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The Storm Hits the Art Market

news.artnet.com

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Re: The Storm Hits the Art Market

#21

Post by 101008 »

redwood wrote: post #9

The 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

I collect rare books (and memorabilia related to them), and it is not about vanity at all. I consider them historical objects (in their niche, of course) in the sense they changed the industry, or affected a portion of society somehow. I consider myself a keeper and guardian of them.

Re: The Storm Hits the Art Market

#22

Post by riazrizvi »

mosura wrote: post #7

This 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…

NFTs were about transparency in provenance, using public, tamper-proof records, that replace jurisdictions/authorities with the type of math that enabled cross-border digital payments. Sure there was a spin-off scam industry but there remains a kernel of legitimacy in the concept.

Re: The Storm Hits the Art Market

#23

Post by chii »

riazrizvi wrote: post #22
mosura wrote: post #7

This 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…

NFTs were about transparency in provenance, using public, tamper-proof records, that replace jurisdictions/authorities with the type of math that enabled cross-border digital payments. Sure there was a spin-off scam industry but there remains a kernel of legitimacy in the concept.

> that replace jurisdictions/authorities

without any enforcement with sanctioned violence, this is merely symbolic. It's why so much scam happens with the NFT space.

Re: The Storm Hits the Art Market

#24

Post by jordanb »

The best evidence that art was going to crash is when Masterworks ads were everywhere. You know the bubble is stretched to its limit when they start hawking it to retail.

"I've got an exciting bag-holding opportunity that you don't want to miss."

Re: The Storm Hits the Art Market

#25

Post by d_silin »

My sister started an independent artist career from 2022, and overall trends were fairly brutal to her (unemployment due to Russian-Ukrainian war, raise of AIs, tariff war), however the only solution in this circumstances is to climb up, raise the quality of one's art and aim for the higher price range.

Re: The Storm Hits the Art Market

#26

Post by stevage »

riazrizvi wrote: post #22
mosura wrote: post #7

This 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…

NFTs were about transparency in provenance, using public, tamper-proof records, that replace jurisdictions/authorities with the type of math that enabled cross-border digital payments. Sure there was a spin-off scam industry but there remains a kernel of legitimacy in the concept.

More like 99% scam with a tiny kernel of legitimacy lost in the margins.

Re: The Storm Hits the Art Market

#27

Post by appreciatorBus »

Good riddance.

Anything worthy of the concept of art isn't likely to be found in these places.

If you like making shit that looks cool and you want to sell it, have at it. Just please drop the intellectual pretence that anything other than "it looks cool" is going on.

Re: The Storm Hits the Art Market

#28

Post by relaxing »

mmaunder wrote: post #16
mosura wrote: post #7

This 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 thi…

This has nothing to do with the art world the article is talking about.

Re: The Storm Hits the Art Market

#29

Post by neilv »

> Now that the bubble has burst, the speculators are out of the picture, off flipping meme coins, where no one makes them feel inadequate or insists that they buy three things they don’t want to get the one thing they do.

> “The juice has got to be worth the squeeze,” one collector-trader said. “And there’s no juice in the art market. It’s just squeeze, squeeze, squeeze. Rude, rude, rude.”

From what little I know of the NY art scene, by osmosis (by having an SO who previously was accomplished in it, and could mingle well at gallery openings and cocktail parties, infinitely better than I could ever learn to)...

I wonder whether the "rude, rude, rude" means that the market had come to depend on nouveau riche speculators (who'd typically have neither the intellectual and artistic background, nor old-money social graces/conventions).

If you didn't respect your customers, and didn't make them feel valued, then the ones who only cared about money or status games have other options.

Re: The Storm Hits the Art Market

#30

Post by wordpad »

tart-lemonade wrote: post #18
yieldcrv wrote: post #5

> 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 neve…

I'm sure there is some art you'd shell out for. Maybe an original prop from your favorite movie or a collectors item from a time period you're nostalgic for...
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