The latest from top art market publication ArtPrice suggests that the global art market is tanking. Every corner of the market has been affected, from the really high-end stuff to the emerging artists fetching less than EUR10,000 a canvas.
In the words of ArtPrice:
Whereas the top-end of the market (4.1% of transactions) has shown relative price inertia, on the more dynamic segment of works offered for less than 100,000 euros, reactions have been more spontaneous: price adjustments are already underway. In this segment, the price index calculated using the repeated sales method has dropped 18% compared with October 2007!
The art market is in decline, as I predicted back in September 2007, in a short article for Trader Monthly. Prices, I felt, were topping out, and ArtPrice retrospectively calls the peak in late 2007/early 2008.
My first article for Saatchi magazine has finally been published!!! Check it out >>
I am pretty fucking psyched to be writing for such a prestigious publication. The Saatchi Gallery has cranked out some big name artists, including the reclusive nutjob Damien Hirst (who, like Nelson, operates in the tradition of Francis Bacon).
The story is quite interesting. It covers Diaz’s frustration with the current state of the art market and his show of protest. In order to make the aesthetic attainable to those who are not incredibly wealthy, Diaz has been selling paintings on eBay for starting prices of $1. The results have varied, with the first piece, Self-Portrait with Pipe, 2008 #1 reaching $745, though several have only barely cleared the $100 mark.
The final piece, Self-Portrait with Pipe, 2008 #10 is currently on the block, and the auction closes tomorrow. Place a last-minute bid >>
Keep an eye on Saatchi magazine for more coverage of the art market from me. Pretty soon, I hope to see my piece on Julio Aguilera’s “Prometheus” sculpture project.
After having sat on my ass for too long, I’m happy to announce that I have finally written my first article on Benjamin Krell. The piece, “Fusing Light and Motion on Canvas: Interview with New York Artist Ben Krell,” introduces the work of this artist to OhmyNews.com’s readers and explains his approach to the canvas.
Ben is an interesting guy, and I love his work. So, I’m happy to add him to the group of artists I cover. We have had some decent opportunities at major magazines, but unfortunately they didn’t materialize. We did, though, get live rejections from some serious magazines.
Get used to seeing Ben Krell’s work on my blog. It’s going to continue. After all, the Migrant Blogger loves art, and this is art that I’m excited to cover. Now, my portfolio of artists is up to three, with Krell joining Julio Aguilera and Nelson Diaz. Someday, I’ll have to get the three of them together at once for an ad hoc show. Maybe I’ll have these painters do performance art, just to fuck them up a bit.
Well, the second $1 auction by rebel artist Nelson Diaz has come to a close, and I can proudly say that I am the owner of another Nelson Diaz original. I’m quite excited about this and can’t wait to hang it up. I haven’t decided if I’m going to hang it at work or at home yet. Tough call.
Here’s the dilemma. Sometimes when I’m at work, I need some “art therapy.” I need to infuse the aesthetic into the daily grind. Writing about the stuff I cover at the office can get dry, and I just need to behold something creative. I keep a few books at my desk for this reason: Rene Magritte and Francis Bacon. From time to time, I wander the halls and check out the work selected by our interior designers. It can get me through a slump, but it isn’t the same as having my own canvas above my desk.
But, there are security concerns, and I’d hate to see the painting stolen. On the other hand, none of the company’s stuff has been stolen, but I don’t know how firmly they have been fastened to the walls.
When Nelson Diaz put “Self-Portrait with Pipe, 2008” on eBay, he had hoped the price would not exceed $300. The auction, which began at 10 PM on June 15, 2008, ended last night. The winning bid was $745, and the buyer’s identity is not readily available. Despite the fact that the painting sold for twice Nelson’s objective, it is still far below the price the painting would have fetched in a private sale.
For those who missed the previous opportunity, Diaz has already begun his next auction, which is set to expire on June 29, 2008. As always, the bidding starts at $1.
For anyone familiar with Nelson’s art, this is a real steal. More important, it’s a chance to participate in a revolution. As Nelson fights the art market, he needs the help of those who are not obscenely wealthy and merely want to participate in the thrill of having an original hanging on the wall.