The emergence of a new patrimonial art Kovach Imre Barna and Murray Hunter

ovicover_08_05_16Metaphorically, new art trends are like volcanoes. They erupt along the tectonic fault lines of colliding and shifting cultures. No one can predict when an eruption will occur. Nor can the length and magnitude be known until after the event.

Art goes through violent changes when cultures shift, leading to new trends and paradigms, due to the tectonic nature of cultural vista.

Today’s art world is a very well mapped out universe consisting of a few thousand leading galleries, museums, a few hundred influential curators and art fair organizers, writers and critics, wealthy collectors and institutions, and of course, the artists themselves.

The artwork is a USD 64 billion a year industry. It mirrors socio-economic trends and itself has become globalized, with different regions within.

Contemporary art is considered a financial asset class, where the promotion, investment, and protection of this asset has taken on priority within the art industry.

Art has become financialized. Financial institutions and fund managers have joined art collectors in creating their respective portfolios of art. Today’s definition of good art is that it is saleable and the definition of a good artist is that he or she is marketable.

Read the whole article in Ovi Magazine, HERE!

 

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