Word: sells
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Dates: during 1990-1999
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...years ago, struggling artist Thomas Kinkade sat in a secluded gallery well past closing time, determinedly propounding the virtues of his luminescent garden-and-cottage scenes to a young couple. He was going to give it a few more months, Kinkade told the couple, and if he couldn't sell enough paintings to earn a living, well, he'd close up shop and move...
...open, it is one of more than 200 Kinkade galleries nationwide. Media Arts Group, the artist's publicly traded company, based in San Jose, Calif., recorded $126 million in sales last year. Kinkade, who owns 24% of the shares, is worth $30 million. Canvas lithographs of his paintings routinely sell for as much as $15,000. "It's staggering," he admits. Equally staggering are the profits--$5 million last year--derived from slapping the images from Kinkade's paintings onto everything from calendars to table lamps. The merchandising machine will go into overdrive this winter when construction is scheduled...
...range from canvas to three sizes of paper prints. Throw in the T shirts, mugs and pillows with the same images, and limited looks limitless. "These guys haven't invented anything, they've just discovered an image that's salable, and they pump the market until they can't sell any more," says Herbert Palmer, owner of a gallery on Los Angeles' Melrose Avenue that sells works by the respected contemporary abstractionists Gordon Onslow Ford and Choichi Ida at prices as high...
Ultimately, it may be necessary for the artists to hone their business rather than their artistic skills if they want to sustain their industry. The problem, says Steve Hanks, another top-selling artist, is that too few art schools teach their students how to earn a living at their craft. "I used to think if the art was good it would sell itself," Hanks says. "Then I worked and starved for 15 years, and I realized that today's art business is about selling your name." Wyland started marketing his work in junior high school and never...
...could margin investing turn cataclysmic? Here's the scenario most feared--and most plausible. The combination of rising interest rates, lofty P/E ratios and some unexpected Y2K problems in the period ahead could jolt the market into a major sell-off. Internet stocks would be most vulnerable, but the damage could spread to other equities as well. If a stock bought on margin falls 30%, the stockbroker typically grabs the phone and utters the dread words "margin call." It means you've lost so much money on the stock you bought with borrowed funds that you have to dig into...