There has been a great deal of discussion (and hype) recently about the art market. I don’t know about you but my head is reeling from the figures I’ve been reading recently about the sums that works of art can command. It would seem that art is a good investment, and in these times of economic uncertainty perhaps it would be a good idea to buy a picture or two. Or would it? What exactly does this “art market” consist of?
Well, it seems that at the top end of the market work is being bought by the super-rich, who than take their purchases off to their very expensive apartments for the enjoyment of themselves and their circle of friends. As prices rise it become increasingly difficult for public institutions (such as municipal or even national galleries) to buy anything. So, if these sought-after items by esteemed artists are going to be enjoyed by anybody it is not by you and me. They will disappear into spaces which are entirely private. Of course, it is likely that every now and then somebody will organise a prestigious retrospective exhibition, which will travel between a small number of elite galleries, accompanied by the sale of very expensive catalogues. You will need to be very fast on your feet, however, because the opportunity will not last for long before the contents of the exhibition are once again dispersed into their private sanctuaries.
The chances that a contemporary equivalent of (say) John Constable finding his work permanently available to the public in the National Gallery or its like are vanishingly small.
The art market would seem to the thriving …. but is that good for art? Is that good for you and me? I’m really not sure about that.