When Archinect pointed us to this article, we hoped would fuel this theory we have about the popularity of art. Unfortunately, the piece about the theft of the wall with the Banksy art in This Is London only hints at the change in the way we look at art. So we thought we’d jot it down here and see what you think.
So: The mighty interest in art fairs like Art Basel in Miami and the Pulse and Scope in New York could be due to a sudden boom in the creativity of our young artists or it might be more because people are looking for an affordable and interesting way to protect their future.
As real estate in areas younger professionals want to live in is becoming difficult to afford or find in cities like London, New York and beyond, they’re left with a difficult dilemma: if they don’t get on the property ladder they risk their future prosperity and retirement but at the same time they can’t experience life where they want to live today. This dilemma fuels interest in investing other things that this creative class can still afford. Namely, art.
Thoughts?
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I don’t really see this as being anything new for the art market. It’s just in another cycle. Anyone remember what happened in the 80’s? All kinds of money was being dumped into art by rich yuppies. Eventually the market collapsed when the money ran out(or the drugs wore off, that’s still a little confusing). What’s happening today is the crest of another wave of hype and cash. Frankly the Armory show and Scope recently in NYC started to show what happens when galleries try to push too much art out of artists to a ‘hot’ market. You get a lot of crap. It only takes a moment of looking at the calender to see that with Basel in Miami on December and the Armory in NYC in February, how can galleries provide the best content to both. Fairs are fine if you’ve got money to spend, but in the end you should only buy art because you like it.
April 3rd, 2007 at 1:29 pm
I don’t really see this as being anything new for the art market. It’s just in another cycle. Anyone remember what happened in the 80’s? All kinds of money was being dumped into art by rich yuppies. Eventually the market collapsed when the money ran out(or the drugs wore off, that’s still a little confusing). What’s happening today is the crest of another wave of hype and cash. Frankly the Armory show and Scope recently in NYC started to show what happens when galleries try to push too much art out of artists to a ‘hot’ market. You get a lot of crap. It only takes a moment of looking at the calender to see that with Basel in Miami on December and the Armory in NYC in February, how can galleries provide the best content to both. Fairs are fine if you’ve got money to spend, but in the end you should only buy art because you like it.
April 3rd, 2007 at 1:31 pm