The painting and its role in the art market
Inevitably come to mind the prophetic words of Andy Warhol, who recognized business in art and art in business. By this, the existence of the same motive, both in profit and in the creation of paintings.
Purchase of art can be compared only with a tape measure. In fact, the risk is not significant, the more valuable the picture, the greater the chance that in the future it will bring profit to its owner.
The art market is a very complex system. How to understand for example, when one billionaire sells another billionaire a picture for a hundred million or more. (In November 2006, David Geffen, a magnate from Hollywood, sold the picture of Woman III, artist William Koening, to billionaire Stephen A. Cohen for $ 137.5 million.) What is the point? Or when the same David Geffen, artist Jackson Pollock, for 140 million dollars .. Does this mean that the painting “Woman III” has less value, or is it just a business? Who, then, Geffen? A person who manipulates cultural values, or an ordinary businessman? It turns out that such as Geffen and Cohen are more important than artists, such as Pollock or Kooning, just because they have more money.
Art market players have become more important than artists; they allow themselves to speculate on works of art (paintings) due to the fact that they own huge funds, unlike artists.
Due to their condition, they seize pictures of the highest value and unconditional importance, which they would never have had, if not money.
Money is the equivalent of works of art. Moreover, the paintings, like other works, are recognized (become famous) due to the price, their own value, after that, fades into the background.
“Spiritual values look more attractive in
material carriers. ”
The price of the painting becomes its absolute and official value, even if it does not correspond to the real value of the painting. The explanations are inappropriate here, the price becomes such an explanation.
If the low price of a painting implies short-term investments, and the high price means a long-term investment, therefore the pricelessness of a work of art implies the immortality of the painting — an investment not limited in time.
It would seem that the high price of the painting should imply that the work itself has a high reputation, but the opposite is true; it is the high price that creates reputation.
Ella Fontantnels – Cisneros, the founder of the Central Museum of Art in Miami, says that before artists began with prices in 2 tis. Dol, now it is the price in 10, 15, 20 tis. dol for the picture.
Thus, an exhibition of paintings turns into an exhibition of money.
The price of a painting is determined by the ratio between the real or artificially caused deficit (meaning the uniqueness of the work of art) and the unaccountable desire to buy a painting. There is nothing more amenable to manipulation as a pure and inexplicable desire to own a picture.
The market has always turned objects of art into a hidden illusion of the eternal and base, for the exceptional value of which no price can be too high.
Previously, a “masterpiece” meant a work of art, which became the personification of the high professionalism of its creator; now it is any object overgrown with illusions and myths that make people go blind, stupid and lay out millions for such “art”.
Such a creation of a mythical status, according to artwork dealer Ben Heller from New York, is called “creative pricing”.
Even a single word or action can turn the market of art 180 degrees, making art so easily manipulated. Only two, three agents are able to create a stir and incredibly raise the cost of the painting, even a dubious young artist.
100, 200 years ago, the prices of paintings by old masters were very low, and all because the supply exceeded the demand. The art market was not yet formed: an insignificant number of collectors, several unsystematic museums, few art history departments. Consequently, there is no opportunity for demand to exceed supply.
But now the art of the past received a new right to life.
Only twenty years ago, the word “antiques” referred to objects that were at least 100 years old, but now illegibly applied to everything created, even two days ago. For such recent items, a new collection concept was invented.
Six myths about the art market:
1. Any art (picture) has value.
2. The value of art objects (paintings) is constantly increasing.
3. Art – a good investment.
4. You can always resell the picture, and at least pay back the money spent.
5. The more famous the artist, the higher the cost of the painting.
6. After the death of the artist the value of his work increases.