Boom or Bust, Buy

 

In a boom, it’s cool to love art, see art, buy art. Art is taken seriously. A bust dismisses it as a luxury.

- Alexandra Peers, New York Magazine, March 1, 2009

I'm not so sure that art is taken seriously in a boom. Prices and collectors and dealers seem to be taken seriously. Art tends to be a byproduct - a means to an end in our fascination with the market during a boom. Who bought that? And they paid what?

That being said, the recent boom was good for art, I think. We read about art and artists and the art market in almost every newspaper and magazine in this country - Time, The Economist, and even the glossiest of glossies, Elle Decor, Vogue, Metropolitan Home, etc. The more eyes on "the biggies" (those making news at auction) helped draw eyes to the "up and coming" (artists in mid-career). More people wanted to play in the art sandbox so there were opportunities for more sandboxes to be built. More collectors, more galleries, more art available. 

A bust means that less will be spent on art, for sure. But perhaps it also means that more people will be focused on the art rather than on the market of art? 

We all know it is just plain tough impossible for an artist to support themselves by making art. I know that in a bust it is even harder for artists to be artists. Many say this (fewer artists) is good for the art world. I don't agree. Rather I think a few less collectors would be good for this art world. Smarter dollars being spent to ensure smarter careers (longer shelf life) for artists. But it is all connected, isn't it? With fewer collectors (less $) in the market, fewer artists will be able to live on art. Many will give up making art all together. But some will survive and thrive in a new market creating new art for new reasons and new audiences. Art because it has to be made. Hopefully leading to inspiring collecting. More collecting to support artists (primary market) rather than supporting auction houses and other collectors. 

I post this on the day before the opening of art fair weekend in New York. I am out of town this weekend. Part of our collection is being shown in Dallas. I'm here for the opening. Bad timing on my part because now more than ever I hope to support the market by continuing to collect. Boom or bust, I'm a collector. It's in my blood. I'm hooked. There's no recovery for this addiction. I hope others will join me, whether this weekend or next month, in continuing to be inspired by art and supporting artist by buying their work. 

In a future post I hope to share some great places to continue to collect some great art at great prices. Join me if and when you can...

Comments

[Aysen Ohron]

Thanks for being a supporter!

-Aysen

[jacqui]

just got your book on buying art and I must admit I got it for the glossy pics of wonderful art. Can't wait for my youngest daughter to come home at spring break and see this wonderful book, she will love it!

Haven't really read any of the text in detail yet- to many pictures to distract me- but I did briefly looking at the framing bit as I work as an assistant to a framer and believe me she would not be happy with your comments. I will need to show her what your wrote and see what she says - it could be interesting LOL.

Have a good time in Dallas, was there last weekend to visit daughter. Hate the place! well driving around it anyway. Have yet to find the art galleries apart from the Art Musuem and the Nasher center which we visited last weekend.

[Paige West]

Jacqui - Thanks for buying my book. I would love to hear what your framer friend would say about my comments. I am always learning especially as I am not a framer. All the best!

[Bromo Ivory]

I just back from the Armory Show - having got into this strange new world for me through your book. I noticed a hunger in many galleries that I supposed were not the ones who relied solely upon their client lists.

I found the satellite fairs to be the most interesting and compelling - with excited energy about art, the main Armory show was much more quiet and staid, and a few half hearted "don't quite get it" statements on the economy there in some pieces. With one gallerist I overheard talking into a cell phone lamenting that the pieces above $100k "were not moving at all." Mind boggling given the times and the budgets people have these days (plus what banker wants to be singled out by Congress for buying a $100k+ art piece during "troubled times?")

I guess my impression is that there was a lot of "art" and less "commercial" discussions going on and it was both compelling and enlightening for me. While I hope the economy has a fast recovery, I would also like to see the discussions of ideas and art continue regardless. The "who paid what for what" is more gossip than real discussion.

[oil painting]

Have a good day.I've just visited your website and I was wondering .I am an oil painting artist ,i am always learning how to painted. All the best!