Opportunity Knocks

From an article by Arne Glimcher, "Brave New Art World," take note of cause for optimism: Glimcher is the founder of Pace-Wildenstein Gallery.

In response to the comparison between the recent over-heated art market and when the Japanese collectors were going ga-ga in the 80's, Glimcher says as follows,

"The difference between then and now is vast. The Japanese were collecting already famous artists. Whereas the new collectors of the last decade were making artists famous by their rapacious patronage. Is it within reason that an artist's prices could from $50,000 in the gallery to $1 million in the auction rooms within six months? They did with Marlene Dumas. And within a two-year span a Nurse painting by Richard Prince went from $120,000 to $10 million.

"The only parallel to this frantic escalation of prices was the tulip-bulb scandal that destroyed the Dutch economy in the 17th century. Today's art market is global and therefore susceptible to adjustment on an international scale. Consequently there is an immediate crisis in the art market as in other markets and sometimes they interact. Brandeis University's decision to sell its extraordinary collection of 60's art and close the Rose Musuem due to the diminished value is just one incredible example.

"But in crisis there is also opportunity. Serious collectors who couldn't get near an object now have access."

That's the answer, there is opportunity. Let's get out there and urge all serious art lovers to buy local, buy from living artists so we can buy more art supplies to make more, and remember, I always give 50 percent off to the second sale!