Wednesday, January 18, 2012

Returns + Royalities = Finanical Security?

Is art developing into a bone fide investment instrument, and as such might it provide financial security? If so, cultural security may expand into the economic realm.
2012 has started with a series of headlines about the financial potential of art. Firstly, several major financial publications reported that the art market has outperformed the stock market for a second year running. Secondly, the firm, Artprice, launched an international on-line art auction on January 18th, and thirdly, laws that enable artists, or their descendants, to collect royalties on resale of artworks have made news in the UK and U.S.
The commodification of art also has implications for cultural security in a different respect. Will the art market, traditional and on-line, attract speculators and opportunists who do not necessarily appreciate the aesthetic properties of artworks and exploit art as cultural currency? If so, then an increasing market value and viability of art as a financial instrument may pit the pragmatics of art production and consumption against the emotions of creation and appreciation.

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