price and value

Art investment

Overview of the Discussion I Have Visited
In June, I attended a discussion at the Pushkin Museum of Fine Arts "Price and Value: Investing in Art."

For me, this lecture was helpful. I learned the difference in the mindset of the investor and the collector. Throughout the event, I took notes on the phone.
And I decided to arrange it in a separate post on the site.

Unfortunately, I didn't remember the names of the speakers. But I remember that there were: an art writer, collector and former director of Sotheby's in Russia.

This post will be useful to both artists and people who buy art.

It all began with a discussion of the theories of Karl Marx about labor and the final cost of the product / service.
But how much is the work of the artist? How to estimate the value of the idea of the work?

I'll list the main points of the discussion thesis:

1. The cost affects the "stardom" and "brand" of the artist. No matter how talented an artist is, he must be known.

2. Today the artist is a brand. The only value is financial, commercial success. It is the numbers that indicate how much the artist is in demand and popular.

3. The best for a contemporary artist is a successful sale, not a museum exhibition.

4. The cost of paintings is influenced by scandals. For example, a sensational case with theft of a painting by Kuinji. The queues at the Tretyakov Gallery immediately increased, and the cost of the artist's paintings rose.
«Art is the most powerful currency in the world».
- Damien Hirst, Contemporary Artist
5. Art is not a commodity. This is a form of monetary relationship. If a collector buys a painting, it's not a relationship with art, it's a relationship with money.

6. To the question "what is art?" there is no answer even the collector of modern art, although he has been doing this for 30 years. In his collection of more than 6,000 works.
When selecting works of art, he always relies on his intuition. "You either win or lose. But you will not know about it."
His collection is an investment of great love.

7. It is impossible to define the criteria for brilliant art.
If there were criteria, then any artist could create a masterpiece.

8. All museums are made up of private collections.
First there were collectors, and after 150-200 years, museums appeared. The path of the collector is to add him collection to the museum.
9. Differences between collector and investor:
They practice completely different judgments about value.
- The investor is thinking about how the market will behave, trying to guess how other rich people will judge this art in the future. The investor only cares about the sale price.
- For the collector of art opens up some research.
For example, for a vinyl record collector, this is a way to explore music, to find out what people liked before. This is his relationship with the world.
A collector does not need a lot of money to invest.

10. Art gives such a value that can not be estimated in money.
Speaking about cost we always think about value. The higher the value, the higher the cost.

11. Art is a tool for manifesting problems.
Brand artists were able at the turn of the century to find some crazy problem that people felt at that time. And continue to feel now. And artist showed in this pain.

12. The value of art is that it is impossible to formulate in words.
All collectors have a special relationship with paintings. Pictures for them is a psychiatrist who is associated with their pain.
That is why in our time art therapy is so popular. It allows you to get rid of the pain.

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