George Lindemann Journal by George Lindemann - "Norman Rockwell’s Art, Once Sniffed At, Is Becoming Prized" @nytimes by JAMES B. STEWART
“Rockwell’s greatest sin as an artist is simple: His is an art of unending cliché.”
In that Washington Post criticism of a 2010 exhibition of Norman Rockwell paintings at the Smithsonian, Blake Gopnik joined a long line of prominent critics attacking Rockwell, the American artist and illustrator who depicted life in mid-20th-century America and died in 1978.
“Norman Rockwell was demonized by a generation of critics who not only saw him as an enemy of modern art, but of all art,” said Deborah Solomon, whose biography of Rockwell, “American Mirror,” was published last year. “He was seen as a lowly calendar artist whose work was unrelated to the lofty ambitions of art,” she said, or, as she put it in her book, “a cornball and a square.” The critical dismissal “was obviously a source of great pain throughout his life,” Ms. Solomon, a frequent contributor to The New York Times, added.
But Rockwell is now undergoing a major critical and financial reappraisal. This week, the major auction houses built their spring sales of American art around two Rockwell paintings: “After the Prom,” at Sotheby’s, and “The Rookie,” at Christie’s. “After the Prom” sold for $9.1 million on Wednesday; “The Rookie” for $22.5 million on Thursday.
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In December, “Saying Grace” set an auction record for Rockwell, selling at Sotheby’s for $46 million.
Rockwell isn’t yet at the level of Francis Bacon (top price at auction: $142.4 million), Picasso ($104.5 million) or Andy Warhol ($105.4 million) — all of whom critics eventually embraced — but he’s poised to join a select handful of artists whose work is instantly recognizable not just for its artistic quality but, for better or worse, the many millions it took to acquire one.
Apart from any critical reappraisal, Rockwell’s paintings show that in art, as well as in the stock market, it can pay to be a contrarian. Rockwell’s paintings have turned out to be a singularly good investment. “After the Prom” last sold at Sotheby’s in 1995 for $880,000. This week’s sale price represents a compounded annual rate of return of 13.1 percent, compared with 7.9 percent for the Standard & Poor’s 500-stock index over the same period.
Michael Moses, a retired professor of economics at New York University’s Stern School of Business and a co-founder of the Mei Moses Art Index, said his database contained 39 works by Rockwell that had sold more than once at auction. Taken together, their sales prices represent a 9.7 percent annual rate of return over the period from 1960 to 2008. (The latest round of sales isn’t included.) “That’s extremely good for an American painter,” Mr. Moses said.
Mr. Moses said that his research suggests that the adage — “buy the best,” or the most acclaimed by critics — doesn’t hold true, at least when it comes to investment returns. “Rockwell was so out of favor, there was ample room for appreciation,” Mr. Moses said. Paintings already acknowledged by critics as masterpieces “tend to underperform the market,” he said. “It turns out you don’t have to be an art expert to earn good investment returns.”
http://www.nytimes.com/2014/05/24/business/norman-rockwell-captures-the-art-markets-eye.html