From Prospect Magazine:
There is a pattern typical of these end-phase periods, when an artistic movement ossifies. At such times there is exaggeration and multiplication instead of development. A once new armoury of artistic concepts, processes, techniques and themes becomes an archive of formulae, quotations or paraphrasings, ultimately assuming the mode of self-parody.
Over the last decade, not only conceptualism—perhaps the dominant movement of the past three decades—but the entire modernist project has been going through a similar process. Of course, some important and inspired artists have made important and inspired work in recent years—from famous photographers like Andreas Gursky and painters like Luc Tuymans to lesser-known video artists like Lindsay Seers and Anri Sala. But there is something more fundamentally wrong with much of this century’s famous art than its absurd market value. I believe that this decline shares four aesthetic and ideological characteristics with the end-phases of previous grand styles: formulae for the creation of art; a narcissistic, self-reinforcing cult that elevates art and the artist over actual subjects and ideas; the return of sentiment; and the alibi of cynicism.
More here.