the money and art problem

Schwabsky_survivingthemoment_ba_imgBarry Schwabsky at The Nation:

The price of things is crowding out their value. When it comes to art, the belief that the price of a work is its sole worth constitutes the peculiar accord between the hedge-fund millionaires driving prices into the stratosphere and the would-be revolutionaries who fantasize about the collapse of the art-market bubble and the whole hideous economic system of which it is a prominent sideshow. Is it even remotely possible to see the exhibition hanging in the Guggenheim Museum right now—paintings, drawings and photographs by the American artist Christopher Wool—as art instead of dollar signs, now that one of Wool’s paintings (not included in the exhibition, which is on view through January 22) has sold at auction for $26.5 million, just a year after another sold for what then seemed an already outlandish $7.7 million? According to a recent article in The Art Newspaper, speculation on Wool’s art over the past few years indicates that it “‘has become a parking lot for money,’ says one high-profile European curator. Like the market for Jean-Michel Basquiat, Wool’s market is in danger of being controlled by a small, powerful group of players, he [adds].”

“Parking one’s money” is apparently an everyday concept among those who have too much of it; a recent New York Times article headlined “Record Prices Mask a Tepid Market for Fine Art” quoted a market expert who accounted for the popularity of contemporary art among hedge-fund managers this way: “They can hang anything they want in their Manhattan co-ops or in Aspen and nobody can say that’s ugly because contemporary art has not been subjected to sustained critical appraisal. There are no markers of good or bad taste that have yet been laid down. It’s a safe place to park your money.”

more here.