Adventures in art-market commodification, enhanced hammer edition
Reuters.com - about 3 years
Back in 2012, I wrote a post with the headline “How Larry Gagosian is like Goldman Sachs”. The general idea was that both of them use their relationships and their balance sheet to make money off and/or with their clients. Since then, as Christian Viveros-Fauné says, the art world has become even more coterminous with the art market:
“Business art” has arguably come to be the dominant form of art in our time. Today, this juggernaut of commodity-based art drives not only the way art is made, but also the way it’s promoted, marketed, sold, and, ultimately, understood both by experts and the vast public.
This explains why the NYT, when it recently decided to beef up its art-reporting team, turned to Graham Bowley, whose knowledge of art was rather slimmer than his knowledge of high-frequency trading. Bowley’s fresh eye on the market has proved illuminating: thanks to him, a lot of what used to be art-world rumor and gossip is now public knowledge. It was Bowley, for instance, who re