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| http://roomfordebate.blogs.nytimes.com/2010/05/23/can-art-be-priceless-in-rocky-times/?ref=design |
The arguments presented in this New York Times blog article discuss the soundness of artwork as a long-term investment. Although each person featured has a slightly different opinion about the matter, I find that I am able to agree with some aspect of each of their cases. The first, Professor of Philosophy David Dutton, refers to pieces of artwork such as the (above) Picasso and Giacometti as "utterly irreplaceable record(s) of a historical artistic achievement" which therefore makes them a "solid investment". I think he is right in this sense--that such works can and will never be degraded in importance--and that, therefore, in the long run, their monetary value will never be diminished. Although the economy has had a negative effect on the art market as a whole, as editor Kinsella, notes, it also leaves the trade wide open for those who are still able and non-detteredly avid about purchasing artwork. In my opinion, there will always be people to buy it, no matter what the economic status on the larger scale may be. As Professor Donald Kuspit theorizes, people who buy art are "buying the brand name" (which would not have been true in most cases when the art itself was being made, however). As such, I daresay those who have the funds (which those purchasing for the sake of "the brand name" rather than aesthetic or historical value generally do), will continue to do so. That is to say, those who are largely unaffected by economic trends will not feel the need to cut back on their spending. Articulated by Professor Kathryn Graddy, "while many people may be in economic distress, the very top echelon of wealthy individuals are doing just fine, and it is this very top fraction of the distribution that drives...the art market". Though these particular types of artwork discussed may not have always been the primary focus of monetary frivolity, the wealthy upper class of peoples have, throughout history, made their importance known by inventory of possessions--the least necessary to survival being the grandest. This trend remains true today. Even if collectors are not buying Picasso's work for its incomparable historic value, they'll still buy it. Therefore I think it is safe to conclude that art is a very good investment.
This was an interesting pick in an article because it is all speculation and personal opinion really. Which, is held to be very important in art and what people think of art and how they value it. Art to me is very important and is a true documentation of time, history, culture and artistic style. I also agree that people will continue to spend on art because most likely there will always be people with money who value nice things and particularily aesthetic objects. Interesting article choie!
ReplyDeleteI love how subjective everything about art is. Unfortunately, in this economy, it has become more difficult for most people to justify art as an investment. It is great to see so many different arguments for this case. Personally, I think art is a very worthwhile investment, particularly if you are investing for the sake of enjoying a piece. That way, not only can you someday reap the financial benefits if it is deemed necessary, but the work can bring joy, make you think, or simply make a room a little more pleasant each time you step through. Altogether, while some people may have slightly more off color reasons for investing in art, I am all for it. The more art we are able to save, the more we can tell future generations about ourselves and our past.
ReplyDeleteLooking at the time period we are in, and the issues we have in our economy, this article is, in my opinion, a very interesting matter. There will, like everyone has said, always be those who are not affected by an economic "drought" and those people will still be able to purchase pricey pieces of art. I believe that some people invest in art for different reasons, but I feel like as long as the piece is displayed with the intent to compliment its aesthetics and its artist, that it's worthwhile to buy. Loved this article choice though-I am always interested in reading other people's opinions.
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