For the art-loving millionaire
Mar. 4th, 2003 09:09 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
ambitious_wenchhttp://www.projo.com/news/content/projo_20030304_folio04.a2fb7.html
Providence Athenaeum may sell rare work
Having fallen on hard financial times, the Providence Athenaeum hopes to raise several
million dollars by auctioning a scarce Audubon portfolio.
03/04/2003
BY BILL VAN SICLEN
Journal Arts Writer
PROVIDENCE -- Faced with the double whammy of rising operating costs
and shrinking investments, the venerable Providence Athenaeum has
decided to sell one of its most prized possessions: a rare folio edition
of John James Audubon's Birds of America.
The Athenaeum can still back out of the deal, provided it raises enough
money from other sources to meet its obligations. Otherwise, the folio,
which is in mint condition and has been part of the Athenaeum's
collection since the early 19th century, will be sold on Oct. 14 at
Christie's auction house in New York City.
Based on a similar sale three years ago, Christie's expects the folio to
fetch $5 million to $8 million.
"Believe me, this is not a decision we wanted to make," says executive
director Jonathan Bengtson. "But after considering a number of options,
including the possibility of merging with another institution or
eliminating many of our programs and services, we felt it was the right
decision to make.
Birds of America is Audubon's masterpiece, a collection of 435
hand-colored prints that pushed the matter-of-fact techniques of
scientific illustration into the realm of fine art. Begun in London in
1827, Birds was eventually sold in two editions -- a large-format set
known as the Elephant Folio and a smaller set known as the Royal
Octavo Edition.
The Athenaeum, which was founded in 1753 as a private
members-supported lending library, owns one of each. But that could
change if it goes ahead with plans to sell its copy of the Elephant Folio.
The potential loss of one of the scientific and artistic landmarks in
American history is a major blow to the Athenaeum, which is celebrating
its 250th anniversary this year. Yet even if the folio is sold, it won't be
the end of Audubon in Rhode Island.
The Athenaeum will still have its octavo edition. Meanwhile, the
Athenaeum's College Hill neighbor, the John Hay Library, owns another
Elephant Folio edition of Birds.
Nevertheless, Bengtson says that selling the folio is painful, even if it
solves the Athenaeum's financial problems.
"When I was interviewing for the job two years ago, I was asked if I
would ever consider selling the folio," he says. "I said 'Absolutely not.'
But under the current circumstances, I think this is the best course of
action. Doing nothing is simply not an option."
Bengtson says the Athenaeum's financial troubles began in the
mid-1990s, when it began shifting from a clubby, volunteer-based
organization to one run by professional managers and librarians. That
was fine as long as the Athenaeum's endowment, buoyed by
double-digit stock market gains, kept pace with spending.
But in recent years, the value of the Athenaeum's endowment has
shrunk while costs have kept rising.
Bengtson says he and the Athenaeum's 20-member board have
instituted a number of cost-cutting measures, including eliminating two
positions and downgrading two others from full- to part-time. Even so,
the Athenaeum expects to finish 2003 with a deficit of nearly $450,000.
Bengtson says most of that money will come directly out of the
Athenaeum's $3.8-million endowment.
"It's a vicious cycle," he says. "You can do it for a year, two years, three
years. But eventually there's no more endowment."
The Athenaeum also faces some major home-repair problems. Last
summer, a routine inspection uncovered serious structural damage to
the rear wall of the Athenaeum's 1838 Greek Revival headquarters on
Benefit Street.
"Some of the timber supports at the back of the building had given
way," says board president Susan Kertzer. "As a result, the only thing
holding up the walls were the stacks of books we have in that part of
the building. Our books literally saved us."
Kertzer says the board considered a variety of options, including selling
the building, merging with another institution and raising membership
dues from $150 to $1,000 a year.
Kertzer says the board also tried to persuade a number of wealthy
Rhode Islanders to come to the Athenaeum's rescue. None obliged.
As a last resort, Kertzer says, the board approved the sale of Birds.
"When we first proposed it, a lot of people were completely in denial,"
she says. "Some even said that we should close the library before we
sold the folio. But eventually, everybody came around."
The decision also surprised Christie's, which appraised the Audubon
folio more than a decade ago for insurance purposes.
"Frankly, we never thought this particular folio would come on the
market," says Francis Wahlgren, head of Christie's rare books and
manuscripts department. "We're thrilled to be able to bring it to
auction, but we're sad that it's under these circumstances.
Wahlgren says the last time a Birds folio in similar condition came on
the market was in 2000. It sold for $8 million.
"We think the Athenaeum folio will do just as well, even in today's
uncertain economy," he says.
No doubt such lordly sums would have surprised Audubon, who
struggled for more than a decade to publish his studies of everything
from the bald eagle to the turkey buzzard, the American coot to the
zenaida dove.
Yet almost from the time they began appearing in regular installments
in late 1820s, the luscious Elephant Folio prints of Birds of America
were hailed for their masterful blend of art and science. The price: $2
per print, or $870 for the entire set of 435 plates.
In fact, one of the reasons the Athenaeum bought the folio in the first
place was to show it off -- for a price.
"Basically, it was a money-making scheme for the Athenaeum," says
Bengtson. "The members thought they could exhibit the prints and
charge admission. Unfortunately, it didn't work out that way, at least
until now."
As for the possibility that a benefactor will step forward at the last
minute, Bengtson says there's still a chance, although the likelihood
grows dimmer by the day.
"According to our contract with Christie's, we have until the end of April
to raise about $6.5 million. After that, we would incur a heavy penalty
for withdrawing. In effect, that's the deadline."
Providence Athenaeum may sell rare work
Having fallen on hard financial times, the Providence Athenaeum hopes to raise several
million dollars by auctioning a scarce Audubon portfolio.
03/04/2003
BY BILL VAN SICLEN
Journal Arts Writer
PROVIDENCE -- Faced with the double whammy of rising operating costs
and shrinking investments, the venerable Providence Athenaeum has
decided to sell one of its most prized possessions: a rare folio edition
of John James Audubon's Birds of America.
The Athenaeum can still back out of the deal, provided it raises enough
money from other sources to meet its obligations. Otherwise, the folio,
which is in mint condition and has been part of the Athenaeum's
collection since the early 19th century, will be sold on Oct. 14 at
Christie's auction house in New York City.
Based on a similar sale three years ago, Christie's expects the folio to
fetch $5 million to $8 million.
"Believe me, this is not a decision we wanted to make," says executive
director Jonathan Bengtson. "But after considering a number of options,
including the possibility of merging with another institution or
eliminating many of our programs and services, we felt it was the right
decision to make.
Birds of America is Audubon's masterpiece, a collection of 435
hand-colored prints that pushed the matter-of-fact techniques of
scientific illustration into the realm of fine art. Begun in London in
1827, Birds was eventually sold in two editions -- a large-format set
known as the Elephant Folio and a smaller set known as the Royal
Octavo Edition.
The Athenaeum, which was founded in 1753 as a private
members-supported lending library, owns one of each. But that could
change if it goes ahead with plans to sell its copy of the Elephant Folio.
The potential loss of one of the scientific and artistic landmarks in
American history is a major blow to the Athenaeum, which is celebrating
its 250th anniversary this year. Yet even if the folio is sold, it won't be
the end of Audubon in Rhode Island.
The Athenaeum will still have its octavo edition. Meanwhile, the
Athenaeum's College Hill neighbor, the John Hay Library, owns another
Elephant Folio edition of Birds.
Nevertheless, Bengtson says that selling the folio is painful, even if it
solves the Athenaeum's financial problems.
"When I was interviewing for the job two years ago, I was asked if I
would ever consider selling the folio," he says. "I said 'Absolutely not.'
But under the current circumstances, I think this is the best course of
action. Doing nothing is simply not an option."
Bengtson says the Athenaeum's financial troubles began in the
mid-1990s, when it began shifting from a clubby, volunteer-based
organization to one run by professional managers and librarians. That
was fine as long as the Athenaeum's endowment, buoyed by
double-digit stock market gains, kept pace with spending.
But in recent years, the value of the Athenaeum's endowment has
shrunk while costs have kept rising.
Bengtson says he and the Athenaeum's 20-member board have
instituted a number of cost-cutting measures, including eliminating two
positions and downgrading two others from full- to part-time. Even so,
the Athenaeum expects to finish 2003 with a deficit of nearly $450,000.
Bengtson says most of that money will come directly out of the
Athenaeum's $3.8-million endowment.
"It's a vicious cycle," he says. "You can do it for a year, two years, three
years. But eventually there's no more endowment."
The Athenaeum also faces some major home-repair problems. Last
summer, a routine inspection uncovered serious structural damage to
the rear wall of the Athenaeum's 1838 Greek Revival headquarters on
Benefit Street.
"Some of the timber supports at the back of the building had given
way," says board president Susan Kertzer. "As a result, the only thing
holding up the walls were the stacks of books we have in that part of
the building. Our books literally saved us."
Kertzer says the board considered a variety of options, including selling
the building, merging with another institution and raising membership
dues from $150 to $1,000 a year.
Kertzer says the board also tried to persuade a number of wealthy
Rhode Islanders to come to the Athenaeum's rescue. None obliged.
As a last resort, Kertzer says, the board approved the sale of Birds.
"When we first proposed it, a lot of people were completely in denial,"
she says. "Some even said that we should close the library before we
sold the folio. But eventually, everybody came around."
The decision also surprised Christie's, which appraised the Audubon
folio more than a decade ago for insurance purposes.
"Frankly, we never thought this particular folio would come on the
market," says Francis Wahlgren, head of Christie's rare books and
manuscripts department. "We're thrilled to be able to bring it to
auction, but we're sad that it's under these circumstances.
Wahlgren says the last time a Birds folio in similar condition came on
the market was in 2000. It sold for $8 million.
"We think the Athenaeum folio will do just as well, even in today's
uncertain economy," he says.
No doubt such lordly sums would have surprised Audubon, who
struggled for more than a decade to publish his studies of everything
from the bald eagle to the turkey buzzard, the American coot to the
zenaida dove.
Yet almost from the time they began appearing in regular installments
in late 1820s, the luscious Elephant Folio prints of Birds of America
were hailed for their masterful blend of art and science. The price: $2
per print, or $870 for the entire set of 435 plates.
In fact, one of the reasons the Athenaeum bought the folio in the first
place was to show it off -- for a price.
"Basically, it was a money-making scheme for the Athenaeum," says
Bengtson. "The members thought they could exhibit the prints and
charge admission. Unfortunately, it didn't work out that way, at least
until now."
As for the possibility that a benefactor will step forward at the last
minute, Bengtson says there's still a chance, although the likelihood
grows dimmer by the day.
"According to our contract with Christie's, we have until the end of April
to raise about $6.5 million. After that, we would incur a heavy penalty
for withdrawing. In effect, that's the deadline."