The Impressionists, the Dealers, and the Collectors
From Orlando Figes, The Europeans: Three Livies and the Making of a Cosmopolitan Culture (New York: Metropolitan Books, 2019), pp.383-385

   The place where Zola met the Impressionists most often was at the salon of his publisher, Georges Charpentier, a keen early patron of the Impressionists. . . Renoir soon became a

Pierre-Auguste Renoir, Madame Chapentier and her Children (1878)

regular visitor to the Charpentier's house in the rue de Grenelle, where he painted the celebrated portrait Madame Georges Charpentiers et ses enfants (Madame Georges Charpentiers and her children) . . .Through Renoir the Charpentiers began to buy from other Impressionist painters, who often wrote to them for loans against future sales. In 1879, Charpentier established the weekly journal La Vie moderne (Modern Life) to promote their ideas and help them financially by paying them for articles. At the instigation of his wife, whose artistic views were often sought by the Impressionists, he opened a gallery for them in the Passage des Princes, one of the arcades built by Haussmann, near the boulevard des Italiens. At the first exhibition, for Manet, in 1880, a free catalogue was given out to passers-by in the street, but no paintings sold.

   Charpentier’s salon was critical in getting other patrons to invest in the Impressionists. Many of their earliest collectors were regulars at his salon . . . or part of the broader Parisian élite that mixed with that crowd. Still, there were no more than fifty in Paris. Some were friends of the artists, such as the composer Emmanuel Chabrier, a friend of Manet and Degas, who depicted him, the only member of the audience to be seen, in his painting The Orchestra at the Opéra. Others were artists themselves, notably the Impressionist painter Gustave Caillebotte, who inherited a private income of 100,000 francs a year from his father’s business in military supplies. He not only bought a lot of the Impressionists’ paintings but lent money to them too. Most of the early buyers, however, were self-made men – manufacturers, financiers, professionals, who identified with modern art (it showed the world in which they lived, right-bank Paris in particular). They had diverse motives for their purchases: to furnish their mansions with paintings which they liked; to buy art for speculative purposes; and to make a statement about their status as major patrons of the arts. . . .

More than anybody else, it was Durand-Ruel who enabled the Impressionists to break into the market. Without him, in all probability, they would not have become widely known and the history of modern art would have been completely different. In the early 1870s Durand-Ruel was the only Paris dealer to back the Impressionists. . . The basic idea of his business plan (which would become common practice in the modern dealer system) was to buy a large amount of an artist’s work and raise the value by promoting it. He was the first of a new breed of art dealers who changed public taste by stimulating interest in an unknown brand of art, as opposed to the more established practice of dealing in those works of art which were already known and in demand.

   Durand-Ruel bought up works by the Impressionists wholesale, borrowing from bankers, and, if necessary to corner the market, entering into partnership with other dealers. . .  As a long-term investor in their work, Durand-Ruel was as much a patron as a dealer to the Impressionists. He gave them loans and encouragement when they most needed them. There were times when he came close to bankruptcy because their paintings did not sell. To raise their value on the market Durand-Ruel employed a number of innovative strategies borrowed from investors on the stock exchange. He pushed up the bidding for his own artists to increase their perceived worth . . . As he had done with the Barbizon painters, he founded an art review to promote the Impressionists. He specialized in one-man shows, a practice that became more common from the 1880s as other dealers learned from his success, and, instead of hanging paintings in the crowded manner usual at the time, gave each picture lots of space to emphasize its importance. He campaigned hard to get their works into public galleries and museums, recognizing these as “our best publicity”. He loaned their works to international exhibitions, and built links with agencies and dealers to develop foreign sales. The art market was internationalized at an ever growing rate from the 1870s, as cheaper photographic reproductions, the telegraph and a faster postal system enabled information about new paintings to cross national frontiers more easily. Durand-Ruel was one of the first dealers to exploit fully these developments with agencies in Europe and America. It was in the United States and Russia that through him the Impressionists would find their biggest markets in the last two decades of the century.

The Grand Salon at the Paris Home of Paul Durand-Ruel, c.1900-1910.

(The large painting on the left is by Renoir.)