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My Take on the Contemporary Market (From our Comments on the Art Market – Vol 150)

June 1, 2013

I think the best way to describe the contemporary art market now, was best said by the infamous, quirky, and unpredictable painter, Pablo Picasso:

 

“The world today doesn’t make sense, so why should I paint pictures that do?”

 

That’s exactly how I felt after spending hours touring the auction houses earlier last month. I could not believe my eyes. Not only did the art not make sense, but the prices were incomprehensible. Two black rectangles painted over a red canvas estimated to fetch $15,000,000-$20,000,000 and chewed bubble-gum and candy wrappers set to fetch $600,000 – $800,000 — BOGGLES MY MIND!

 

The last thing I want to do is insult anyone, so forgive me in advance if you happen to be the one of the individuals who bought those pieces, but how does someone find it suitable to put their money in such art?  Can chewed bubble-gum even be considered art?  Or has the meaning of art changed so drastically in the past few decades that there is no true definition of it now?  Art that reaches such drastic prices like these six, seven, and eight figured pieces need to have some background and depth, right?  I guess it would be pretty awesome to say, “Oh yes, this is Timothy Jahn’s paintbrush stuck to canvas with his chewed hubba-bubba gum, it’s $10,000,000.  Oh you’ll take it?  Wonderful! SOLD!” HA! And trust me, I am not trying to toot-my-own-horn, but the detail and technique I see every day walking into my gallery is light-years ahead of what was sold at the contemporary auctions, and that’s putting it nicely.

 

I do enjoy abstract art, and we even sell it at the gallery, but there is a limit how far you can push the boundaries of the art world until there is no coming back, and the auction houses were prime examples of that burst.  Artists should aspire to be remembered in the way Michelangelo, da Vinci, Caravaggio, and Gentileschi will always be remembered and admired…not by how many colorful dots they fit on a canvas.

 

Till next time … Alyssa

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