Three makes a trend, the adage goes. So here’s one: The upcoming Whitney Biennial, the National Academy’s Annual Invitational, and Site Santa Fe have sharply curtailed their rosters of exhibiting artists. The reason is money. The outcome is just what the art world needs.

Bloated biannials and survey shows were a boom-time phenomenon we can do without. They are self-defeating in terms of their purpose, which is to provide a point of view about what’s going on. And for better or worse, art fairs offer a more comprehensive summary of the totality of artistic activity.

Cultural bloat is an understudied phenomenon. Its effects are subtle and pernicious. On the surface, bloat entices us with more and more of a supposedly good thing: brick-size novels, three-hour movies, fancier museum buildings and cultural extravaganzas that betoken civic pride and scaling national ambitions.

Underneath all this more-ness, however, lurks the shadow of unsustainability. And that’s hardly the biggest threat. The lure of large numbers relieves the pressure to leave material on the cutting room floor. The cacophonous results mimic the quick verdicts and ceaseless profusion of the marketplace. A more restricted format, by contrast, tilts power to curators. It flushes away the fluff and injects some editorial discipline into the enterprise of art. Think of it as slow cultural food: Harder to cultivate and prepare, more satisfying to consume.

There’s been a lot of writing lately about how austerity is good for art. Much of it is sentimental bunk. Artists deserve to live well, like anyone else. But a case can be made, I believe, for trimming output and narrowing distribution channels. We may have less art to see, but more attention to lavish on it.

President Obama in his address last night studiously avoided the phrase, “the State of the Union is strong.” If there were a State of the Union for the arts, the speaker—Who would it be?—would likely have made the same choice. For all is not well on the cultural ramparts. Just as “Wall Street Prospers while Main Street suffers,” we’re seeing some profligate spending on art again, here and there, while artists and organizations on the ground are having a really tough time.

To measure the pain and the sorrow, Americans for the Arts, the Washington based advocacy group, has come up with a National Art Index, “the first study to measure the health and vitality of the arts in the United States.” It’s not a pretty picture. The index fell 4 points last year, reflecting steep drops in attendance and support, along with other downward trends. Thirty thousand arts nonprofits have been added since the index peaked, in 1999, so demand clearly “outlags capacity”—a problem that won’t go away even when the economy perks up.

Meanwhile, a group of arts wonks (myself included) are debating the language of arts-policy and advocacy this week at ArtsJournal. The headline so far: we lack compelling and uncompromised language to galvanize support for the arts and expand the purview of cultural policy to include the things that really matter, such as technology, media, and intellectual property regulation.

What does this mean for the visual art world? Americans for the Arts is largely concerned with the nonprofit arts. Its indeces may not faithfully reflect the condition of visual art markets and institutions. Are we any better off? What would be the right measures to diagnose the health of the visual arts? And where do you see the trend lines leading in the year ahead?

Those living in Europe are sometimes surprised by the shockwaves that private sector economic turmoil creates for Arts Institutions in the US.   If you come from a region where large portions of a Museum’s budget comes from the public purse (in some countries it is all government funded) it can be eye-opening to learn that those well-funded US institutions that out-bid the Europeans at Auction are often largely privately supported.   So an article in this week’s Art Newspaper by our own András Szántó is well-timed.

Private donors remain skittish. Corporate support is hard to find and ever more tightly tethered to marketing priorities. Public funding is jeopardised by imploding budgets and competing needs. Foundations, too, are smarting from losses. Some are rethinking their support for culture altogether. Venerable charities like the Ford and Rockefeller foundations no longer have divisions with “art” in their names. Museum income from tourists, members, publications, shops, rentals and restaurants is stagnant. It has been a perfect storm.

Whilst András is right to highlight the woes of incumbent institutions trying to fit existing plans into shrinking budgets, I wonder if some of this wasn’t inevitable?   The hubris of recent years and the multitude of new small private museums seeded by privately amassed collections has spread curatorial resources rather thin and scattered good works into more buildings.   Maybe we have too many institutions?   András again.

Museums are joining forces more readily on publications and web projects, such as Artbabble, a kind of YouTube for art videos. But while content partnerships are proliferating, museums have stopped well short of the kind of consolidation that reshapes other distressed industries. “There is a pride factor that makes it very difficult to merge,” notes Maxwell Anderson, director of the Indianapolis Museum of Art.

One hears a gentle sigh of relief around the globe, as the financial markets rebound, so this may all soon become academic.   But I wonder…   So what do you think?  A disaster for Art Lovers everywhere?  Or a much needed shake-up amongst our venerable institutions?

UPDATE: It’s official. Deitch is the new director of MoCA.
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The Los Angeles Museum of Contemporary Art (MoCA), which barely survived closing last year, is rumored to be close to announcing that they will appoint New York art dealer Jeffrey Deitch as their new director. (Other hats still in the ring at this final stage of the selection process include Lisa Phillips of the New Museum in New York and Lars Nittve of the Moderna Museet in Stockholm.) Word that Mr. Deitch was in the running for the position leaked out late last week, and that initiated a flood of opinions about the appropriateness of hiring a commercial art dealer as the director of a museum. Here’s but a small sample:

Jerry Saltz, New York magazine:

It looks like the sacrosanct wall between museums, galleries, and private collectors in the art world is about to come down. In what is a game-changer and a hail-Mary pass that will likely be fretted about by many, the Los Angeles Museum of Contemporary Art appears ready to name New York art dealer Jeffrey Deitch its new director, according to multiple art world sources. [...] American museums usually pick directors from the curatorial or academic ranks; none have ever been run by a former gallery owner. Scolds will imagine immoral scenarios of a wolf in the fold and tut-tut over the possibility of an uncouth, craven commercial dealer trading museum treasures for market-share, making back room deals, and violating ethics.

Mike Boehm, Los Angeles Times reporting:

Jeff Poe of the L.A. gallery Blum & Poe [said] “My immediate response was that there’s no way, it doesn’t make any sense” that a leading dealer like Deitch would give up his business to lead a nonprofit museum, Poe said. “But the more I think about it, it would be really interesting. He would be able to deal with the politics involved in a job like that. I’d welcome him with open arms.”

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We interrupt the summer doldrums with news that “controversial graffiti artist” Mat Benote has surreptitiously installed one of his own works in the Guggenheim Museum. This cheeky guerilla action raises anew questions about authority and power in the art world.

Benote apparently hung up his work—a kind of Russian Avant-Garde-ish abstract composition, in black and red, accompanied by a wall label—during normal business hours, unnoticed by Guggenheim security guards or patrons. The press release somewhat hyperbolically claimed, “a piece of art was added to the museum’s permanent collection in the form of a gift by the artist.”

Really? Much like the Grand Rapids ArtPrize discussed in an earlier ArtworldSalon post, the intervention brings up some interesting concerns. If a work is hung on the wall of a museum, without the sanction of curators, is it to be considered part of the museum’s art program? Can anyone bring in a picture, hang it on the wall, and thus confer upon it the status of museum piece? If so, are then random objects in visitors’ handbags also properly seen as part of the museum’s temporary exhibition programming? By extension, are the visitors themselves to be considered a kind of accidental social sculpture, by virtue of performing their pattern of human interactions inside the symbolically charged confines of the museum? Or will these visitors have to be labeled an artwork, by someone such as Benote, to be so considered?

Questions also run in the opposite direction: If an artwork looks like a run-of-he mill abstract composition, neatly applied on a two dimensional surface, installed like a precious painting inside a top-flight museum, with a wall label, is it still “graffiti”?

Perhaps the most fun question for this Salon may be: What were the Guggenheim’s esteemed curators supposed to do? Lemonade, anyone?

This week marks the publication of Edward Winkleman’s How to Start and Run a Commercial Art Gallery. For those familiar with Ed’s writing from ArtworldSalon—not to mention his own blog—the book may come as a surprise. Although fully qualified to speak as an art-world insider, armed with the requisite attitude and gossip, he chose the more difficult, and in my opinion braver path: To share basic, practical information with younger colleagues about the particular challenges of running an art gallery. Never has such information been more needed than now, when every penny counts and when dealers, both novices and veterans, must think anew about every facet of their business.

Part Bible, part user’s guide, Ed’s book offers calm and steady, and above all honest, advice on questions younger dealers always want to know about, but are often afraid to ask. How much should I pay myself? Where should I advertise? When do I need a lawyer? But even the best-laid plans can skid off the tracks because of the minutiae. One of the virtues of Ed’s book is that it delves into seemingly mundane, nevertheless important matters that others might have glossed over. No detail escapes his attention: from staff dress codes to the best choice of gallery paint color; from industry-standard salary levels to the wisdom of including packing tape in your “art fair survival kit.”

If you’re planning to open a gallery, buy this book. If you’re planning to stay in business, buy this book.

The nice folks over at The Art Newspaper asked András for his thoughts on what would happen to Arts writing with the decline of the Press.   His response can be seen here, or after the break.

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I’m going to go out on a limb and say something that will probably get me branded an elitist, a staunch defender of the status quo. I don’t like this big new art prize.

I am talking about the ArtPrize [sic.], the “radically open” art competition with the greatest payout in history: $250,000 for the winner ($100,000 for the runner-up) in an American Idol-style contest based on voting by the general public. It’s being funded by a well-meaning young gentleman named Rick DeVos, who won a contest of a different sort — genetic — and leveraged his inherited fortune with entrepreneurial feats of his own. The contestants will register online, ship their work to Grand Rapids, Michigan, and the rest will be up to the good folks who happen to be in town during an exhibitionpalooza weekend event where the voting takes place.

So what’s wrong with this picture? I can think of four things.

First, I have nothing against discovering those hidden diamonds in our midst (I, too, watched the Laura Boyle video and got misty-eyed), but public polling is not the best way to reward human accomplishment. The Olympics, the Nobel, or the Pulitzer Prizes are earned in arduous, sometimes lifelong ordeals of jumping over physical and mental hurdles. Judgment by juries and peers has a lot to do with the authority of these awards. Read More »

From struggling academics, to struggling artists. The New York Times started a blog titled Attention Artists!, on the recession’s impact on artists. So far, responses have been surprisingly sanguine, ranging from “I am completely adapted to being satisfied from my work and my work alone,” to “I think that the recession is making people understand the intrinsic and real value of art.” Some artists wax lethargic about their financial woes. But a more characteristic comment would be this: “The sick economy, combined with the collapse and confusion of the corporate music business, has actually been good for those of us who have existed on the fringes for years.”

Artists may be blessed with strong survival skills, especially in the putting-a-brave-face-on-misery department. Or is this a form of “false consciousness” (to dust off another half-forgotten thinker who is suddenly back in vogue)? How realistic is this new silver-lining discourse?

The idea that art-market busts are good because artists can “take over the factory, make the art industry their own” and “daydream and concentrate” was given an airing in February by Holland Cotter in New York Times in a manifesto-esque article,“The Boom is Over. Long Live Art.” Lots of people who make their living in the art world took note, and some felt the critic may have missed the point. At this stage in history, must art’s credibility depend on proof of human suffering and absence of commercial success? “Certainly, the excesses of the art world were alienating,” observed Alexandra Peers, an ArtworldSalon friend, in a riposte to Cotter in New York magazine. “But there’s Schadenfreude in the argument that bad times are good for the naughty, naughty art world.”

So which is it: An outbreak of gooey-eyed Romanticism? Or a sober reckoning with tough but healthy new realities?

Without exception, every person who heard about my recent trip to Dubai asked if I saw a parking lot at the airport filled with abandoned cars left behind by indebted foreign workers. I didn’t. But that powerful image seems to have been indelibly etched into the minds of newspaper-reading Westerners.

I did see many stalled skyscrapers and more than a few unhappy expatriates. Yet for the arts, the economic slowdown, here as elsewhere, presents a more mixed picture. In Dubai, it’s about switching from golden dreams to silver linings. I had an interesting conversation with an arts administrator who is matching up arts groups with empty real estate—just the kind of win-win deals we saw in New York City during our own years of blight. It may be that by suspending its mega-projects, Dubai will leave breathing room for scrappy local arts initiatives to take root and evolve haphazardly and organically. Culture sometimes works in such unpredictable ways.

Elsewhere, there was scant evidence of global financial Armageddon. The Art Dubai fair was, by all accounts, the best so far. It has matured into an indispensable regional fair, with dealers from neighboring countries reporting decent sales. The Global Art Forum conference (where I was a moderator) drew an international A-list crowd and played to a packed house in its lovely tent by the sea. The gigantic luxury hotel complex where these events took place was completely sold out. The Sharjah Biennial, timed to coincide this year with Art Dubai, was widely praised by those who made the short trek to the smaller Emirate east of Dubai. Going in the other direction, Abu Dhabi, sitting on vast oil reserves, is pressing on with huge cultural and educational projects. And in Doha, Qatar’s thriving capital, we were shown around I.M. Pei’s magnificent Museum of Islamic Arts, just the first of several treasure troves occasioned by the epic collecting spree of the local ruling family.

In the Gulf Region, the global crisis has stalled some plans but not others. So the question arises, two years into this downturn: Will all emerging markets and scenes suffer in equal measure? Which regions will experience the greatest setbacks, and which ones will get through this difficult period unscathed?

This just in from Art Newspaper Editor, Georgina Adam.

The saga of the Chinese bronzes hammered down at auction during the Yves St Laurent sale and then not paid for, as a political gesture, raises many thorny questions.

Briefly, (and for those of you who were on Mars this week), the two Qianlong bronze heads, of a rat and a rabbit, were looted from the Yuanming Yuan Summer Palace in Beijing by Franco-British forces in 1860 during the Opium Wars. They were two of 12 heads which adorned a Zodiac fountain, five of which have never resurfaced.

The heads were offered for sale by Pierre Bergé, the late Yves St Laurent’s former lover and business partner, in Christie’s block-busting sale of their collection last week in Paris. The Chinese have been calling for the return of the heads, and a French association (AFACT) with links to China attempted to block the sale by bringing an emergency injunction in a French court shortly before the sale started. The demand was thrown out in no uncertain terms by the French “procureur” (prosecutor) for a number of reasons, some technical and others more fundamental. I was in court and subsequently at the sale when the bronzes were sold.

China was not able, legally, to claim the bronzes under international law, and does not want simply to buy them back – its position being that they were looted and should be returned. At no point did AFACT claim that Bergé was not the legal owner of the heads, and prior to the sale Bergé stated that he would be prepared to return the heads “when China respects human rights and frees Tibet”. This did nothing to improve Sino-French relations, which hit a new low after French President Nicolas Sarkozy met with the Dalai Lama last December in Poland.

At the sale, the two heads were “sold” to a bidder on the telephone, underbid by two other telephones for the first, and one for the second. The price was  £20.4m each, including premium, and contrary to usual practice no paddle number was announced – “the buyer wanted absolute discretion,” auctioneer François de Ricqlès said afterwards.

On Monday this week a Chinese collector and auction house general manager, Cai Mingchao, announced that he was the buyer and that he was refusing to pay, as a patriotic gesture.

So here are some of the questions this saga raises. Read More »

What kind of an art world do you get without critics? To some, the question may sound hypothetical. But as I learned in Singapore last week, such scenarios exist, and may become more common.

In every tangible respect, the visual arts in Singapore are in an enviable situation. The small island nation sees cultural investments as a step toward a high-tech, educated, information society. The major arts facilities are glittering after ambitious additions and facelifts. The display technology in the top museums is world class. There are for-profit and non-profit art galleries. More and more institutions are being built. Artists can learn in prestigious training programs, some managed in partnership with reputable foreign institutions. Grants for travel and production are widely available.

The missing element is criticism. There is none. Newspapers offer reportage, but no reviews. There are no local criticism journals or websites, no training in criticism at universities. In talking with students and artists from around Asia, it quickly becomes clear that while western-style art cultures and art markets are proliferating, criticism is not necessarily being added into the mix. There is one silver lining: More direct contacts between artists (in person or online) not only to chit-chat, but to seriously debate the merits of each other’s work — the kind of intense, one-on-one dialogue and discourse we only read about in the history books.

With Asia exerting a more powerful influence, and with the Western arts press in decline, could the absence of criticism become the norm, not the exception?

This in from Eva Diaz:

Following on the previous piece on museum directors, I was surprised–yet somehow not surprised– that the list didn’t mention artists, curation, or really much about museum  content.    One would think that such a list of “improvements” to museums would include the requirement that museums strive to better their shows and content?   In particular, the list missed mentioning curators; you know, those poor souls who the Association of Museum Directors employ, and who are ostensibly the creative agents within museum institutions. That omission got me thinking about what curators do, about the curatorial profession, and about the pedagogical cottage industry of curatorial studies.

That means asking “why the global proliferation of post-graduate/MFA-granting curatorial programs today?” And that begs a related question of just what is “curatorial studies” as a discipline.   Maybe the problem is that it isn’t one at all.   

Perhaps it’s easier to begin by asking what sort of professional outcomes curatorial studies presents its graduates.   As a degree (M.A.) or credential, it doesn’t offer much professional security in academia, which generally reserves permanent or tenured positions in the arts for holders of terminal degrees such as art history Ph.D.s or art practice MFAs.    The close connection (and often asymmetrical relationship) of curatorial studies programs (no PhD)  to art history departments (PhD-granting) means that the seat of their graduates’ professional aspirations aren’t in academia, but elsewhere. Where is that elsewhere?

Simple answer, right? To curate, that is, to organize art exhibitions (and to produce and perhaps write for art catalogs that result from those exhibitions) happens in but a few sites: art museums, non-profit or university art centers, and commercial art galleries.   Curatorial studies programs feed students into these three institutions; the art magazine world and the grant-giving/foundation sector can be folded in here too, though generally they do not involve curating narrowly defined.   Working as a curator generally means intersecting with at least one of these art display institutions, whether or not the curatorial work is independent or salaried.   Though these sites have different masters, different “employers” so to speak, the non-profit and museum worlds in particular share certain professional similarities.   Yet curatorial studies programs don’t seem designed to educate students about the expectations of these institutions.

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At the recent Association of Art Museum Directors conference, I read a 10-point “Recovery Plan” for museums. Several people asked for it after the conference, so here it is. Thoughts welcome.

1. Avoid rash moves that alienate private benefactors, who have been the bedrock of your support since the 19th century.

2. Develop realistic ethical protocols that maximize giving while safeguarding curatorial independence.

3. To tap government support, make a better case about your public benefits.

4. Make yourself culturally indispensable by opening up prudently to amateur and informal culture and – yes – commercial culture.

5. Push for new infrastructure: develop loan and credit facilities, adopt best management practices, harness new technology.

6. Think harder about mergers, partnerships, and collaborations.

7. Develop a joint communication and marketing effort to take charge of the public debate about museum ethics.

8. Address the collapse of quality arts media and do more to tell your own story directly to the audience.

9. Enhance your professionalism through better education, including training in arts business and administration.

10. Start buying the inexpensive wonderful contemporary art which about to hit the market, and which will make you look very smart tomorrow.

It may be safe to say that the news of the closing of the Rose Art Museum at Brandeis has brought the panic barometer up a notch in the museum world. While the Rose’s news is particularly shocking, parallel announcements are also dropping jaws: word came yesterday, for example, that the Nelson Atkins Museum in Kansas City will eliminate the positions of Chief Curator, Director of Education, Director of Planning and Director of Operations, along with other staff. Other organizations have announced similar cuts. It is rare, at this point, to find a museum that has not, at the very least, taken preventive measures, such as imposing hiring freezes or budget reductions. These announcements foreshadow a troubling landscape for venerable museums that, we once thought, would be around us forever.

The ultimate sacrilege of de-accessioning is no less shocking than drastic board decisions that, in one sweeping stroke, can erase the labor of generations of collectors, curators and philanthropists. Are these decisions inevitable? Is there another way to save a museum, without dissolving its collection or its staff?

What doesn’t seem to be discussed much is role of the government. Today, Congress is voting on a plan approved by the House Appropriations Committee which includes $50 million in supplemental funds for the National Endowment for the Arts, along with other provisions that can benefit the arts. While this would be a helpful stimulus (if it gets approved), it is still a tiny sum of money. It barely represents a quarter of the Metropolitan Museum’s annual budget.

Shouldn’t culture deserve a bailout of the kind that banks and the auto industry have enjoyed? Art has never been a major priority of this country. But just how much is it worth it to us? What would happen if five months from now the list of threatened museums expanded to the highest tiers? Will we just watch all that art go away? If we were to play this scenario out to its ultimate conclusion, we may have to picture ourselves twenty years from now, staring at American Gothic somewhere in Shanghai, or Nighthawks at a museum in Dubai. Could that be the future?

The future of the Los Angeles Museum of Contemporary Art is being decided as we speak. Two scenarios have been preoccupying the press — a LACMA-MOCA merger or a “bailout” by Eli Broad — and the final outcome may be a mix of the two, or something different. This is LA, a city of white knights and twisting plots. Events don’t always follow the predictable screenplay. (I have long been a fan of a Getty-MOCA combo, but that, apparently, is not in the cards.)

Whatever happens, the art world is watching because MOCA’s problems won’t be the last. Museum finances across the country (and the world) are shaky, and some institutions are stretched to the limit. As Warren Buffett likes to say, “It’s only after the tide goes out that you see who’s swimming naked.” But curiously, while much talk in the boom years centered on Faustian bargains that museums make to survive, it is only now, with the protective cover of philanthropic and endowment revenues suddenly removed, that the truly tough choices must be made.

Here might be the silver lining. In a world where Merrill Lynch can be sold in a day, we have yet to read about a single proactive arts merger in the papers. Cities across the nation are dotted with cultural institutions that cannot pay their way and are going after the same benefactors. But mergers and combinations remain options of last resort. That has to change.

The news from LA may also make future benefactors more cautious about building new infrastructure where institutions already exist. The museum landscape of LA is the ultimate example of the principle of “to each patron his own edifice.” Last but not least, if things get worse, we may yet witness a reassessment of government’s role in the arts, as happened on Wall Street.

What do you see as the larger lessons of Los Angeles?

Unusually cold weather for Miami lent the opening night festivities a somewhat spooky and sinister air. “I though it was a celebrity, but then I realized it was just some people around the space heater,” said one reveler at the Art Basel opening party, at the Delano Hotel, as a group of half naked Brazilian dancers braved the chilly December winds. Then again, it could have been Antonio Banderas.

Yet despite the cold, the crowd pressed on, like a group of tourists who had booked a late season cruise and were determined to make the most of the amenities on board.

And fancy amenities were everywhere in evidence–gifts from a recent, happier past, when ambitious plans for this week were being hatched. Netjets invited people to celebrate Alex Katz at the Raleigh hotel, posting a giant Hollywood-style sign in the sand in the hotel’s garden. Not to be outdone by the Art Basel event down the street, the dancers at this party added juggled burning torches. Mini cupcakes were emblazoned with tiny marzipan Netjets logos–a sweet touch.

Earlier in the day, in the Design District, preparations were going on for the rollout of Design Miami. Under a tent that resembled a giant lace curtain, it was all business as usual. Takashi Murakami’s operation opened up a store to sell a new line of Murakami household objets, including three giant balls, the largest almost eight feet in diamater, festooned with technicolor flowers constructed out of soft and fluffy teddy bear fur. “Is it furniture or is it art?” I inquired. “It can be anything,” the friendly Japanese PR lady obliged.

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Sarah Thornton’s book Seven Days in the Art World, which documents the frenzied peak of the recent art boom, arrives next week in American bookstores, just as that boom appears to be sputtering out. Some would call this bad timing. In fact, it’s a stroke of good luck. It puts Ms. Thornton, a Canadian-born, London-based sociologist-turned-journalist, in the enviable position of having captured an epic chapter in art-world history in its entirety. It’s all here, a message in a bottle to be consumed now, to reflect on what just happened, or later, when the action heats up all over again, as something of a cautionary tale. Each chapter examines a facet of the art world – auctions, dealers, art fairs, and so on – in a fluid, breezy style that masks some serious heavy lifting. The intrepid author has spoken to “everybody” in the art world. No detail escapes her attention, from the desk arrangements of her interviewees to their designer footwear. Underneath the glossy surface, however, lurks a sociologist’s concern for institutional narratives as well as the ethnographer’s conviction that entire social structures can be apprehended in seemingly frivolous patterns of speech or dress. And clearly, Sarah (a friend of artworldsalon) was having fun. We caught up with her on the eve of her US book tour to ask her some questions about the book:

ARTWORLDSALON: You are a sociologist turned writer. What was your biggest discovery about the art world?

SARAH THORNTON: I never had a Eureka moment. Instead, I experienced unfolding revelations. I think that’s how the book reads, too. One reason the art world fascinates me is because it is so full of conflict. It’s at once idealistic and materialistic, exclusive and open, petty and lofty. Moreover, the art world is so full of warring factions that writing this book has been like walking through a minefield.

Your book appears in the US just as global markets, and it seems the art market along with them, are entering a period of turmoil. How does it change the book’s message?

I see the book as having a handful of themes. It is a social history of the recent past - a remarkable period in which an unprecedented economic boom infiltrated every corner of the art world, even the consciousness of art students sitting in a left-wing conceptual art think-tank in the middle of the desert. It helps to have documented the structures and dynamics of a bull art market, because we forget them so quickly. Read More »

Bloomberg today reported the dramatic drop in prices achieved at all the major auction houses this weekend.

Sales by Sotheby’s, Christie’s International and Phillips de Pury & Co made a combined 59 million pounds ($102 million), against minimum estimates of 106.2 million pounds, according to Bloomberg calculations. They follow a five-day auction by Sotheby’s in Hong Kong this month that raised HK$1.1 billion ($141.7 million), also about half the presale estimate, as buyers shunned some top lots for being too expensive.

This is of course to be expected as much of the collector market focuses on wealth preservation rather than spending. And galleries in New York have noticed a softening for some time.  Interestingly, though, one normally expects an art market correction 6 to 9 months after stock market crashes.  The question now is whether this is the start of a rout in the contemporary art market or merely a short term, financial market correlated, “correction.”

It also, by the way, raises a question about the other major art story of last week about recent moves by two former senior US museum directors to the private sector. Robert Fitzpatrick moved from the Museum of Contemporary Art Chicago to Christie’s Haunch of Venison, and David Ross moved on from his days at the Whitney and the Museum of Modern Art in San Francisco to be a partner at Albion.  Whilst I fully understand the attractions of better salaries and less stifling boards, I wonder if their timing was all it could be?

Not everyone is worried though.  I have spoken to two collectors this weekend who said, in effect, “finally a correction: maybe prices will come down to a more reasonable level and we can start buying again.”

So what do you think: Short term correction or start of a rout? A good thing or a bad thing?