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stefan simchowitz: my kind of scum

Stefan Simchowitz has attracted a lot of negative attention in the art world. The New York Times labeled him the “The Art World’s Patron Satan.” For example:

Critics charge that Simchowitz often preys on vulnerable young artists without gallery representation — some say without talent — and buys up huge quantities of their work, then flips the pieces back and forth at escalating prices among a cultivated group of buyers: a network of movie stars, professional poker players, orthodontists, nightclub promoters, financiers, football players and corned-beef magnates, many of whom hold Simchowitz in such high esteem that they’re willing to purchase the pieces he acquires for them sight unseen, artist unnamed. In March, in an online screed for New York magazine, the art critic Jerry Saltz tore into Simchowitz with unusual ferocity, dubbing him a “Sith Lord” and the Pied Piper of the “New Cynicism.” Simchowitz’s artists may enjoy a temporary surge in prices, his critics argue, but they typically see little of the upside; in any case, or so the story goes, once their bubbles pop, they’re left for dead.

Many important galleries have blacklisted Simchowitz as a buyer, forcing him to take extreme measures to secure desired work, including using consultants as undercover mules. Simchowitz told me about a recent scheme in which he had a consultant buy three pieces from Essex Street, a Lower East Side gallery. The purchase was nominally on behalf of another client, but the ultimate recipient was Simchowitz; by the time the gallery suspected the ruse, money had already changed hands, but the pieces had not been delivered. The gallery requested that Simchowitz not only cancel the purchase but also return another piece by the same artist that was already in his possession, which he did. Moreover, the gallerist, furious over what happened, called the other client to inform him that he was colluding in fraud, an accusation that heartily amused Simchowitz. (Asked for comment, the gallery responded, “Essex Street has never done business with Stefan Simchowitz.”)

I am a lot less alarmed by Simchowitz and even delight in his irreverence and trash talk. Aside from the trash talk, one reason that he draws controversy is his embrace of the market side of art. He thinks “flipping,” which is just another word for “quickly selling at a profit,” is great and has argued that it indicates strength of an artist. Another source of the controversy is patronage of young artists. One could argue that being so dependent on one person creates too much risk.

I tend to think these arguments, for the most part, are misplaced, or overblown. For example, almost all relationships in the art world have ups and downs. People can get traditional gallery representation and then have stalled careers. There are routinely lawsuits filed against galleries because of shady business deals. Artists can get burned as well. Private “dealers” like Simchowitz have no monopoly on good, or bad, business decisions.

If an artist strives to be in the “right” collections, Simchowitz, and flipping in general, may not be optimal, but he’s still preferable to not having a career at all. He’s probably equivalent to having a good, but not elite, dealer behind you.

On a deeper level, I have to give Simchowitz a thumbs up simply because he puts his money where his mouth is. If he likes it, he pays in cash. The trade off is that you are locked in. But, so what? That’s a standard way to reduce uncertainty. Also, he’s like a good business manager in that he provides personal support to help younger people who may not know how to deal with the business side of things. And worse comes to worse, if you hate him, it seems like you can “paint your way out of it,” in the same way a musician can finish a contract by just chunking out the last few records.

He may be crass and direct, and he may embrace practices the art world deems inappropriate. At the end of the day, there’s some artists who stayed in the game and succeeded because he gave them a room and ten thousand bucks. I wonder if he’ll take my calls?

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Written by fabiorojas

April 7, 2015 at 12:01 am

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