Network of Arts and Culture Websites Creates New Model for Online Publishing – artmarketblog.com

For Immediate Release

Contact: Brigid Brown, Publicist

Cell) 551.358.1058

brigidbrown13@yahoo.com

Network of Arts and Culture Websites Creates New Model for Online Publishing

“Life in the arts has taught (Kathryn) Born that you can’t have a life in the arts unless you’re ‘able to work for free or almost nothing.’ She thinks that’s wrong … “

Chicago Reader, January 2010

The network of websites that comprise Chicago Art Map and Chicago Art Magazine are not simply local websites but a case study for a new model of online publishing.

See: http://chicagoartmagazine.com/transparency-pages/

“Print media is in a mindset that online publishing is simply posting on a screen rather than printing on paper,” says Kathryn Born, founder of the CAM. “It’s rarely utilizing the internet’s capabilities to connecting the story ancillary data and deeper pools of information. It doesn’t harness the power of online distributions, which can categorize and deliver content to the audience — in the exact moment and form they wish to receive it.”

What does that have to do with Chicago Art Map? The network stands as a proof-of-concept of new publishing through several scenarios.  The key example is that Chicago has 300 art venues and countless events every week. Comprehensive lists are ideal, but unwieldy.

The answer? Put all the information into a database instead of a list. Put a Google Map layer on top, add images, and code additional software tools so the events can be sorted and filtered.

The result? Search an art map by geographical range or  exhibit type (a museum vs. a gallery or alternative art space) or type of art or type of event. Sort alphabetically or by neighborhood,   location, specialty and filtered by date and geography.

For Chicago Art Magazine, footnotes are back in style using “hovering” tools, paragraphs of extra information expand with a click to instantly reveals more information (without refreshing the page).   And images! Since ink is no longer a cost factor, they’re abundant, and expand to full size when clicked upon.

Chicago Art Magazine doesn’t publish monthly, it publishes twice a day. Each piece is pushed out to over 5,000 Facebook and Twitter followers.

It’s operational budget, for what would-be a 200 page magazine, is only $1,700 a month. Every dime goes to writers, editors and staff. No rent, no paper, no trucks. Suddenly, an advertising-based model that only requires $2000 per month to support freelancers and stay in the black, is attainable, often with sole-sponsorship deals that provide a blast of coverage for only a few sponsors each month.

“‘Advertorial; content is permissible, but only if it’s fully disclosed in every instance,” is the policy of the magazine, as they are supported with “sponsored posts” along with graphic advertisements.

Most unusual, yet still in accordance with the Open source (software) background that prepared Kathryn Born for the task, is the idea of freely sharing ideas so that others can build upon what was learned. A tab called “transparency” reveals everything from tech tricks, to philosophy and budgets. A weekly blog gets into even smaller details about editorial and survival

-MORE-

The site speaks to all tiers of art fans whether a seasoned collector or a newbie looking to go out on a Friday evening. This breadth of reviews is credited to the aptly named “Friday Night Army” which is a team of critics, released onto the city, with the mission to report back on what is seen and heard in their own voice. “The editorial goal is to write about art in a simple, lively way, using pictures, video and audio,” says Born. “Our belief is that writing about art can be a literary style that’s as colorful as the art we describe.”

Chicago Art Magazine ~ Reviews & Features

Chicago Art Map ~ One-Stop-Shop Gallery Finder

The Chicago Art Machine speaks to all tiers of art fans whether it is a collector on the prowl for the latest discovery or a newbie looking to branch out. This breadth can be credited to the aptly named “Friday Night Army” which is a team of critics, released onto the city, with the mission to report back on what is seen and heard in their own voice.

Some features are more mainstream like, “The Bath Haus of Gaga” and others more niche-y but still accessible such as, “A Crash of Critters at Fill in the Blank”. No matter what genre, each article is informative and as a whole the network feels like a mini-course in art history. After a short time of perusing the sites, visitors will walk away knowing way more than when they started.

“The editorial goal is to write about art in a simple, lively way with a whole bunch of pictures, video and audio,” says Born. “The belief is that writing about art can be a literary style that’s as colorful as the art we describe.”

Kathryn Born is the Editor-in-Chief of the online Chicago Art Magazine and oversees ChicagoArtMap.com. Born breaking off to start her own network of sites, Born had created the blog Art Talk Chicago for the Chicago Tribune-sponsored network of blogs called ChicagoNow.com.

If you plan to run a review and/or would like to set up an interview with Kathryn Born, please contact: Brigid Brown @ 551.358.1058 or brigidbrown13@yahoo.com

Visit us online at: www.chicagoartmagazine.com

-END-

Ana Prvacki Performance Video – artmarketblog.com

Ana Prvacki Performance Video – artmarketblog.com

In September last year during the Sydney Biennale, at the request of New Art TV, I interviewed Singapore based, Serbian born artist Ana Prvacki. As part of the Biennale, Prvacki performed a work titled “Music Derived Painkiller” which involved the collection of saliva from a flute performance. Intrigued?. If so, check out the interview that I did with Ana here:
http://www.newarttv.com/index.php?id=332

You can also find out more about Ana and her work here:
http://www.ananatural.com

prvacki

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Dissecting Christie’s Feb 09 Art Auction Pt. 1 – artmarketblog.com

Dissecting Christie’s Feb 09 Art Auction Pt. 1 – artmarketblog.com

christiesI am going to make a slight diversion from my previous post on evaluating art auction results (which will be continued very soon) because I want to take a bit more of an in depth look into the actual works that were included in the recent February round of Impressionist and Modern Art auctions to see what the sales can tell us about the art market and about the success of each sale. By looking at the sale history of each work, especially the very last time the work was sold, one can get a good idea about how the art market is tracking. I also believe that the statistics relating to whether the price paid for a work of art has increased or decreased since it was last sold should be used as an indication as to whether or not the sale was a success or not in the context of the current art market conditions but not as the sole indicator of whether or not the sale was a success in the context of the performance of the auction house.

The financial crisis is the primary cause of the decrease in prices although the prices being paid for art would not have had as far to fall had the auction houses not encouraged the continual inflation of prices. Because the auction houses are not directly responsible for the drop in prices and are not really able to do much to increase prices, the difference in price paid for works of art at current sales compared with past sales are not, on their own, a very good indicator of the success of the sale from the auction house’s point of view.  Auction houses have to sell works of art regardless of whether or not they are going to achieve a higher price than the last time the work was sold at auction.  If a vendor comes to them with a work to sell that is going to sell for a large amount of money but not as much as it sold for last time it was sold at auction it is most likely that the auction house will sell the work. Whether or not the price paid for a work at a current auction is higher or lower than when it was last sold is not that much of a concern for the auction houses because their focus is getting as much for a work of art as they can in the current market and not providing a return on investment for the vendor. Of course, the vendor will be much happier with the auction house if they do receive a decent return on their investment. What the difference in price data is good for is  providing a very good indication of the success of the sale in terms of the current art market conditions and also providing an indicator of the current state of the art market.   This data also provides valuable information relating to the type of works that are most likely to remain stable or increase during a financial crisis/art market correction.

The data that I have provided below is from the Christie’s Impressionist and Modern Art sale that took place on the 4th of Febuary 2009. What I did was look at the auction sale history of every work that sold and recorded if the work had been previously sold at auction or not, and if so, what price was paid. Because there is a significant amount of data to present I will post the data in two separate posts and then provide an analysis of the data in a third post.  The first ten works listed are those that Christie’s highlighted as the ten highest prices paid for works at the auction and the rest are in lot order.  An analysis of the Sotheby’s Feburary Impressionist and Modern Art sale will be conducted for comparison at a later date.

Sold lots from Christie’s February 4 2009 Impressionist and Modern Art auction:

Henri de Toulouse-Lautrec (1864-1901), L’abandon (Les deux amies), 1895: This work sold for $8,917,398 (including buyers premium) against an estimate of $7,125,000 – $9,975,000 and was referred to by Christie’s as being one of the highlights of the sale. Prior to being in sold at the Feb 4 2009 Christie’s sale, the same work was sold by Sotheby’s in May of 2000 for $9,355,750 which means the price for this work dropped more than $400,000.

-Claude Monet (1840-1926), Dans la prairie, 1876: The top price of the Christie’s sale was achieved by Monet’s “Dans la prairie” which sold for $16,164,918. Last time this work was sold in 1999 by Sotheby’s it achieved $15,402,500 which means that the price for this work increased by $764,000.

-Amedeo Modigliani (1884-1920), Les deux filles, 1918: Offered at auction for first time after being in the same family since being purchased from the artist.  Sold for £6,537,250 against an estimate of £3,500,000 – £5,500,000

-Edouard Vuillard (1868-1940), Les couturiers, 1890: Sold for £6,537,250 against an estimate of £3.5-£5.5 million. No previous auction sale history

-Kees van Dongen (1877-1968), La cuirasse d’or, circa 1907: Sold for £2,617,250 against an estimate of £1.5 million-£2.5 million. No previous auction sale history

-Henry Moore (1898-1986), Reclining Mother and Child,conceived in 1960: Sold for £2,617,250 (US$3,763,606) against an estimate of £1,500,000 – £2,000,00 .  Previously sold by Christie’s in November 2002 for US$1,439,500 against an estimate of US$1,000,000 – $1,500,000 which represents an increase in price of US$2,300,00.

-Fernand Léger (1881-1955), Les deux soeurs, 1929: Sold for £1,900,000 (hammer price) against an estimate of £2,000,000 – £3,000,00. Previously sold by Loudmer (Paris) in 1990 for £1,231,263 (hammer price) which represents an increase in price of £669,000

-Paul Gauguin (1848-1903), Les dindons, Pont-Aven,1888: Sold for £2,057,250 (US$2,958,326) against an estimate of £2–3 million. Previously sold by Christie’s New York in 1998 for $2,862,500 which represents an increase in price of US$95,000

-Alexej von Jawlensky (1864-1941), Mädchen mit roter Schleife, 1911: Sold for £1,945,250 against an estimate of £1,800,000 – £2,500,000.  Previously sold by Christie’s in February 2008 for £2,932,500 which represents a decrease in price of £990,000 pounds

-Alexej von Jawlensky (1864-1941), Tanz mit gelbem Fächer, 1912: Sold for £1,833,250 against an estimate of £1,500,000 – £2,500,00.  No previous auction sale history

-Henri Laurens (1885-1954), La femme à la guitar, 1919: Sold for £713,250 against an estimate of £350,000 – £400,000. No previous auction sale history

-Egon Schiele (1890-1918), Stehende Frau mit Schuen und Strümpfen, 1913: Sold for £601,250 against an estimate of £550,000 – £750,000. No previous auction sale history

-Wassily Kandinsky (1866-1944), Aquarell für Poul Bjerr, 1916: Sold for £433,250 against an estimate of £300,000 – £500,00.  Previously sold by Christie’s in February 2008 for £670,100 which represents a decrease in price of £236,000 pounds

-Kees van Dongen (1877-1968), Femme aux deux colliers: Sold for £1,329,250 against an estimate of £300,000 – £600,00. No previous auction sale history

-Kees van Dongen (1877-1968),  La gitane: Sold for £1,105,250 against an estimate of £500,000 – £1,000,000. No previous auction sale history

-Kees van Dongen (1877-1968),  La femme au collant vert, 1905: Sold for £1,105,250 against an estimate of £800,000 – £1,200,00.  Previously sold by Paris auctioneer Palais Galliéra in 1962, price unknown.

-Henry Moore (1898-1986), Family Group, 1945: Sold for £481,250 (US$692,038 ) against an estimate of £400,000 – £600,000 (US$570,000 – $855,000).  Previously sold by Christie’s New York on the 7th of May 2003 for US$400,250 against an estimate of USD 250,000 – 350,000 which represents an increase in price of US$291,000

-Alberto Giacometti (1901-1966), Annette d’après nature: Sold for £937,250 against an estimate of £800,000 – £1,200,000. No previous auction sale history

-Alfred Sisley (1839-1899), La route de Marly-le-Roi, 1875: Sold for £825,250 against an estimate of £800,000 – £1,200,000. Previously sold by Christie’s in 2004 for £1463500 against an estimate of 1,000,000 – 1,500,000 and was offered for sale again at Christie’s in 2007 with an estimate of £1,600,000 – 2,400,000 but failed to sell. Using the 2004 sale statistics the price for this work dropped £600,000.

-Pierre Bonnard (1867-1947), Bord de mer, sous les pins, 1924: Sold for £1,273,250 against an estimate of £1,200,000 – £1,600,000. Previously offered for sale at Christies in February 2005 with an estimate of £2,000,000 – 3,000,000 but failed to sell.

-Alfred Sisley (1839-1899), Vue de Moret, 1889: Sold for £385,250 against an estimate of £250,000 – £350,000. Previously sold by Christie’s in February 2008 for £446,100 against an estimate of £400,000 – 600,000 which represents a decrease in price of £60,000.

-Paul Gauguin (1848-1903), Clovis: Sold for £735,650 against an estimate of £550,000 – £850,000. No previous auction sale history

-Emil Nolde (1867-1956), Violette Blumen, 1907: Sold for £881,250 against an estimate of £600,000 – £900,000. No previous auction sale history

-Emil Nolde (1867-1956), Blaue Stiefmütterchen, 1908: Sold for £361,250 against an estimate of £250,000 – £350,000. No previous auction sale history

-Ernst Ludwig Kirchner (1880-1938), Drei Pferde (recto); Landschaft (verso), c.1923: Sold for £959,650 against an estimate of £300,000 – £500,000. No previous auction sale history

-Ernst Ludwig Kirchner (1880-1938), Steinbruch bei Wildboden, c.1923: Sold for £457,250 (US$657,526) against an estimate of £400,000 – £600,000 (US$570,000 – $855,000). Previously sold by Christie’s New York in 1991 for US$320,625 which represents an increase in price of $337,000

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

The Market for Neo-Impressionism – artmarketblog.com

The Market for Neo-Impressionism – artmarketblog.com

"Le Bec du Hoc, Grandcamp" 1885

Georges Seurat: "Le Bec du Hoc, Grandcamp" 1885

Neo-Impressionism is the specific name given to the Post-Impressionist work of Seurat and Signac and their followers. The work of the Neo-Impressionists is characterised by the use of tiny dots or dabs of paint which, when viewed from a distance, appear to the viewer as being mixed.

The neo-impressionist masterpieces on loan from the Musée d’Orsay in Paris, the Guggenheim Museum and the Metropolitan in New York can still be seen at the Palazzo Reale in Milan up to January 25 2009 in the exhibition Georges SEURAT, Paul SIGNAC and the Neo-impressionists.

Seurat and Signac met in 1884 at the first Salon des Indépendants. This meeting marked the official birth of neo-impressionism. Georges SEURAT was the real instigator of pointillism, a painting technique inspired by the chemist Eugène Chevreul’s discoveries on how colour is perceived. Seurat died prematurely in 1891 and only explored pointillist technique over 7 years. The style was taken up and made known in France by Paul SIGNAC, Camille PISSARRO, Albert DUBOIS-PILLET, Charles ANGRAND, Henri Edmond CROSS and Maximilien LUCE, and in Belgium by Henry VELDE van de and Théo RYSSELBERGHE van.

The market for Georges SEURAT is very small: only 27 paintings have been put up for auction in 20 years, 26 studies and only one masterpiece. Seurat’s only centrepiece is Paysage, l’île de la Grande Jatte, a preparatory piece for the founding work of Pointillism, Un Dimanche après-midi à l’Île de la Grande Jatte (1884-1886), which is currently in the Art Institute of Chicago. Paysage, l’île de la Grande Jatte, which fetched USD 32m at Sotheby’s NY in May 1999, still holds the record for the movement. Since then, his best sale price was for Au divan japonais, a pencil and gouache drawing that went for USD 5.5m at Sotheby’s Paris on December 3 2008.

The rarefaction of Seurat’s works has tended to boost price levels of other neo-impressionists, and Paul SIGNAC in particular. Signac’s price indices, for example, rose by 138% between 1998 and December 2008 and bids over a million are increasing: in 2008, nine paintings went for more than a million dollars compared to six in 2007. 2007 was an exceptional year for the neo-impressionist market and price records were broken. The following were among the new records hit that year: Maximilien LUCE’s La Seine au pont Saint-Michel went for USD 2.5m (May 9 2007, Christie’s NY), Paul SIGNAC’s Cassis, Cap Canaille a typical painting from his pointillist period sold for USD 12.5m (November 6, Christie’s NY), and Camille PISSARRO’s exceptional quadryptique illustrating the four seasons fetched USD 13m (November 6, Christie’s NY). The estimate of this artwork has tremendously doubled since its last auction in November 1991 at Christie’s.

Today, an accomplished Pissarro work goes for between USD 400,000 and 4m. For between USD 5,000 and 20,000, enthusiasts of the genre might find a watercolour drawing by Henri Edmond CROSS or a painting by a less famous artist like Louis HAYET.

Neo-impressionism’s price levels rose constantly over 10 years, reaching a peak in January 2008 (+142% between January 1998 and January 2008 ) but fell off significantly in the following months. After the collapse in the autumn 2008 sales, the movement’s price index fell by almost 23%, returning to its 2004 level (according to the Artprice index calculated on January 6 2009).

Copyright@Artprice.com

image:
Georges Seurat
Le Bec du Hoc, Grandcamp 1885

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

MYARTSPACE 2008 Scholarship Winners – artmarketblog.com

MYARTSPACE 2008 Scholarship Winners – artmarketblog.com

MYARTSPACE (myartspace.com), the awesome online venue for the contemporary art world, has just announced the winners of the 2008 MYARTSPACE undergraduate cash scholarship competition.   The scholarship is intended for students who exhibits exceptional artistic excellence in all mediums of the visual arts including photography and video, both contemporary and traditional in nature. The scholarship arises from the commitment to supporting artists develop their skills and careers.  According Catherine McCormack-Skiba, the founder and CEO of MYARTSPACE, “We had entries to the scholarship program from students at over 1,200 colleges and universities”
MYARTSPACE will be launching their 2009 scholarship program later this year so if you think you have what it takes you had better get creating !!.  Further information on the scholarship program can be found here:
Undergraduate Competition Prize Money:
 
1st prize: $5000  
2nd prize: $2000  
3rd prize: $1000
Below are the top-3 winners of the undergraduate competition and the winner of the iPhone. The winning undergraduate students will split $8000 in cash scholarships. To see the 50 finalists, click HERE.

First Place Winner: Sara Susin (Stanford University)
Sara Susin was born in Denver, Colorado. She is currently completing her BA at Stanford University with a major in Studio Art and a minor in Creative Writing. She has been painting at the Art Students League of Denver since 1990. She has taken classes from Heather Delzell, Kevin Weckbach, Kim English, Ron Hicks, Ken Velastro and Quang Ho. In 2004, Sara won the Allied Arts Award. In 2005 she was highlighted in Southwest Art Magazine’s annual “21 under 30” feature. Sara has sold paintings to private and corporate collections including the Kaiser Permanente Corporate Collection. Sara plans to pursue a career as an oil painter. To read an interview with Sara, Click HERE.

Back to the Sun, 40″ x 48″, oil on wood. Sara Susin‘s Winning Gallery

Second Place Winner: Jessica Brown (University of Alaska)
Jessica Brown is completing her BA in Art degree at the University of Alaska Anchorage. Jessica has participate in a number of solo and group exhibits. In her own words “I believe in the off-kilter, the beauty of the asymmetrical, and the balance of opposition. I revel in the surprising, messy and often humorous nature of life. My works are inspired by the question marks surrounding cultural dualities such as mind/body, man/nature, and self/other. Whether with painting, performance, or installations my aim is to stimulate introspective dialogue in my viewer and expand their intrigue of the absurdities of life.” To Read an interview with Jessica, click HERE.

Match Book, altered book, ink and matches. Jessica Brown’s Winning Gallery

Third Place Winner: Zach Stein (University of Kentucky)
Zach Stein’s installations, monotypes, and paintings tend to be experimental in nature. This is achieved by the fact that Zach utilizes a variety of mediums in an intuitive manner– everything from hot glue to rum. He is an artist who is not afraid to test the limits of his materials. Zach is currently a student at the University of Kentucky. Zach is currently and undergraduate student in art education/studio at University of Kentucky. To read an interview with Zach, click HERE

faulter, 60×60, acrylic on plastic bags. Zach Stein’s Winning Gallery

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Jenny Holzer and Feminist Art – artmarketblog.com

Jenny Holzer and Feminist Art – artmarketblog.com

"Rib Cage" by Jenny Holzer

"Rib Cage" by Jenny Holzer

The work of Jenny Holzer, one of the most influential and most important artists of her generation,  is currently the subject of a major retrospective that has been organised by the Chigago MCA and the Fondation Beyeler.  The exhibition, titled “Jenny Holzer: PROTECT PROTECT” focuses on the last fifteen years of her career from the mid 1990’s to the present which consists primarily of her signature electronic text works. According to the Chicago MCA “For more than thirty years, Jenny Holzer’s work has paired text and installation to examine emotional and societal realities. Her choice of forms and media brings a sensate experience to the contradictory voices, opinions, and attitudes that shape everyday life. The 1990s heralded a turn in Holzer’s practice toward greater visual and environmental presence. In this exhibition, which centers on her work from the mid-1990s to the present, Holzer joins political bravura with formal beauty, sensitivity, and power.”

Major retrospectives usually give a boost to the value of an artist’s work and increase their profile so now would be a good time to invest in a work by Holzer. The work of artists such as Holzer who have been influenced by the Feminist art movement that began in the early 70’s is considered to be highly undervalued. The feminist art movement is considered to be of such importance that it is often credited with having influenced much of today’s artistic practice but prices for such works do not yet reflect this as yet. Cindy Sherman, Barbara Kruger and Louise Lawler were also highly influenced by the feminist movement and are usually grouped together along with Holzer as an example of the way that the feminist movement has been carried on. Just like Holzer, all the above mentioned artists are also considered to be undervalued. In fact, the work of most female artists is highly undervalued with the only question being when will the work of female artists be given the attention and recognition that it deserves?. Well, the good news is signs are that work by feminist artists and female artists in general is beginning to receive that well overdue attention and recognition by museums and other academic establishments. This has resulted in a much greater value being put on the work of female and feminist artists and a market for such works that continues to improve.

Holzer’s cv is extensive (see here) and her work is worthy of being considered an extremely good investment. Holzer originals can be purchased from the Chiem Read gallery which represents Holzer. The gallery’s website can be found here:
http://www.cheimread.com/artists/jenny-holzer/

For those of you whose budget does not stretch to an original, here are a couple of limited edition works that are extremely affordable and a great investment.

Jenny Holzer
Gallery: Cheim & Read
You Are My Own
Color inkjet print on gallery gloss paper
8-� x 9 inches
Edition: 100
Price: $1500

https://www4003.ssldomain.com/DomainID159845/store/listing.asp?categoryid=1001&subcatid=99&name=Jenny%20Holzer

Jenny Holzer
MONEY CREATES TASTE, 2007
International Silver 1810 Cream Soup Spoon
Sterling Silver
.75″ x 6.25″ x 1.75″
Edition of 100 with 10 artist proofs
$1,500.00

http://www.sculpture-center.org/storeLimitedEdition.htm?id=10145

The Jenny Holzer retrospective “Jenny Holzer: PROTECT PROTECT” runs until the 1st of February at the Chicago Museum of Contemporary Art.  More details can be found here:

http://www.mcachicago.org/exhibitions/exh_detail.php?id=179

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Global Art Market Avoids Crash – artmarketblog.com

Global Art Market Avoids Crash – artmarketblog.com

crashAfter all the predictions of doom and gloom that were made in relation to future of the art market during 2008 you may have begun to wonder why the correction that is taking place isn’t as bad as many people predicted. The reason that so many people predicted a major collapse of the art market is because the last time the art market took a dive in the early nineties, the dive was quite severe. What people need to realise is that the current art market is significantly different to what it was in the nineties and the circumstances under which the current correction is taking place are also considerably different.

There are actually several reasons that the correction has not been as severe as people predicted or as severe as the correction of the nineties. The first reason is that there are many more art buyers than there were during the early nineties. As a result, there are still plenty of people buying art even though there has been a reduction in the number of people that were buying art during the art market boom. In fact, it is estimated that there is at least 20 times more people buying art now as there was during the early 90’s. Those people that have retreated from the art market are the speculators that took advantage of the ability to make quick profits by flipping works of art and were partly responsible for the inflated prices so will not be missed.

Secondly, the art market boom was not driven by a small group of people. Many of the wealthy Japanese businessmen who were driving the art market were using art as a way of avoiding tax and also as a form of currency for criminal activity. Once the dodgy dealings of these Japanese businessmen were uncovered and the people involved made accountable, the art market had lost a considerable number of the people who had been responsible for the art market boom. The Japanese also used art as collateral for business deals many of which went bad when the financial crisis took hold. When the business deals went bad the art had to be sold to pay off debts and cover the losses from the business deals that went bad. The art that was associated with the criminal activity and the bad business deals became tarnished goods that undoubtedly reduced the desirability and the value of those works for a considerable length of time. When all was said and done the art market had once wealthy Japanese buyers had made a mass exodus from the market partly because of their financial problems and partly because of the shame that they had bought upon themselves. The Japanese had made up such a large number of the major art market players that their sudden absence sent the market into a downward spiral.

Thirdly, the art market is a much more global affair which has made the art market far more stable and able to withstand economic and financial downturns in the most significant markets for art such as America, Britain and France. There are now so many countries with strong or developing art markets that the number of countries whose art market is not effected by the financial crisis to the same extent as the top few countries is sufficient enough to prevent a total collapse of the art market and maintain the momentum of the global art market.

There are people that have said that these factors will not prevent an art market crash but it would appear that they have. Nothing was ever going to prevent a correction from taking place but I consider a crash and a correction to be two very different things and would challenge anyone who says otherwise.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.