I have made art for years for little or no audience—what better activity could there be in the face of such economic uncertainty? If ever there was an occasion for the mantra: Just Do It (Yourself), its now. Remember how time used to equal money; guess what? It no longer does. Procrastination may be an excuse but lack of time surely no longer is. Today is for taking stock; examining and considering what preceded the economic crisis and summing up how to positively move forward. In the midst of it all there will be a return to art about life in all its unadorned rawness, as content will revert to the social, political and spiritual, rather than the exclusively economic.
This is a propitious moment to establish new paradigms in how to patronize art. Not only should one negotiate with pomp and certitude but also try creative collecting, be as industrious as the artists you covet rather than strictly haggling. You can now have cake and pie: good art that is relatively cheap. Forget the last days of Christ, the last days of the art fair, or exhibit, or fill in the blank, is (a bargain hunters) paradise. But also, conjure new structures, new relationships with art and artists, what an ideal time for collaborations. Better still, shun art fairs altogether in protest, enough is enough, draw a line in the sand! Get into or back to the practice of visiting art galleries, local or remote, and ask to speak to the proprietor. Gone are the days when beyond the impossibly high reception desks gallery owners were harder to find than major CEO’s, only settle for an audience with the boss.
The British Arts Council has created a program of subsidized loans of up to £2,000 to purchase individual artworks (there is no limit to how many pieces a collector can accumulate) from a list of participating galleries and fairs. The Swiss government has started supporting local galleries to participate in fairs as well. So now your favorite gallery and art will be as government propped as your bank and car.
Or work directly with artists or galleries to find ways to help foster the production of art, take an interest in a particular artist or body of work or find ways to help disseminate artworks. A new era is upon us, akin to the American WPA (Work Projects Administration) that was the massive government aid effort to create jobs and foster arts during the Great Depression (will ours be the Greater Depression?). We are at the point where in some instances certain staples may soon be free, like food and shelter, as the alternative to families that can’t be fed or housed is not pretty. The newspapers report of plans being drawn to train British police to combat civil unrest. We have to go back to (get to) the future, but life will go on.
Contrary to popular belief, cash is not king, to be replaced by knowledge and experience. Old is the new new, the new young. We must reassess and value established but underappreciated and undervalued artists with a track record. No more historic prices for artists with no history. Why buy now what you can buy cheaper 6 months from now which mentality is paralyzing business. And there is no bottom in sight—at this point, even a plateau would be a blessing. Forget leapfrogging over one another in the scramble to buy art and other nonessentials. Some people are still searching for the next big thing, a home run when they should be concentrating on baby steps, relearning how to walk. The entire art experience had turned into a giant premature ejaculation, an encounter without much forethought or enjoyment. Those days are gone.
There is a new caveat emptor, so speculators beware, art is no longer for roulette spinners and dice rollers, for the odds have just gotten considerably worse. There is still possibly gold in the hills, but it’s closer to coal that might grow into diamonds over the long, long term (the diamond market is another recently decimated). We are at a new turtle’s pace, and not the one that beat the hare. Art will return to being viewed with deliberation and contemplation.
This is a post-economy economy in which losses replaced earnings. I don’t know a dealer that wouldn’t sell something at a loss to keep the continuity of cash flow. Banks have suffered total defeat, as the only solution to the near demise of the financial system has been to pour money on it like water on a raging fire. Sooner or later there will be accountability, expressed as inflation, mega bankruptcies or both and more. At which time a nicely rounded collection could be a boon. Stoking the art depression is the dying breed of collectors fighting the bonus onus: the burden of trying to get away with a seven-figure bonus (once earmarked for art) borne of taxpayer bailout money. For better not worse, buying stuff is no longer an acknowledged world pastime. The impulsive point of purchase transaction is finished as every penny is now measured with newfound urgency.
A Martian may as well have landed things have changed so radically from the recent past, namely, the demise of world’s economy and consumerism as we knew it. Is the economic calamity a coordinated Al Qaeda attack? Or have they been wiped out in bank stocks too? I am prepared to work for nothing today. Trying to make money is like flogging a dead horse, unless you are John Paulson shorting every bank across the land on a daily basis and single-handedly taking home a large portion of the world’s money supply in the process. Nowadays, three minutes can stretch into an eternity, thank god for the Internet to partially fill the void. Physiological manifestations like rashes and bodily pains are emerging among the population like weeds on a fertile field. Where every day is Friday the 13th, when the market goes up for an hour it’s considered a significant rally.
Stocks and other investments are beginning to sell at or below their net asset value. Citicorp has been trading for less than a dollar a share, about the price of a pack of chewing gum. That is unless things are sold in the context of the estate of some deceased fashionista’s over-decorated, lavish apartment, from Saint Laurent to Versace. Forget the Saint Laurent sale’s $11 million appropriated bottle of Marcel Duchamp perfume—a $30m chair is what was truly exciting (the amount fetched by an Eileen Gray unique piece from 1917-19—I hope it took her that long to make for that price). Imagine giving new meaning to kids, dogs and crumbs. As good as the Yves Saint Laurnent auction extravaganza was, it was no saint. These are still dark times getting darker, with the economy resembling a silent war being waged by a mysterious, unknown enemy that only makes it more perplexing and depressing. It feels like boot camp in preparation for an unforeseeable time when there will be a return to remuneration for one’s efforts. I have never worked harder for less.
We are faced with a mass mood of ascetics, where the creed has changed from How to Spend It (the weekend supplement of the Financial Times) to How to Keep It. in the article, How Art Killed Our Culture, by Jonathan Jones in the Guardian: “…art has become the enemy of truth, the murderer of decency. The modern world has screwed itself and art led the way.” Art has become the new boogey man, a scapegoat for the deep problems at hand. Through it all, when businesses are dropping like flies, if you are not gossiped about as being overexposed, bordering on insolvent, or even better, threatened by the Russian mafia or the target of a large lawsuit, you are nobody. Crating and shipping for international art exhibitions and fairs is as expensive as large designer handbags and now being doled out as carefully as caviar. What was formerly de rigueur is viewed as an indulgence. But even at today’s reduced valuations, there are inherent levels at which people will still pay.
We have to muster the strength to collectively will healthier times. For better or worse, people are like cockroaches, it will take far more than economic mayhem to bring us down.
