Happy New Year everyone! I hope that 2014 is off to an excellent start for everyone. To get the year rolling, I thought I would share my thoughts on this article of art market predictions by Ben Davis I found on Blouin ArtInfo.com. I’ll put the link below for y’all to read:
And here are my summaries and musings on his four predictions.
1. MUSEUMS GET MORE IMMERSIVE
Awesome! Museums need to start incorporating interactive technology into their exhibits as artists and audiences become more and more reliant on social media as a means of communication and expression. Plus let’s face it, the wealthy are the main art buyers and it is becoming apparent that the people getting rich are the ones inventing or are otherwise invested in technology. So I am all for it.
2. THE SILICON VALLEY CHALLENGE IS ON
So like I said, the techies are the ones making the money and it’s the wealthy that maintain the stability of the art market. And rather than spending their money traveling to banals and exhibits in other cities and countries, the high-brow of Silicon Valley have decided to host two art fairs at home, the Silicon Valley Contemporary in April and Art Silicon Valley in October. This is actually really interesting and (I think) good, because having these events suggests that even though we are in a tech-driven society the elite are still wanting to invest in the arts.
3. MFA BACKLASH REALLY SETS IN
Sadly this is a story that we all know well enough. The risk of obtaining an MFA is that you will never earn back the money you spent on your degree. (On a personal note, I am dealing with this now as I consider whether or not to pursue an advanced degree in art history.) Critics also complain about how art students risk becoming too educated and this degrades contemporary art into commercial regurgitations of previous art. I don’t completely agree with this because the innovative artists of this generation will rise above the rest to drive expression and creation like they always have before.
4. THE ART MARKET DOES NOT ESCAPE THE GRAVITY OF THE NON-ART MARKET
So the prediction is that what happens to the art market in 2014 depends on what happens in the “real” economy. This is based on the theory that because art is being sold as the new safe asset, like gold, dealers are paradoxically encouraging more people to speculate on it. Its also based on how the art economy of 2013 happened to correlate with emerging markets and the resulting investment craze. An example are the “BRIC” nations— a term coined by a Goldman Sachs economist to refer to the fast-growing economies of Brazil, Russia, India, and China. Pundits made a big deal about the importance of the art economy of these countries, but the Chinese market is already in decline along with the the larger economy it’s part of (the world’s second largest). So maybe we should hope that art can continue to dodge the pitfalls of the international recessions that will most likely continue in 2014. Sorry guys. But at least in the past art investments have been able to maintain their value despite stock market declines, so lets stay positive this early in the year and hope that 2014 will continue to have record breaking sales at art auctions.