Wednesday, July 04, 2007
Art Bubbles go Pop
As records are broken on a regular basis now, most people tend to agree that we have an art bubble.. or at least an art bubble in the Impressionist/Modern/Contemporary market.
Richard Feigen has written an excellent little summary of the art market, a history of our last art bubble, the makings of the current art bubble, and what the future may hold.
It’s definitely a bubble, but when it will burst is anybody’s guess
If a bubble, or bubbles, exist in the fine arts—as opposed to the decorative arts—it is in the highly-touted trendy contemporary market; in the late 19th and 20th centuries; and in markets that appeal to Russia and the newly super-rich Asian countries. The 16th and 17th century Italian, French and Flemings; the 18th and 19th-century British; and the pre-Impressionist French have been forgotten in this inundation of liquidity into the art market. Art Newspaper
Speaking of records, a Velázquez painting has just sold at a Sotheby's auction in London for £8,420,000 ($17,003,348/€12,472,564). This is a record for the artist. See a picture of the painting at ArtDaily.
>> Art Auctions, Collecting Art ¶ 11:57 PM
Richard Feigen has written an excellent little summary of the art market, a history of our last art bubble, the makings of the current art bubble, and what the future may hold.
It’s definitely a bubble, but when it will burst is anybody’s guess
If a bubble, or bubbles, exist in the fine arts—as opposed to the decorative arts—it is in the highly-touted trendy contemporary market; in the late 19th and 20th centuries; and in markets that appeal to Russia and the newly super-rich Asian countries. The 16th and 17th century Italian, French and Flemings; the 18th and 19th-century British; and the pre-Impressionist French have been forgotten in this inundation of liquidity into the art market. Art Newspaper
Speaking of records, a Velázquez painting has just sold at a Sotheby's auction in London for £8,420,000 ($17,003,348/€12,472,564). This is a record for the artist. See a picture of the painting at ArtDaily.
>> Art Auctions, Collecting Art ¶ 11:57 PM
Why have the bubble? Do we need to talk about bubbles? Why do some need to recognize the bubble? One man's bubble bursting is another man's bubble blowing up. Can't we just let bubbles be free and do there own thing? Who was the first person to see the bubble? Who was the first to see it's imminent demise? On a day to day level I don't relate to the bubble. Maybe I am just out of the bubble loop. I am a very small bubble blower.
Those in the "bubble loop" are getting rich David. So it's probably a good thing to know what a bubble looks like if you have a large bank balance or an impressive art collection. I have neither, so art bubbles arent something I spend too much time thinking about.
Dion
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