View Full Version : Shocking Sale
I received a call from a client in New York, who told me, that two of my pieces were sold in the Madoff auction for $8500. That's ten times what I sell my work for and the biggest shock is that I've never sold anything to Mr. Madoff and from the level of his taste, I find it very distressing. The fact that he had an Arbus, a Modotti and a Model, doesn't make me feel any better, it just makes me think he has a thing for female photographers. I've always been very selective in the sale of my work and this has me absolutely flummoxed. Has anyone else here been so "honored" (not)?
Denise Libby
Chris Jones
15-Nov-2009, 02:46
Put your prices up? In Australia new copyright laws allow artists to get a royalty on re-sale of their works. It would be nice if this happens to me... poverty has its limits. Congrats, Chris Jones.
PS, I am worried that ordinary people, like the nurse who lives next door, might find $500 too much for my prints and if I cut this down to $300, I may not meet costs.
I take it that they weren't being sold on your behalf?
Scott Knowles
15-Nov-2009, 07:12
I take it that they weren't being sold on your behalf?
As I read the news all the Madoff properties and possessions were being auctioned to recover money for those lost in his ponzi scheme. If anything, you can take heart in that, or is that recovering people's money who were gullible to believe in the scheme for huge profits? But then there were a lot of people and organizations who's investor, outside their knowledge, invested with Madoff. Mabe you can track who had the pieces which sold to ask them why they sold it Madoff?
Brian_A
15-Nov-2009, 08:21
I read a number of places the guy had a lot of knock off stuff. At least we know he now had a little bit of taste. At least that money raised will go toward the people that this rat bastard robbed, even if it isn't to your pocket. Most of that stuff sold at such a high price because of the name behind it. There were a number of examples of things that were valued at, say, $800 that sold at $8,000. It's all so you can get your name in on a lil bit of history. Funny how the Prisoner Watch sold for $10k less than it's expected auction value.
You have ZERO control over where your art goes after you sell it. You are just control-freaking. If it is any consolation, rich people rarely choose the artworks they display.
Interesting business plan
"I don't like your taste in art –NO PHOTOS FOR YOU!!!" :D
(Apologies to the Soup Nazi)
Of course if you don't like his taste in art, and he likes your work, that could be troubling. But rest assured, most rich people have people who buy their work for them. There is a possibility that Bernie first saw your work AFTER he bought them.
Brian_A
15-Nov-2009, 10:16
Come back, ONE YEAR!
Gordon Moat
15-Nov-2009, 11:10
I see it as a positive, in that the sale proceeds will help a few that he ripped off.
Daniel Grenier
15-Nov-2009, 11:22
One might wonder how much of the price paid for your work is attributed to the "Madoff factor" ? Too bad you're not seeing any of that money though! On the other hand, maybe it's a good "excuse" to raise your prices now?
Andrew O'Neill
15-Nov-2009, 11:52
Let me get this straight... you sold work for over $8000 and you're complaining??
did he sign the prints ?
they could be collectors items ...
Thank you all for your thoughts. I am not concerned about the financial aspect of the sale but the fact that the client who informed me of the sale is one of those investors in Mr. Madoff's business and has been swindled out of tens of millions of dollars. I have a very select client base and consider all of them, friends not just collectors and for him to see my work among Madoff's plunder was very jarring to him. I realize that after a piece has been sold, the buyer can do what he likes with it, within copy right limits, so that is not my concern. What does bother me is the fact that this particular client has been a supporter of my work and has even held showings of new work at his Briarcliff estate even acting as a non paid agent and the least he can expect is my gratitude and loyalty.
Denise Libby
Michael Filler
16-Nov-2009, 08:36
While it may be jarring to your client it is wise not to attribute any of Madoff's bad characteristics to his one-time possessions, nor to your work and ethics.
You had no part in either his purchase nor the subsequent auction, so I see it that you are purely free of any taint.
It is nice to have clients that report back to you, that is a nice gesture on their part, that they had a concern.
You can only reassure them that you had no dealings with Madoff, nor would you, now that we all know what he did.
Of course, I understand he is charming, and I wonder how any of us would have reacted, say 5 years ago, if Bernie had approached us with a big wad of cash and a smile and wanted to buy our work for top dollar. Many people were duped.
mikeber
27-Nov-2009, 17:27
Among the auctioned items was Madoff's Mets leather baseball jacket with his name on the back. It brought $20,000! First it was expected to be sold for no more then $2000, but later it went up and up....
Needless to say I was shocked (I would had never payed anything close) but what am I to do now :rolleyes:
Tony Karnezis
27-Nov-2009, 19:11
Denise, out of curiosity, could you show us the two pieces that were sold? I googled your name and couldn't find your web site.
William McEwen
28-Nov-2009, 09:33
When we sell a print, it goes out into the world and we lose control of it. We hope the buyer and the subsequent owners will be good stewards. I wouldn't fret over a picture finding a new home.
Drew Wiley
28-Nov-2009, 11:09
Auctions are odd. But I wouldn't complain; it might help raise the value of your work
overall. Just make sure you have some kind of clause in your will that keeps the IRS
from appraising your whole collection at that kind of value, or they will demand it in
cash from your heirs (it's happened). Lately I've been getting calls from appraisers
who have encountered some old piece of mine which has been passed around or
recollected. It's nice to know people have cared enough for the image to keep it in
good shape and find interest in the subject. But artistic value is so arbitrary! When I
sell, the price is largely a business decision based upon expense incurred, and often
what I think the party can afford. Ironically, it's always the rich who haggle, never
the common folk.
Ironically, it's always the rich who haggle, never
the common folk.
amazing isn't it? i find that in my auto body repair business as well.
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