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The financialization of the art world and the cannibalization of creativity

Prof. Murray Hunter



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)

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Building intercultural competences in Costa Rica

MD Staff



© UNESCO Participants using “Story Circles” to develop intercultural competence

In cooperation with the Ministry of Culture and Youth of Costa Rica, Parque La Libertad, the Costa Rican National Human Rights Institution and the Spanish Cultural Centre in Costa Rica, UNESCO conducted the third pilot of the UNESCO Manual on Intercultural Competences based on Human Rights in San José, Costa Rica, from 7 to 9 March 2018.

Building on the previous pilot sessions in Bangkok, Thailand, and Harare, Zimbabwe, the Costa Rican pilot provided an additional opportunity to test the manual’s adaptability and effectiveness in different contexts, both from the perspective of facilitation, and with regard to its ability to build individual capacities for intercultural dialogue and understanding.

Over the course of three days, UNESCO led a training of trainers session with national authorities, local NGO leaders, educators and other community leaders, as well as two pilot sessions – facilitated by the newly trained local personnel – with over 70 participants from a broad cross-section of Costa Rica’s population. The pilot sessions included a particular focus on indigenous groups, and community-level work for youth-focused violence prevention.

Ms Viviana Boza, Vice-Minister of Youth from Costa Rica, opened the proceedings, highlighting “the importance of this collaboration which allows us to enhance our comprehension of the   cultural differences and challenges facing Costa Rica to advance the resolution of intercultural and intergenerational conflicts”.

Against the backdrop of growing cultural diversity and intercultural interaction within the sub-region, the methodology proposed in this manual provides an accessible activity based on story-telling to bring people together to reflect upon their differences and challenge their preconceptions. It provides a unique opportunity for participants to improve their capacity for empathy, tolerance, listening and understanding, and therefore reflect on sources of conflict and misunderstanding.

Indeed, given the serious global challenges facing humanity in the 21st century, learning how to live together is an imperative for advancing sustainable and inclusive development. To this end, learning to be intercultural competent – in other words, having the skills needed to enhance connections and understanding across difference – is essential.

The lessons learnt from this pilot session will inform final adaptions to the manual to maximize its relevance once publically released, including within the Latin American and Caribbean context. It also contributed to the building of a strong foundation of trained facilitators to help mobilize the manual’s wide dissemination and use following its expected publication before the end of 2018.


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Ballet and Opera Set Sail With Silversea in 2018 and 2019

MD Staff



Ultra-luxury Silversea has announced a new collection of ballet and opera-themed sailings for 2018 and 2019. These Enriched Voyages, designed to blend culture and travel for a more immersive experience, will feature evocative opera shows performed by the world-renowned Accademia Teatro alla Scala and classic ballet performances by soloists from such legendary companies as the State Academic Bolshoi Theater of Russia. Along with lectures and Q&A sessions, guests will have the chance to mingle with the artists at a signature cocktail party.

“We are thrilled and honored to welcome such extraordinary talent from the performing arts,” said Barbara Muckermann, Silversea’s chief marketing officer. “I know our guests on these exclusive voyages will be both enriched and inspired by the exceptional onboard entertainment experience.”

Opera Voyages

Based in Milan, Italy, Accademia Teatro alla Scala (La Scala Theater Academy) is one of the world’s foremost performing arts academies. Its internationally renowned performers and instructors offer the highest level of artistic education for aspiring and gifted singers, dancers, and musicians from every corner of the world. Four soloists from its Academy of Lyric Opera and a piano accompanist will perform a selection of opera’s most beautiful librettos for the enjoyment of Silversea guests aboard:

Silver Muse departs September 28, 2018 on a 10-day voyage from Venice to Athens with calls in Rovinj, Dubrovnik, Corfu, Katakolon, Nafplion, Santorini and Rhodes. Early Booking Bonus fares start at $9,360 per guest.

Silver Spirit departs April 25, 2019 on a 7-day voyage from Barcelona to Rome with calls in Porto Mahon, Alghero, Cagliari, Trapani and Sorrento. Early Booking Bonus fares start at $3,150 per guest.

Silver Shadow departs October 22, 2019 on an 11-day, roundtrip voyage from Athens with calls in Mykonos, Crete, Kusadasi, Rhodes, Limassol, Haifa and Ashdod. Early Booking Bonus fares start at $4,230 per guest.

Silver Muse | photo courtesy of Silversea Cruises

Ballet Voyages

Daria Khokhlova and Artemy Belyakov, acclaimed ballet solo performers of the State Academic Bolshoi Theater of Russia, one of the world’s most renowned ballet companies, are returning to Silversea for an exclusive engagement aboard Silver Muse’s August 19, 2018 sailing from Venice to Monte Carlo. The 10-day voyage will visit Opatija, Dubrovnik, Valletta, Trapani, Olbia, Portofino and Livorno. Early Booking Bonus fares start at $6,480 per guest.

Silver Muse’s March 21, 2019 voyage from Singapore to Hong Kong will feature soloists from a yet-to-be-announced ballet company. The 13-day voyage will feature calls in Koh Samui, Bangkok, Ho Chi Minh City and Da Nang. Early Booking Bonus fares start at $6,300 per guest.

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L.U.C XP Urushi Year of the dog Artistic crafts share unique perspectives

MD Staff



The elegance, the refinement and the technical nature of the ultra-thin L.U.C XP Urushi watch have made it a cult model. Each year, Chopard draws inspiration from the repertoire of Chinese astrology to offer a fresh interpretation of its Urushi dial, an ancestral Japanese technique. Staging an encounter between beauty and precision, East and West, Chopard places creativity at the heart of cultural ties and of its commitment to perpetuating traditions.

2018 marks the celebration of the Year of the Dog. Its iconography, its universal symbolism and its mythological strength are showcased in an exceptional L.U.C watch issued in an 88-piece limited series: The L.U.C XP Urushi –Year of the dog. This masterpiece of fine craftsmanship began with an encounter between two perspectives. That of the Urushi master and of the master-watchmaker at Chopard Manufacture in Fleurier, both intently focused on their work. The deft hands decorating the dial of the L.U.C XP Urushi, just like those capable of developing and producing the L.U.C 96.17-L calibre, perpetuate time-honoured skills bearing authentic testimony to their respective cultures. Together, they celebrate the Year of the Dog, the 11th sign of the Chinese zodiac, for a year dedicated to generosity and loyalty.

Generosity meets loyalty

In the Chinese zodiac, each sign is the expression of a distinctive nature. The entire range of qualities associated with the dog is thus reflected in the L.U.C XP Urushi – Year of the Dog watch. Eager for justice, sensitive and faithful by nature, dogs devote all their strength to serving others, without ever impinging on others’ freedom. Their devotion withstands every trial and when they love, it is for life. They also cultivate an attitude to work based on commitment, personal involvement and a serious-minded attitude that implies making the most of individual skills, giving true meaning to their existence, and basically leading a useful, honest and consistent life. Dogs are builders and protectors demonstrating unfailing loyalty. Chopard has decided to embody this canine through a representative of the extremely beautiful Asian ‘Akita’ breed, depicted in a lush natural setting dotted with wild orchids and enhanced by the fluttering presence of a dragonfly, regarded as a lucky charm and a good omen.

Urushi: a time-honoured art

Urushi is an ancestral lacquer technique. Its name stems from the tree whose resin is patiently harvested, once a year, in very small quantities. Three to five years after being collected, the resin is treated in such a way as to become a highly resistant lacquer applied in a number of extremely fine layers. The Urushi Master then imprisons within it a number of tiny iridescent particles that endow it with distinctive depth, luminosity, and exquisitely fine nuances. Only a rare few artists have the skills required to perform this technique. Chopard called upon Master Kiichiro Masumaro to oversee the creation of the L.U.C XP Urushi dials. He is recognised as a master of his art and has been raised to the status of “national human treasure” in Japan. The dials were executed by the Urushi Grand Master Minori Koizumi. For this collaborative endeavour, Chopard secured the services of the Yamada Heiando company, official purveyor to the Japanese imperial family.

An exceptional watch Manufacture

An exceptional movement was needed to give life to this dial. At the heart of the ultra-thin case measuring 39.5 mm in diameter and 6.8 mm thick beats the mechanical self-winding L.U.C 96.17-L movement. Equipped with two barrels ensuring a 65-hour power reserve by means of Twin® technology, this calibre achieves the feat of fitting inside such a slim case thanks to the off-centred 22-carat gold micro-rotor. It is bevelled, engraved and guilloché, while the bridges are adorned with Côtes de Genève. This sophisticated movement decoration and finishing is performed by expert hands at Chopard Manufacture in Fleurier, in accordance with the highest aesthetic quality standards of traditional watchmaking. The calibre is visible through the transparent exhibition back of the 18-carat rose gold case. A single glance reveals a tradition and a fascinating range of deft skills ranging from Switzerland to Asia, shaping the frontiers of a universal dialogue revolving around the spirit of excellence.

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