Questioning the Art Market – artmarketblog.com Questioning the Art Market – artmarketblog.com
I was recently asked some questions about the art market for a magazine article and thought I would share my answers. Hope you enjoy !!!
of such works can often be altered by their own beliefs or by important events of the day.
4. Do you think that the sale of a piece of art is just at the end of the day due to personal preference? Can buyers be strategic?
Buyers can definitely be strategic when it comes to purchasing fine art and are doing so at an ever increasing rate due to the greater level of acceptance of the benefits of approaching art as an investment. However, because everyone has a personal taste when it comes to fine art, a strategic approach is best undertaken with the guidance of an unbiased art advisor or via an art investment fund where the works that are invested in are chosen by a group of experts.
5. What may / may not determine the end sale price at an auction?
There are a myriad of different factors that can determine the final sale price of a work of art being sold at auction. A few, however, are much more influential than others. One of the most important factors to consider when buying or selling a work of art at auction is how many people are likely to be competing for that particular work of art. All it takes is two determined bidders for the auction estimate to fly out the window and the final price to skyrocket beyond all expectations. The energy of an auction sale can become all consuming and cause even the most timid of individuals to become super competitive. Another important factor that can affect the final sale price is the estimate given to a work of art. An estimate that is too high can discourage people from bidding for a work and an estimate that is too low can cause people to become suspicious about that work of art.
6. Do you think the artist’s name behind the art itself has a large factor into how much a piece would sell for? Can this limit the art in any way?
The commercialisation of the contemporary art market has evoked a scenario where artists are often looked upon as celebrities and performers who are expected to act in a certain way. Art buyers who view art as a status symbol will often view the artist’s social reputation and level of fame as being crucial factors when it comes to deciding whether or not to purchase a work or art. A result of this is that artists often have to conform to the desires of rich art buyers, and produce works that they will like, which can severely limit the work that the artists can produce.
7. What is the significance of branding and the correct marketing for pieces of art?
In theory, a work of art should really sell itself. However, the reality of the situation is that the conceptual nature of a large amount of the contemporary art being produced, combined with the increasing commercialisation of the contemporary art world, has created