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Annie Steiner Art Blog


Money in Art

by AnnieSteiner , February 1, 2014—12:00 AM

Topics: Blog, Cottage Street Studios

Money in Art -

An article that was really written about the Art World and the way it is developing in NYC made me reflect on a few points that we should all consider as artists.

Art is now directly linked to Money, and Museums as well as Art galleries are money-hungry. This is nothing new. Money has dominated the Art world for a long time. Critics have almost disappeared because the Museums and Art galleries are deciding what is good and what art collectors should buy.

"The reality is that, directly or indirectly, in large ways and small, the current market system is shaping every aspect of art in the city: not just how artists live, but also what kind of art is made, and how art is presented in the media and in museums."

"Whatever the full facts, money is the winner, and with that comes caution and conservatism. This is almost absurdly obvious on the high-end of the market. Sales of retrograde "masterworks" can be relied on to jack up the auction charts at regular intervals; the most recent record was set last fall by a $142.4 million Francis Bacon painting of Lucian Freud, a monument to two overpraised painters for the price of one."

The art schools follow this current. They gear the students to follow the general economy trends in the styles they teach. Their tuition costs are staggering, leaving the students indebted for years, afraid of taking risks with their art in the future. "How confidently can they take risks in an environment that acknowledges only dollar-value success?"

In some of the low rent neighborhoods where artists had formed communities, the artists have been replaced by an upscale clientele because they like the artsy atmosphere. So the rents have been raised, forcing the artists the find other places to live and congregate.

"But when the rents get too high, or the economy fails, or art buying falls out of fashion, and the art industry decides to liquidate its overvalued assets and leave? Artists, the first and last stakeholders, will have themselves to fall back on. They'll learn to organize and agitate for what they need, to let City Hall know, in no uncertain terms, that they're there. They'??ll learn to share, not just on special occasions, but all the time. They'll learn that art and politics are inseparable, and both can be anything and everything. They'll learn to bring art back from the brink of inconsequence. Why not start now?"

The phases in quotations were written by Holland Cotter from the NY Times.


 

COMMENTS

 
1

  Jose Acosta ( homepage )

02/28/2014 * 14:35:21

I think it is great when art sells for so much more then people feel it is worth. For so many years the artist struggles to create and exhibit the work they create and have to take so much less then they feel their art is worth. So when collectors sell the art for many times what they originally paid for the art, then it justifies the artists work. Not to mention creating a situation where these millionaires finally spend some of their money on art. Are they over paying? It seems not as when they are ready to sell they will most likely make a profit on the Art. And the reason Art Critics are obsolete is because art collectors vote with their money and the art they choose to purchase. Most Art Critics had sold out to Galleries & Museums so they became unnecessary. Same thing as our politicians do today by selling out to big corporations (Hopefully one day soon they too will be obsolete)

 
2

  Mi-sA-le Fransen ( homepage )

02/09/2014 * 09:59:08

AMEN !

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