Following yesterday’s discussion on WNYC about the New Jersey Symphony’s decision to sell their collection of rare string instruments, one thought comes to mind…
….specifically, the Winston Churchill quote “Those that fail to learn from history, are doomed to repeat it.” [Author’s Note: thanks to the Adaptistration reader who pointed out the correct attribution in the comments below]
It is safe to say that the process the NJSO used to acquire the instrument collection from Herbert Axelrod is widely acknowledged as having been flawed. Even the NJSO’s internal investigation into the acquisition process determined there were “…significant flaws in the way the [acquisition] process was conducted…”
Ultimately, the NJSO’s lack of understanding about how the rare string instrument trade operates (as well as the individuals who control that trade) led the organization to assume a much higher level of risk during the acquisition process than was necessary.
To date, the information released by the NJSO regarding how they plan to sell the instruments indicates that they intend to rely upon the services of Stewart Pollens, a retired conservator at the Metropolitan Museum of Art. Although Mr. Pollens certainly has a strong reputation among the rare string instrument world, he has not assumed a similar position among the influential brokers responsible for building the rare string instrument trade. Moreover, it is the influential brokers who buyers routinely turn to when they seek advice on which instruments to purchase.
As such, given the uncertainties regarding the authenticity of some of the instruments in the NJSO’s collection, the opinions from the influential brokers will be paramount in how the value for each instrument is determined. It should come as no surprise that those opinions will likely include an intense appraisal and authentication process which may well produce considered values well below the NJSO’s expectations.
Likewise, it is worth considering that since the rare string instrument trade is populated mostly by investment buyers, it is a business governed more by profitability than the inherent (and subjective) value of art. If potential buyers don’t feel the instruments in the NJSO collection will provide them with the same rate of return as compared to an instrument with a less turbulent pedigree, then they’ll simply avoid the NJSO instruments.
In the end, it would be surprising if the NJSO is successful in selling more than a handful of their instruments without getting caught up in the issues associated with the intense appraisal and authentication process implemented by the rare string instrument trade’s influential brokers. Consequently, the NJSO may once again fall victim to many of the same forces which produced such a flawed acquisition process.
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Drew wrote “one thought comes to mind . . . specifically, the Winston Churchill quote ‘Those that fail to learn from history, are doomed to repeat it.'”
Or to misattribute it. While Churchill no doubt quoted that gem, it came from George Santayana (The Life of Reason, 1905), who also gave us the familiar “Fanatacism consists in redoubling your effort when you have forgotten your aim.”
Bartleby: Thanks for pointing that out, that’s why providing readers with the ability to respond to articles is always the way to go. I’ll post a note in the article pointing readers to your correction.
I wonder if there are any reputable appraisers who would be willing to do some or all of the appraising pro bono? A major appraising firm would probably be well positioned to take advantage of the PR that the ultimate results of the appraisal seem likely to generate.
My orchestra colleagues and I were jealous of the success everyone (but you) were anticipating for the NJSO when they announced this instrument purchase. At the time, I thought your initial articles pointing out the problems were full of it.
“How innovative and how special this is going to make the NJSO feel and sound” everyone but you seemed to say, yet look at New Jersey now. Instead of jealously, my colleagues and I now feel sorry for this orchestra and are glad it didn’t happen here.
But at least there is something the musicians in my orchestra have learned from this (and hopefully our managers): when you are the only one to publicly question an orchestra’s course of action, even when everyone else says it’s the greatest thing since sliced bread, it is something worth listening to. Thanks for having the guts to write what you did.
I think the problems regarding the string acquisition have unfairly distorted the reputation of the NJSO as a musical ensemble.
I have attended occasional concerts for many years, and it has become an exceptionally good orchestra during the past 5 to 10 years, especially since Neeme Jarvi became its musical director. And it’s playing in one of the best halls in the country, the NJ Performing Arts Center.