Due to my general lack of interest in auctions, I won’t be commenting much on this week’s contemporary sales, except to say I’m pleased Takashi Murakami’s ejaculating My Lonesome Cowboy commanded $15.16-million at Sotheby’s last night, since erotic work tends to have a few more market challenges than say, landscape painting. The big winner of the evening, Francis Bacon’s Triptych 1976, brought in a 77 million hammer price, also setting an auction record. For further commentary on the 17 artists who set auction records I recommend Culturegrrl’s extensive coverage. Readers might also check in with Carol Vogel’s report in the Times, though as a word of warning, I’ll note it runs with a slightly grating quote from Barbara Gladstone, who after the auctions remarked, “Recession? What Recession?” We all get it; the contemporary auctions did well in the face of an economic downturn, but I’d prefer some thoughts on why. Anyone care to speculate?
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Well…
Collectors spending that much money on luxury goods are effectively insulated from this type of ‘recession.’ With crony capitalism, the large corporations are protected against the housing market collapse and sub-prime debacle by inside buy-outs and government bail-outs. Therefore, those at the top retain their wealth, while the middle and lower classes are bled through increased prices on necessity goods and displaced use of tax dollars.
Oligarchies and aristocracies can be very good for artists… uhm, I mean, people selling and re-selling the luxury goods that artists manufacture.
Well…
Collectors spending that much money on luxury goods are effectively insulated from this type of ‘recession.’ With crony capitalism, the large corporations are protected against the housing market collapse and sub-prime debacle by inside buy-outs and government bail-outs. Therefore, those at the top retain their wealth, while the middle and lower classes are bled through increased prices on necessity goods and displaced use of tax dollars.
Oligarchies and aristocracies can be very good for artists… uhm, I mean, people selling and re-selling the luxury goods that artists manufacture.
there’s never a recession for the superrich…
there’s never a recession for the superrich…
Yeah. I agree with the first two comments.
Yeah. I agree with the first two comments.
Barbara Gladstone made a sweeping generalization about the state of the economy. Now I will weigh in on Barbara. She is an ass.
Barbara Gladstone made a sweeping generalization about the state of the economy. Now I will weigh in on Barbara. She is an ass.
Because Americans aren’t buying the art. Collectors from places such as China and Dubai are dominating the market.
Because Americans aren’t buying the art. Collectors from places such as China and Dubai are dominating the market.
My understanding was that in this auction a lot of lots sold to Americans
My understanding was that in this auction a lot of lots sold to Americans
scary…
scary…
Yeah..think I’m gonna be the first girl here to admit that this sculpture has me aroused.
Yeah..think I’m gonna be the first girl here to admit that this sculpture has me aroused.
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