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The financialization of the art world and the cannibalization of creativity

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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

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Arts & Culture

Tandin Bidha: The Grace of Bhutan

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Tandin Bidha, leading actress from Bhutan sheds more light about the film industry in Bhutan and her life and experiences in the Himalayan Kingdom. Tandin Bidha is one of the most popular actresses in Bhutan and has worked in various national award winning films.

In this interview with Modern Diplomacy, Tandin sheds more light on the film industry in Bhutan and its growth over the years.

31 movie titles in your name spreading across different genres. Also, a two time National Award winner for Boom Batha Chenmi Renzi and for Chi Sem Chi Lu. People and critics alike seem to love your versatility. How did it all start? Did you imagine being the most recognised face in the industry and achieving an illustrated career in a short span?

It all started when I was helping my mother out in her restaurant. A well known director of Bhutan walked in, he saw me and something clicked. He immediately told me that he wanted to cast me in a film because I looked like an actress. I did not know anything about acting then because Bhutan does not have an acting school. I waited to get a call from him for 3 months. There was no call. One day he called me and gave me a role as a supporting actress. Even if I wasn’t the lead in the first film, it meant a lot to me and I decided to take it up. I then got many leading roles. I am truly grateful to my stars for aligning at the right time. I have given acting my best shot and I work really hard to be where I am.

Do you plan to carry forward that persona and art international anytime?

I am open to everything. I have never once thought that I can or cannot do this. I don’t plan my life like that. I generally see where life is going, let opportunities come my way, and when something clicks, I do it. Being open to things is the key to being successful, don’t shut any doors in life till you are sure that it isn’t for you, till then navigate and explore life through.

How important do you believe it is, to have a good work dynamic and a mutual understanding between an actor and a director? Do you personally think a good director helps an actor grow?

I believe that a movie is never about one person, it is about the entire crew. We all mutually depend on each other to get things done. I don’t believe that a single person can create or take credit for a movie alone, it takes an army of people to do it. I am grateful to my crew and everyone working on the same team as me for working really hard behind everything that goes in. I believe that good actors and good directors help each other in numerous ways. All relationships should be mutual and everything is centric on growth.

You seem to have a very positive and optimistic approach towards life and towards work. Despite all the fame and fortune, you lead a very ‘normal’ simplistic lifestyle. What fuels that inside you?

Most of the people of Bhutan are very simple. We all believe in living a life filled with the sentiment of community. I am an actress on screen and a human above anything. I believe in leading a simple life because that is all that counts. I enjoy spending time with my son. I also like reading in my free time. In Bhutan, for showing my films in theatres, I have also been to counters to sell my own film tickets. I deeply love Bhutan because I can be myself here.

You have been an avid reader of some really interesting books ranging from soul searching, inspirational women, The Buddha, the Mitch Albomesque emotional sort. Tell us more about some other books that you would recommend everyone should read in their lifetime. What is the book you are currently reading?

I really love reading books. I went through a divorce a few years ago and I was in a really dark phase of my life that time. I felt disconnected with the world. However, one day I picked up a book and I started reading it. After that, I have read so many books because I feel like books hold the key to life. I have also started a book cafe in Bhutan because I want the youth to read more books and get all the knowledge out there. I really love books and I recommend the youth to read books everywhere.

You have also travelled a lot. Your favourite destination so far and why is it special?

The more I travel, the more I realise how great Bhutan is. I love Bhutan the most. I have been to several countries worldwide, but I really love Bhutan the most. People here may not have dominos or burger outlets, but we are really in touch with ourselves and we love this country a lot. The more I travel, the deeper my appreciation grows for Bhutan.

Aamir Khan from India has always been a champion of rights in the national and international arena. You met him in one such similar event. What did you discuss? What other actors, male and female, do you look upto in India? If given a chance and if an amazing script comes your way, would you be interested to be a part of an Indian project?

I would love to work with actors in India. I met Aamir Khan at an event in Bhutan. I went to him and I told him that I’m his biggest fan. He was very humble and he told me more about his work. It was a great conversation. I respect him a lot.

OTT platforms are taking over the world. Do you think cinema in Bhutan can reach more people through this medium?

I believe that Bhutan has some wonderful stories which need to be shared with more people across the world. We do not have a film school so most of the people here are very raw in the film domain. However, we are all willing to learn and explore new avenues. I think Netflix is a great platform to share stories of Bhutan with other people. However, there are certain restrictions on the platform regarding quality of filmmaking, which Bhutan will have to match if we want our films there. Overall, I really would love for our country to have some representation on Netflix. I would love to take a lead in that domain. I really want our stories to be shared with the world.

What message would you like to give your fans who look up to you and your work?

I want to tell everyone that do not let go of your dreams even if it looks like it may never happen. It will happen when your stars align. I want to tell the youth to hold on to their dreams strongly and to keep working hard for it. If you work hard, one day, your efforts will be recognised. Never let go of your dreams.

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Architecture Reflecting Culture: The Alhambra

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Throughout history civilizations have been overtaken by successors.  These in turn decline and fall as time marches on.  Often all that remain are monuments, an occasional palace or temple often a tomb, usually in ruins unless of relatively current vintage.

The ancient Egyptians built massive pyramids to bury their pharaohs, projects lasting a lifetime and ensuring a reliable source of income for the workers and others involved. 

The Greeks favored exquisitely proportioned temples and statuary rendered with a skill that was not matched again until the Renaissance.  One would be remiss not to mention their vast output of the mind from philosophy and logic to the poetry and drama played out in the amphitheaters.

If Roman entertainment relied on blood and gore, it was part of a culture of brutal wars, subjugation and suppression of foreign peoples welded into an empire.  Then there was Roman law, even if it applied only to citizens.

Of more recent vintage are the great cathedrals of Europe like Chartres, tall, massive, constructed in a span of time unimaginable in our era of haste.  Preceding them were the great mosques of the Muslim era decorated in geometric shapes and colors to dazzle the eye.  Damascus and Isfahan come to mind.

Then there are the Nasrid kings of Grenada in southern Spain, al Andalus to these descendants of North African Berbers and Arabs who ruled there for several centuries.  A time when the three Abrahamic religions coexisted in relative harmony it saw the flowering of a civilization noted for its mixture of opposites.

The city of Cordoba with its great mosque was an early fruit of this admixture becoming the largest city in Europe during the 10th century, although civil wars had diminished it considerably by the 13th century.  Yet the 13th century began the growth of a city on a hill now called Alhambra probably due to the reddish color (alhamra in Arabic) of the rock face.  Housing some 40,000 citizens then, not many of the buildings survive.  Notable are the defensive citadel Alcazaba, three palaces — the Mexuar, the Comares and the Court of the Lions — and an encircling wall with battlements and towers.  The great mosque was replaced by a Franciscan monastery in the 15th century and is now a parador — a government-run hotel that was formerly a castle or palace or the like.

The Courtyard of the Lions is justly famous as the symbol of Alhambra.  The twelve lions at the center appear to be holding up a water basin right in the center of a network of channels …  on the periphery, colonnades supporting delicately carved arches form an abbey-like cloister.  But the walls in the adjoining rooms hold their own surprise in intricately carved geometries of colored tiles and plasterwork.  Glancing up, the ceilings are designed to take your breath away.  Even more intricately constructed, they comprise thousands of meticulously carved sections of wood rising layer upon layer to feast the eye as small apertures allow in shafts of sunlight or moonlight.  Watercourses run through many rooms spilling across portals into pools among enclosed gardens melding interior with exterior and joining it with nature. 

The architect LeCorbusier called it ‘the intelligent, just and magnificent interplay of volumes made harmonious by daylight.’  Henri Matisse exclaimed, ‘The Alhambra is a marvel’ and Washington Irving captured imaginations throughout the western world with his 1832 book, The Alhambra.  At the time going to rack and ruin, his romantic vision helped to trigger an effort to preserve the precious gem.

Now a magnet for tourists, it remains a precious reminder of what an intermingling of cultures can produce — just as the Taj Mahal does in India where Mughal emperors often married Hindu Rajput princesses and Shah Jahan (whose mother Manmati was one) built his own marvel.

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Don’t avoid what is easy – diplomacy meets art

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Harbour for Cultures - Yerevan cards

Individuals should and need to feel like they have the right to want. That is the message that artist Anastasia Lemberg-Lvova is continuously expressing through her artwork. Exemplifying socially-engaged art, Lemberg-Lvova aims to be a part of a much broader political movement which discusses important historical and modern-day social processes through creative means.

The second-wave feminist movements from the 1960s is one example of such a powerful movement. With their infamous quote, ‘The personal is political’, authored by millions of voices of women collectively rather than one feminist author, the message that every individual has the right to a voice was heavily stressed. As personal experiences took center stage and the individual became a political platform during the feminist movements, crowds of individuals also gained new meanings of courageous collectivity. Ultimately, the movement gave opportunity for previously ignored and taken-for-granted personal circumstances to be framed in a bigger picture – a picture that women as minorities were often left out of.

Continuing to portray the central message that movements such as the feminist strikes and many other historical crusades have fought for, Lemberg-Lvova uses her own art to focus on the younger European generation, highlighting the vast diverseness of the voices that live in Europe and sending a bold message that evidences a heterogeneity which needs to be more thoroughly discussed amongst the European community. With her projects, she is able to recognise the ways in which the systemic infrastructures that exist around the individual leave them feeling insecure or insignificant in relation to their voice and its right to exist in public. By initiating healthy conversation and focusing on this very elemental act of daring to express one’s desires towards public space, she has created a platform that encourages individuals to learn to voice their opinions more often, ultimately leading the person to be engaged as the multiplicities of voices are amplified to lead to more diverse discussion and perhaps outcomes. 

Anastasia avatud stuudios Kogo galeriis (foto Mariia Nedosekova)

Her exhibition, ‘Don’t Avoid What is Easy’, on show from August 14th – September 9th at the Freedom Gallery in Tallinn, Estonia, is thus the result of 2 years of research conducted mainly through interviews of younger generation individuals during her own expenditures through Europe. Although seemingly humble in its outcome as portraits, there is a strong message behind Lemberg-Lvova’s work, depicting the notion that we should feel more confident to voice our opinions about our public surroundings, Lemberg-Lvova uses art and representations to give a voice to over 100 participants from 24 European countries.

By painting vibrant oil portraits of a selected 7 individuals whom she interviewed, she touches on the concept of art and its political capacity by explaining “There will be portraits of participants with a visual interpretation of their wish as the background. The experience of, as we often say, “putting a face to a name” has a profound effect and is more intuitively understood than just going through text or trying to grasp abstract ideas. Painting as a form of expression is immensely malleable and useful when getting ideas across.”The desire to initiate discussion and give it a platform within the context of a gallery means Lemberg-Lvova’s art is inherently social and public. These qualities make for an intriguing space where the audience can identify small changes that resemble the tip of a much bigger iceberg– or at least the ignition of confidence and curiosity. 

This focus on the first and easiest step sometimes being the hardest is something of great importance for Lemberg-Lvova as she explains “An inhabitant of a city logically has the right to express ideas or wishes when it comes to their surroundings – it is, after all, their home. But they are often stuck in the belief of not being able to change anything. In this instance, I am not talking about taking action or creating a plan. This is about the simplest first step that does not require anything – feeling like one is entitled to express a wish. It doesn’t have to lead anywhere; just remember that you have the right to want something. What follows is a different matter, but it is clear that nothing will happen without this first step.”

An interactive wall installation where participant answers are projected for all to see will pay homage to the importance that Lemberg-Lvova holds for communities to listen to the expressions of their surrounding civilians. She explains “From an early age, our heads are flooded with subliminal messaging and that often diminishes internal self-worth. Let me explain this from the point of view of a woman – a frame of reference I am most familiar with. As a woman one feels that unless they have perfect dazzlingly white teeth, flawless hair, a tiny waist and the right kind of shoes they are not worthy of expressing an opinion. Because if you do not fulfill all of the criteria above, no one will listen to you or even consider you worthy of attention. This is a cliché, yet it exists because it is true. It describes the reality of many women, because we are surrounded by sources reaffirming it – adverts, friends, sometimes parents or spouses, fitness centers and the list goes on. At the exhibition, I am striving to fill the space with messaging that reiterates one’s right to express their wishes whoever they are.

What to maintain_ – Lemberg-Lvova 2020

Her message is clear – we should not avoid formulating our wishes in matters that concern us. Her persistence to initiate discussion and to give it a platform within the context of a gallery means her art is inherently social and public. These qualities make for an intriguing meeting space for the artist as well as her audience amongst each other.

Open Studio at Kogo Gallery, Widget Factory (Aparaaditehas), Tartu, Estonia: 08.07-01.08

Exhibition “Don’t Avoid What is Easy – Diplomacy meets art”at Vabaduse Gallery: 14.08-09.09

*Valeriya Billich also contributed to this article. Photos:Mariia Nedosekova

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