Artist, Jamali, Recognized by Forbes for Publishing History of Sale Prices

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While the fine art trade is infamous for its lack of transparency, the artist, Jamali, was recently recognized on Forbes’ website for the unique degree of transparency he exhibits at his flagship gallery in New York.

Jamali NYC Gallery, LLC

Jamali NYC Gallery, LLC

If there were more transparency in fine art prices, it would be easier for buyers to know when they are paying too much.

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In Kathryn Tully’s article “How Much For This Art?” on Forbes.com, the author discusses how difficult it can be to know if you are paying a fair price. In an era when many galleries fail to maintain a printed price list (despite requirements under the law), Ms. Tully notes how Jamali has taken the unprecedented step of publishing his sale prices by medium and size for a recent ten-year period. (See the attached chart.) This information allows clients to make confident choices, and provides a valuable perspective on how investments in Jamali’s artwork have appreciated over time (+776% for the decade ending 2010).

Many buyers do not realize retail markups in galleries are high (commonly 100%) with 50% or less of the sale price going to the artist. So while negotiation is commonplace, without knowing the actual sale prices for a particular artist, it can be difficult for buyers to know when they have negotiated a fair price. “Not only do dealers and galleries withhold sales data from the public, even the artists they represent are kept in the dark. Artists never see the sales receipts! If there were more transparency in fine art prices, it would be easier for buyers to know when they are paying too much.”, said Jamali.

About Jamali NYC Gallery, LLC
Heralded by the eminent scholar and critic, Donald Kuspit, as the founder of Mystical Expressionism, Jamali has achieved over 100 one-man shows across the U.S., and become the most collected American artist for original paintings. Prominent patrons include King Abdullah II, Jack Welch, Ehud Olmert, Oprah Winfrey, and Elton John. The artist operates galleries in Fort Lauderdale and Winter Park, Florida, and his flagship gallery, Jamali NYC Gallery LLC, resides in the heart of SoHo in Manhattan. Located at 413 West Broadway in New York City, it is open every day from 10 AM to 6 PM. Currently on exhibition through 2013 is JAM, Selected Works from the Jamali Art Museum Collection.

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Christopher Nowak
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