How to prepare to invest in fine art...do and don't

1- obviously an analysis of the item " de visu" is advised.
Now for items with value
a/ below $20,000.00 it's unthinkable to fly from Los Angeles to New-York just for this item
b/ above $50,000.00 it's mandatory that you analyze the item in person or through someone you trust in the auction house. Don't be afraid to ask to see the artwork from close by and also the back of it. The auction houses are use to it and will help you willingly

2- You analyze the item "de visu"

a/ look at the signs of restoration, with a black light, and on the back look for patches on the canvas. Often in the 19th century people were relining paintings when they were damaged. In that case it's difficult to see what was repaired only the black-light can tell.
A painting that was restored loses its value, no doubt about that.
Depending on the notoriety of the painter it will lose minus or more value.
By example when Steve Wynn by turning on himself unfortunately hit the Picasso painting with his elbow, a Picasso he just sold to Cohen the famous stock market mogul it lost of course a lot value. The BBC called me to ask my opinion, if the value of $80M $ he supposed to have sold the painting was affected by this major blow to the painting. I told them that yes this painting lost approximately 50 % of its value. Wynn bought it in 1997 for 47 M $ sold it a first time to Cohen for 80 $ ...but the deal didn't go through. Nonetheless he sold the painting for +/- 65 M $ and in 2013 Cohen acquired the Picasso called the "Reve" for 155M $ !
Try to understand this situation, the history of it and these people... I mention this painting because with some extremely famous paintings owned by even more famous rich people anything can happen.

But for the normal, regular people as we are... a painting that suffered a major blow like the one mentioned above, the painting will lose at least 50 % of the value and some collectors will not even look at a damaged painting.


I was confronted with a collector in Los Angeles who wanted to be sure that the painting was completely intact and free of in-paints, repaints , holes etc . To do so he invited the curator of the Getty museum and even the senior restorer of the museum to analyze the painting.
There was absolutely not one flaw and the painting looked like it was made recently in an impeccable state of conservation. For the anecdote, he still didn't buy the Modigliani painting despite being flawless. 3 years later ...the painting sold for 20 M $ ... 4 times what I was asking my LA collector.
In conclusion purist collectors will not touch a repaired important painting.

b/ to be continued