Two articles in The Wall Street Journal’s October 22, 2018 special report on Wealth Management featured quotes from Megan Fox Kelly. The first, titled “Art Collectors Remember the First Time,” describes how an initial art purchase can have sentimental value far beyond the actual price. And, that first purchase also offers lessons for future investments.

From the opening paragraphs of the story, by the Journal’s Daniel Grant:

Some collectors find their first piece of art by chance. They walk past a gallery and something catches their eye. Others may use a methodical approach, or just buy what a professional tells them they should.

Regardless of how it was acquired, a first piece often holds more sentimental than monetary value. And it is an entry into more serious collecting that comes with a host of lessons.

“Many times, collectors have sentimental attachments to their first acquisitions, and they have a strong desire to keep them, perhaps to remind themselves of where they began, or of a particular time in their lives,” says Megan Fox Kelly, an art advisor in New York City.

Full Article — Wall Street Journal

A second story in the same special Wealth Management report highlighted Kelly’s understanding of what happens to the value of an artwork after the death of an artist.

Once again, from Daniel Grant of the Journal:

It is a morbid question, but one that many buyers of art ask: “If the artist dies, will the price of my artwork go up?”

The surprising answer: probably not. And in the rare instance that the prices do increase, it may take years to happen.

The assumption that the death of an artist will make his or her prices rise is based on the principle of scarcity: When an artist’s production stops absolutely, assuming that demand remains the same, prices should increase, right?

That held true for abstract painter Cy Twombly, who died in 2011 at the age of 83. Before 2011, the highest auction price for a Twombly painting was $8.7 million at Sotheby’s in 2005. Auction prices following Mr. Twombly’s death reached $70.5 million for a painting at Sotheby’s in 2015, and 14 other works have earned $15 million or higher.

Mr. Twombly proved an exception for basically two reasons: “He was an underappreciated artist, and people really understood how few works there were on the market,” says Megan Fox Kelly, a New York City-based art adviser. “Prices went up and, if you wanted a Cy Twombly, get in line.”

Full Article — Wall Street Journal

Henry Taylor Cicely and Miles Visit the Obamas, 2017, Acrylic on canvas, 84 x 72 inches (213.4 x 182.9 centimeters)© Henry Taylor, Courtesy of the artist and Blum & Poe, Los Angeles/New York/Tokyo

We are thrilled to announce that the 2018 Robert De Niro, Sr. Prize has been awarded to Henry Taylor. Established in 2011 by Robert De Niro, in honor of his late father, the accomplished painter Robert De Niro, Sr., the prize recognizes a mid-career American artist for significant and innovative contributions to the field of painting. Nominated each year by a distinguished selection committee, Henry Taylor is the seventh recipient of the $25,000 merit-based prize, administered by the Tribeca Film Institute (TFI) for which Robert De Niro is a co-founder. 

It was a pleasure collaborating with the 2018 selection committee: Sarah Douglas, Editor-In-Chief of ARTnews; Courtney Martin, Deputy Director and Chief Curator of Dia Art Foundation; and Susan Thompson, Associate Curator at the Solomon R. Guggenheim Museum. 

Henry Taylor is best known for his portraits which range in subject from panhandlers, to celebrities, to close friends and family. To learn more about Henry Taylor please see: (https://www.blumandpoe.com/artists/henry-taylor#works)

Megan Fox Kelly Art Advisory began managing Robert De Niro, Sr.’s estate in 2010. Robert De Niro, Sr. (1922-1993) was part of the celebrated New York School of Post-War American artists. His work blended abstract and expressionist styles of painting with traditional representational subject matter, bridging the divide between European Modernism and Abstract Expressionism. (http://www.robertdenirosr.com.)

ART news  “Henry Taylor Wins $25,000 Robert De Niro, Sr. Prize”

http://www.artnews.com/2018/06/07/henry-taylor-wins-25000-robert-de-niro-sr-prize/

Artforum "Henry Taylor Wins 2018 Robert De Niro, Sr. Prize”          

https://www.artforum.com/news/henry-taylor-wins-2018-robert-de-niro-sr-prize-75693

This April 25-26 in Berlin, The New York Times brings together a select group of the world’s most distinguished art experts and influencers—from dealers and gallery owners to architects, museum directors and curators, from auctioneers and collectors to art industry advisers and corporate executives.

The economics and dynamics of the art market are changing faster than ever before; driven by new buying habits, an increasingly global clientele, and ever-higher pricing led by shifts in supply and demand. Devised specifically with art and cultural leaders at its core, the Art Leaders Network program will define and assess the most pressing challenges and opportunities in the industry today.

Through provocative interviews and riveting discussions, senior New York Times journalists will explore myriad topics, from the impact of economic events on the arts to the outlook for galleries in the age of the mega-dealer, as well as the future of museums and the undiminished fascination with contemporary art.

Megan Fox Kelly will represent the Association of Professional Art Advisors at the conference, leading a discussion on the Changing Role and Power of the Art Advisor in the current market.

The Art Business Conference is a one-day conference for senior art market professionals involved in buying, selling or caring for fine art. The 2018 conference will explore key issues affecting the international art market today. Through presentations, Q&As, panel discussions, and workshops, industry experts will share advice and insights on many of the key factors in running a commercial art or antiques business or collection – including the the latest updates in legislation and taxation. Our panel discussion will address one of the growing fields in the art industry: artist's estates and foundations:

Protecting an Artist’s Legacy: This session offers practical advice for artists’ estates and foundations and explores how technology is working to support artists and their estates. Speakers: Megan Fox Kelly (APAA & Megan Fox Kelly Art Advisory), Tiffany Bell (Agnes Martin Catalogue Raisonné) Christa Blatchford (Joan Mitchell Foundation), David Grosz (Artifex Press) and moderated by Sarah Hanson (The Art Newspaper)

While women represent more than half of the fine art school graduates in the US, the share of female artists drops to about 5% in the auction market. This disparity is also reflected in art auction prices. In 2016, the first 63 most expensive lots could be attributed to male artists. Potential explanations range from differences in endowments and opportunity sets to perceived biases on institutional and market level.

The goal of the symposium is to gain a deeper understanding on the underlying causes of the gender divide in the art market using new results from academic research. The symposium will bring together key practitioners and academics of various backgrounds and different sides of the market to examine the phenomenon from a multidisciplinary perspective.

Megan Fox Kelly joins Yale Professor Jonathon Feinstein and  Roman Kraussl of Luxembourg School of Finance and Stanford University to discuss "Building Collections, Pursuing Passions, and Moving Markets" on a panel moderated by Yale School of Management student, Michael Nock.  Megan will present insights on changing collector profiles and the impact of their motivations on the art market.

Kicking off the beginning of the fall art fair season, EXPO CHICAGO returns this September to the historic Navy Pier welcoming its most international roster yet. 135 leading galleries representing 25 countries and 58 cities from around the world will present some of the highest quality contemporary art and culture. In addition to the leading international galleries, the 2017 exposition features a variety of programs such as the EXPOSURE section, which focuses on solo and two artist presentations by galleries that are eight years and younger selected by curator, Justine Ludwig (Dallas Contemporary), EXPO Editions + Books, featuring artist books, editions, and multiples; and the first EXPO PROFILE section, which highlights single artist installations and focused thematic exhibitions.

As part of its education series, ArtExpo will team up with APAA for a panel moderated by Megan Fox Kelly Next-Level Collecting: Smart Strategies for Collection Building" with Wendy Cromwell (Art Advisor, Member APAA), Helyn Goldenberg (Collector), Diana Wierbicki (Art Attorney), and R. Hugh Magill (Chief Fiduciary Officer, Northern Trust). This panel of professionals will provide insights on collecting, art law, fine art insurance , and wealth strategies for experienced collectors.

This year, EXPO CHICAGO will align with the Chicago Architecture Biennial reinforcing the city's rich history as a destination for arts and culture. 

This summer, the Museum of Modern Art presents “Robert Rauschenberg: Among Friends,” the artist’s first retrospective exhibition of the 21st century. The exhibition, which will run May 21st – September 17th, presents over 250 works that range in medium and span the length of his eminent career.

The exhibition identifies Rauschenberg as a connector and makes the argument that his genius resided in his remarkable openness to others. He brought together mediums and artists of seemingly unrelated fields. Such artists included Jasper Johns, Jean Tinguely, choreographer and dancer Trisha Brown, experimental composer John Cage, and and electrical engineer Bill Klüver.

Curator Leah Dickerman’s inspired decision to portray Rauschenbeg not as an individual star but as a creative collaborator distinguishes her presentation from more traditional career retrospectives. Rauschenberg’s groundbreaking mixed-media work that resulted from his singularly forward-thinking attitude continues to inspire young artists today. “Among Friends” breaks down the etymology of Rauschenberg’s most daring works, his past and most influential relationships that were accrued throughout his life. Dickerman’s study of Rauschenberg’s creative collaborations offers rare insight into the artist’s attitude vis-à-vis artistic creation. These principles Rauschenberg developed as an artist resonate today and serve as inspiration to a new generation of artists. 

The exhibition illustrates Rauschenberg’s pioneering approach to art with works such as “Mud Muse” (1968 -1971), a pool of 1,000 pounds of bentonite clay mixed with water which bubbles in bubbles and spurts as air is released in response to the sound levels created by the mud bubbling. Mud Muse, like other early Rauschenberg works, creates an intersection between art and science. One of Rauschenberg’s earliest collaborations was with his fellow artist and wife Susan Weil. The couple created this series of ghostly figures on light-sensitive paper when they were fresh out of their first year at Black Mountain College in North Carolina. Black Mountain College was committed to an integrative approach to education, and the school’s interactive ethos lent itself to Rauschenberg’s interdisciplinary and collaborative art.

Other pieces that resulted from Rauschenberg’s close affiliation to other artists include “Auto mobile Tire Print” (1953), for which he had John Cage drive his car over 20 sheets of typewriting paper; “Erased de Kooning Drawing” (1953), a de Kooning drawing it famously took Rauschenberg a month and 40 erasers to rub out; “Set and Reset” (1983), an interactive set with which Trisha Brown’s dancers could perform.

The exhibition “Robert Rauschenberg: Among Friends” itself was a collaboration between the Museum of Modern Art and the Tate Museum London, as well as artist and filmmaker Charles Atlas. Atlas, who worked with Rauschenberg in the past, participated in the installation of works pertaining to the medium of moving image. His participation in the MoMA’s exhibition moved to pay tribute to Rauschenberg’s life-long interest in dance and performance.

Among Friends is more than a chronological survey of Rauschenberg’s career—it establishes the artist as an early and frequent collaborator who was inspired by some of the greatest creative thinkers of his time, and one who continues to inspire generations of artists today.

Megan Fox Kelly is the Advisor for Sales to the Robert Rauschenberg Foundation.

The Association of Professional Art Advisors (APAA), the sole organization to establish guidelines for ethical art advisory practice and uphold standards of education and expertise, has elected Megan Fox Kelly (Principal, Megan Fox Kelly Art Advisory, New York) President.  Megan is an advisor to private collectors, foundations, and estates and is a leading specialist in artist estates and artist-endowed foundations.  

Newly-elected fellow officers include Vice President Elizabeth Szancer (ESKart LLC, New York); Secretary, Lisa Austin(President, Lisa Austin & Associates, Miami); and Treasurer, Jennifer Duncan (Director, Foundation for Art and Preservation in Embassies, Washington, DC). 

New APAA Board members include Gabriel Catone (Ruth|Catone, New York), Patricia Dellorfano (Lead Curator, Fidelity Investments, Boston), and Mary Hoeveler (M.G. Hoeveler, Ltd., New York).

They join the current board: Cynthia Altman (Curator, Kykuit, New York), Kay Childs (Topol Childs, New York), Wendy Cromwell(Cromwell Art, LLC, New York), Lee White Galvis (Attorney, New York), Patrick Legant (Patrick Legant-Art Consultancy, London), and Todd Levin (Levin Art Group, New York). 

The organization salutes Joe Houston (Curator, Hallmark Art Collection, Kansas City) who is completing a two-year term as President. “Joe has raised APAA’s profile as a resource for collectors, and the general public through on-line platforms and our newly designed APAA News,” says Megan Fox Kelly, “Thanks to his work, we continue to educate the public, media, and broader art community as advocates for standards of professional practice for qualified art advisors.”

About APAA

APAA, founded in 1980, is comprised of the leadingindependent art advisors and corporate art curators internationally.  Our advisors acquire, maintain and present art on behalf of private and public collections. Representing collectors in diverse areas of specialization, APAA members collectively purchase over $350 million annually at auction and over $400 million at galleries, private dealers and art fairs; and sell over $135 million for their clients on an annual basis.  Our members are required to adhere to specific standards of practice and the APAA’s Code of Ethics that establish and uphold professional standards and ethical work. 

 APAA’s Affiliate members are individuals and companies, such as appraisers, auctioneers, conservators, insurance providers, shippers/handlers and registrars, who support art advisors and corporate art curators and in their practices. Membership is by nomination.

 “APAA members are the leading practitioners in the field of art advisory internationally, and are distinguished as much by their independent, impartial advice, as by their years of education and experience.” says New York advisor Megan Fox Kelly. “We are not private dealers or auction house personnel and do not maintain inventories of art for sale. APAA members are independent advisors and advocates on behalf of their clients. We continue to grow our membership and look forward to welcoming art advisors and private collection curators who share our level of connoisseurship, scholarship, expertise in the art market, and ethical business practices. Our goal is to build a strong, representative international membership organization of art advisors who share our standards of practice.”  

Source:http://bit.ly/2pjJOKR

Megan Fox Kelly was honored to be a part of Art Law Day at the Benjamin N. Cardozo School of Law in New York City. As a member of a professional panel,“The Nitty-Gritty on Knoedler: The Details and the Practical Take Away,” the group discussed insights, information, and practical tips for appraisers and related art world professionals gained from the Kneodler gallery scandal. Leading attorney, Emily Reisbaum and FBI Special Agent, Meredith Savona, both of whom were involved in the criminal investigation and civil cases, provided the details and background of the events of the case as it unfolded, untangling for the audience what was a complex and multi-layered fraud. Attorney John Cahill moderated the discussion. The group discussed how Knoedler has affected the art market and its methods of operating. Megan provided the perspective of an art advisor and board member of the APAA, which upholds a standard Code of Ethics for its members designed to protect clients from fraudulent conduct.

Megan Fox Kelly was honored to join The Aspen Institute Artist Endowed Foundation’s Initiative as a part of the panel discussion on “Strategy Spotlight: Navigating the Art Market and the Art Dealer Relationship.” She joined panelists Sanford Hirsch, Executive Director, Adolf and Esther Gottlieb Foundation; Leah Levy, Executive Director, Jay DeFeo Foundation; Morgan Spangle, Executive Director, Daedalus Foundation; Derek Gillman, Distinguished Teaching Professor, Art History and Museum Leadership, Drexel University. The panel successfully examined the nature of gallery representation within the global, multi-platform art market.