“Collecting is a form of madness. It’s not a bad obsession. It’s not a drug addiction. It’s a good addiction. It keeps you out of trouble.”
–Art and Antiques Magazine
Unlike other commodities, art has no inherent monetary value. Rather, the price is often set by an artist’s reputation, which drives the supply-and-demand. For collectors who consider their art an investment, the mysteries of the market can be daunting and discouraging. In spite of this, many still collect art. This suggests that the reasons people buy art extend beyond price.
Whether it’s hats, sneakers, or Pokémon cards, there’s a certain human impulse to hoard and display your prizes. When it comes to art, particularly street art, the decision-making process is more nuanced, but abides by the same desire.
Curious as to what drives this decision-making, I spoke with two street art collectors, Dan Ovadia and Bianca ‘Bing’ Cruz, to learn why and how they value their art.
The Value of Community
Dan Ovadia and I first met on the set of a street art web-series centered around the idea of ‘street art addiction.’ Among a crowd of mostly artists, Ovadia offered unique insights to the discussions. Later when I reached out about an interview, he was eager to share his thoughts. The finely dressed collector was punctual as we grabbed coffee one Saturday afternoon.
A native New Yorker, Ovadia made the state circuit before landing in New York City. He grew up on Long Island, finished his undergrad at Buffalo, and received his law degree from Cornell in Ithaca. At 30 years old, he is a second year associate for a firm that specializes in leverage finance. He lives on the Upper East Side.
Ambitious and career minded, I was curious as to how he found himself collecting street art.
“I don’t know that there’s any one thing. I’ve always had a casual interest in art and aesthetics. It’s easy to nourish your interest in art in the Instagram world,” he explained.
“I don’t know that there’s any one thing. I’ve always had a casual interest in art and aesthetics. It’s easy to nourish your interest in art in the Instagram world.” – Dan Ovadia
Instagram led him down the rabbit hole. Living in the city, Ovadia would see art and check out the artists, scrolling through their profiles and reading about them online. Street art appealed to him more than other genres because of the community it represented.
“Even before I met some of the artists, I saw that they were following and supporting each other. As someone who places a high value on community, it made me want to be a part of it.”
Ovadia made his first art purchase in September 2017, shortly after moving to New York City. The newfound collection began with a NYC Map painted by Hektad from Fat Free Art. His desire to learn more drove the decision.
From the outset, Ovadia quickly found himself drawn into the street art world.
“Art collecting is very addictive,” he joked. Ovadia described the high he experienced upon purchasing several more pieces, including a print by Gucci Ghost.
As his collection grew, and the space available in his apartment dwindled, Ovadia became more selective about what art he buys. Ovadia’s collecting has become more serious, which has led him to reflect and reevaluate before dropping money on the table. As a result, he buys fewer pieces but is more comfortable with paying higher prices for each new acquisition.
While reaching a decision, Ovadia considers the potential resale value, and the likelihood that a canvas will appreciate. However, not all of the art he buys is intended for investment. As someone trained in the finance industry, Ovadia has learned shrewd bargaining techniques, and researches the artists prior to opening negotiations. (“The more you know, the more you can assess.”) He frequently encounters a lack of transparency in pricing. Like any smart investor, he is wary of getting milked.
“Some artists publish their prices, or have galleries that do, so you can get some perspective on what the starting point should be. … Other artists, I’m not sure if they try to charge more when they see my Instagram and see that I’m a collector. I think the more expensive the piece, the more important it is that you pay a fair price compared to other people.”
All the same, if Ovadia likes a piece by an artist who isn’t rising within the market, he is still open to purchasing it. In his mind, buying art allows him to “help an artist pay their rent, spend more time on their craft, and less time at a day job… I’m happy to help.” In a way, he does this out of a sense of responsibility to the community.
“For me, what I pay doesn’t necessarily indicate how much I like it. Some of my favorite pieces I didn’t spend a lot of money on.”
“For me, what I pay doesn’t necessarily indicate how much I like it. Some of my favorite pieces I didn’t spend a lot of money on.” – Dan Ovadia
I asked Ovadia if he thought price could indicate quality. He emphasized the importance of originality.
“Most of my friends won’t know the difference if I paid $500 or $5000 for a piece… I do think that now, it’s important for artists to own their own style. If they have a unique style, they can set a price for what they think their art should be.”
He compared the thought process to buying a luxury car.
“Do I want something similar, or do I want the original? There are cars that looks like a Bentley, but aren’t. What makes a Bentley, a Bentley? Part of it is being a good car that has better parts. And part of it, is that it’s a Bentley. “
Investing in a Collection
“I’ve spent a lot more money than I anticipated on art,” Ovadia said, laughing.
He estimates that he has over 25 pieces in his repertoire, including canvases, prints, and other tokens. He spent nearly $20,000 of his after-tax income on art alone — a number that increases when you take into account the indirect costs of collecting, like investing in a solid frame.
“This year, I’ll hit $25,000 after framing. But it’s important that great art has a great frame.” Ovadia quipped that he kept a framer on speed dial. “Joe at Eastside is my guy.”
When Ovadia first bought art, he was hesitant to spend even $500. Now, he won’t spend under that. The question of monetary value has, at times, perplexed the collector. As he explained, we have a general sense of how much something like a laptop or shoes should cost. For art, there is no value barometer.
As a lawyer at a prestigious firm, Ovadia has the privilege to sponsor a lot of art, although this has its limit.
“When I started buying art, I was just like ‘oh I like this!’ ‘Oh this will go nicely next to that!’ Then over time, I started thinking, I need to set better rules… You can’t buy everything.”
One of these rules was to buy less prints and more canvases. (“I’d rather own originals.) Though if the print is by a top-tier artist, such as Tristan Eaton, Ovadia won’t hesitate to snap it up knowing the print will likely increase in value. When a print by Eaton went on sale, Ovadia snapped up his copy, seeing the high demand. It sold out and is now estimated to be worth double the original price.
Keeping resale value in mind, he believes “larger pieces appreciate more down the road.”
“Now, I ask myself more questions before buying art – does it fit my collection, do I like the art? Do I like the artist? If I’m paying more than $1,000, will this art appreciate?”
“Now, I ask myself more questions before buying art – does it fit my collection, do I like the art? Do I like the artist? If I’m paying more than $1,000, will this art appreciate?” – Dan Ovadia
Ovadia often takes a utilitarian approach to more expensive pieces.
“Generally, I think of a price I’m willing to pay. Even if at resale it would be worth zero, the art is still worth X amount to me. If I love it, I think this is the price in my head of how much joy it will bring me.”
For Ovadia, his relationships with artists tend to be the critical determinant in his investment decisions. When he posts to Instagram, Ovadia tags artists and enjoys sparking discussions.
“The more I talk with an artist, the more I feel I should support their art. We’re building this relationship.”
For artists hoping to increase the value of their art, Ovadia offered a few suggestions, stating:
“It benefits them to be good on Instagram. And when I say good on Instagram, I mean posting their own art, posting art by other artists that they like. It lets you know what their taste is. I’m always curious.”
The collector doesn’t care much about the money when spending on smaller pieces. For investment grade art, the price matters. If an artist he’s invested in goes down in price or starts selling at discount, he will “be very displeased.”
“I got an amazing Sean Sullivan from 212 Arts [an NYC gallery] that I love. He’s a great artist, but I also think he’s a great steward of his prices, and others. I’m more inclined to buy art from someone, if I see that he’s supporting them. Sean uplifts artists in a meaningful way.”
Ovadia often purchases from artists directly, or through galleries he trusts. A shrewd deal maker thanks to his experience in the finance world, Ovadia is not afraid to negotiate.
“Artists deserve to get paid. Galleries deserve their margin too. I firmly believe artists contribute something important to the world. But that doesn’t mean that I won’t negotiate.”
Ultimately, there is no surefire method for investing in art — the market is volatile, unregulated, and at times, seemingly random.
Ultimately, there is no surefire method for investing in art — the market is volatile, unregulated, and at times, seemingly random.
I asked if Ovadia had any favorites pieces.
“I love all of my Adam Fu pieces.”
Ovadia owns three. Two say Grateful, and the third says Will Do. (One Grateful is above his bed, while the other and Will Do are at his office.) Ovadia commissioned the Will Do piece because it represents his pride in his career. As he explained, when a lawyer is sent instructions from a client, the standard response is “will do.”
Ovadia cited Fu as an exemplary artist worth investing in. He is drawn to Fu both for the artist’s aesthetic and humanitarian commitment. Fu is known for making an effort to help out the community, as he did with his “I Give a Fuck” initiative at 3RD Ethos Gallery in 2018. He donated 100 percent of his proceeds to various charities and nonprofits.
Social value is increasingly important for Ovadia as he evaluates pieces. But other things catch his attention. He shared with me a quirk about his collection. His two roommates are named Tom & Jerry – as such, whenever he encounters art featuring the eponymous cartoon characters, he’s more liable to buy it.
In summarizing his collection, most of Ovadia’s art comes from New York City street artists, due largely to his relationship with the local community. Ovadia collects art less for the status associated with a flashy showcase and more for the memories and emotions each piece evokes.
“I don’t think about it from the perspective of money, because no one that I know really knows the value of my collection.”
Bing in the Streets
“It’s a passion of mine to own something from an artist whose work I really enjoy. Something that captures me, and makes me go ‘wow!’ Something that makes me feel…” Bing explained.
I first stumbled across Bianca ‘Bing’ Cruz last year while she was assisting Dirt Cobain and Outersource in their collaboration at Bushwick’s Gallery Bar. She radiated a bubbly spirit and an eager attitude.
Born and raised off Henry Street in the Lower East Side, her original exposure to street art came through exploring the city. Bing currently works as a pastry chef, with years of experience in the restaurant industry “from the back of the house to the front.” She describes art and cooking as her two greatest passions.
A creative spirit, Bing always had a general interest in art. At sixteen, several of her friends experimented with graffiti. Late at night, they’d go into Bushwick, bombing old warehouses with tags. “From then on I just had an eye for seeing graffiti on the street,” she said.
Her art collection began in those graffiti days, with friends giving her their black books. She was fascinated by the colors and forms, and quickly learned how to decipher different tags and styles.
Bing first began to take collecting seriously while traveling. On a trip to Hawaii she wanted a memento to cherish the memory. She bought some local art “as a memory of that time… a kind of souvenir.”
Upon returning to New York, she built a collection with t-shirts, prints, pins, and canvasses. She explained, “the majority of it is street art. I have some contemporary pieces, but with street art I just like the urban rawness of it.”
Upon returning to New York, she built a collection with t-shirts, prints, pins, and canvasses. Bing explained, “the majority of it is street art. I have some contemporary pieces, but with street art I just like the urban rawness of it.”
Bing noted that she didn’t purchase the bulk of her collection. Rather, she won most pieces in contests, or found them in the street. “The ones with a good story are my favorites.”
Bing told the story of how she won an Adam Lucas (formerly known as Hanksy) canvas. The show was held in a building off Bowery. It was a rainy Tuesday night, and the line wrapped around the corner. Bing arrived as soon as she could. Channeling her magnetism into fashion, she dressed up in street gear to get battle ready. “I was wearing my mask and looking pretty dope.” She credits her look for why she was awarded the piece.
Occasionally, Bing does buy art. After saving up for weeks, she went in with a friend and co-bought a Fumero canvas. Although it was expensive, she appreciates it for the memory.
Bing hadn’t heard of Fumero until she met him. While walking down Second Ave, she passed the AmArtStop Wall. Fumero was painting. Bing had seen his work around the city, and was a fan of his ‘Family Table’ series. After he finished painting, Fumero invited Bing to hang out.
She ended up chilling with the artist and Steve ‘AmArtStop’ Stoppert himself, and they went into Stoppert’s apartment. While there, she was fascinated by the older art collector’s display. (Within the NYC street art community, Stoppert is known for his legendary art collection. Having been once myself, I can attest to the impressive display.) Like Bing, the vast majority of his collection was given, rather than bought.
In pure monetary terms, Bing has only spent about $900 on art. However, the collection is worth more, given the big name artists she has in her cache. She owns about 15 canvases.
How a collector tends to their collection says a great deal about their personality. For Bing, “with my pieces, there’s no other way you can treat them except with absolute love and respect.” She continued, “value means… the respect that you have for the artist. For the art. For the time they put into creating. The sweat. The tears.”
How a collector tends to their collection says a great deal about their personality. For Bing, “with my pieces, there’s no other way you can treat them except with absolute love and respect.” She continued, “value means… the respect that you have for the artist. For the art. For the time they put into creating. The sweat. The tears.”
The Treasure Trove
“Growing up in New York City only makes you stronger. You’ve gotta be strong like the concrete. … I love go-getters. Not like ‘man, I wish I could do that.’ People who are like ‘yo, let’s go and fucking do that.’”
Back when I wrote for SOLD, I went on a Free Art Friday expedition led by Big Ronnie. As he toured us along the East Village, the artists in the troop would stash canvases in hidden locations, dropping hints on their Instagram. The art was free for anyone who found it. As we rounded a corner, Bing burst passed us in a mad dash. I barely had time to register a hello.
Her labor wasn’t without fruit. She later walked home with two big wins — a CDRE and a SacSix. Bing recalled, “certain pieces… are almost like a struggle. Ya know? You’re on this mission, to go hunt for this piece.”
Another one of her treasure hunts took place in the Lower East Side. Several artists, including Claw Money and Lexi Bella, set up at scavenger hunt as a promotional event with Essex Crossing. Artists hid images around construction sites and scaffolding in the LES. The contest awarded art to whoever found the hidden pictures and tagged the correct artist. Bing got out and got up, and in the end she won several pieces.
Given the amount of time Bing has spent in the art world winning prizes from artists, I was curious to her thoughts on the street art community.
“I fuck with the community. It’s more prosperous for everyone when you give love and motivation to one another. … We need to come together, so we can all take over New York City and create something beautiful.”
I asked if she ever thinks about reselling her art.
Bing laughed, “right now I’m going to continue to be a hoarder. Maybe one day… but they’re my babies.”
Bing hopes to pass down her art to her family, someday to her kids and grandkids.
To Bing, the true value of art lies in its capacity to cure mental unrest. She opened up about her depression. In its throes, Bing would spend many days suffering in silence, lying in her bed for upwards of seven hours, doing nothing but scrolling through her phone. It was art that pulled her out of it.
Bing was scrolling through Instagram when she saw Sarah Erenthal had just started painting a new mural on Allen Street in the LES. Inspired by her art, Bing got out of bed and went to the wall. She ended up meeting Erenthal and spending several days assisting her with the mural. Bing credits art as the inspiration she needed to kick-start herself out of depression.
“Art has been the thing that grabbed me and pulled me out my depression when I was going through it. Art is what made me like, ‘wake the fuck up. Get out of your head.’ To me, that means a thousand times more than just something I bought.”
Why Collect?
In a money-hungry city like New York, the question of price will always hang heavy in the air. Despite this, art collectors seem to consider the value of art to be much greater than the price tag.
In a money-hungry city like New York, the question of price will always hang heavy in the air. Despite this, art collectors seem to consider the value of art to be much greater than the price tag.
For Dan Ovadia and Bing, it was the intangible values of art that kept them collecting – community, connection, and inspiration.
As for myself, I have a small assemblage of pieces. An amateur collector, I’m modest about my art collection. Some were bought, most were given. At my birthday last year, several artist-friends made me original canvases, poems, and illustrations. I know the pieces will appreciate in value, as I’m confident in my friends’ careers. But the reason I hold onto them has nothing to do with selling.
My art collection is a gallery of memories from my time within the street art community.
