Hello everyone,
I’d like to venture a few thoughts on the subject of the art world and its interaction with commercial markets, seeing as how our current show, Team Studio, is concerned with the careers of emerging artists; and how those careers need to progress professionally, as well as artistically to survive.
People in the know, like Ben Bernanke (chairman of the Fed) and Warren Buffet (philanthropist and richest man in the world), are warning that the US economy is experiencing more than just a slow-down; it’s feared that a full-blown recession has already hit, or is on the point of touching down, with potentially devastating consequences. As is clear, this affects the price of things even in the meantime, just as it is affected by them. Skyrocketing oil costs or bottoming-out real estate markets influence the total value of all the money in the world, and all commodities whatsoever stand to be reduced in value if a serious recession takes place that damages the global economy.
Scarcity, which is the active ingredient in commerce, is inherent to the visual arts, in that plastic art is by definition object-based and therefore a commodity; and even art which is not plastic in nature but which is putatively within the domain of visual arts is affected by the same market (in both the cultural and economic senses) because it derives its validation and context from that sphere of influence. One way or another, even if we attempt to prevent a financial equation from grafting onto an artwork and consequently defining its worth, we ipso facto know that it will have one as soon as it is wanted by someone, anyone.
The begging question therefore is: during a recession can the value of art culturally diminish, as well as monetarily? Does it become not as good somehow? There seems to be a force field that surrounds famous and valuable artwork, and shields it, not from criticism, or even hatred, but from devaluation. Condescension and scorn are heaped upon certain works: in extreme cases, the effect is to raise the price and improve the reputation of that work all the more, but usually during a bull market. Bear markets induce global cultural uncertainty, and art not protected by long-standing reputation can become vulnerable to aesthetic reappraisal as well as failing commercial value. Conversely, art can also provide a safe haven for money during times of market uncertainty, but even then, the risks incurred are too great for art to prefer the bear to the bull. And where new art is concerned, unproven internationally and untested at auction, both falling prices as well as disappearing sales could well be the upshot, and very much hurt the base of the art world pyramid.
How much does our qualification of art depend upon the aura bestowed by the market, in fact? When individuals decide or are persuaded that a certain artist is good, and that they should like that artist, is there a sense in which that is the moment when the artist actually becomes good? Or, if not, at least better than he or she would otherwise be seen to be by neutral observers. And even if the question is facetious, and we can be more or less certain that some work is good for objective and perceptible reasons, couldn’t it still be true that even the artist themselves is very likely to shift his or her stance toward the work in question, having seen it validated in this way?
The most recent evening auctions at Christie’s and Sotheby’s were successes, contemporary art is doing well, and maybe it will weather the storm, even come out on top. But when we come to appreciate the fact that reputations that seem solid can collapse (when just one collector unloads the work of a particular artist in bulk for instance), we may come to appreciate a different form of irony than the kind we are used to in the visual arts: tragic irony, in the classical sense. We all have to hope that art knows what it’s doing. Art needs to be a little bit heroic this next while, and hang on to the edge, because it’s a cliffhanger we’re in, and even if the plot seems familiar, we still may not have seen this particular movie, and for better or worse the ending could come as a surprise.