The Art Newspaper this past week has proclaimed that “speculation in young artists” is ending in the wake of economic worldwide meltdown.
The effect? I suspect that it will hurt the smaller galleries that sell emerging or non-blue-chip art the most. I suspect, but don’t follow it closely enough to say for sure, that it will also happen sooner or later with Chinese, Indian and Middle Eastern art markets as well… It’s been kind of like buying internet stocks—and we know how that ended. With the high prices for younger art “established” by a speculative market where can they go, relative to demand, but down? But galleries never lower their primary prices, so these works will sit in gallery storage racks—with zero revenue-flow for non-brand name dealers. I call this the death spiral for art: sinking prices and sinking demand.
Is there a silver lining in the midst of this gloomy forecast?
Perhaps a return to the importance of museums, critics and alternative spaces for validation and the introduction of new art.
Hm. A return to the importance of critics? That doesn’t sound so bad… (Except where are these critics going to publish their writing?)
On a completely different note, please come to the Art Happy Hour this Sunday, October 19, at 9 pm at the Red Stag Supper Club. (Art Happy Hour is the only true antidote to America’s ongoing Artistic Failure!)