What percent of art fetches such high prices? Probably very small. He won the equivalent of the artist lottery, just as some authors win the literary lottery. just randomness.
The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
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Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#32Contemporary art is a sophisticated form of money laundering for the very rich. As it almost completely exempt from taxation, it's an ideal vehicle, relatively fungible and open to crazy speculation.
The crazy financiarisation of our world made many collectible objects prices skyrocket (see old cars, art, etc). But Contemporary art is the best of all, because, contrary to ancient art or old ferraris, its supply is unlimited. A boon to hide in plain sight the billions happily printed at the Fed and BCE.
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#33I feel like modern art market is primarily a way for a subsegment of rich people to buy certain intangible goods: These are people that feel lonely, and have low self esteem... They really would like to socialize with cool and charismatic people, and the "modern art scene" is basically a very pricey matchmaking service for them to make friends and go to parties with people that fit this description (i.e. the artists)
you are framing it as a one way street. The “lonely people with low self esteem” want to socialize with the “cool and charismatic people”...maybe the other side of the coin is the “cool and charismatic people” are nothing more than well designed marketing of idealized principles who actually are quick to sell out because they worship money over their own art.
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#34What percent of art fetches such high prices? Probably very small. He won the equivalent of the artist lottery, just as some authors win the literary lottery. just randomness.
The data he is referring to shows that it isn't just randomness. That's the point of the article.
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#35I feel like modern art market is primarily a way for a subsegment of rich people to buy certain intangible goods: These are people that feel lonely, and have low self esteem... They really would like to socialize with cool and charismatic people, and the "modern art scene" is basically a very pricey matchmaking service for them to make friends and go to parties with people that fit this description (i.e. the artists)
Modern art (or just art), it's more a money laundry, tax evasion, asset management scheme than anything else.
I think those play a smaller role, for the following reason: If modern art was primarily about the social aspects, you'd expect most modern art to be stuff like a perfectly blank canvas or a urinal, because those are direct signals of the "coolness" of the artist (who else but a charismatic person can sell a blank canvas?)
If art was more about tax evasion, etc, then modern art would probably be more photorealistic or otherwise difficult to create (since this would make it easier for outsiders to assess the scarcity of an asset)
But I agree that the modern art market is multifactorial in nature and that there are elements of both involved.
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#36Earlier quoted context omitted.
What a weird and condescending take.
Why? It’s not strange to think that an old man in leveraged buyouts would be willing to spend some money to be catered to by a group of young, talented, attractive people... and if he’s rich enough or lucky enough, maybe even fuck a few of them.
Sure. Is there any data that shows that modern art is primarily bought by lonely people?
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#37> But I do mean to say that there is no quality in art. > The simple truth is we have no way of objectively determining the value of any work of art or the performance of its maker. Ehh... Not having objective, quantitative metrics is not the same thing as having no quality what so ever. It seems very strange (and utterly wrong) to claim there is not even a smidgen of underlying truth or insight about the world found…
AFAIK there's no way of objectively determining the value of anything. Are prices of houses in SF "reflecting their inherent quality" compared to houses in other parts of US? Or is the value of t-shirt with some brand logo sticked on it "objectively determined"? No, they're not, it's all simply negotiated by market's supply and demand, and so is art. It's worth exactly as much as someone is willing to pay for it.
There is signal in the noise, even if it is difficult to see or parse.
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#38Contemporary art is a sophisticated form of money laundering for the very rich. As it almost completely exempt from taxation, it's an ideal vehicle, relatively fungible and open to crazy speculation. The crazy financiarisation of our world made many collectible objects prices skyrocket (see old cars, art, etc). But Contemporary art is the best of all, because, contrary to ancient art or old ferraris, its supply is un…
Exempt from taxation? Isn't it subject to capital gains?
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#39Piers Manzoni canning his own feces is an even more pointed criticism of the scam modern art has become.
Re: The $2M Urinal: Why Hard Work Doesn’t Cut It (2018)
#40Contemporary art is a sophisticated form of money laundering for the very rich. As it almost completely exempt from taxation, it's an ideal vehicle, relatively fungible and open to crazy speculation. The crazy financiarisation of our world made many collectible objects prices skyrocket (see old cars, art, etc). But Contemporary art is the best of all, because, contrary to ancient art or old ferraris, its supply is un…
Can you provide documentation for these supposed tax benefits? (I'm genuinely curious) AFAIK there are no tax benefits at the point of buying the art, and cap gains benefits are no different than stocks, real estate, etc.