The average world price for a work of contemporary art in 2018 was almost $ 70 thousand. By the way, this is the approximate cost of the new BMW X5. However, someone for the same amount would prefer, say, a banana taped to the wall.
Bright Side has come across modern paintings and installations more than once, which only caused bewilderment. It turns out that in such cases it is often not the lack of a sense of beauty that is to blame.
It’s not about the world’s masterpieces, familiar to everyone from school. Their cost is fully justified by the cultural and historical value and can be viewed from museums or viewed online using an iptv, smart tv. Most of the authors of these works were recognized only posthumously. Today, a contemporary painting can be sold for fabulous money.
In 2017, for example, a billionaire from Japan bought the painting you see above for $ 110.5 million. Private collectors like him dominate today’s art market at a time when the prestige of public museums is weakening.
The influence of private collectors on the market can hardly be overestimated.
Logically, the price of a work should reflect its artistic merit and historical value, but not today. The name of a contemporary artist is a brand. The cost of his work no longer depends on the aesthetic assessment, but on the capabilities of his patron and the PR and marketing tools available to him. Yes, today almost every eminent artist has an “owner”.
The result is a closed market with volatile prices and rich influential players who are willing to buy for the sake of prestige and status.
Moreover, not only works of art are bought, but also critics’ reviews on them. Therefore, it is not surprising that dishonest participants using muddy schemes appear in such a market. Considering that it is extremely difficult to trace the parties and accurately determine the cost of a particular product, this provides opportunities for turning your illegal income into legal.
The main problem of the art market today is the possibility of money laundering through it using complex schemes. You can’t just sprinkle something on the canvas, and then bend the price several times more than the annual budget of some provincial city. This will raise suspicion, so prepare carefully.
However, at the moment there is no detailed regulation of inspections, and no one understands how this will work in practice. No predictions can be made yet, but they are constantly working to cover the loopholes for money laundering.
This state of affairs in art does not at all mean its decline.
There is also no need to belittle the talents of those whose work is notorious for engaging in fraud. They are not to blame, but people who are quite far from being beautiful. But you can become a popular artist without getting involved in muddy financial schemes.
Moreover, for modern creators, the possibilities are truly grandiose, and the sources of inspiration are inexhaustible. Thus, the eccentric artist Banksy became a real symbol of contemporary art, without even revealing his personality.
Despite the dark sides, Bright Side adores art, including contemporary art. And the names named today are just a few of the many talented people. How do you feel about contemporary art? Do you also sometimes have a cognitive dissonance from the type of this or that modern painting and its value?