February, 2010. In any economic downturn both the collector and dealer are in a quandary: should I buy, try to sell what I have, or just sit tight? I have always looked at bad economic times as an opportunity to acquire better objects. Over the last year and half I have bought thirty major paintings and some important autographs. One example of a painting acquired during this recessionary downturn is a Charles X.Harris oil entitled "The Moulders" which was exhibited at the NAD in 1886. It is a whimsical picture showing the artist working on a sculpture in his teacher's (the French artist, Gerome) studio while overturning a bucket of plaster. The ornate frame was specially designed and purchased by the artist for the NAD exhibition. We also bought a spectacular three page handwritten letter of Washington to the mathematician Nicolas Pike, congratulating him on the publication of the first American arithmetic book in 1786. In the letter Washington emulates the style of Benjamin Franklin saying, "The science of figures to a certain degree, is not only indispensably requisite in every walk of civilized life, but the investigation of mathematical truths accustoms the mind to method and correctness in reasoning, and is an employment peculiarly worthy of rational beings."

So obviously, I have elected to continue acquisitions holding true to the precedents I have set for myself during the last fifty years of collecting and dealing in rare objects. Now is not the time to run scared although many of my colleagues are hanging their heads and decrying the horrible lack of sales. They have missed the point. It is always important to buy important objects as bad times never last forever, and when they do improve you have wisely accumulated wonderful pieces that you can now offer for sale or admire in your collection. I invite all offers of important items in virtually all fields as I still have confidence in quality.

Whether you want to buy or sell, or just want to talk about autographs, we will be exhibiting at the Professional Autograph Dealer's Association Show (PADA), Sunday, April 11, 2010 at the Park Lane Hotel, 36 Central Park South, NYC, in the Ballroom, 9 AM to 5 PM.

The “D” Word

October 1, 2008. Now let’s see. The U.S.Government including the President, the Cabinet, and Congress, wants the American people to believe that an inept group of Washington bureaucrats can oversee millions of defaulted or nearly defaulted mortgages and “eventually” turn a profit. We should wonder about several aspects of the recovery or bailout proposal. Like for instance, how many of these mortgages are on houses that have little or no value and probably will never have any? These would be $50-$100,000 homes where the owners took the mortgage money, got a kickback from it, and stripped the house of copper, all other metals, moldings, light fixtures, fireplace mantels, well, you get the point. How many are for homes that are medium priced and may still be difficult to sell? And how many are for larger, more expensive properties, which won’t be salable until the banks loosen the money flow for mortgages?

In all this mess the fate of art and manuscript depositories, museums and libraries, is somewhat lost. Where is the money to run these institutions going to derive from this year? Certainly, major brokerage houses that have weathered the storm are not going to be in a mental or financial position to help the museums. Nor are investors about to donate large amounts of money; even billionaires have lost fortunes including many who were heavily invested in the likes of AIG, Merrill Lynch, Bear Stearns, Wachovia, and many others. I remember my father selling some coins to one of the Dupont family in the mid-60’s. He really didn’t want to buy anything as his stock portfolio dropped from $600,000,000 to $400,000,000 and he felt he was “poor”. That will be the feeling for many of the very wealthy in this country as the worldwide economic crisis continues, undoubtedly getting worse.

So what can be done to help the guardians of our art, manuscript, and historical heritage- the thousands of museums and libraries throughout the country who will have trouble with operating expenses, maintenance of their holdings and buildings, and of course, expansion? Now we come to the definition and explanation of the “D” word, which is, of course, DEACCESSION. Nearly all institutions have a myriad of material that is not germane to their collection. If these items have had no legal strings attached by their donors, and they are not iconic images or historic objects significant to the region, they must and should be SOLD.

We have aided numerous institutions in DEACCESSIONING paintings, manuscripts, sculpture, rare coins, stamps, rare books, automotive items, political collections, and other items. Most prominent in our history were two major purchases from the Union League Club of Philadelphia in 1975 and 1981. I understand the reluctance of curators to sell material outright but there is an advantage to doing so- you are paid immediately and do not have to wait for the vagaries of the economy and the costs, buy-ins, and unknown quantities of an auction. On the other hand, some things lend themselves better to an auction.

We can help by doing a survey of your entire collection and provide our suggestions as to what should be sold directly into the marketplace and what should go to auction. Also, we can give our educated opinion, the result of nearly fifty years in the business, on what should be inviolate in the archive or collection. There is no one in the field of collecting who is capable of advising in more areas than we are. So enjoy our website and give us a call if we can be of service.

AS THE GANGSTER JOEY GALLO SAID, “TO THE MATTRESSES"

September 17, 2008. Early this morning the U.S. government avoided the largest bankruptcy in the history of the world by saving AIG, an international insurer, who mishandled a trillion dollars or so, completely forgetting about its investors. A few days ago Lehman Brothers, an old investment banking company, succeeded in posting the largest bankruptcy filing ever, nearly $700 Billion that made Enron’s failure look like a choir practice. Hopefully those responsible will pay dearly for their policies. The questions are how does the collector react to these perilous financial times and where should he put his money?

Not ever aspiring to be a financial guru, I have acted as an expert advisor to collectors, dealers, and museums in numerous fields of art and antique acquisition for the past fifty years. So I know something about placing money in spots other than the stock market, banks, or other completely fiscal investments. I have helped form hundreds of collections, and they are just that, as I do not think of them as purely investments. When the client has listened to my advice on what to buy and the direction his or her collection should take, they have never lost a nickel when the inevitable decision comes to sell all or part of their treasures.

In times like this financial chaos causes people to do unusual things. As is seen in the downward spiraling housing market, everyone wants to sell at the same time, and prices constrict This also can and has happened in all fields of collecting. Many great objects that have not been on the market for many years will start to surface; this gives the astute collector the OPPORTUNITY to acquire pieces that he ordinarily would not be able to find. Rather than keep your money in a checking account earning less than 1% or a savings account earning less than 2% doesn’t it make sense to add to or form a collection of important objects which you not only can enjoy, but if purchased wisely will increase in value with time. I have never advocated buying antiques or art solely as an investment but over the years it has been consistently proven that fine and rare objects increase in value far more than investments controlled by greedy and dishonest people who have their own purpose in mind.