Tulip bulbs again?
Really good article that analogizes the current contemporary art market with investment bubbles that have burst in the past, like Holland's tulip bulb mania back in the 17th century. This article applies more to those who buy contemporary art mostly as an investment, which isn't relevant to me or most collectors I know. We buy because we are passionate about art and artists and the creative life and mind. The investment value is a secondary consideration.
posted by hoogrrl at
11:45 AM
1 Comments:
Thanks for posting that link, Philippa. While you say the bubble effect applies more to those who buy contemporary art as an investment, I think the effect is broader. Both the purchase of art objects, and support for the arts through grants and sponsorships, are among the first cuts when individuals and institutions lose wealth. So a bubble bursting elsewhere in the economy, such as the housing market, can have huge repercussions in the art market, even among those who buy art for their own appreciation rather than as an investment.
In the current lean years, artists will find it harder to get support either as creators of investment value, or as creators of pure aesthetic value. Artists who remain financially viable will increasingly be those who supply what individuals and institutions buy even in hard times; for example, the artist as educator, the artist as communicator, or the artist as entertainer. These accommodations could be a corruption of the artist's creativity, or they could be a structure within which the creativity takes place.
1:45 PM
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