Connect with us

Arts & Culture

The financialization of the art world and the cannibalization of creativity

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

Arts & Culture

“Kharibulbul” festival represents a multi-ethnic, multi-confessional and multicultural Azerbaijan

Published

on

As a country of multiculturalism, Azerbaijan promotes the cross-cultural dialogue inside the country, but also at the regional level. The modern Republic of Azerbaijan regards the existence of a people as the result of the civil and political self-determination of the peoples in Azerbaijan. For the time being, Azerbaijan is populated by representatives of over 30 national minorities such as Talysh, Kurd, Lezghi, Tat, Russian, Ukrainian, Georgian, Inghiloy, Tatar, Avar, Ahyska Turk, Jewish, German, Greek and others. All of them enjoy the cultural societies. Representatives of three main religious confessions – Islamic, Christian and Judaic communities participate jointly at various public ceremonies and cultural events. Support and preservation of the cultural diversity are reflected in the State policy of Azerbaijan.

The ongoing clashes near Nagorno-Karabakh started after Armenia attacked Azerbaijani civilians and military on September 27. Azerbaijan won its historic Victory in 44 days, liberated its lands, dealt crushing blows to the enemy, and defeated Armenia. As a result of this defeat, Armenia was forced to sign capitulation and surrender. Thus, Armenia’s 30-year policy of aggression has come to an end. During this time, the glorious Azerbaijani Army has liberated many settlements from the enemy. Thousands of citizens have volunteered for military service across the country to fight Armenia’s increased military aggression. The volunteers come from various ethnic, religious, social backgrounds and are united around the cause to restore the country’s territorial integrity as well as justice.

Despite all this, Azerbaijanis are not the enemy of the Armenian people. Azerbaijan is a multinational state. Thousands of Armenians live in Azerbaijan, primarily in Baku. Armenia, which has created a society intolerant towards other nations and religions, has tried to completely erase the ancient Albanian, Orthodox, Muslim religious and cultural heritage that historically existed in the occupied territories of multi-ethnic and multi-religious Azerbaijan. It has either completely destroyed cultural and spiritual heritage of the Azerbaijani people or falsified their history and origins by Armenianizing and Gregorianizing it. In the occupied territories of Azerbaijan, mosques, temples and cemeteries, historical monuments, museums, libraries have been destroyed and looted, Caucasian Albanian Christian temples and Russian Orthodox churches have been Gregorianized, mosques have been turned into barns and subjected to unprecedented insults such as keeping animals forbidden in Islam in them. The Armenian regime, which has been pursuing aggressive policies for years, has ignored the norms of international law and international humanitarian law, has committed environmental crimes in the occupied territories through fires, the use of phosphorus bombs, poisonous substances and mines. Today, Armenians living in Nagorno-Karabakh region, also they can normally live only within the Azerbaijani state. The Azerbaijani people are tolerant.

It is also well known by the world public that the Republic of Azerbaijan, diverse in terms of ethnic and religious background, fought to liberate its historic territories from occupation that had nothing to do with Christianity. Secondly, Muslims, Christians, and Jews – representatives of all nations and religions living in our country – fought alongside Azerbaijanis in the armed forces of Azerbaijan. These people were united around the “ Karabakh is Azerbaijan!” slogan by Mr. Ilham Aliyev, Commander – in – Chief of the victorious army, and not false religious appeals. Among them are those who displayed unequalled heroism falling martyrs, wounded, and awarded with supreme orders and medals of the Republic of Azerbaijan. 

 As with the beginning of the conflict, there are lots of officers and soldiers – representatives of the nations and religious communities living in Azerbaijan – who serve in Azerbaijan’s national army and display outstanding valor in liberating our country from occupation. Azerbaijani nation doesn’t discriminate between its heroic sons and martyrs on ethnic and religious background.

Mr. President Ilham Aliyev, who played a major role in this historic victory of Azerbaijan, said the followings: “Our advantage lies in the fact that representatives of all nations living in Azerbaijan feel themselves as comfortable as in their families and motherland. The fraternity and friendly relationships between various nations is our big wealth and we have to protect it. Our policy will also be pursued in the future. Representative of all the nations living in Azerbaijan displayed outstanding courage and heroism in the Second Karabakh war, falling martyrs, fighting for the cause of Motherland, and embracing death under the Azerbaijani flag. This is the society we have in our country and it is our big wealth».

For your information, “Kharibulbul” music  festival, bearing the name of symbolic flower growing in Shusha, was first organized in Shusha’s fabulous Jidyr glade in May 1989.  30 years later on May, the 12th “Kharibulbul” music  festival in Azerbaijan’s cultural capital Shusha was organized by the Heydar Aliyev Foundation and will be held every year hereafter.

Musical creativity of different nations living in Azerbaijan on Jidyr glade within the festival was introduced devoted to “ Multiculturalism in Azerbaijani music” as a program comprising folk and classic musics.

Representatives of various nations living in our country demonstrated stage performance. All nations living in Azerbaijan have contributed to our joint victory. The Patriotic War once again proved that all nations live in fraternity, friendhips, and solidarity in Azerbaijan and there is national unity and solidarity in the country.We are sure that Shusha will host numerous music festivals and international conferences.

Continue Reading

Arts & Culture

Priyanka Banerjee exposes the harsh realities of rape culture in India in her short film “Devi”

Published

on

Priyanka Banerjee is the writer and director of the award winning film “Devi”. Devi as a film explores ideas related to rape culture in India. The entire short film is shot inside a theatre style single room. All the women in the film are sitting together in a room after their death and discussing how crowded the room is getting. The plot soon reveals that all these women have been raped.

The climax of the film catches all viewers off-guard and exposes them to the harsh realities of today’s India.

Tell us more about your journey as a director and writer

I have no formal education in writing and direction. I took theatre arts in school and got a little experience there and then started a theatre company, Leogirl Productions (today it does content and video for clients). Along the way, I taught myself screenwriting from online courses. Many people believe that films are very technical. However, I think that if you are curious enough, you can learn it on the job. My first short film was released in 2016. I did not then imagine that I would work on a film which will win the filmfare. The idea for Devi came along in 2018 and it took a while to work on the idea and bring it to the screen.

What inspires you to make films?

Movies are very relatable. I end up thinking of movies most often when I am having a moment – good or bad. I think of movie scenes which relate to how I am feeling all the time. I think movies are capable of leaving a deep impression on people and creating an impact. I want to create an impact on people via my storytelling and make films which people will remember.

What inspired you to write and direct Devi?

My very first draft was actually called candlelight. However, once the film was ready, our producer Niranjan Iyengar suggested we call it “Devi” and that immediately stuck.

When the Kathua Rape case happened a few years ago, I watched the news on television and felt numb. For the first time ever, I did not have a reaction to something that usually impacted me a lot. This scared me a little. Not having a reaction meant that rape news was normalised, I was desensitised. I wrote Devi with that frustration in mind.    

I am someone who takes time to write and work on films. I started working on Devi in 2018 however, it finally only released in March 2020.

Why was Royal Stag barrel select short films chosen as a platform to launch Devi?

The producers generally choose which platform a film should release on. Royal Stag Barrel Short Films has a great collection of films and I am happy that the film found the right platform for release.

What strikes you as the most impactful scene in “Devi”?

I was deeply impacted by two scenes in the film, even as I was writing them. One scene was when the maushi told the medical student,  “You are studying for an exam you are never going to give”. The second impactful scene is a more popular one. It was when the little girl walked into the room and the deaf girl signed and told her,  “You are safe here”. The scene implied that the girl was finally safer after her death than while alive. Both scenes impacted me as I was writing them, and I’m glad they were received the same way.

What can be done to change rape culture in India?

I think rape is not so much about sex as it is about power. Many Indians’ sexual desires are repressed, desires are considered taboo, not to mention there is a total lack of empowerment even when it comes to education or employment. Therefore, they find empowerment is hurting another. Not to mention the total lack of sensitivity when it comes to how women are spoken of by the media, by politicians, by influencers in everyday life. Each of these things causes a systemic rot which has to be cleaned out with every generation. Awareness of these various aspects of what can take us to the root of the problem, I think.

Continue Reading

Arts & Culture

Art Is a Mirror Of The Magnitude Of Human Achievement

Published

on

Dr. Sofija Bajrektarevic, Culture for peace to culture of peace(left); Reine Hirano, Artist (right)

The ‘From Culture for Peace to Culture of Peace’ (known also as the Culture for Peace – Unifying Potentials for the Future) Initiative was once again participating in the ‘Vienna Processes’ conference series program by wishing to emphasize the importance of cultural diplomacy in the processes of creating and maintaining dialogue and the well-being of society.

On the historic date of March 08th – International Women’s Day, a large number of international affairs specialists gathered for the second consecutive summit in Vienna, Austria. This leg of the Vienna Process event titled: “Europe – Future – Neighbourhood at 75: Disruptions Recalibration Continuity”. The conference, jointly organized by four different entities (the International Institute for Middle East and Balkan Studies IFIMES, Media Platform Modern Diplomacy, Scientific Journal European Perspectives, and Action Platform Culture for Peace) with the support of the Diplomatic Academy of Vienna, was aimed at discussing the future of Europe and its neighbourhood in the wake of its old and new challenges.

This highly anticipated conference gathered over twenty high ranking speakers from three continents, and the viewers from Australia to Canada and from Chile to Far East. The day was filled by three panels focusing on the rethinking and revisiting Europe and its three equally important neighbourhoods: Euro-Med, Eastern and trans-Atlantic (or as the Romano Prodi’s EU Commission coined it back in 2000s – “from Morocco to Russia – everything but the institutions”); the socio-political and economic greening; as well as the legacy of WWII, Nuremberg Trials and Code, the European Human Rights Charter and their relevance in the 21st century.

The event was probably the largest gathering since the beginning of 2021 for this part of Europe.

For this occasion, the selected work of artist Alem Korkut is on the Conference poster.This artist work with the motto/message: ‘Sustainable Future – Quo Vadis?’ is a standing part of the Initiative project. This previously launched initiative refers to the visual arts and the engagement of artists in the field of ‘culture for peace and culture of peace’.

“Europe Future Neighborhood” Conference poster

In addition to the artistic visualization of the theme and message of the conference (same as it was a case with the first conference in the series ‘Vienna Process’), this Conference leg was closed in the big hall of the Austrian Diplomatic Academy with a well-chosen artistic musical performance.

This time, conference participants and attendees were able to listen to the selected parts of Suite No. 1 in G major for solo cello from J.S. Bach, performed by Japanese artist Reine Hirano.As a solo and chamber musician she performs in concert halls worldwide, including the Konzerthaus in Vienna and the Suntory Hallin Tokyo.

It was to emphasize the importance of culture, science and arts as essential binding and effective tool of cultural diplomacy. Utilized to support dialogue, these types of interventions of the Culture for PeaceUnifying Potentials for the Future Platform already became a regular accompanying part of the ‘Vienna Process’, which makes it special – quite different from the usual conference forms of geopolitical, legal and economic contents.

Conclusively, art – indeed – is a mirror of the magnitude of human achievement, but also a message of how fragile those achievements are.

Continue Reading

Publications

Latest

Development1 hour ago

Cities in Southern Uzbekistan to Improve Urban Infrastructure and Municipal Services

Residents of cities located in two southern regions of Uzbekistan will benefit from improved urban infrastructure and municipal services, thanks...

Finance2 hours ago

Global value chains in the aftermath of the pandemic: What role for the G20?

Can embedding inclusive and sustainable transformation at the core of multilateral efforts help ensure that countries benefit from integration in...

Development3 hours ago

World Bank Supports Jordan’s Green, Resilient, and Inclusive Recovery

The World Bank Group’s Board of Executive Directors approved on June 10, 2021 a US$500 million Program to catalyze public...

Energy News4 hours ago

Morocco and IRENA Partner to Boost Renewables and Green Hydrogen Development

The International Renewable Energy Agency (IRENA) and the Ministry of Energy, Mines and Environment (MEME) of the Kingdom of Morocco...

EU Politics5 hours ago

EU clears way for the EU Digital COVID Certificate

Today, the Presidents of the three EU institutions, the European Parliament, the Council of the EU and the European Commission...

Health & Wellness6 hours ago

Landmark G7 agreement pledges 870 million COVID-19 vaccine doses

A senior UN official welcomed on Sunday, the Group of Seven (G7) leading industrialized nations’ commitment to immediately share at...

Economy7 hours ago

Pandemic: A Challenge for the Globalization

The vaccination process across the world is underway, and after almost complete vaccination of the world population, we will see...

Trending