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#Hashtags: The Business End of Art
#artmarket #creativeeconomy #collectors #entrepreneur #philanthropy #support
As in nearly every field of commerce, it seems that the tension between old and new models of the business of art is coming to a head. Traditional galleries see that their established methods of selling selectively and covertly to buyers of high social standing are under threat. Museums, which once were beneficiaries of philanthropic largesse from those same well-heeled collectors, now often find that their leading patrons are competitors; rather than donate their holdings, they establish private institutions instead—like LA’s new Broad Museum—that rival the scale and scope of the Moderns and Contemporaries, which are left empty-handed. Even major gifts to museums, such as the unrivaled Fisher Collection now entrusted to SFMOMA, come with strict and costly requirements, such as new buildings and capital campaigns. Meanwhile, the most visible and valuable contemporary artists are no longer those who have been vetted by scholars and curators, but those whose works can be most readily flipped on the secondary and auction markets. Under these circumstances, the art object is purely a marker of exchange value upon which certain complicit thinkers heap vague claims of cultural use value that seem to apply only to the acquisitive culture of the 1%.

The Broad under construction, view from Grand Avenue in downtown Los Angeles. Courtesy of the Broad. Photo © Iwan Baan.
The anxiety of the old guard toward the new manifests most clearly in the recent New York Times and New York Observer profiles of art impresario Stefan Simchowitz. Simchowitz has a venture-capital background, a Los Angeles aesthetic, and a start-up approach to artists, dumping money into new and unproven talent so as to play the odds that some of the artists he supports will reach the upper echelons of the market and bear out his investments as a group. Both profiles describe a man who sees himself as an underdog and, as belies his tech-funding background, a “disrupter” of established systems. His critics, who include several prominent dealers, call him a “flipper” who takes advantage of emerging artists while devaluing their output for personal profit. His champions see him as a person willing to take a risk on an unproven artist in an era when few collectors seem to value that kind of patronage.




















