Modarco's could use its substantial reserves order to act as a mammoth countryside for modern and
portfolio. Thus, while to exploit the very situation that institutional dealing operation; it contemporary art has now come
impressionists were being was proving so elusive to the aims on the contrary to provide its to fruition. Mr Ahrenberg, a
accumulated in 1971, the cash-hungry dealer. customers with professional perceptive Swedish collector, has
surrealist section represented a The initial influx of capital — advice as to what paintings or for many years provided and
of the collection. As
meagre 85,000,000 — was deployed with a sculpture they should buy for continues to offer space, working
high fashion now favours the latter restraint and eye for quality that their own collection. Artco freely facilities and lodging in the
at the expense of the former, the has characterized Artemis's concedes that its investors may grounds of his house near
situation has been almost exactly programme from the beginning. surrender quick profits generated Lausanne for promising artists.
reversed with impressionists down Its expertise, which covers the full by energetic trading as well as Jean Tinguely, Niki de Saint-
to 5.1'"„ and surrealists figuring range of fine art irrespective of sacrifice a measure of liquidity Phalle and Mark Tobey are three
prominently with 20.3%. The period or culture, is drawn from through the potential sale of of the many artists who have
only deviation from this agile within and outside the company. shares, but asserts that these benefited from this.
exercise in trend-hopping was the An outstanding example of their disadvantages are outweighed It is the job of these experts,
almost total omission of own expertise is David Carritt, a by three factors. First, Artco together with a group of leading
American art until last year, when director of the company from the believes that the investor in galleries throughout the world, to
it still only constituted 1.6% of the beginning and famous in the old- art is in fact a long-term investor; recommend artists whose
aggregate. Mr Sam Hunter, master field for his dramatic there are better instruments importance or contribution has
formerly the enterprising director discoveries in the 1960s, which available for short-term profits. not been sufficiently recognized by
of the New York Jewish Museum, though now less well publicized Therefore instant liquidity is not of the market. The majority of these
was appointed recently to the doubtless contribute effectively to paramount importance, and are already 'establishment'
advisory panel and will the company's dealing margins. indeed, as an owner of art rather figures selling for between
doubtless be expected to modify For its independent expertise, than of shares, the investor will be $10,000-$50,000, a range chosen
this astonishing statistic, thereby Artemis relies on a loose network less vulnerable to fluctuating for marketability and swift
reinforcing yet another trend, this of collaborators, leading dealers market factors. Second, the Artco growth potential, but great care is
time to the contemporary sphere. in their field, who notify the client takes delivery of his own devoted to establishing a more
Meantime, while the purists company of major works that 'assets', which thereby protects 'speculative' group of lesser-
may carp at Mr Ilin's purchases, they alone may not be able to buy. him from changes of policy and known artists for the more
with or without his advisers' Perhaps, prudently, Artemis personnel in the company and adventurous client.
endorsement, of such investment initially fought shy of the relieves him of the necessity to Some of us may be wistful for a
giants of the 20th century as contemporary market, although it monitor the continuing efficiency less professional era, when art at
Lucie Cousturier, Georges did buy important 20th-century of management. Finally, and worst was used as a lever to
Valmier, Moise Kisling and works including an early most important, he exercises prestige, but the purchase of art
Alberto Magnelli, often doubtless Mondrian, Picasso's Baste de direct unencumbered control over for investment is now a deeply
at record-smashing prices in the Femme of 1919 which recently his own collection, which can be rooted phenomenon. Whichever
sale-room which seemed trigger- failed to find a buyer at Christie's disposed of or supplemented with avenue the modern investor
happy at the time, the overall at £304,500, some important or without Artco's intervention or chooses — the share in a fund
profit picture seems to have Moores, and, as they gained advice. Of course, as Artco is at concept or the advisory service
emerged unscathed. Indeed, the confidence, Gorky, de Kooning pains to point out, its job does not method — will probably not make
Banque de Paris et des Pays-Bas and even Tony Smith's Amaryllis. stop once the collection has been much difference in terms of
client who bought his shares in It appears, however, that assembled. On the contrary, the overall profits; these will
197I at just over $100 each Artemis has been stimulated to one-time fee of 8% is designed to inevitably depend on the
can, at the time of writing, sell look more closely at the cover the initial advice and continued vitality of the art-
them on the Geneva over-the- contemporary field (an orientation adminstration in forming the market. And short of a total
counter market for $240, which we have also discerned at collection as well as careful reversal in capitalist values, the art
by any standard constitutes a Modarco) by two of its associates, subsequent supervision of each market still looks like a boisterous
pretty solid return on capital over Walter Bareiss and Heinz individual account so that timely baby.• Michael Goedhuis
three years. Berggruen, the Paris dealer, selling recommendations can be
Modarco shares with Artemis and to reject too close an made and/or quality-improving
the difficulty of having to combine involvement with the increasingly options advocated.
aggressive trading (which catches unfashionable 20th-century belle Mr Eddo Bult, the dedicated
the approving eye of the peinture. Joseph Cornell and founder of Artco, makes no
shareholder) with the purchase of Michael Heizer are two of many apologies for a purely financial
good art that may be artists in the contemporary approach designed to achieve
unfashionable. Ironically, category who are being looked at maximum profitability for his
Artemis has waged an irritated closely. Another fresh customers. As the appreciation of
campaign to free itself from the development is their recent the collections depends exclusively
persistent image of an investment purchase of a number of Belgian on the acuman with which the
company buying art for long- symbolist paintings which are still works are selected, Mr Bult has
term appreciation. This is in considered to be undervalued and gone to some lengths to provide
fact a misapprehension and whose reputations, according to top-quality advice. He has
obscures the essential nature of Artemis, are due shortly to be attracted to the company a panel
the company, which was founded resuscitated. of experts which draws upon a
by its chairman, Baron Lambert Artemis remains a private rich and disparate fund of
of the Brussels bank, as quite company, in other words its shares expertise ranging from the critic/
simply a 'trading concern'. cannot be freely bought and sold, historian to the benefactor/
Despite its air of effortless although it has always intended to collector. A recent appointment in
distinction, its elitist banking go public. Meanwhile, its board the former category has been that
support and its board star- claims that 'one might perhaps go of Pierre Restany, the 'inventor' of
studded with names drawn so far as to call Artemis an Art 'le nouveau realisme' and a major
from the European beau-monde, Investment Banking Firm', which European art critic and author.
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