Vineyard gallery owners choose: Love or money

By Karla Araujo - October 25, 2007

Whether framed or functional, the sale of art on the Island is big business. And according to reports, it’s the same all around the country to the point that many private banks include art advisory services.

It’s enough to make one wonder if original art should be regarded as an investment and be accorded the same serious consideration as other financial assets. Maybe that watercolor of the overturned pram should be carefully evaluated after all.

Carol Craven, the energetic owner of Carol Craven Gallery off Holmes Hole Road in Vineyard Haven, takes a different approach. She advises, "Enrich your life, not your portfolio.” Ms. Craven has been an art dealer and consultant since the 1970s, including many years as director of four different galleries in New York. "Buy what you love,” she stresses. "Then be thrilled if it appreciates. If it turns out to be valuable for your grandchildren — fabulous!” she says.

Al Harris, manager of Edgartown Art Gallery’s print gallery, cautions: "There may be 100,000 artists in the database but very, very few will achieve investment status.”

Most Vineyard gallery owners agree that art should be bought to enhance your life, not your bottom line. Purchase for love not investment, they declare. Chris Morse, who with his wife, Sheila, owns the Granary Gallery, Field Gallery, and Gardner-Colby Gallery, advises, "The key to acquiring art is to always buy what you like, and never assume or hope that it will be worth more. It’s risky to plan on buying art at retail and hope to sell it wholesale to make a profit.”

Offering some constructive tips for the prospective buyer, Elizabeth Eisenhauer, of Eisenhauer Galleries in Edgartown and Oak Bluffs, suggests that clients pose the following questions before making a fine art purchase: "Does it move you? Do you love it? Do you have a place for it? Can you afford it?”

It’s not only gallery owners who steer potential buyers away from purchasing art purely for investment. Dan Merians of Wealth Management for Smith Barney, offers his financial perspective: "Art is a collectible and, as such, is difficult to value. It’s a liquid investment. When you sell a security, you see the money three days later. You don’t have that control with art. Love it first, hope it appreciates in value second. Only time tells what the value of art will be – and it’s changeable. Often great artists are recognized only after they’re gone. If you do decide to invest in art, invest in knowledge first – talk to experts, go online and do research.”

Nancy Shaw Cramer, of Vineyard Haven’s Shaw Cramer Gallery, uses very specific criteria for choosing artists to represent in her contemporary gallery. Like the other gallery owners interviewed, she chooses work first and foremost because it appeals to her. After it passes the personal esthetic test, she goes through her own checklist: Is the artist nationally or regionally recognized? Has he received notable awards or grants? Is the work shown in museums, or is it part of a museum collection? Has the artist been written up in industry publications? Does the artist use quality materials?

Some work does appreciate. The Island has its share of artists whose work is in consistent demand, and continues to significantly appreciate. Among others, they include Ray Ellis, Allen Whiting, Kib Bramhall, Deborah Colter, the late Stan Murphy, and Wendy Weldon. Their paintings continue to increase both in demand and value.

Steve Mills, a photo-realist painter whose work is displayed at The Granary Gallery in West Tisbury, is in that category. According to Mr. Morse, a Mills painting that sold in 1984 for $400 to $800 is now valued between $40,000 and $60,000.

By following the advice offered by gallery owners and financial experts, art buyers can better understand why some work increases in value and some does not. The decision to purchase can then be a balance of heart and mind.

Karla Araujo is a freelance writer and a frequent contributor to The Times.