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

Kashmir’s plural ethos and communal harmony

Published

on

Peace is the foundation of prosperity among the nation states of the world and harmony forms the basic foundation of that enterprise.Man is the wonderful creation of God with an inherent sense of metaphysical and worldly belongings. The savage societies of the pre-historic times without any order and hierarchy of social organisation subsequently in the long timeframe paved way for the foundations of nation states and social organisations with a proper moral and a social order.

Although, the onslaught of the forces of globalisation  after post-modernism have added a new colour to the contours of social dynamics and set in motion a new wave of  societal organisations in the world, the case of Kashmir portrays a different tale of ever evolving, unaltered communal harmony. The only narrative that can ensue an atmosphere of peace and prosperity is that of the peaceful coexistence in the society in order to avert the crisis that makes inroads within a society from time to time.

Jammu and Kashmir is the only northern state of India with a longest tag of amity and brotherhood that has survived the currents of time and remains so in the contemporary times. Kashmir called as the land of rishis, saints, seers and sadhus is known for its communal harmony not only at the local level, but also the world over since times immemorial.

The sort of mysticism that the Sufi and Bhakti movements have lent to the cultural ethos of Kashmir is found much nowhere in the world besides Kashmir. The vale of Kashmir is full of various religious faiths who have survived the onslaught of the forces of globalisation with the changing signs of time. Muslims form the majority of the vale along with the religious people of Hindus, sikhs, Buddhists, Christians; etc.

Over the period of time, a sort of communal harmony has permeated the socio-cultural space of the society creating a congenial atmosphere of communitarian responsibility and social bond among the people of Kashmir surpassing religious lines of thought. This has not only added to the peace horizon of the land, but also created a sense of mutual trust and unified bond among the various communities of the land. In Kashmir, the communal harmony is deep rooted in the historical narratives.

The ethos of the Kashmir culture has time and again withstood the travails and tribulations of the time despite the currents of odds and challenges through the changing times. On a miniscule scale, there has been disturbance to the communal harmony of the state following the partition of the Sub-continent into India and Pakistan.

The exodus of the Hindus in nineties ascribed to the circumstances was a gory chapter in the chronicles of Jammu and Kashmir history. However, the return of the same has added a new threshold to the scene. The separatist leadership has time and again been vocal for their return as being part and parcel of our composite Kashmiri culture.

However, the time has served as the best healer of the same wounds and paved renewed ways for the cherishment of the communal harmony. The social harmony vindicates the notions of love and affection among different religions and is a blessing in disguise for the times.

Status

The state of Jammu and Kashmir reflects the true plural ethos of the secular India where people of different communities strive for the love and harmony, complementing the lives of each other on a day-to-day basis.

The festivals of one community are celebrated with gaiety and fervor by the other religious community, solidifying the ethos of multiculturalism and pluralism. Kashmir represents the thread of the confluence of communal harmony and brotherhood. The communal harmony of the state is neither instant nor accidental, but is a legacy of the past times till date that has permeated the psyche of the people and created a bond of unity in the socio-cultural milieu of the valley.

The recent installation of a church bell in a church at Srinagar after a span of 50 years by the Christian community with the support of the Sikh, Muslim and Hindu communities is a reminder of communal harmony that is deep rooted in the cultural milieu of the state.

The annual Hindu pilgrimage of the Amarnath yatra is the biggest and ever glaring example of the amity where old and young, men and women, etc all are hospitably treated with care and concern by the native Muslims and even carried on their shoulders towards the sacred place of cave through the difficult terrains and ways enroute to the cave.

In the town of Seer Hamdan, Anantnag, the legal heir of a deceased hindu Pandit namely Arzan Nath is a Muslim man namely Nissar Ahmad Wagay. Long ago, through the oral history of the people, have heard of him serving the former during ups and downs of life. Arzan Nath was a govt employee with no one to look after. Nissar Ahmad served him through the turbulent times and offered heart-catching services, which even a true descendent, could not offer. Nissar used to accompany Arzan Nath through thick and thin times of life. Having personally observed, both of them used to pay the dusk obeisance at the shrine of Hazrat Shahi Hamdan (R.A.). At the time of his death, it was none other than Nissar who performed the last services to the deceased.

Another Hindu Pandit Shadi Lal in the same town is a hope for the hopeless patients who turn up in large numbers at his Ayurvedic shop. The most important trait of the said person is that he cares and heals the patients of the whole South Kashmir. In other words, he has turned out to be a savior of the whole community. Come dawn, the people could be seen in large flocks outside his shop. People respect him out of reverence and reciprocate in great regard. Recently, after suffering from body disease, the final remedy to my ailment surfaced only after i took the herbal medicine of the pandit gee.

Challenges

The biggest obstacle and roadblock for the cherishment of the ideal of communal harmony in India is the fanaticism and extremism of fringe elements of the society. Since, all religions preach the message of peace and harmony, there can be no way to justify the claims of the demeaning and demoralizing of whatsoever religious community a society carries on. The biggest issue of the current and contemporary times is to contain the fringe elements of the society and let the people live in whatsoever capacity they live to carry on the cog in the wheel of the life.

The Few reasons in the path of communal harmony are:- Egoism, Lack of vision in Education, Lack of discipline, Lack of Cooperation, Social disorder, Casteism, Violence, Immorality ,Lack of faith in true religious values, deficit of good leadership, etc.

Education can be exploited as a powerful tool against these threats in the path of Communal Harmony. On his return from South Africa, Gandhiji envisioned for a unity among different communities of India and did his best in capacity for the realization of the same.

Last Word

In order to realise the goal of communal harmony, peace is the main pre-requisite and a necessary condition. Disharmony creates the forces of disarray and disruption, rendering harmony handicapped and ultimately towards a state of paralysis. To promote the ethic of communal harmony, it is imperative for all the stakeholders of the society to play a part in particular and work in sync for the realization of the same in general.

Youth as a main driving force and an asset of a nation can be the best ambassadors of peace and communal harmony. The only way to achieve that goal is the proper education of the youth across the spectrum of education spanning the whole level of education. This way youth can learn to make communal harmony as a way of living, rather than ethic in simpler terms. Besides, the govt of the state as well as the centre have a shared responsibility to promote communal harmony further.

Although, some ground work has been done, but, there are still miles to go before we sleep. The need of the hour is the further promotion of the communal harmony in the society. The recent publication of ‘Living in Harmony’ books for school going children by Oxford University Press (OUP) in India to foster values of peace and cooperation is a good attempt.

Also, the Social media and yellow journalism of the mainland India should try to cherish the instances of communitarian love and amity in Jammu and Kashmir. Instead of fomenting trouble to earn TRP’s and portrayal of the news which creates wedge in the bond of the society, the main urge should be to plead the cases of injustices and show a solidarity for the same. The problem of binary has to do away with.

Today, when the world is envisioning for the state of annihilation of crisis, the crisis in Kashmir takes a major sway with each passing day. The gory tales of widows, half-widows and orphans who have been rendered so after the loss of their dear ones has permeated the society deeply and created a multidimensional layer of unwithering pain and sorrow and a state of unabated alienation of the masses.

The question is not of the otherness of the other, but, of oneself in tandem with the other. Not a single day is devoid of pain, agony, and other tragedies. The question is the question of order. The major onus lies on the representatives of the people who represent the masses which have been rendered heart-broken and empty hoped. Let the seers of politics take on. The answer to all the problems can be cherished in unity within the broader perspectives of the humane approach by which peace can return to a treacherous path within the domain of the whole society. Government in J&K should understand and circumvent in Toto and try to dive from the static deficit of governance to good governance. After all, time in consonance with care serves as the best cosset.

 

Continue Reading

Culture

100 years of history: Historic hotel celebrates worker heritage

MD Staff

Published

on

If you’re the curious sort who enjoys exploring historic sites in your free time, you’re far from alone.

Because people are fascinated with learning more about how Americans lived, thought and dreamed in the past, many seek out such cultural enclaves anytime they travel. That helps explain the $762 million in revenues logged by U.S. historic sites in 2013, according to Statista. Other research predicts the revenues realized by U.S. museums and historic sites will more than double between 2018 and 2022.

“Historic places create connections to our heritage that help us understand our past, appreciate our triumphs and learn from our mistakes,” the National Trust for Historic Preservation recently noted. “Historic places help define and distinguish our communities by building a strong sense of identity. When you visit a historic site, you learn from their stories.”

One fascinating and culturally rich historic site you may not have visited is The American Club, a Forbes Five-Star and AAA Five-Diamond resort hotel in the heartland of Kohler, Wisconsin. The iconic hotel owned by Kohler Co., global leader in plumbing, was built in 1918 as a dormitory for its immigrant workers. This year the multifaceted national attraction celebrates its centennial anniversary in grand style, with even more activities and offerings for its guests.

Year-long features of the celebration include a new history exhibit, guided tours and a new cast iron sculpture installation, “The Immigrant,” created by artist Stephen Paul Day. Day took part in the Arts/Industry program and was inspired by the company history. The four-star restaurant, The Immigrant, will offer a tasting menu featuring dishes from France, the Netherlands, Germany, Normandy, Denmark and Great Britain — the primary homelands of original Kohler employees. Group Director Lodging for Kohler Co., Christine Loose explains, “The concept of gracious living and creating a sense of belonging has always been important to the company and our heritage.”

With its trademark red brick, striking Tudor architecture and soaring roof peaks and slate tile, the landmark is recognized by both the Historic Hotels of America and the National Register of Historic Places.

Aside from the historic elements of The American Club, visitors and guests can partake of several other features offered in or near the surrounding resort known as Destination Kohler. Key attractions include the Forbes Five-Star Kohler Waters Spa; a lakeside boutique hotel known as the Inn at Woodlake; cycling and yoga studios; four championship golf courses (Blackwolf Run and Whistling Straits, the latter hosting the revered 2020 Ryder Cup); 12 dining establishments, renovation inspiration at the Kohler Design Center, and daily factory tours led by retired Kohler employees spotlighting the evolution of day-to-day manufacturing operations.

Destination Kohler is an hour north of Milwaukee and 2.5 hours north of Chicago. Learn more about its many attractions at DestinationKohler.com.

Continue Reading

Culture

Weaving profits in Azerbaijan

MD Staff

Published

on

Carpet weaving is a traditional art in Azerbaijan. ABAD/Elkhan Ganiyev

Artisans in Azerbaijan who practice the traditional art of carpet making are being provided with new business opportunities thanks to a project supported by the UN Development Programme (UNDP).

Weaving carpets is a skill that has been passed down through the generations and in the central Asian country is largely the work of women.

Although Azerbaijan is located on the ancient trading route known as the Silk Road, many artisans, especially those living in mountainous areas, are finding it increasingly difficult to get their carpets to market.

Small and Medium sized enterprises, like the carpet weavers of Azerbaijan, account for 60-70 per cent of global employment, according to the UN.

As the International Micro-, Small and Medium-sized Enterprises Day is marked across the world on June 27, the Azerbaijani authorities, with the support of UNDP, are boosting efforts to help artisans sell their goods.

Continue Reading

Latest

Trending

Copyright © 2018 Modern Diplomacy