I'm amazed that the article doesn't discuss the end of ZIRP. The bursting of the art market bubble in mid 2022 coincides exactly with when interest rates started rising following the 'transitory' inflation caused by pandemic relief measures. This was also the same time that we started seeing hiring freezes in tech, the bursting of the luxury watch bubble, etc. It's all tied together, and has the same root cause: It s…
Someone in the space told me that China were big buyers of art but suddenly they stopped.
This could be because of capital controls, financial stress or increasing sense of national pride - take your pick
How much of this is due to anti-money laundering regulations enacted in the early 2020s [0], which much better vet the identities of the buyers/sellers? [0] https://www.lseg.com/en/risk-intelligence/financial-crime-ri...
That reminds me that I looked up gold custom iPhones once.
They had various payment methods, including cash (highest price on their list was 300k usd) at their office in Dubai.
I have been following: https://www.instagram.com/piperbangs/ https://www.instagram.com/lauren.krasnoff/ https://www.instagram.com/artcarolinegaudreault/ https://www.instagram.com/gretchen_scherer/ https://www.instagram.com/jakeclarkjakeclark/ https://www.instagram.com/hilary_pecis/ And curating: https://www.instagram.com/carriescottcurates/ https://www.instagram.com/mary_lynn_buchanan/
Damn it sucks that instagram is the defacto second internet. My gf finds so much cool stuff on IG. Local bands post their show dates, a brewery in my neighborhood posts their hours (it’s just a husband and wife, and their hours are whenever-I-feel-like-it). I don’t have instagram, so I’m just totally in the dark on all that stuff. And I get it. Not everybody is going to make a website or blog or whatever. But it tota…
Exactly my feelings. I don't have fb and IG, and I feel left out. Also when I go to India, the local shops, unless they are really big, don't accept credit card or cash. The physical wallet has vanished. But in fairness, it is far easier for them to have online presence via IG or fb and reach their actual customers (not you and me).
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."
I am always find concept of fractional ownership questionable. Unless very well controlled. And extremely so when you are dealing with physical non-fungible assets like art or collectibles. Maybe I am just too risk averse to see the money...
I'm amazed that the article doesn't discuss the end of ZIRP. The bursting of the art market bubble in mid 2022 coincides exactly with when interest rates started rising following the 'transitory' inflation caused by pandemic relief measures. This was also the same time that we started seeing hiring freezes in tech, the bursting of the luxury watch bubble, etc. It's all tied together, and has the same root cause: It s…
Someone in the space told me that China were big buyers of art but suddenly they stopped. This could be because of capital controls, financial stress or increasing sense of national pride - take your pick
These aren’t limited to China:
- fewer people can afford a home, let alone multiple = less wall space for premium art
- it’s way easier and cheaper to launder money through cryptocurrency casinos than art auctions
I have been following: https://www.instagram.com/piperbangs/ https://www.instagram.com/lauren.krasnoff/ https://www.instagram.com/artcarolinegaudreault/ https://www.instagram.com/gretchen_scherer/ https://www.instagram.com/jakeclarkjakeclark/ https://www.instagram.com/hilary_pecis/ And curating: https://www.instagram.com/carriescottcurates/ https://www.instagram.com/mary_lynn_buchanan/
Nah, man. I work in the space and I was there. NFTs were the second attempt on an earlier idea that had already been discarded as pointless: supply chain management. The problem with NFTs was the same as with supply chains; there's no link between the blockchain and IRL, so the blockchain doesn't really add anything, just makes things more complicated. NFTs were therefore a tool to part fools from their money right f…
NFTs make more sense as digital signatures.
Digital signatures make a lot more sense as digital signatures.
And you can counter-sign the time if you need to prove that.
I have been following: https://www.instagram.com/piperbangs/ https://www.instagram.com/lauren.krasnoff/ https://www.instagram.com/artcarolinegaudreault/ https://www.instagram.com/gretchen_scherer/ https://www.instagram.com/jakeclarkjakeclark/ https://www.instagram.com/hilary_pecis/ And curating: https://www.instagram.com/carriescottcurates/ https://www.instagram.com/mary_lynn_buchanan/
I had a quick look at these instagram links and except for the last two, they do not feel like 'Art', just like most novels are not considered literature. In the past years, I have visited a lot of art exhibitions (at museums and art galleries) and graduation shows of art schools here in the Netherlands. See: https://iwriteiam.nl/Exhibitions.html Even at those, I feel that a lot is crap, too conceptual. But there always some artists that stick out for some (often unexplained) reason. They have some new idea or make you view the world in a different way. They are not just repeating some gimmick or showing (exceptional) craftsmanship. Craftsmanship is not equal to art.
> 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…
I feel like anyone who says about art “the juice has to be worth the squeeze” isn’t really into art.