Connect with us

Culture

The financialization of the art world and the cannibalization of creativity

Prof. Murray Hunter

Published

on

Kovach Imre* and Murray Hunter

For most people, the art world is an area of sophistication, finesse, and creativity, which takes a high moral ground in today’s society. It s acknowledged that art is one of the highest social achievements of people within society, placing the discipline of art on a cultural plane that is viewed as being pure and uncorrupted.

Art is therefore seen as one of the most highly valued artifacts of society, sitting magnificently in art galleries, museums, and collections around the world, which are unquestionably considered to be one of the pinnacles of human prowess.

Maybe this was true in the past, but the authors believe that this has all changed because art today is considered a valid asset class, just as real estate, stocks, bonds, and precious metals are. The leading auction houses and art galleries of the world have commoditized the art market. Institutions which traditionally had nothing to do with art, like banks and transnational corporations have set up art funds purely for investment purposes.

The art world has attracted a number of business opportunists who have set up funds to dabble in art trading. These dealers have very little appreciation of art as art and see it only as a means to make profits. Thus the art market is adopting the characteristics of any other tradable commodity market. The trading of art around the world today is in excess of USD66 Billion, and growing exponentially, as more and more institutions are becoming involved.

As stock markets are losing their values during 2015, the prices of art are rising rapidly.

Contemporary art today is seen by many as one of the best means of wealth preservation.

Ultra-wealthy collectors can’t get enough new art and are putting pressure of galleries to produce more art of the right names, which are like brands in this market. For the right kind of art, this means that post WWII and contemporary art has multiplier effects which has never been so high. Collectors are going into a frenzy over these rapid rises in values, driving the market even higher.

It is undeniable that the contemporary art market is on a high. Some say this is a bubble, while others say that it is not, as the ultra-rich are sheltered from the ups and downs of national markets and economies.

The best contemporary artists like Damien Hirst and Jeff Koons, who are two of the highest priced, are owners and directors of ‘art factories’. The typical creation of an artist within these art factories is usually done without the artist ever touching the art piece. The artist develops the concepts and represents it to his team of technologists, assistants, and art manufacturing experts. Most often a computer model is pre-made of the planned piece. The concept for many pieces are represented not by sketches or drawings by the artists, but by an object he selects from a store or any other place he finds them. Jeff Koons for example, likes to find souvenir items from gift and toy shops and style these pieces into extravagant art pieces using the latest technology. Thus the tiny toy becomes a 2.5 metre shinny stainless steel object which can be sold for tens of millions of dollars.  

Such art factories are extremely reliable in their production and can consistently turn out art products which are branded by the name of the artist. Therefore art galleries and collectors vie for such pieces even though their prices are astronomical.

Today even lesser known artists maintain factory style production for their galleries and collectors. Their pieces are even booked in advance in massive quantities.

There is an even newer trend that tries to exploit the expected multiplier with the works of very young artists. These young artists are drawn into full scale professional art production by galleries, right after they complete their MFA, possibly even before their first solo exhibition. These artists are thereby coached by the galleries, who very actively participate with the artist’s work in developing concepts, and arranging manufacturing, etc. The desired end can be reached with continuing rising prices and increasing profits for the galleries; a cycle of profit making.

Collectors happily buy in, possibility in the first and second rounds, expecting double triple or quadruple multipliers in subsequent sales of the pieces, which no other commodity market can generate.

In addition, the art of such emerging artists is often bought in bulk. One hundred, two hundred or even three hundred pieces at a time, with the hope of massive profits on the successful ‘branding’ of these young artists.

In such climate of art production, art is created as a commodity, where the production is completely finance driven for the sole purpose of creating profit.

Art is no longer bought for appreciation but rather bought for resale.

The definition of good art is that it is saleable and the definition of a good artist is that he/she is marketable. In the finance art world today, those artists are considered the best.

This of course completely distorts the valuation of art and takes away the whole purpose of the creation of art, replacing it with financial aspirations.

Today’s art is finance driven. The creation of artistic style equals the creation of a brand, i.e., brand Andy Warhol. Such finance driven art over the last few decades has shown truly incredible growth with a new asset class that produces more profit than any other known asset class today.

However this new financial high has created a morel abyss. The new buyers of contemporary art who come from the business world are based in completely different skill sets to the art world. So consequently, they have brought with them completely new techniques of management and money making to the art world, used in other fields like real estate, and commodity trading, etc.

These practices in many cases are not on the ‘up and up’. They can be construed as being incompatible with cultural activities.

These unscrupulous methods used like bullying or coercing artists into one-sided contracts, using legal and other administrative devices which the artist cannot cope with, or out-right cheating of artists, are not in the interests of young artists. Some very ugly cases are coming to light about how the so called collectors are treating the artists.

The old time appreciation and respect that existed between collectors and artists is a thing of the past.

Many of the new comers to the art market are there only for the money and not the appreciation of art. These go getters think that it OK to do anything and everything in their power to get the booty. This causes unnecessary hardship on the creative artists who are coerced and pressured into very disadvantaged contracts, or are cheated out of the possession of their own artwork, and/or its copyright, the collateral products, multiples of their artwork, and don’t receive any financial rewards.

Today a number of cases are coming into light, showing the dark-side of the financialized art world.

However, there is an effect with influences the core of our culture and the immune system of our society. Artists as a rule ever since they emerged from the shamans and healers of the old age have always been investigating the nature of the world, been the seekers of truth, and the philosophers of life. As such they often represented the highest form of intellect and culture in society like the famous Sufi poet Rumi, who was also a religious leader.

Artists always attempted to go beyond the bounds of normal art to unbound the secrets of the world, depict the true meaning of life, and ponder on the true purpose of existence. Many Chinese calligraphers were Daoist sages who practiced meditation, yoga, and perfected the art of living a long and virile life, including lifestyle as a whole, gastronomy, and even sexual practices.

In Europe, Durer, Leonardo, Michaelangelo, Parmigiano, and many others were involved in alchemy, mysticism, scientific research, and medicine. In general we can say, they had open creative minds which very few people had in their respective societies at the time. Even though they received payments for their art, their art was not a financial commodity.

The Turkish calligraphers were not just artists, but wise-men, who were often teachers and advisors to the Sultans, and we know of several Sultans, like Sultan Abdulmecid who were excellent calligraphers. In China, calligraphy was considered the highest art and the core of wisdom. Calligraphers were often teachers of Chinese Emperors, who respected calligraphers, often asked for their wisdom and advice, and many of them like Emperor Huizong of the Song Dynasty, were excellent calligraphers and painters in their own right. The emperors of the Toba Turk Wei Dynasty in China customarily had to have a profession which was usually that of the sculptor. The greatest Zen teachers of Japan communicated the unspeakable through their calligraphy to their disciples. Their calligraphies and painting like that of Hakuin are among the most highly valued treasures of Japanese culture.

The same cannot be said of an MFA graduate who is coached and instructed by a gallery for the sole purpose of making saleable art for a profit. It is significant that many of the new galleries led by ex-curators are becoming integrally involved in creating artwork which is way beyond the role of a gallery. They give curatorial guidance to the artists which in many cases gives the upper hand to the curators, where the artist becomes a mere executor of the curator’s concepts.

It is telling that artists themselves cannot apply to the Venice Biennale, where only curators who bring their artists can.

The curators know art and artists, and also know the buyers. Hence they are the key figures, the active agents of the financialization of art.

What does this all mean?

Putting it simply, the financialization of the last segment of society that had the potential to produce creative free thinkers, who are not directed by profit making financial intentions, is being wiped out in front of eyes.

Why does this matter?

This matters because only free thinking people can be the ‘compass’ of society. Artists through the ages have always made comments upon the ideas, aspirations, and events going on around them. This is being lost where the last bastion of intellectual freedom will have been commercialized by the ultra wealthy and sectional institutions within our society. The creative people who have the potential of free thinking is now controlled by financial interests, as soon as they have any professional success.

What will this lead us to?

We are all going to be passengers on a boat with perfect technologies, perfect crews, and perfect stewardship leading us. However in this perfect world there will be nobody who can question the bearing and direction that the boat will travel.

(*)Kovach Imre is an independent spiritual teacher, thinker, calligrapher, painter, and sculptor.

Innovator and entrepreneur. Notable author, thinker and prof. Hat Yai University, Thailand Contact: murrayhunter58(at)gmail.com

Continue Reading
Comments

Culture

Strengthening Sino-Russian Ties

Olga Melnikova

Published

on

During her speech at the New Year’s celebration, hosted by the Russian Cultural Center in Beijing, in late December 2017, Olga Melnikova, Counsellor of the Russian Embassy and Director of the Russian Cultural Center in Beijing, said Russia has many cultural symbols that come from China. In her opinion, Sino- Russian bilateral relations are an example of “the most stable, healthy, mature and lasting relationship between countries in today’s world.” The Russian Cultural Center for years has organized cultural, educational and science- related activities to stimulate Chinese citizens’ interest in learning the Russian language and culture.

In her recent interview with Women of China (WOC), Melnikova said she hoped the Sino-Russian strategic partnership would be strengthened, and that cultural communications between the people of the two countries would be  enhanced.

Had you visited China prior to assuming your post as Director of the Russian Cultural Center in Beijing in September 2017? What is your impression of China and the Chinese people?

I first visited the capital of China, Beijing, in 2012. I was a tourist at that time. Beijing impressed me as a modern metropolis that also kept well its traditional Chinese flavor. I saw magnificent ancient temples and palaces coexisting with modern buildings and small cozy streets. The architectural styles of many buildings, the decorations on streets, and the designs of parks clearly showed how much Chinese people had been respecting their history and traditions.

Now, I look at Beijing through the eyes of one of the city’s residents, not as a  tourist. In modern Beijing, people are    paying great attention to physical education and sports, and to taking care of their health. I have watched, many times, the Chinese citizens who gather in the morning to exercise together. They perform qigong , a system of deep breathing exercises that Chinese use to train their bodies and properly maintain the energy flow in their  bodies.

My job has pushed me to travel around China, and to meet people from all walks of life, including government officials, diplomats, representatives of academic institutions, professions, teachers, students and schoolchildren. Based on my personal communications,   I think Chinese are friendly, polite and  kindhearted. Chinese always l isten attentively to  interlocutors’ opinions, and they know how to correctly defend their points of view.

Please tell our readers about some of the events your center has organized in China to promote Russian culture.

Under the circumstances of globalization, culture becomes an important “language,” or factor, that lays the foundation to build the whole system of international relations. Cultural exchanges include communications in tourism, the scientific and educational fields, business contacts, and cooperation in the sports, mass media, art, music and film  industries.

Russia is a country that has a great cultural heritage and centuries-old traditions. Within the framework of popularization of Russian culture in the world, our Russian Cultural Center regularly hosts events, such as concerts of Russian folk artists, music and dance groups, meetings with Russian celebrities in the cultural field, exhibitions of contemporary artists, photo exhibitions of Russian museums’ archival materials, film screenings showcasing the latest achievements of Russian cinematography and theater performances for both children and  adults.

Every year, we celebrate our victory in World War II, the day of the first space flight of cosmonaut Yuri Garagin and the launch of our first space satellite. Soon, we will celebrate the date of lifting the blockade of Leningrad and the anniversary of the battle of Stalingrad. Those events are great and memorable, not only for Russian people, but also for humanity all around the  world.

Are you interested in Chinese cultural symbols?
Developing mutual interest in our cultures helps us strengthen the “ties” between our peoples. For example, the  Chinese horoscope, which includes the tradition and meaning related to the Spring Festival, is very popular in Russia. Some symbols of good fortune, such as the dragon, fish and frog, can be found in decorations that Russian people place in their houses, offices and private shops. Although the images with auspicious hints are used as decorations, most Russians do not fully understand the meanings that those images imply. Perhaps the most popular auspicious inscription is a picture of the upside-down Chinese character of “fu,” which means “happiness.”

What roles are women playing to enhance bilateral communications between Russia and China?
It is a global trend that women play more active roles in different spheres of life — business, politics and diplomacy … In some countries, women occupy the highest positions in government. There are women ministers, prime ministers and even heads of state. Women and men should complement each other while they are dealing with political issues.

Actually, the Russian- Chinese Commission on Humanitarian Cooperation is chaired by Olga Golodets, Vice-Premier of the Russian Government, and Liu Yandong, Vice-Premier of the State Council of China.
The Russian Cultural Center is the representative office of Rossotrudnichestvo — the State Agency, which is headed by Eleonora Mitrofanova, a Russian diplomat of high level with significant experience in the Ministry of Foreign Affairs of the Russian Federation and in international organizations. Our center will continue to make contributions to strengthen the ties between Russia and China, advance the promotion of the Russian language and culture in China, and stimulate the development of mutual exchanges.

Women of China

Continue Reading

Culture

Reviving the Spirit of Mosul

Audrey Azoulay

Published

on

Last week, the world made a great commitment to rebuild Iraq following the recent defeat of ISIS. Recognizing the immense courage of the Iraqi people and the depth of their suffering, the Kuwait International Conference for the Reconstruction of Iraq pledged to rebuild infrastructure so that the country can once again prosper.

Mosul is the living symbol of Iraqi’s pluralistic identity. For centuries, it was at the crossroad of culture in the Middle East. From the Sumerian cities to Babylon, from the walls of Nineveh to the Silk Road, the region has been a melting pot of people and ideas. For the last three years, this story of peace – the true spirit of Mosul – has been overshadowed by another story of hatred and violence.

The conference stressed the importance of putting the human dimension at the heart of our efforts for sustainable reconstruction. So we launched “Revive the Spirit of Mosul”, an initiative for the reconstruction of the Old City, both its physical infrastructure and restoring the dignity of its people. When war is waged against culture and education, response must be culture and education. This is the only long-term solution against extremism.

The destruction of the University of Mosul Library, the dynamiting of the Al-Hadba minaret and the pillaging of the Nabi Yunus Shrine, emblem of the religious coexistence of the three religions of the Book – shocked the world. Public libraries were burnt, music was silenced, artists attacked and cafes closed.

Thousands of children have learned war and been indoctrinated with an intellectually corrupt ideology. They have not received an education – the essential tool for building the future. To avoid raising a lost generation, we must teach peace but also reinfuse these communities with the culture of peace, steeped in Iraq’s rich history and cultural life.

The revival of the Old City of Mosul is the cornerstone of our initiative, supported by both UN Secretary-General Antonio Guterres and the Iraqi Prime Minister, Haider Al-Abadi. This initiative means restoring architectural symbols that bring the Iraqi people together, in all its diversity. Many key actors like the European Union, neighboring countries and international organizations expressed great interest in participating in this effort that UNESCO will coordinate.

UNESCO will bring its expertise in damage assessment to restore and reconstruct the emblematic sites of the historic center. We will work hand-in-hand with the local population and the government to restore bookshops, cultural centers and museums – including the Museum of Mosul, which was tragically ransacked.

We will provide opportunities for technical and vocational training, particularly in traditional building techniques, so that Iraqis will have the skills to actively contribute to this reconstruction.

The great civilizations of this region defined the course of humanity, through a thousand-year dialogue, which gave birth to the wheel, writing, mathematics and law. We will work with our Iraqi counterparts to ensure future generations will learn of their proud heritage, through the school materials that we are developing, including a new school curriculum, which puts humanities at its core along creativity, critical thinking and values of respect. This is the only way to ensure that fanaticism does not prevail once more.

This “Revive the Spirit of Mosul” initiative will be UNESCO’s main contribution to the United Nations’ Response and Resilience program designed to help Iraq’s government fast-track the social dimensions of reconstruction.

Later this year, we will organize an international conference at UNESCO Headquarters, with the Iraqi government and all our partners, to design a blueprint for this reconstruction.

Through culture and education, we can restore trust and create the conditions for a common future. This reconstruction will take time but, brick-by-brick, lesson-by-lesson, together we can revive the true spirit of Mosul.

First published in Asharq Al-Awsat

Continue Reading

Culture

Music and art from the country of peaks and legends: Day of Afghan Culture

MD Staff

Published

on

On 8 February 2018, the SCO Secretariat hosted the Day of Afghan Culture. Addressing the guests and participants of the event, the SCO Secretary-General thanked top leadership and the government of the Islamic Republic of Afghanistan for all-around support in organising the Day of Culture.

“Afghanistan is populated by wonderful and courageous people, descendants of ancient ethnicities who cherish their sacred traditions, lifestyle, unique culture and art,” Rashid Alimov said. “The entire SCO family strongly and unanimously supports the Afghan government and people’s efforts towards a peaceful, stable and prosperous state. We believe this day is near and wish the brotherly nation of Afghanistan peace, happiness and prosperity.”

In his remarks, Afghan Ambassador to China Janan Mosazai expressed his deep appreciation to the SCO Secretariat for organising the Day of Afghan Culture. “Events like this strengthen the Shanghai spirit in the growing SCO family,” he noted.

The main event of the programme, a concert of traditional Afghan music, delighted the guests with charming melodies from the ‘country of peaks and legends.’ The programme was presented by ten talented musicians from the Afghanistan National Institute of Music led by its founder and director Ahmad Naser Sarmast.

The guests also enjoyed a display of amazing colourful masterpieces of Afghan carpet weaving art, which goes back more than 2,000 years. A special photo exhibit showcasing the uniquely beautiful nature of Afghanistan and the rich legacy and contemporary life of its people was also very popular. The guests had a taste of the traditional Afghan cuisine.

The event was attended by extraordinary and plenipotentiary ambassadors of Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan, Mongolia, Azerbaijan, Armenia, Nepal, Sri Lanka, Turkmenistan, Syria, Bahrain and Singapore, as well as representatives of diplomatic missions, EU ambassadors, Chinese and foreign media.

The Day of Afghan Culture took place as part of the SCO Is Our Common Home programme.

Some 40 types of carpets were displayed at the Mosaic of Afghan Carpets exhibition. Afghan carpet weaving is known for distinct colours and traditional geometrical ornaments.

Continue Reading

Latest

Newsletter

Trending

Copyright © 2018 Modern Diplomacy