The Religion of Art Market
The documentary Blurred Lines delves into the truth of the art market.
According to professionals in the art industry, the art market can be defined as a religion, as a belief system, and as an instantaneous reaction. Although to outsiders of the industry, the art market may seem to be about credentials and education and taste, in essence the art market is all about money. To insiders of the industry, the art world is a parallel world to the real economy where rich people are trying to prove to everyone how rich they are.
As contemporary art has gained momentum due to global capital and social media/celebritization, the art market has shifted into a money market. From the artists’ perspective, art is not what it is but what the beholder thinks it is. For artists like Damien Hirst and Jeff Koons, the reason for their production of art is to critique the art market while capitalizing on the commentary.
Hirst has been praised by the art industry for his contemporary art exhibits. Although in his initial exhibitions and works, he produced quality art pieces in order to produce art (i.e. The Physical Impossibility of Death in the Mind of Someone Living and Mother and Child, Divided), in his later exhibition of spot paintings, his true purpose of capital was not well received by the art market.
Damien Hirst is infamous for his 1500 spot painting collection located internationally in Gagosian galleries. (source: New York Magazine)
Koons has been praised by the media for his pop art with his signature use of stainless steel with mirror-finish surfaces. However, the truth behind the art that he produces is that it offers nothing of meaning and is instead filled to the brim with financial value. The status of Koons and his art overrides meaning and the need for meaning because money is the driving force and the end goal.
Jeff Koon’s Rabbit is the highest-selling art piece for a whopping $91.1 million. (source: BBC)
In terms of museums, the truth is that the same art may carry different meanings in different locations. In this way, museums are forced to compete with collectors and rely on donors for their exhibitions. However, the best museums today are led by a strong director, who understands that money always comes with a demand. Museums must find the balance of hybridity between commercialization and the public.
When it comes to auction houses, capital equates to value. Although 500 people may be present in a given auction, there are only 40 bidders who actually participate; the rest are part of a theatrical performance. Additionally, through chandelier bidding, which is based on the set reserve price, auction houses continue to stir tension and competition during bidding to coax the audience (including those on calls) to bid at higher prices even when there are no current bidders. Furthermore, individuals will bid up to protect their artists or artwork that they represent or own.
As the demand for art steadily rises, the pool of artists who have gained exposure and recognition continues to remain small. There is a need for a market with better and more working artists who have greater accessibility and opportunity. There also needs to be more transparency in the art market where the real value of art is set apart from the money.
Currently, there is no regulation of the art market because there are no poor individuals in the art game. The value of art today may seem to be lost. However, even the insiders of the industry know that the art market can only be controlled for a short time. History always throws away what is unnecessary, and the art market is not an exception.
