How has the Recession shaped the Art World?

How has the Recession shaped the Art World?

How has the recession-- and all the financial woes we have faced in recent years-- shaped the art world? Has the art market taken a step back or a step forward? Do emerging artists have an advantage or disadvantage due to the recession as far as making a name for themselves? Will we see an evolution-- or revolution- within the art world as to what is viewed as visionary? These are questions that I recently discussed with some of my associates.

For example, in a brief discussion, artist Carrie Ann Baade-- whom I’m working on a second interview with-- noted the importance of Narrative at this time. Indeed, there has been a boom in works involving narrative and storytelling in recent years. Does the recession explain the increasing interest in works that in years prior were considered ’underground’ art-- works that often contain a strong narrative?

With this in mind, one could say that people reach out for visual stories during times of economic struggle and societal hardships. However, that is not the sum of the current art market by any means. The art market cannot be viewed through a clear lens at this time-- I suppose one could ask if it ever has been.

Back in 2009 I asked, “What attracts us to art exhibits featuring key players in contemporary art? What attracts us to art fairs that involve millions of dollars worth of art? Could it be that art appreciation today is defined by dollar signs-- the monetary value of the work rather than the meaning? Does money come before the idea?”. These are questions that are still being asked today concerning the structure of the art market-- needled further by the continued economic crisis.

I went on to ask, “If this is the case, how is art to be appreciated during times of recession? Furthermore, how is art to be appreciated during a borderline depression? Or does money play little part in our interest?”. Needless to say, there are no solid answers yet-- at least not that I‘m aware of. However, there is enough speculation to go around concerning the art market-- as well as finger-pointing and blunt frustration.

There are some basic truths of the art market. As I have stated before, it is no secret that the success of the art market is often only as strong as the status of the economy. The two walk hand-in-hand. If the economy is strong the art market is strong. This truth is hard to deny.

I’ll add that until the economy is stable anyone walking the roads of the art market must be wary of trampling on bubbles that are apt to burst. That said, it is my opinion that the current economical climate within the art world offers a fantastic gambit for emerging artists and artists who never received the attention they should have received in years past.

Based on overhead buzz and online rants I think it is safe to say that there seems to be a trend of artists-- and even art dealers-- not focusing so much on art market politics-- or what has been successful before, so to speak, and more so on the pure growth of their art-- or the art displayed in the case of art dealers. Thus, one could suggest that the recession is fostering a move within the art world that is less stagnate and is focused more on artistic growth-- or pure expansion as to how artist branding is viewed and utilized.

Again, it is my opinion that the current economical climate within the art world offers a fantastic gambit for emerging artists and artists who never received the attention they should have received in years past. If you think about it there are no real leaders within the art market at this time-- old market blustering aside-- it is everyone’s game.

The artist working steadfast in his or her studio today may become a leader tomorrow-- just as the gallery who takes said artist on may become a solid voice in the art market of the future. How do you think the recession has shaped the art world?

Links of Interest:
The Value of Art: Recession and the Rise of Art
http://www.myartspace-blog.blogspot.com/2009/01/value-of-art-recession-and-rise-of-art.html
Art and Recession: Time to Adapt
http://www.myartspace.com/blog/2008/11/art-and-recession-time-to-adapt.html

Take care, Stay true,
Brian Sherwin
Senior Editor
http://www.myartspace.com/