Kiplinger's interviewed Peter Loughrey (pictured below), the founder of Los Angeles Modern Auctions, which specializes in the resale of vintage, modern, and contemporary art and design. Read excerpts from our interview below.
Why are baby boomers unloading their art? Boomers have been the primary acquirers of modern and contemporary art over the past 30 years. Now that they’re reaching their sixties and seventies, they’re looking to dispose of their collections. I think we’ll see most of it come on the market in the next 10 to 15 years. Subsequent generations don’t always share the passions of previous ones, but Generation X and millennials seem to be interested in buying the same materials.
What areas are ripe for a bargain? Look for works glutting the market now but that experts agree are historically important. For example, L.A. artist Laddie John Dill’s compositions of glass and concrete made a huge impact in the 1980s. But they’re going out of fashion, and people don’t have room for some of his massive, heavy pieces. You can buy his works for 5 cents on the dollar compared with what they used to sell for. A few years from now, however, I think that millennials will want to buy things from the ’80s. They’ll start to get rare and shoot up in price.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Find out what local art institutions are planning. Buyers have been quietly picking up paintings and lithographs by Carlos Almaraz, whose most iconic works depict car crashes and park settings in L.A., because the Los Angeles County Museum of Art is holding the first major retrospective of his art in 2017. These types of events create interest among collectors and may increase prices.
How can buyers tell if they’re getting a good deal? There’s a bargain at every auction, but you must learn about the marketplace before you buy. Start by talking to auctioneers and exploring their websites to find out what items are worth. Go to a few auctions but don’t buy anything, just build your knowledge base. Be willing to bide your time.
Where are the opportunities for those looking to sell? Modern art from the 1950s and ’60s is becoming very hot, and so are works from the first period of contemporary art that emerged in the late ’60s and early ’70s. Prints, drawings and paintings by John Baldessari and Ed Ruscha are as desirable in London as they are in New York or L.A. The market is global for some of these still-living contemporary masters. Some pieces, such as Picasso ceramics and Warhol prints, are like blue-chip stocks—they’ve steadily risen in value over time.
-
Dow Adds 646 Points, Hits New Highs: Stock Market TodayIt was "boom" for the Dow but "bust" for the Nasdaq following a December Fed meeting that was less hawkish than expected.
-
5 Types of Gifts the IRS Won’t Tax: Even If They’re BigGift Tax Several categories of gifts don’t count toward annual gift tax limits. Here's what you need to know.
-
The 'Scrooge' Strategy: How to Turn Your Old Junk Into a Tax DeductionTax Deductions We break down the IRS rules for non-cash charitable contributions. Plus, here's a handy checklist before you donate to charity this year.
-
21 Last-Minute Gifts for Grandparents Day 2025 to Give Right NowHoliday Tips Last-minute gifting is never easy. But here are some ideas to celebrate Grandparents Day.
-
Texas Sales Tax-Free Weekend 2025Tax Holiday Here's what you needed to know about the Texas sales tax holiday.
-
Alabama Tax-Free Weekend 2025Tax Holiday Here’s everything you need to know about the 2025 back-to-school Alabama sales tax holiday.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
457 Plan Contribution Limits for 2026Retirement plans There are higher 457 plan contribution limits in 2026. That's good news for state and local government employees.
-
The Sweet 23: States Where Twix and Kit Kat Avoid the ‘Candy Tax’State Taxes There’s something spooky this Halloween, and it’s not just the ghouls. Find out if your state’s sales tax takes a bite out of sweet savings.
-
Florida Back-to-School Tax-Free Holiday 2025Sales Taxes The new tax-free holiday in Florida brought month-long savings on computers, clothing and other school supplies.
-
Medicare Basics: 12 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
