Tag Archives: art auctions

SEVERE CORRECTION

20 Jan

… of the art market. What were you thinking of, you dirty wee puppy? I’ll deal with you later. No, according to a University of Luxembourg study, the international art market is in a “mania phase” and the bubble is going to pop any time soon, leading to a “severe correction”. Countdown starting right now to an art exhibition called either Severe Correction or Mania Phase.

The contemporary art market has been a very bad, bad, dirty, disobedient and thoughtless pig.

The “zombie formalist” artists (i.e. makers of art as an asset class, devoid of narrative, representation, politics, ideology, etc.) and their handlers are partly to blame, but as the gentleman who created the term rightly says, and as I have also said in a various ways over the past few years about a hundred bloody times: “Since the entire market is entirely irrational, it can’t be rationally interpreted.”

Nonetheless, it’s in the nature of financial bubbles that any talk of the bubble bursting often brings about the very same pop feared by beneficiaries of the bubble, which probably wouldn’t happen if nobody was talking about the bubble bursting… and so forth until your head bursts too.

The Guardian article also contains this nugget:

“Levin said the bubble was inflating in part due to the prevalence of high-end money laundering being done through art, and how the two have come to affect one another. Buy art in one country and pop it in the private jet, the theory goes, and by morning you’ve moved $100m between tax jurisdictions.”

Again, QED. Exactly what I’ve said on this blog and at various talks and conferences on numerous occasions, sometimes to self-righteous splutters of indignation or shocked disbelief. On this blog we know some people who might “pop” art between tax jurisdictions or run art galleries to launder their dirty money, don’t we readers?

SuspiciousProvenance

Won’t we all be sad though when artistically worthless art owned by super rich people becomes monetarily worthless too?

ARTIST TO CHRISTIE’S: C U NEXT TUESDAY, SUPPORTERS

27 Jan

Batman89Vandalism

In this short post by Jerry Saltz, we learn that the artist Wade Guyton not only printed multiple, identical, indistinguishable copies of a “unique” work that was to be auctioned at Christie’s for between $2.5 and $3.5 million, possibly more, but he also showed off the results of his labours on Instagram in what could be interpreted as an attempt to taint the sale.

Furthermore:

  • The auction has been given the horrible title If I Live I’ll See You Tuesday (from one of the works for sale) as if it were an exhibition and not a cattle market.
  • The “original” inkjet print was made from a digital file in the first place and therefore could be replicated perfectly at any time, in any numbers.
  • Christie’s are putting a brave face on it, but apparently they’re getting a bit scared that artists from within the system are kicking back against the sickening, high fructose corn syrup unreality of an international art auction industry that’s still in hysterical denial about an era where even capital-A Art can be infinitely replicable.
  • Christie’s delusionally think they have, or are brazenly claiming to have, a “gritty and underbelly-esq” [sic] side. With this level of embarassing neediness and such a tin ear for credible language it’s no wonder they chose to convey their grit with a promotional video of a skateboarder carrying on some edgy but unthreatening video speed-ramped shenanigans in the hip, street and far out daddio underbelly of Christie’s, alongside some gritty multimillion dollar art by off-the-hook, mad, bad and dangerous to know young bucks like Peter Doig. It’s a bit like a music video for a very minor hit by some hack alt-rock band from the mid 1990s. The Youth is into skateboarding, right? LOL, as I’ve seen the kids write on the interwebzone. I can’t embed the video, but you can watch it here if you want a good laugh/cringe. Christie’s posturing as edgy or in touch with contemporary culture is like an elephant trying to squeeze into your house for a casual breakfast with you.

“ART IS AN OBJECT WITH NO UTILITY”

4 Jul

500Monopoly

Some more quotes from the book Collecting Contemporary Art, published by Taschen. All by Marcus Glimcher, at the time of the book’s publication an art dealer at PaceWildenstein, New York (now the Pace Gallery). It’s all interesting stuff, but there’s something about his explication and grammar that makes me think of Patrick Bateman in American Psycho, patiently lecturing the back of a guest’s head as a preface to suddenly embedding a fire axe in it.

“The art market is not really a market; it’s too small to qualify as one. Furthermore, if it is a market, it’s a market of uniques. Therefore, there is no true comparability between prices. Finally, it’s a market of Geffen goods which is what gives it such strange characteristics. Geffen was a nineteenth century economist who said that there are certain goods that will disobey the basic laws of supply and demand that when the price drops to a certain level, instead of demand rising, demand will suddenly begin to drop. As the price drops, demand will drop further, so there is a cliff in the supply and demand curve at some critical price level.”

“When is the art market going to crash? When the stock market crashes, when the real estate market crashes.”

(Note: This was in 2006, before the stock and property markets crashed. He was mostly wrong about the art market, though. Apparently even an art dealer who deals with blue chip clients couldn’t imagine that the rich would keep on getting richer during an apparently endless recession as they have done since 2008.)

“Art is an object with no utility, as the economists would say. The utility of a painting is zero… If we can come to some agreement that these things have a certain value, then that object deserves to be of higher value than anything because it has escaped the bonds of the physical world.” Continue reading

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