Sunday, May 3, 2009

Fine Art — trim the fat!

Fine art has tremendous value, BUT...

"the days of the $300 million dollar sale are over"
And I say they should be! I've always believed globalization will determine true value for all things: labor, commodities, materials and even the fine art market. In a recession true value is determined very quickly.

NY art auction market in "free fall" for spring
This article suggests this fine art slow-down is because the sellers are holding their fine art, and not because there are a lack of buyers. Or maybe it is easier for the fine art investors to hold than to admit they overpaid to begin with.

...Allow me to step up on my soapbox...

$300 million at a single auction is a bit exorbitant. And remember, this is coming from the mouth of a fine artist.

Think about it – and it may sound cliché but – that amount of money COULD do so much for so many. That amount of money could change many, many lives. Yet it switches hands in exchange for a few paintings (at a cool $100 million each).

One things is for sure, in a global recession, possibly heading for a global depression, the fat gets trimmed from EVERYTHING! The true value of fine art is being realized.

Shameless self-promotion: For much more reasonably priced original fine art