The Importance of Provenance
In the article referenced in the last post, Michael McGinnis listed “impeccable provenance” as one of the factors causing a work to be offered for $20m to $30m. As many in the art community are already aware, any serious purchaser of art must consider the importance of a work’s provenance.
Given the strong correlation of inscrutable provenance to value, it is interesting to note that auction houses may not provide complete information when listing provenance. A quick search on ArtNet or a comparison with available catalogue raisonnes reveal seemingly convenient omissions of passed title in works previously sold.
For example, if you were to cross-reference Fernand Leger’s Nature Morte Sur Fond Gris (1950), you will find that while a Sotheby’s catalog from 2002 lists three previous owners, the catalogue raisonne shows an additional previous owner and a previous sale at Sotheby’s.
Auction houses have become more careful with provenance involving restitution issues. However, auction house should be required to investigate provenance completely in all areas of sales and consignments and ask all relevant questions about provenance, particularly when dealing with important collectors and dealers, who sometimes, regrettably, submit incomplete or fabricated provenance.
One is well-advised to contact an attorney for assistance with due diligence before purchasing a piece or to find out about available remedies if you discover that your work of art has been sold to you with an improper provenance.
