Art Market Analysis: The Value of Desirabillity And Credibility
An exhibition has just opened at the P.S.1 MOMA gallery in New York of works that artists have kept for themselves and not sold for various reasons. The exhibition is meant to be a stand against the influence of the art market on the art world but I think that the fact that an exhibition such as this is required actually highlights how important the art market is to the art world. I also think that because the art market is in so important to the world of fine art that the artworks in the exhibition are likely to receive more interest because of their new-found commercial desirability than their importance to the artist.
This exhibition also raises another important issue to keep in mind when looking at purchasing art for investment. Artists who churn out work and have a purely commercial outlook and purpose to their work are likely to damage their reputation as an artist making their work a less desirable investment.
It is well worth looking out for artists who produce work primarily for reasons other than financial gain and participate in exhibitions and shows where the works are not for sale. By being involved in exhibitions where the works are not for sale an artist can gain credibility and respect within the art world which is important to further their career. The art market has shown to react well to artists who produce intellectual work that requires thought and encourage comment and discussion because it is these artworks that tend to stick in peoples mind and get attention.
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.