Since its inception, art has remained a fundamental channel of expression. Nevertheless, it has always been a business, and as Devangana pointed out while alluding to Jerry Salt’s article “money runs art.” For instance, whether in the form of patronage by a wealthy aristocrat, or through modern artists “selling out” quality for quantity in an attempt to appeal to the audience rendering high prices, money and art are inseparable. Thieves risk their lives to steal a famous painting, and, as can be seen more recently, even attempt to swindle investors in order to make a profit.
A “cockamamie scheme” by a man by the name of Thomas Doyle landed him in Federal Court on Monday for fraud. He deceived an investor out of hundreds of thousands of dollars for the 19th century “Portrait of a Girl.” It is an oil painting by French artist Jean-Baptiste-Camille Corot portraying a young, neglected looking female sitting in a chair. This piece has even been assessed as high at $1.35 million in the last few years. Doyle, who only purchased the painting for $775,00, told investor Gary Fitzgerald that he could resell the piece of art for 1.7 million. Unfortunately for Doyle, the imaginary buyer of whom he was referring to did not leave without leaving a hefty fine.
The Federal judge, who identified her favorite painting as work by Corot, took no pity from the defense and ordered Mr. Doyle to pay the investor, Gary Fitzgerald, $880,000 as recompense. That is the extent to which Fitzgerald paid him for what Fitzgerald trusted was an 80 percent ownership stake in the painting.
While reading this article, Jerry Salt probably is shaking his head in disgust. Despite the judge’s ruling, both parties can be attributed with blame for Doyle should have never committed fraud, a serious crime; moreover Fitzgerald represents the “Megacollectors [who] suppose they can enter art history by spending astronomical amounts.” However, a bit more research would have probably aided Fitzgerald in avoiding such a mess.
Furthermore, the fact remains that cases like these only exacerbate the problems resulting of money’s adulterous affair with art. Critics, artist, and investors need to calculate the right balance of money’s authority in order to prevent artistic regression, and elevate future high quality masterpieces above mediocre manifestations.
The art world is a very interesting high stakes game. This article confirms the validity of some of the questions raised by the “Has Money Ruined Art” article. Art is big money, and big money attract thieves of all kinds.