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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

UN Geneva open exhibition “The World In Faces”

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On November 24, United Nations Geneva hosts “The World in Faces”, an exhibition of photos by the renowned Russian photographer Alexander Khimushin. The artist personally presented a collection of artistic photos of representatives of different peoples of the world, photographed in authentic national costumes in their habitat. The 170 large artistic portraits of more than 100 indigenous peoples around the world are on display in the main hall of UN Geneva’s Palais des Nations. A big part of the exhibition is dedicated to the indigenous communities of Russia’s Siberia and the Far East.

“It is gratifying that the exhibition at the UN this year takes place as the world celebrates the International Human Rights Day. It is a great pride and honour for me to present my photo project at the UN, especially on this momentous day”, said Alexander Khimushin.

The idea to create a collection of photographic portraits of indigenous peoples in national dress and in their native environment was born in 2014, when Alexander had already accumulated a considerable amount of work done in the most exotic locations – from Samoa and Fiji to Swaziland. Since then, he has never stopped traveling around the world, and his project is growing and becoming a phenomenon.

In 2018, Khimushin went to the Russian Arctic – Taimyr. The result was a series of portraits of the region’s indigenous inhabitants – Dolgans, Nganasans, Enets, Nenets, Evenks.

“Taimyr is unique in that it is a distant, cold place. For me, this was not something new, since I grew up in Yakutia (the Far East of Russia is the cold pole on the planet), but it is the peoples living there – the Nenets, Dolgans, Nganasans, they have a unique culture, their way of life and reindeer husbandry have been preserved. It was interesting to visit, thanks to Norilsk Nickel (The world’s largest producer of palladium, one of the largest producers of Nickel, platinum and copper), to get to these places. I would like to return to Taimyr, shoot more there, if there is such an opportunity, ”the artist noted.

The Norilsk Nickel company, which takes an active part in the fate of the small peoples of the Arctic, supported the Khimushin project.

“Nornickel has always interacted with the indigenous peoples of the Russian North in an atmosphere of friendship and mutual assistance. This year, the company’s relations with the indigenous peoples reached a new level. Based on the UN principles and objectives of sustainable development, we study, with the involvement of leading international experts and the scientific community, the socio-cultural specifics of indigenous life in Taimyr, and the traditions and historical memory of the peoples living in the region. This helps us make our support to indigenous peoples more targeted and effective. Cultural projects and support of traditional folklore and handicrafts are one of the most important components of our projects”, said Mikhail Kuznetsov, Nornickel’s Director of Federal and Regional Programmes.

Nornickel regularly participates in projects intended to foster economic and social development of Taimy’s indigenous communities. In 2020, Nornickel signed a cooperation agreement with organisations representing the interests of the indigenous communities of the North inhabiting the Taimyr Peninsula. Together with them, and based on proposals from the chiefs of indigenous communities, a comprehensive plan for the development of the peoples was developed for a total of RUB 2 bn. The plan is designed for five years. The programme will run until 2024 and includes support for traditional activities, protection of the indigenous habitat, and financing of new homes, hospitals, museums etc.

The photo exhibition will run until December 10, 2021.

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Sezzadio: The small village where the great history of the Aleramici began

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Photo: Pomaro Monferrato Castle (AL). Dresses from the ancient Asti tailor's "Principessa Valentina" by Samantha Panza and coordinated by Gianni Gallo. At the center Walter Siccardi in the role of Aleramo with the Aleramici families represented by the shields (photo by Marco Sala).

Men and women of culture, united by the idea of the Euro-Mediterranean Federation on Ancient Medieval Migration, challenges this difficult period of the pandemic with new historical research activities to rediscover and transmit the desire to return to normality.

As part of the project of “Le Vie Aleramiche Normanno Sveve” in Sezzadio, a village near Alessandria where Aleramo was born had been visited on the initiative of the Mayor, Enzo Daniele, the Councilor for Culture Piercarla Bocchio and the local head of FAI Anna Maria Gobello, collected the texts to create an “Aleramici Library” which will be closely linked to the “Aleramici Research Center of Sezzadio”. Two honorary presidents are members of our technical-scientific committee: Francesco Barone of the University of Catania, one of the leading experts in the Aleramici history of Sicily and Salvatore Lo Re, historian and President of the National History Society of Piazza Armerina, City of foundation aleramica which, soon, will see the Municipal Library enriched with a section dedicated to the study of its origins. Therefore, a study workshop will be commenced to work in synergy with the parallel Sicilian structure: the prestigious Palermo “Officina Studi Medievali” headed by Prof. Diego Ciccarelli.

Sezzadio, the place of origin of this fascinating story: it is said, in fact, that the noble Aleprando, on a pilgrimage to Rome, stopped in this small town near Acqui Terme with his wife about to give birth and that Aleramo was born here. The municipal administration of Sezzadio, after having already undertaken various projects to enhance the small center of Alessandria and installed explanatory signs at the entrance to the village to highlight its extraordinary historical importance, has enthusiastically joined the proposal of the promoters of the project, Fabrizio Di Salvo and the UNESCO Club of Piazza Armerina, (represented by the President Anna Maria Di Rosa Placa and the Secretary Lavinia Garsia) and took the opportunity to give life to a research center that will be formed in network with the Workshop of Medieval Studies in Palermo and the research activity in Piazza Armerina, a real study center dedicated to ancient medieval immigration “on the contrary”.

The fundamental activity was Fabrizio Di Salvo’s visit to Sezzadio last summer which allowed to define the membership of the Municipality of Sezzadio to the Euro-Mediterranean Federation on Ancient Medieval Migrations, by virtue of which it benefits from the support of the Coordinator for Northern Italy, Nadia Ghizzi.

The work of identifying the texts and training the library was supported by our technical-scientific committee which boasts among its ranks the Byzantinist Walter Haberstumpf, Prof. Salvatore Trovato, former professor of Linguistics and Glottology at the Department of Humanities of the University of Catania, the Director of Sibrium Magazine and President of the Center for Prehistoric and Archaeological Studies of Varese Lucilla Caramella, Luigi Piano, the President of “Italia Medievale”, Maurizio Calì, (who collaborated directly in the creation of the library), as well as the teachers and researchers of prestigious international universities, such as the distinguished medievalist Henri Bresc and Joanna Drell of the University of Richmond in the USA.

To realize the intent of making culture available to all, it is essential to give our research a European breath and make people understand how much the history of the Middle Ages, which took place in a Europe different from the current one, was well-defined in its supranational scope. The project connected France, Italy, and Germany and, in particular, the Municipalities of Hauteville-La-Guichard in France, (where the myth has it that Tancredi, the future lord of Hauteville and progenitor of the Altavilla family, saves the life of Duke Riccardo II of Normandy on a hunting trip); of Göppingen, in Baden-Württemberg near Stuttgart, (where tradition has it that the Swabian dynasty was born) and of Piazza Armerina, a city in Sicily founded by Aleramici in the 12th century. The cultural triangulation will also expand in Sezzadio, in the spirit of continuing to create links between historically similar realities and, currently, it takes the form of collaboration between the municipal administrations, anticipating and preparing the future twinning.

Thanks to the dedication of those who embraced and developed the project from the beginning, today, the Euro Mediterranean Federation for Ancient Medieval Migrations stands out for the adhesion of important figures from the world of culture, of high-level institutions, such as the Library of Alexandria of Egypt, of numerous Italian Municipalities, of Universities and Associations. Despite the interruptions due to the pandemic, the Project has given rise to numerous initiatives such as conferences, lectures, and meetings, and the production of a documentary film shot in the European lands touched by this research: Piedmont, Sicily, France, Turkey, Germany, Greece, and Ukraine.

A powerful work, curated for four years by Fabrizio Di Salvo, which collects precious contributions from excellent scholars and returns the atmosphere of medieval Europe thanks to the choice of splendid locations, such as the Castle of Pomaro in Monferrato, to the costumes of the ancient Samantha Panza’s “Principessa Valentina” tailoring from Asti-Italy and coordinated by Gianni Gallo. The exceptional protagonist is the actor Walter Siccardi, an extraordinary interpreter in the role of Aleramo. The shields that recall the emblems of the Aleramici dynasties and parts of the sets used for the shooting will be donated by the Euro-Mediterranean Federation to the Aleramici Research Center in Sezzadio.

We will continue our incessant work of research and historical reconstruction, hoping that it will create opportunities for recovery, resilience, and increasingly nourish the dialogue between people who are only apparently distant.

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Squid Game, Style influence and Sustainable consumption

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Photo source: Netflix

Have you heard about the recent South Korean drama blockbuster named Squid Game yet? It was released on Netflix on Sept. 17, 2021, and has quickly earned a worldwide audience. Since debuting, it has been viewed by more than 100 million people and has become the no. 1 trending in top 10 lists in 94 countries around the world.

Not only topped the list, but the South Korean drama has also created a trend that has influenced fashion style around the world and dominated the online platforms such as Google, Facebook, Instagram, and several online shopping websites: Amazon, eBay, Shoppee, and so on.  On Google.com, you will find more than 223,000,000 results in only 0.53 seconds; on Amazon.com, the term “Squid Game costume” has also become a top finding, even when you have just typed only two characters “sq”, the full term “Squid Game costume” will appear and you can find more than a thousand of results about this kind of clothes. 6,150 results for Squid Game costume appear when searching on eBay. On Instagram and Facebook, the hashtag #SquidGameCostume has recently become the most popular key hashtag and could be the influent style this winter.

Unlike trending superhero movies like Captain American, Avengers, with characters wearing specialized and inconvenient costumes for daily use, “Squid Game” is full of players wearing banal teal-green tracksuits. And this style of wearing tracksuits has been promoted by luxury fashion brands such as Louis Vuitton and Channel in recent years, because of its convenience and full of fashion, suitable for almost everyone from children, young people, and adults. That’s why the seemingly simple tracksuits in “Squid Game” turned out to be more trending.

The green tracksuit will likely become popular because of its convenience and ease of production, but it’s not the only known outfit, one that’s probably even more sought-after is the set of hot pink boiler suits and black masks watch the spectacle. Halloween is just around the corner, this type of costume has the potentiality to become another “red jumpsuits and Salvador Dalí masks” – a phenomenon that comes from the previous hit Money Heist.  Clearly, Squid Game costume could be a perfect choice for the one who is looking for the new and trending Halloween costume, and fashion influencers may have to queue in line after Squid Game this Halloween and winter.

With marketing strategies in all aspects that an ordinary person can reach just by picking up the smartphone, it is not difficult for “Squid Game” to be accessible through advertisements, and finding a way to win in marketing could be more easily for fashion companies and even companies that are not engaged in the fashion industry. Netflix even sells Squid Game t-shirts and hoodies on its website, and it seems that marketing the products of trending movies will become the marketing trend in the future.

However, from the environmentalist or sustainable consumption supporters’ perspective, the influences of the fads can go against what they’re pursuing. Sustainable consumption is the use of services and related products, which responds to basic needs and brings a better quality of life while minimizing the use of natural resources and toxic materials as well as the emissions of waste and pollutants over the life cycle of the service or product so as not to jeopardize the needs of future generations. Sustainable consumption is closely related to sustainable production and sustainable lifestyles. When thinking about the relationship of a hot trend like Squid Game and its influence, we could see the 4M plus model (4M +) including Mass media marketing -Mass outfit obsession – Mass production – Mass consumption, and the plus could be the Mass damage for the environment. It may seem to be not a kind of mass production if it only happens once in a blue moon and only happens for one movie/show, but in fact, it is an unstoppable game that every director wants to win. Fashion’s influence could be a tool to reach the top trending show of the year and also be a push for the fashion industry and consumption later.

So, is the top trending show doing well in marketing and promoting fashion consumption by creating style influence, definitely Yes, but is it promoting sustainable consumption? I am not sure.

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