Louis Icart was a prolific artist who enjoyed great popularity during his lifetime.  He was not the typical starving artist.  His popularity was greatest in the 1920s and 1930s, during which time he came to the US to promote his works.  Wanamakers, the Philadelphia department store, was a major outlet for many of his sales.  For one special promotion, Icart drew one very large pastel of a woman for every window in the store, going all around the block.  Those drawings are still available, but difficult to find.

Icart was most famous for his etchings, but he worked in several different mediums, including pastel, watercolor and oil.  Before the big runup of prices in all things Icart during the Japanese buying frenzy of the late 1980s, original oil paintings by Icart were available for the price of a good etching, in the range of $3-5,000.   Very little was written about his oil paintings and Americans (and most of the rest of the world) didn’t seem to be very interested in them.  The Japanese recognized the opportunity and bought them with zeal.  After all, paintings are one of a kind, hand-painted by the artist, whereas etchings are limited edition, hand-signed by the artist.  The prices of Icart’s oil paintings zoomed up in price and within just a few years prices reached $250,000 for the biggest and the best.  Even standard size 13″ x 16″ paintings were selling for $40,000 each at the peak in 1989.   When the real estate boom ended in Japan in 1990, and a worldwide recession ensued, the prices of all of Icart’s works tumbled faster than they had risen, but not to the levels seen prior to the rise.  Oil paintings became available

in the $10-50,000 range and haven’t done much in the years since.

It won’t take much buying power to move this market because of the limited supply.  I’ve seen it happen in many other areas of collecting.  Right now there is great opportunity, but I suspect that one day, someone will recognize that and people may look back on this time as a missed opportunity.

Please visit chasenantiques.com for further information.

I’ve been dealing in the etchings and paintings of Louis Icart since the 1970s, when his works were rediscovered by the buying public. At the time, Phillips Auctioneers occupied the Rhinelander Mansion on Madison Ave. and 72nd St., in New York City. They were clever to put together several auctions exclusively with his works. Back then, auctions were mostly attended in person, so the auction house was filled to capacity with an overflow crowd. It was very exciting to attend an auction when interest was so high. The auction went fabulously well, with almost everything selling at record or near record prices. And so started the first wave of interest in Icart.

The public lost interest in Icart in the early ’80s, so prices dropped significantly. Then an exhibition of Icart etchings and paintings was assembled and exhibited in Japan. This started the next wave of activity, but this time, the action reached a fever pitch. World business was good and the Japanese, in particular, were experiencing a monster real estate boom They borrowed against the value of their holdings and went on a worldwide buying spree of unprecedented proportion. French items were high on their lists and that included Icart. Japanese buying was so frenetic that prices went through the roof. The base price for an Icart etching was $4,000, with some oil paintings reaching $250,000 at auction. His best etchings, such as Two Beauties, were selling for $55,000. These were the prices paid in US dollars. By the time the merchandise was brought back to Japan, the prices were doubled and tripled.

Unfortunately, the recession of the early ’90s popped the bubble and prices dropped dramatically, most to less than 50% of their peak prices.  After a low in the early ’90s, prices recovered slowly, but never back to their glory days.

And now to today.  The current recession is having an adverse effect, as would be expected.  Prices have dropped significantly, so some Icart etchings are available for under $1,000.  The best ones are still more valuable, but the whole market has turned down.  See an opportunity here?  If you’re a collector, a decorator, or an investor (and I don’t recommend investing), this is the BEST time, not the worst, to be looking again with fresh eyes at his works.  Prices will not stay this low for long.  It’s no different than the real estate market.  This is a great time to buy.