Why does the prevailing art market system is hurting other artists while sustaining others? What ails the system? Simple: it is not equal. It favors the investor and the middle men and their favorites, while using the workforce of other artists as fodder to raise the value of artworks as assets.
Equitability is different from equality. Equitability means you get what you deserve in proportion to your input or efforts.
The most effort comes from the working class of artists. That's why we call the pieces we make, work. But when these works are delivered to the gallery system, our work becomes inventory. And is randomly given value based on the prevailing market taste. (Skulls were in the rage then, now its flowers over faces). Investors choose a select few among the artists who are "stable" whose brand is "consistent" and "blue chip" like prime stocks. They hedge on these artists so that they can sell them after at a higher price. Hence, the auction house is at the end of the consumption line.
The artists work - his means of livelihood and soul work - is transformed and played as inventory in the primary market and stocks in the secondary market. Where does it all end? As assets in real estate of the collectors houses and properties.
The system is inequitable because the pattern of consumption of art is not based on the artists MERIT but his VALUE as a BRAND. And this is dictated by prevailing taste. In other words, the Art Market functions like a FASHION or lifestyle market! The one who is in fashion and trending, sells well.
(Guess what, Francois Pinot is both the owner of the top auction house for Art and fashion houses in Europe. Where do you think contemporary art gets its best practices?)
There is so much capital, money coming in to the art industry. This is what makes our art scene survive. Many have invested, there are many investors. But how is this money grown, distributed? Disproportionally.
Investors get the lion share. Galleries get 50% of their INVENTORY And artists are what, entitled to 50% of their single work's market value in the primary market and 5%in the secondary market?!?
And artists don't have social security, medical, housing, benefits! We work 24/7. We don't have a card that punches at 6pm and we cease to be creative! We are the most exploited labor force in the creative industry and we seem to be easily replaced. Mid career artists whose price points go up are not favored. Kasi young artists are easy to invest in. You know, buy low sell high. The investor just WAITS among which of his bets will thrive, die or persevere.
So...the artists are just the fighting cocks. The Art scene is the cockpit and the galleries are the Bet Taker.
This is the disease of the art market: It's a gamble.
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