THIS WEEK'S HOT TOPIC
While it’s not the first time that an auction house and an art fair have joined forces (e.g. Christie's with the African art fair 1-54), the news that Sotheby's will host Independent 20th Century in the storied Breuer Building (originally the Whitney Museum) in 2026 is significant.
It does more than talk about how to broaden audiences—it actually does it. It's a sign of confidence in the market and shows willingness to change the model of how to expand audiences and be cost-efficient. These activations are part of Sotheby’s larger strategy to grow—and not just by focusing on luxury.
Another point about auction houses: going to see the works is free, and the estimates are there to be seen, and there is even an expert willing to talk with you about the art!
3 THINGS TO KNOW
ABOUT ASKING FOR A DISCOUNT
1
In most scenarios, there are two tiers of discount: 10% and 20%. You can always ask—that’s the name of the game—but you should never expect a discount, at least not without a bit of careful, strategic thought about why it should be given. Discounts can signal to a collector base how in demand an artist's work is. If a gallery is giving no discounts for an artist's work, that's a signal to a client base that many people want the art.
2
Don’t forget: you won’t get what you don’t ask for. Even if you're a first time collector with a gallery, it is ok to ask for a 10% discount. The gallery will either okay it, or politely decline. Additionally, If you want to ask for a discount merely because of financial reasons, it’s important to know that it is absolutely okay to ask for a payment plan. Other collectors who can put the full amount down upfront may jump you in line, but you will not offend a dealer by asking.
3
A 10% discount is a gesture of good faith in your collecting, and in your patronage to the gallery. Money talks, and that 10% translates to: We trust you to handle this work with care. 20% and above is typically reserved for institutions or very important family foundations/collections. The only time a discount of 20% would be given to a private collector is if they are a long term client of a gallery.
A NUMBER TO KNOW
$15,000
That’s the most you should pay for a large-scale work from a first solo show by an “ultra-emerging” artist—e.g. the MFA graduate from Yale—at a "reputable" gallery, and maybe $5,000 for a small work (in general, we are thinking of paintings).
The art market got out of control with $50,000+ becoming all too common for artists of this nature.
A new collector needs about an additional $25,000 of pre-tax, discretionary income to buy a work around $15k —kind of like what a week in the Bahamas would cost. You know the post-vacation value is $0 (some might say you can’t put a price on memories) so some might think $15k is probably worth $0 too, but like memories, one shouldn’t put a price on pleasure.
The stories of collectors buying their Jean-Michel Basquiat for $7,500 in the 70s/80s and selling for $35 million now (I'm old enough to know many of these people) is just not going to happen.
So spend that $5-15k and live with the work, take pleasure from it. Galleries: don't charge more.
by Josh Baer
ASK: ACCESS SOPHISTICATED KNOWLEDGE
Arielle from Brussels ASKed: In 100 years, how many currently successful contemporary artists will have stood the test of time?
JB for No Reserve: This is a more complex question than it might appear at first glance—how do we define successful?
For me, an artist is a success if they can support themselves full time from their art (some might say including teaching in this, but for our purposes, let's not include). For the top level of success, I would add the ability to make the work you want.
As a gallery owner, for a long time I defined the goals of the gallery—which were aligned with their artists goals—to be money AND history. So I parse this question to be: how many in 100 years will be in the "history books" (will there even be books then?) and have significant semi-liquid value?
I will use the following "formula": if say 200k artists lived the renaissance and we can identify say 50, then the rate is 0.025%. So if say 20 million artists are alive now, at the rate of 0.025%, there would be 5,000. That seems like a lot given the Renaissance spanned 3 centuries and contemporary art as we know it is, at most, 40 odd years long—so I’d say it’s more like 50 again. Not great odds, but who is to say which is which?
Have your own question for the No Reserve team? Reply to this email or reach out to us on Instagram, @no.reserve. Readers whose submissions we choose get a special prize: six free months of The Baer Faxt.
NO RESERVE+
With the second edition of the Atlanta Art Fair opening soon (September 25-28th), we invited Kelly Freeman, Founder of Art Market Productions, and Josh Baer to discuss how Freeman’s journey from the world of finance to the world of fine art has influenced her regional-global decision making, how the smallest galleries can learn valuable lessons from big companies, and what it means for an art fair to become a part of a city’s local culture—not just an event for tourists. Click the link below to watch the full episode, and stay tuned for more in this series!
On September 20th, Josh will be moderating a panel, Collecting with Confidence, Working with an Art Advisor, for Sotheby’s Open House, a “curated introduction to the world of collecting for the culturally curious.” To view the full program and register attendance, please do so directly on Sotheby’s website here.
2 MINUTES WITH…
How does AI play out in art making and the art market? Can it make “great” art? At Intersect Aspen, Alex Marshall (formerly Christie’s, now with David Zwirner Gallery) discussed everything from questions of originality in the Warhol copyright case to ways AI could level the playing field for lower-income artists. Spend two minutes with them via the clip below, and click here to watch the entire segment with Sara Arison of the Arison Art Foundation.
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