WILL 2009 be a good time to put money in art? If you’ve got the money, it just might be, as hard times may force some collectors to put prized pieces on the market. “The economic meltdown is worldwide, and people are unloading,” notes Finale Art File’s Vita Sarenas. “If times are harder, many will unload the old masters, but they’re not going to sell the good ones first. If times get really hard and collectors really need the money, that’s when the better pieces will be sold, because they move faster. All the good ones will come out and will sell for lower than usual. That’s why it’s a bad time to sell. In good times, nobody will sell their good art.”
“Definitely, yes, it’s a good time to buy,” says tribal and colonial art dealer Floy Quintos, owner of the gallery Deus in Manila, in reference to tribal art pieces. “Especially in my trade, they’re all coming out, we’re buying more than we’re selling these days. Mahirap ang buhay. Sadly, the tribal lifestyle is going, it will not see the end of the century. These pieces wouldn’t be released into the market unless the owners died or didn’t value them anymore, maybe because they’re no longer animist or have turned Christian.” Then, there’s the reality of social strife, Quintos adds. “You have these betel nut boxes, gold bracelets and other things because of the war in Mindanao. A family may have decided to just migrate to Brunei, which is just a boat ride away, so they took down the torogan and sold the treasures. The material is becoming available because of the misfortunes of people.”
Art authority and aficionado Jaime Laya agrees: “It’s been happening, good things have been coming out of the baul, but it’s not a flood, even in paintings. You want good and cheap, and hopefully more of that will come out. I don’t know how many people will invest in art, though, because they will feel poor, but some collectors will take advantage of the situation if they really want a particular artist’s work, especially if it’s a bargain.” Times are not that hard just yet, Sarenas qualifies, because “prices are still high.” “For example, I have a client who’s selling an old, rare piece for P2.5 million. Buyers are bargaining for P1.5 million, but the seller doesn’t want to give in just yet,” she says.
No big deal
Sarenas notes that top collectors always have money, so a financial crisis may not be a big deal. “They’re more afraid to let go of money during political crises. Regular gallery hoppers are here every week. Recently, they’ve become more discerning though. It’s not just impulse buying.” “The rule of thumb in tribal art is still: You invest in what is published, acceptable, and studied, and that will put you in the top level with very few collectors who really won’t be affected by the crisis,” Quintos says. “There is a paucity of such Class-A pieces that these collectors—only about five of them—will already be fighting over.”
Laya clarifies that in the art world, there’s a difference between collectors and investors. “Real collectors don’t think in terms of investing—they buy something because they like it and everybody wants to pay low prices. Even in the best of times, collectors bargain. For average investors, art is not the first thing that comes to mind.” “Collectors never sell at giveaway prices,” agrees Sarenas. “Maybe they take off 50 percent at the most kung super gipit. But there are speculators who are in the business of buying and selling, and they can make 10 times their investment in two or three years.”
Of today’s buyers, half are speculators and half are collectors who want to collect artists in all their phases, Sarenas estimates. “Ideally, we should be selling to collectors, though there’s really nothing wrong with buying a piece and considering if it can be resold.” Still, as gallery owners, they would not allow prices to drop very drastically, says Sarenas. For examply, a 2x2-ft Ang Kiukok oil may go for between P650,000 and P900,000 these days. Finale would never sell for below P600,000. “We cannot destroy the market, but we cannot do anything if an owner sells for cheaper than that on their own.”
There are no such local speculators in tribal art, Quintos says. “Not everybody understands it, it’s not as noisy as the Sotheby auctions for paintings, and it demands a certain level of scholarship,” he says of the field. “Well, there are a few, but they will buy a P5,000 bulol and say it’s the same as the 6,000-euro bulol that was just bought in Sotheby’s. I’m sorry, but it’s very different. Internationally, though, there are a lot of speculators, for whom it’s really just business. As with every genre of art, only the top level is worth investing in, if you want to call it investment. There will always be run-of-the-mill pieces.” An excellent 22-in bulol was recently auctioned off for 6,000 euros, Quintos reveals; an important one was sold privately for 20,000 euros, about a million pesos.
Good signs
If you’re just starting a serious tribal art collection, Quintos says it may not be a good time to begin, but dealers and seasoned collectors may get lucky.
In terms of gaining such provenance for choice pieces, 2009 brings some good signs. “One of the major books on Cordillera tribal art by Eric Anderson, who has been doing a five-year study, is coming out next year, and Philippine tribal art will finally get the scholarship that it does not have.” Also, the renowned Musée quai Branly in Paris, which Quintos works closely with, is planning a major show of Philippine tribal art in 2010.
If you’ve got the money, Sarenas says it’s the young artists you should give it to. “Their prices will never go down, and they have nowhere to go but up, so buy now. They’re in demand, even in hard times. The trend is young artists all over the world, for both galleries and collectors.”
“More people are interested in young artists, because there are a lot of young collectors more interested in contemporary art,” says Laya. “Mahal na ang old masters. But basically I think the crisis will separate the men from the boys, so to speak. The good artists will never have a problem selling their works. It will be a matter of quality.”
On an encouraging note, Sarenas reveals that even the most sought-after contemporary artists can still be affordable—if you can get your hands on a piece. A painting by Geraldine Javier, who sells for at least a million pesos in outside auctions, can still be acquired locally for P200,000. There are about 100 people on the wait list for her works, and that’s just with Finale. “Remember, these kids don’t really paint to sell, they want to produce good art and be collected and shown,” Sarenas says, also referring to the next generation of artists like Paolo Vinluan, Bembol de la Cruz, Robert Langenegger, and others. “My advice is, if you don’t need the money, don’t sell your art. But if you have the money, buy young artists now, as it will only get better.”
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