How To Invest in Art, with Marshall Gummer

When visiting someone with impeccable taste, unique style, and true business intelligence, don’t be surprised to find original works of art decorating their walls.  Homeowners have to hang something, so why not invest in locally produced fine art? The market is unlimited. Most houses have a dozen walls which need decorating, and there are infinite commercial spaces to beautify. The reason why buying and exhibiting paintings isn’t more popular in Canada is probably because most Canadians don’t know the first thing about our native painters, or how to invest in art.

Acrylics, oils and watercolours make strong statements and define the rooms and residences of great people.  Homeowners with less taste will opt for unremarkable decor and outfit their houses with prints sold in furniture stores. Both can be beautiful, but paintings with provenance will accrue more value over time and are better investments.

The Canadian art market grows steadily hotter. Heffel Fine Art Auction House’s spring auction, held on May 22, 2025 was titled Made in Canada, and featured all Canadian artists. The sale included exceptional Group of Seven paintings, including major historic canvases by Lawren Harris, Franklin Carmichael, and Arthur Lismer from the University Club of Toronto collection. The auction raked in C$22 million dollars, shattering records for several major Canadian artists. Six days later, at Cowley Abbott, a Jack Hamilton Bush painting “The Good Samaritan, May 1951” oil on masonite sold for $52,800 CAD. Waddington’s Fall 2024 Auction saw Lawren Harris’ North Shore, Lake Superior sell for a record $4,392,750 CAD, exceeding pre-sale estimates.

Marshall Gummer on How to Invest in Art

On Friday August 29, 2025, I reunited with Marshall Gummer of Marshall Gummer Estate Auctions, an appraiser who was routinely featured in MoneySense magazine in the 1990s, and who met and greeted the public for many years at the Pickering Flea Market in the 2000’s when that place was booming.  Since then, Marshall has been featured on Breakfast TV, Global News and CTV News discussing art fads versus good investments. “Never collect anything that was made to be collected,” is a Marshall Gummer truism I’ve repeated to myself and others for decades.

“Buy what you love.” Marshall Gummer says, “if you like department store art, buy it. But consider what each piece says about you. And how it makes others feel when they’re in the room.”

“While most good quality, signed paintings do increase in value over time, there is no guarantee any work will double or triple in value,” Marshall says, “but if you know how to invest in art, and you buy the right pieces, it’s a good bet.”

“Autumn Woods,” by E. Conyers Barker – photo by Rob Campbell, 29 Aug 2025

Although we’d like to believe the visual power of the artwork is all that matters, it’s not true. In teaching us how to invest in art, Marshall stresses the importance of provenance.  A painting’s provenance is the most important factor when appraising art, followed by aesthetics, and finally, material quality and longevity.

First, Consider the Provenance of the Painting

In the cover photo, Marshall Gummer holds a painting by E. Conyers Barker, that checks all the right boxes for being an exceptionally good buy at any price under $1000.  This is cottage art, and something that would blend harmoniously with Muskoka scenery. Turn the picture over and we find the title is ‘Autumn Woods” Lawrence Ave East / Toronto 1930 / E Conyers Barker.  The artist signed the piece in all caps, which is his well-documented signature.  This is where the investment is secured.

ArtValue.ca lists the highest price ever paid at auction for artwork attributed to E. Conyers Barker was CAD $863 – paid for “Cemetery by the Canal at Port Dalhousie, Ont.” sold at Cowley Abbott in Toronto in March 2018. ArtValue.ca has sixteen separate auction art sale records for E. Conyers Barker, with prices in the range of CAD $100 – $1,000. The painting is oil on board, and is signed in the lower right corner, and dated “July 1939”. It is titled “The cemetery by the Canal at Port Dalhousie,” by E. Conyers Barker on the reverse. The artwork measures 12 x 14′ (or 30.5 x 35.6cm).

Provenance is more than the painter’s renown, schooling, mentors and influences. It’s also the ownership history of the piece. Provenance starts when the art is first created and continues with each owner. Every exchange creates another link in the chain. Provenance might include a collection of letters between the artist and commissioning patrons, photography of the art on display in a newsworthy exhibition, or newspaper clippings about an earlier sale.

Do a Google search for E. Conyers Barker and you will find plenty of information and come to learn he was a prominent Canadian painter, and commercial artist known for his stylized landscapes, abstractions, and portraits in oil, watercolour, and acrylic. Born in Toronto, he was influenced by the Group of Seven and exhibited internationally, and is represented in major collections like the Art Gallery of Ontario. Barker, who lived in Barrie for the last decades of his life, was a member of several Canadian art societies and continued to paint despite suffering from childhood polio. Paintings by this artist are a good bet.

“The cemetery by the Canal at Port Dalhousie” by E. Conyers Barker, July 1939

“You have to do the research.” Marshall Gummer says, “if the artist doesn’t show up on Google, you have to dig deeper.”  Learning how to invest in art is about learning how to research obscure painters. He went on to list some of the Canadian cultural heritage databases he has used in the past, including the National Gallery of Canada (NGC) Library, the Art Gallery of Ontario (AGO) and specialized art historical resources such as the Art Canada Institute, RACAR, and the International Foundation for Art Research (IFAR). He recommends visiting the hometown libraries or any local galleries where the artist may have exhibited their work. He hunts for information in auction records, exhibition catalogues, scholarly articles, and biographical directories like Artists in Canada to piece together an artwork’s history of ownership and exhibition.

Canadian painters worth collecting

While appraising antiques collections and estates in preparation for upcoming auctions, Marshall Gummer keeps an eye open for paintings done by the following Canadian artists. These are the best of the best, the Top Tier artists as Marshall says, and their work is magnificent, and a ‘safe bet’.

David Milne
Guido Molinari
Kathleen M. Morris
Laura Munz
Jean-Paul Mousseau
Kazuo Nakamura
Lilias Torrance Newton
Paul Peel
Alfred Pellan
George Pepper
Katheen Daly Pepper
W.J. Phillips
Robert Pilot
Jack Reppen
Jean Paul Riopelle
Sarah Robertson
Albert H. Robinson
William Ronald
Robert Roussil
Anne Savage
Stanley Royle
Ethel Seath
Marian Dale Scott
Michael Snow
Francoise Sullivan
Suzor-Cote
Takao Tanabe
Tom Thomson
Fernand Toupin
Claude Tousignant
Harold Town
Frederick Varley
Horatio Walker
York Wilson
Walter Yarwood

Each of the artists listed above is a well-documented Canadian fine arts painter, and yet despite their renown, it’s a mathematical certainty that much of their work is still undiscovered. It’s circulating about the countryside where they lived and painted, or is hidden away in attics, basements, and condominium storage lockers. Previous owners may have known the value of these paintings, but in so many cases, they’ve chosen to store the pieces instead of displaying them, tucking them away from all consideration.  These pockets-of-paintings are routinely discovered and sold at Cowley Abbot, Heffle’s Auction house, and Waddington’s Auctions in Toronto, and on smaller, private estate auction sale sites like Marshall Gummer’s enterprise.

Secondly, Consider the Aesthetics of the Artwork

Untitled, Canadian Artist, Anna Jalava, Oil on Board – photo by Rob Campbell

“Where do you plan to hang the painting?” Marshall asks, because each piece of art either compliments or clashes with the contents of a room. “Watercolours are great for bathrooms, mudrooms and swimming pool changerooms.” In such places, their fluid styles compliment the water element and create a sense of tranquility. On some level, they symbolize ‘the wash’ and help create a spa-like atmosphere in an otherwise utilitarian space. While moisture is a concern, watercolours under glass in tight frames can be a beautiful design choice, especially for creating a focal point in a less-cluttered room.

Action scenes which depict people hunting, fishing or harvesting crops are the best choices for dining rooms as they imagine the origins of food and celebrate the relationship between field and table.

A seascape or a wide-open prairie landscape can imbue a sense of freedom and create a paradox as viewers contemplate how a small room could contain such a vast expanse. Conversely, a dense forest painting imbues security and privacy. “Sometimes we just fall in love with a work and will create or organize a room to enjoy its company.” Marshall says, learning how to invest in art, means learning how to use the art and how to realize it’s most ideal application.

Pinpoint the Artist’s Perspective, Picture the Scene in Real Life

“Choppy Dawes Place,” in Wiarton, Ontario, watercolour – photo by Rob Campbell

T. Callaghan’s watercolour shows us Choppy Dawes Place in Wiarton, Ontario in what is probably the 1960’s or 70’s, but the artwork is undated.  Regardless it might be possible to find this house and viewpoint today. Being able to stand in the exact spot and view the same scene adds credibility and makes it a better investment. 

With regard to the “Autumn Woods,” Lawrence Ave. East, the street itself, from Bayview to Leslie is still broken today, and while the trees are gone, it might still be possible to find the small stream and river gulch that Mr. Barker painted in the autumn of 1930.  Finding the exact spot would add to its provenance and help establish its authenticity. Many of the old mills and impressive buildings that were his and others’ subjects have since been demolished, and now these painted images and early townscapes are highly collectible because of how they track our growth and celebrate our heritage.

Lastly, Consider the Quality of the Materials Used and Their Longevity

It shouldn’t matter, but it does. The physical quality of the products used to create the artwork are a factor in determining its price. Premium quality canvas or mounted boards and good quality paint is what’s desired because it leaves open all possible options for framing and display. Poor quality materials such as the textiles and paints used by Maud Lewis, can complicate the work’s preservation and exhibition. Due to her lifelong poverty, Maud sourced inexpensive materials to create her vibrant folk-art paintings, which are known for their rich colours and their fragility.

Learning how to invest in art necessitates learning how to best preserve the paintings’ rich colours and textures. 

Find Paintings Made by Famous Canadians

It’s smart to buy art made by prominent people, regardless of whether they considered themselves artists or dedicated much time to their craft. Canadian Nobel Prize-winning scientist Frederick Banting only just dabbled in art and yet The Lab, his 1925 painting of the University of Toronto laboratory in which he co-discovered insulin was recently sold at Heffles Auction House for $313,250 (Nov 2018). 

Similar to Banting, British naval officer and explorer of the Canadian Arctic, Admiral Sir George Back’s 1820’s era paintings are now being acquired by museums. Paintings by politicians are usually good investments, depending on their price. Howard Johnston, a former Member of the Canadian House of Commons took up painting after leaving politics, producing watercolors and holding many exhibitions. His art is being collected today. Look for pieces by Jeanne Sauvé, a journalist, and the first female Speaker of the Canadian House of Commons, and later our Governor General. Acquiring any pieces she created could be considered celebrating her legacy, and a good investment.

Was the image above painted by Sir Wilfred Grenfell? The great man signed it, but there is no record of the famous doctor and missionary also being a skilled painter. The Dinner Party,  oil-on-board, undated, appears in holiday greeting cards issued and sold by the Grenfell Society, and is a valuable piece of history.

Was Sir Wilfred Grenfell also a Canadian Painter?

Is this the original Dinner Party, a painting which the Grenfell Society in Newfoundland relishes as part of their heritage? They sell a print of the Dinner Party on a Christmas card as though it’s present in their collection today. But there are no photos of this piece in their gallery.

Marshall is certain that Sir Wilfred Grenfell created the work himself, but others are not convinced because there’s no contextual evidence of the great man being a painter. He was a well-known physician, medical missionary, social reformer, and author, but there is no record of him ever painting anything. While there are mentions of art and artists associated with the Grenfell Mission, including art programs encouraging residents, Sir Wilfred is not included as an artist. But regardless, Marshall has the hand-painted original artwork which bears his signature.

Don’t Rush the Decision to Invest in Fine Art

If you like a painting you find hanging in a gallery, or in an antique store, and you wonder how it’d look in your own home, why not ask to borrow it for a few days? Pay a deposit and the proprietor will probably allow you to take it home and put it on trial. Sometimes it’s just too hard to decide if a particular artwork is right for your wall without seeing it in place. Many galleries and store owners will let you take a painting home for a time to make sure it fits with your décor and looks great on display.