The Visible Hand of the (Art) Market
Posted by: admin in Decline of human culture, Art Inc., Art market decline, Commerce and the failure of art, The struggles of artists, Decline of artI’m still slogging through Bill Ivey’s book, Art Inc.—trying to comprehend the intricacies of his arguments. For the most part, thus far as best I can tell, Ivie’s arguing that our cultural values—so heavily geared toward the commercial, and so heavily favoring the corporate—are at the root cause of our society’s dysfunctional relationship with the arts. That said, his solution thus far seems, at best, pretty pat and somewhat naive. I’ll report more once I manage to fight off the distractions of summer and can actually finish the book…
Meanwhile, a recent Reuters report by Mike Collett-While, “High art prices may disguise malaise,” tracks the continued decline of the current market for art. According to the story, which comes out of London, while the super-rich continue to push prices for Blue Chip art higher, “the picture is less rosy at the lower end of the market…. [and] values for even the world’s most sought-after artists could come back down to Earth with a bump if confidence were to slide.”
While records fell in a series of Christie’s and Sotheby’s summer art auctions, “falling share prices, inflationary pressures and rising costs of oil” were affecting the middle market, as one-third of lots failed to sell in a recent auction, and the the auction fell short by around $49.5-million of its low pre-sale estimate.
“The problem is when people in the market start to question and become uncertain,” said one analyst. “There could be a political or economic jolt that is so dramatic that it distracts people at the high end of the market, and it is like a house of cards.”
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July 7th, 2008 at 9:19 pm
Just watched a mesmerizing documentary on HBO documentary Monday: “The Art of Failure: Chuck Connelly”. The film seems to wrap itself around everything you’ve been writing about. Near the end the film montaged 3000 works in Connelly’s attic. Also, a hired actor posing as Fred Skoboda (sp?) tried to resurrect Chuck’s flailing career as NY gallery owners panned his work. Catch it if you can, somehow. You won’t be disappointed.
July 7th, 2008 at 9:25 pm
Hey, yeah. I’ve been wanting to catch this film ever since reading about it in the L.A. Times a few weeks ago. I don’t have HBO, unfortunately… You didn’t happen to make a copy of it, so I can catch it? Otherwise, if anyone knows anything about its potential to travel to Mpls (or when it comes out on DVD), please let me know: admin(at)artisticfailure(dot)com.
July 7th, 2008 at 9:54 pm
You can catch a trailer at HBO.com and a complete synopsis of this Pittsburg native and how he could be rich if he sold his ovure in a one shot deal. Next week, if Yong Ping is listening, the Lost Children of China, something a Chinese artist could really get his hands around, will be aired for the first time. I think the Connelly docu will be shown in LA this month. Also, if you miss the Monday documentary, you can bring it up the next night using the “on demand” feature of Comcast, if you have that cable.
July 7th, 2008 at 10:05 pm
Ack. Four strikes for me. No HBO. No Lost Children. No going to LA. No Comcast Cable…
July 8th, 2008 at 11:42 pm
You will see it and promise a review after you do. I had the feeling art has failed Connelly. To see his retro in his attic was humbling. To hear a vulture/patron offer him 200 bucks for a painting or imply Chuck should try to eat the painting takes the cruelty of artistry to the depths of failure. I think he makes a comeback.