Saturday, 14 November 2009

Contemporary Art market - auction

In his article in the New York Times on the 13th of november 09, Souren Melikian, specialist well entrenched in the art department, is set to reassure us all: "The auction market is booming and when it comes to contemporary art, it is charging on at an accelerated pace, as it did before the financial turmoil broke out in the autumn of 2008".
Auction houses are best known today to publicly set prices for art works, and actively promoting this or the other. They help in bridging speculation and inflating a market ready to be blown.  Christie's has a foot in the Arab world with its wing in Dubai, a few years back with the support of media specialized in the subject. It became a renowned stop shop for any collector in the area. Emerging collectors were growing faster than emerging artists, they had plenty to spend and had to distinguish themselves in buying unique items.
Thanks to the results in the last two auctions in New York, the contemporary art is thriving and collectors can indulge. But as Melikian says: "Yet, no great importance is attached to personal aesthetic creation. In most cases, words and names alone matters."

NY times article: link
Sotheby's results in NY: link
Christie's results in NY: link
Photo of a mobile structure by Alexander Calder sold at 902 500 usd


Alia said...

Oh, Calder, his work defines beauty! I've never seen anything as "impressionant"...

sarah said...

you are right, Alia, as an illustration, I chose the works sold at Sotheby's that I found the most impressive.
But it contradicts a bit the NYTimes article, as Souren Melikien, was pinpointing the high prices for works that are not so appealling. I think he refered mostly to the overall general trend.
Anyhow, i wouldn't mind having a Calder in my home! but that is another whole story... We can enjoy beauty and art without possessing it.

AliK said...

Art, as with other rare commodities (Gold, Oil, etc..), has become more of a currency and storage of wealth rather than object to be acquired for its aesthetic and beauty. In a world where finance rules, and determines who wins and who loses, and which idea prevails over others, it also (unfortunately) rates art, defines the beautiful, and determines the faith of artists.

sarah said...

could art become a commodity? how will they really determine quality and production? how will they rate it all?
gold is a commodity not jewelry.
but surely the economics in this world are searching for new ways to secure their investment.
At least art is made by men, not extracted form earth. That will hopefully be environmentally friendly?!!!

Unknown said...

nice post!

Unknown said...

I like to see more of your opinions here Sarah! ^_^