“That which costs little is less valued,” said novelist Miguel de Cervantes (Saavedra, 1819). A phenomenon very true to the art markets, one might say. Elitism and exclusivity drive the art world. Value of art works is socially and subjectively constructed, based on one’s concocted rationales of what is significant and what is not. Giving art works the title of commodities, hence, is rather trivial, particularly due to the nature and quality of these works. One cannot, however, deny that in the case of contemporary art, capitalism and the art world seem to run hand-in-hand. Ben Lewis’ 2009 documentary “The Great Contemporary Art Bubble” provides a pretty clear picture of money and power concentrated in an unregulated art market where rich collectors, artists and dealers were equal participants – a spectacle that came to be known as the 2008 art bubble. (Lewis, 2009) Between 2003 and 2008, rich investors, passionate about contemporary art and increased speculation in new art drove auction houses Sotheby’s and Christie’s contemporary sales up by 800%. As the supply of artworks by old and modern masters remains limited, with little chance of substitutability, (Velthuis, 2011) new investors turned to works of living artists. These rich collectors had large interiors to decorate or were looking to buy themselves into a social circle, and had the means and the interest to pay exorbitant prices. New artists produce big and multiple works, assisted by several people and supported by powerful dealers and collectors and as such are a perfect fit for these rich investors. Thus, these new billionaires stimulated an ever increasing effect on already inflated prices of contemporary art. Additionally, the documentary suggests that dealers, ga... ... middle of paper ... ...n the prestige that these dealer seem to seek, buyers go after a selective number of artists, which affects other contemporary artists even worse financially during periods of bust. Hence, one could conclude that while the art world is not fully detached in a macro-economic context, it would still be frivolous to categorize art works as any other commodity. A man like Jose Mugrabi, with his innumerable Warhol collection is clearly not in this market to make money. His obsession simply indicates a strong love, a strong passion for the art and the artist. Thus, while market manipulations, cynicism and greed seem to powerfully drive the contemporary art world, slowly commercializing its goods and turning it all into a capitalistic endeavor, one cannot deny that the art market has no real rules for its functioning, setting it apart from every other economic activity.
The earliest forms of art had made it’s mark in history for being an influential and unique representation of various cultures and religions as well as playing a fundamental role in society. However, with the new era of postmodernism, art slowly deviated away from both the religious context it was originally created in, and apart from serving as a ritual function. Walter Benjamin, a German literary critic and philosopher during the 1900’s, strongly believed that the mass production of pieces has freed art from the boundaries of tradition, “For the first time in world history, mechanical reproduction emancipates the work of art from its parasitical dependance on ritual” (Benjamin 1992). This particular excerpt has a direct correlation with the work of Andy Warhol, specifically “Silver Liz as Cleopatra.” Andy Warhol’s rendition of Elizabeth Taylor are prime examples of the shift in art history that Benjamin refers to as the value of this particular piece is based upon its mass production, and appropriation of iconic images and people.
Pickford, James. "Rich Collectors from China Switch Spending Power to Western Art." Financial Times. The Financial Times Ltd., 29 Nov. 2013. Web. 08 Dec. 2013.
It corresponded to the emulation, which emerged among the lower classes of the postindustrial era, to pretend to have a good taste of art like the upper class. After the Industrial Revolution, the underprivileged, who had previously produced things to fulfill their own daily needs, turned into the working class of the urbans, producing things whose value in daily usage they would never see . This shift from crafting to manufacturing, from formulating to fabricating, and from creative to repetitive triggered a new need among these people. Although they did not have the time or education to enjoy and appreciate fine arts when they were in the countryside, the lower classes felt a new inclination towards art in the factory towns where they had the opportunity to observe that taste in art provided social status. Their desire to own works of art was precluded by their incomes which were no match for the high prices of the art market. With the aid of the mass production technologies and the manufacturing-commercial culture that followed, it became possible to produce multiple copies of artistic works and reduce the prices. This situation not only expanded the scope of art market but also provided the lower class with what they desired –or at least what they thought they desired: affordable art
In existential thought it is often questioned who decides what is right and what is wrong. Our everyday beliefs based on the assumption that not everything we are told may be true. This questioning has given light to the subjective perspective. This means that there is a lack of a singular view that is entirely devoid of predetermined values. These predetermined values are instilled upon society by various sources such as family to the media. On a societal level this has given rise to the philosophy of social hype. The idea of hype lies in society as the valuation of something purely off someone or some group of people valuing it. Hype has become one of the main driving forces behind what society considers to be good art and how successful artists can become while being the main component that leads to a wide spread belief, followed by its integration into subjective views. Its presence in the art world propagates trends, fads, and limits what we find to be good art. Our subjective outlook on art is powered by society’s feedback upon itself. The art world, high and low, is exploited by this social construction. Even when objective critique is the goal subjective remnants can still seep through and influence an opinion. Subjective thought in the art world has been self perpetuated through regulated museums, idolization of the author, and general social construction because of hype.
With the rise of industrialization, globalization, and mass production, the manufacturing productivity has been dramatically increased and accordingly the availability of consumer goods. And with the rise of the mass media, various products have been targeted on broad groups of consumers. Consumerism, which is propelled by a system of mass production and high levels of consumption, has been one of the themes in art works from twentieth century till now.
Marcel Proust in the first volume of his ‘In Search of Lost Time’, ‘Swann’s Way’, (1913), and Donna Tartt in her 2013 novel ‘The Goldfinch’, reveal, through their central characters, the various impacts art can have on one's relationship with reality. Although Proust and Tartt’s retrospective novels explore similar coming of age themes, as their young protagonists’, Proust’s nameless Narrator, and Theo Decker, struggle between their inbuilt passion for art versus and the common values of their respective societies, both authors conclude on vastly different estimations on the consequences and costs of valuing art over
Benjamin stressed the Marxist democratization of art through digital reproduction, a media which allows for de-emphasizing the original work of art. Throughout the history of arts, particularly visual arts, we have revered the individual paintings created by artists, locating them in exclusive galleries and museums which are subject to the tastes and privilege of the upper class philanthropic elite. The value of a work is based in part by which wealthy patrons have owned or commissioned it, and the history of a canvas often becomes more important than the actual formal representation on it.
In the article “Conditions of Trade,” 1 Michael Baxandall explains that fifteenth-century Italian art is a “deposit” resulting from the commercial interaction between the artist and the purchaser, who he refers to as a client. These works, as such, are “fossils of economic life,” as money, he states, plays an important role in the history of art. In contrast to our current perceptions of the relationship between the artist and art, “in which painters paint what they think best, and then look around for a buyer” the author examines how the content and form of these paintings were, determined by the customers. He states that the artists and clients were interconnected as specified in the legal agreements of subject matter, payment scheme and the quality and quantity of colours, through the conditions of the artist’s painting style. He not only looks at the explanation of the style of painting that reflected a society, but also engages in the visual skills and habits that develop out of daily life. The author examines the situations between the painter and client within the commercial, religious, perceptual, and social institutions, centrally focusing on markets, material visual practices, and the concept of the Renaissance period overlooking art as an institution. Baxandall observes Renaissance paintings also relate to the clients’ motives through such ways as possession, self-commemoration, civic consciousness, and self-advertisement. The author considers discussions of a wide variety of artistic painters, for instance, Filippo Lippi, Fra Angelico, Stefano di Giovanni, Sandro Botticelli, Luca Signorelli, and numerous others. He defines and exemplifies fifteenth century art through the concepts used by contemporary critics of th...
In the article “Conditions of Trade,” Michael Baxandall explains the interaction serving of both fifteenth- century Italian painting and text on how the interpretation of social history from the style of pictures in a historical period, pre-eminently examine the early Renaissance painting. Baxandall looks not only on the explanation of how the style of painting is reflected in a society, but also engages in the visual skills and habits that develop out of daily life. The author examines the central focus on markets, material visual practices, and the concept of the Renaissance period overlooking art as an institution. He observes a Renaissance painting, which relate the experience of activities such as preaching, dancing, and assessing. The author considers discussions of a wide variety of artistic painters, for instance, Filippo Lippi, Fra Angelico, Stefano di Giovanni, Sandro Botticelli, Luca Signorelli, and numerous others. He defines and exemplifies concepts used in contemporary critic of the painting, and in the assembled basic equipment needed to discover the fifteenth- century art. Therefore this introductory to the fifteenth- century Italian painting and arise behind the social history, argues that the two are interconnected and that the conditions of the time helped shape the distinctive elements in the artists painting style. Through the institutional authorization Baxandall looks at integration in social, cultural and visual evaluation in a way that shows not only the visual art in social construction, but how it plays a major role in social orders in many ways, from interaction to larger social structural orders.
In the article “Conditions of Trade,” Michael Baxandall explains that fifteenth-century Italian art is a “deposit” resulting from the commercial interaction between the artist and the purchaser, who he refers to as a client. These works, as such, are “fossils of economic life,” and money, and they play an important role in the history of art. In our current perception of the relationship between the artist and art, “painters paint what they think is best, and then look around for a buyer” . However in the past, especially during the Renaissance period, the customers determined the content and form of paintings, as it was them who commissioned the work before it was created. He states that the artists and clients were interconnected and a legal agreement was drawn up specifying subject matter, payment scheme and the quality and quantity of colors, which would influence the artist’s painting style. Baxandall not only looks at the explanation of the style of painting that reflects a society, but also engages in the visual skills and habits that develop out of daily life. The author examines the situations between the painter and client within the commercial, religious, perceptual, and social institutions, centrally focusing on markets, materials, visual practices, and the concept of the Renaissance period, which saw art as an institution. Baxandall notes that Renaissance paintings also relate to the clients’ motives through such ways as possession, self-commemoration, civic consciousness, and self-advertisement. The author considers works of a wide variety of artistic painters, for instance, Filippo Lippi, Fra Angelico, Stefano di Giovanni, Sandro Botticelli, Luca Signorelli, and numerous others. He defines and exemplifies fiftee...
(pg. 209) Overall, the book describes the soul purpose of art to provide love, sorrow, warmth, depth and happiness to the soul and heart. The monetary wing is also very important because many of the owners had to sell the painting; no matter how much they treasured the painting, they still had to sell it because of monetary problems to keep them on their “feet.” Elevated feelings toward emotional values may be difficult to let go of. Susan Vreeland’s ravishing novel reveals the true owner, tracing proprietors from the present to the past.
Just as other works that reflect art, pieces in the category of fine arts serve the important message of passing certain messages or portraying a special feeling towards a particular person, function or activity. At times due to the nature of a particular work, it can become so valuable that its viewers cannot place a price on it. It is not the nature or texture of an art that qualifies it, but the appreciation by those who look at it (Lewis & Lewis, 2008).
For the recent last decades, art market has become very popular with a boom in total sale revenue worldwide. People start to participate and pay attention to the art world more interactively and frequently. For example, art institutions have gained more admissions than ever before; museum visits surged globally and more people are willing to pursue an art-related career. Generally speaking, art world is broader than the art market. The art world is a overlapping subcultures held by a belief in art. They spread out globally but cluster in art capitals such as New York, London, Los Angeles, Berlin, and the emerging market such as Hong Kong, Beijing and Dubai. The market refers to the people who participate in the art business transaction that is artists, first and second market dealers, curators, collectors and auction houses experts. However in the business operation side, dealers are responsible for channeling and deflecting the power of all the other players, while critics, curators and artists are not directly involved in commercial activities on a regular basis. Most importantly, the art world is a sphere that the cultures and art works themselves play the most fundamental parts while wealth and powers also have a crucial influence on market.
Art theft is a crime that has been on the rise for the last half of this century. “According to law enforcement officials, art theft now ranks second only to drugs as the world’s most lucrative illegal activity.” (Journal of Commerce) Whether bought, created, or stolen, art has become something that is of great demand. “Art theft has flourished as never before. Just keeping up with the number of stolen objects and their total value is a big-time guessing game.” (Dudar) This is a problem that not only faces us as art owners and collectors, but museums and auction houses as well. Everyone possessing a piece of artwork is at risk of art theft. This artwork doesn’t have to be anything out of the ordinary to be a target. Along with famous paintings, sculptures, and other types of artwork, many insignificant or unrecognized pieces of artwork are being stolen too. “Most thefts appear to be the work of thieves without serious art education. Along with the good stuff, they are apt to sweep up junk – those sappy gift-shop paintings of kids with enormous eyes, for example, which no serious collector would covet.” (Lowenthal) On the other hand some of these thefts are being done by some of the best in the business. “Some thieves have turned out to be professionals who, following fashion, switched from robbing video stores to burgling art. Some are actually specialists in vehicle t...
Caves, R. E. (2000). Creative industries : contracts between art and commerce / Richard E. Caves. Cambridge, Mass. ; London: Harvard University Press.