Art Market: Is Contemporary Art Only For The 1 Percent?

 

(Drivebycuriosity) - If we believe the media than contemporary art is elitist & hyper expensive. Allison Schrager claims in the New York Times  "that the world of contemporary art has become dominated in recent years not by the 1 percent - the millionaires  - but by the super-wealthy billionaires of the 0.01 percent"  (nytimes ). David Byrne, founding member of the band "Talking Heads", declared a while ago that "the art world caters to the 1 percent. It’s obvious that the outrageous prices for contemporary art mean that—although anyone can look—only the very wealthy can afford it" (driveby). Really?

Apparently Mrs. Schrager was inspired by the recent art auctions in New York where Jeff Koons`s "rabbit" was sold for $91 million (driveby) . But these auctions are just the peak of the iceberg and don`t represent the market for contemporary art, which is much larger than Mrs.Schrader can imagine. I frequently go to galleries, auctions, art schools and other art shows. Everyone who has the eyes open can see art work priced below $10,000 and many pieces of art don´t cost more than a MacBook.

 

More and more art is offered online. Christie`s has now an online auction "Contemporary Art Asia" (through May 28  christies ). Many lots are offered for below $10,000, the beautiful Japanese abstract (first image above this paragraph) by Kokuta Suda has an estimated price range of  $2,062 - $4,124.  kokuta). Many artists offer their work also online, for instance Tsiuri Chachua, whom I discovered @ Gallery Artifact on Manhattan`s Lower East Side, offers his painting for $1,500  (madatart) & David Mellen`s amazing Triptych Painting “Ostend” (2018) is available for $18,000 (artsy ). 

 

And  - contrary to Mrs. Schrager`s claims - there is a lot fresh supply for art lovers & collectors. Recently I visited 3 art schools in Manhattan, which all exhibit works by their students, and I spotted there amazing pieces of art - fresh on the market. Above you can see "House on Stilts" by Henry Gabriel Anker, which I spotted @ Columbia University School of the Arts (driveby). The next image - created by Charity Baker - I saw at the 2019 MFA Thesis exhibition @ New York Studio School of Drawing, Painting & Sculpture (driveby). I discovered the 3rd painting - by Juan Garcia Ortiz - at the student exhibition @ Cooper Union for the Advancement of Science and Art.

Stay tuned.


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