Isn’t the money being invested in crypto instead? Rich people might prefer others better ways to protect their assets than the current art market
I think it’s a decade too late for that to be the dominating factor.
The Storm Hits the Art Market
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Re: The Storm Hits the Art Market
#12The vanity of owning rare things is all too much... NFTs are really the culmination of the phenomenon. I'm all for owning beautiful things and paying if it's something handmade. But once it becomes such an extreme out of wack status symbol kept alive by a global elite it's just feeding the monster. The worst is when it's an expensive status symbol and still mass produced I suppose
When you're rich enough to live in what's effectively a post-scarcity world, scarcity itself becomes a valuable commodity. After all, we are the product of natural selection, a process shaped by scarcity. It is therefore such a fundamental part of our lives that its absence drives some to artificially recreate it.
Re: The Storm Hits the Art Market
#13From the outside, so much of the art world looks like grifting and fraud. (Much like the NFT scene)
Re: The Storm Hits the Art Market
#14> Another revealing indicator: Soho Art Materials, a popular art-supplies company in New York that works with artists and galleries, traces the sector’s decline to the summer of 2022. The firm’s sales began falling gradually and then in June 2023 dropped 20 percent from the previous month, according to Jonathan Siegel, a co-owner. The company was stretching 700 to 1,000 canvases annually for three years, starting in 2020; it now does about 200 a year, he said.
It might be a stretch, but Dall-E 2 came out in April 2022.
Re: The Storm Hits the Art Market
#15This is really the art as speculation fad coming home to roost. The people actually interested in art as art are now on things like Instagram buying direct from the artists with very little gatekeeping either by art schools or galleries. It would be tempting to see if there is a correlation in when the “legit” art world price going off a cliff and the NFT bubble, because that suckered in a lot of the idiot end of the…
It's speculation, but tax avoidance too: https://naturalist.gallery/blogs/journal/understanding-the-f...
And money laundering… don’t forget the money laundering
Re: The Storm Hits the Art Market
#16This is really the art as speculation fad coming home to roost. The people actually interested in art as art are now on things like Instagram buying direct from the artists with very little gatekeeping either by art schools or galleries. It would be tempting to see if there is a correlation in when the “legit” art world price going off a cliff and the NFT bubble, because that suckered in a lot of the idiot end of the…
I agree - a lot of art is sold via artists having a relationship with a stable of a few hundred people via insta. Completely bypasses the galleries and is far more compelling for the buyer because they can develop an emotional connection with the creator. Galleries can’t do that without having the artist present and even then they’re overwhelmed and buyers can’t make a connection. So this isn’t necessarily an art thing, it’s a gallery thing. Disintermediation strikes again.
Re: The Storm Hits the Art Market
#17I've purchased plenty of art over the past couple years, mostly original paintings with a few prints. Very few of those came from galleries and when I walked in the galleries, I already knew what I wanted to buy.
Etsy and reddit are easy ways to find rather good art for what I can tell is a consistent price based on the size of the piece.
The only time I 'browse' art offline is during special events, which have all been wander from house to house or small art studio to studio. I love the experience, it's much more personal as you know the artist will be there and you can discuss the piece with them.
Re: The Storm Hits the Art Market
#18> The question is how to “get people to understand that art isn’t an asset class,” Schwartzmann added. “That’s not how you should be collecting,” > Valentine said ... "Asking $20,000 for a work in an artist’s first show is unsustainable" none of the separate participants in this article are willing to acknowledge that these are related problems. there is no price discovery in the art world, and it was only just begin…
I have a painting of a commuter train I used to ride to work every day. It's not a conversation starter (or rather, I'm always the one who starts talking about it) but I love it because it reminds me of when I discovered that I didn't need to be a slave to my car and how freeing that was.
It cost me $50 and I've taken it with me every time I've moved.
I really don't get dropping thousands on a single piece, I've never felt any work speak that loudly to me.
Re: The Storm Hits the Art Market
#19> The question is how to “get people to understand that art isn’t an asset class,” he added.
Got to love 'late stage capitalism'
Re: The Storm Hits the Art Market
#20> The question is how to “get people to understand that art isn’t an asset class,” he added. Got to love 'late stage capitalism'
What isn't an asset class for sale these days, with horrible consequences? Health? Housing? Water? Knowledge?