Recession: the remarkable works of art at low prices

[Евгений]

Interesting article on the site ARTinvestment.RU
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As from the coming year? .. Nobody has any doubt that the global economic recession is inevitable. From her no one is insured: neither the rapidly developing economies of China and India, nor Qatari sheikhs, or even Abramovich. The world is entering a very difficult and sad period, where the blows will feel a recession in all sectors of the economy, including the art market. Already, from all over the world come to about failed auctions: first Hong Kong, then London, Dubai, and finally New York. Apparently, the auction houses will soon have to come to terms with reality and significantly reduce the prices of works of art, otherwise they do no one will buy. Obviously, the art-boom will end soon. But, according to Bloomberg.com browser Geyforda Martin (Martin Gayford), in such a situation, there are positive aspects.

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While the prices of stocks and oil grew, the art market also grew. Art, especially contemporary, it has become very fashionable. The symbol of art boom has, of course, the diamond skull of Damien Hirst (Damien Hirst), sold last year for 100 million dollars. We buy these toys has sverhdorogie mauvais ton. No one will admire those who during a recession is spending millions on diamond skull - on the contrary, such purchases absolutely cause a public outrage.

Historically, recessions and depressions have been a very bad time for sellers of works of art and good - to buyers. Think of how you build your collection of famous Peggy Guggenheim (Peggy Guggenheim). In 1940, before the Nazis occupied France, all the intellectuals, including artists who sought to flee away from Paris - but Peggy, despite the danger, relentlessly avoided the shops, buying a lot of abstract and surrealist works at a good price.

As we have seen, economic and other hazards pose to many entirely new opportunities. Prices for works of art are falling, and those who remained free funds, are likely to play in the Peggy Guggenheim. But the question remains: what kind of art is better to collect? Crises in the art market are usually hardest hit by fashionable artists, prices of which soared during the boom. During the crisis can finally find out whose work truly original (and therefore worth of investments), and someone - again. After the recession, you're unlikely to hear about the artists whose works are in themselves not very interesting, now considered trendy and are in the collection of a variety of "glamorous" characters. Instead they will have new authors, who, quite possibly, will not only produce masterpieces needful market, but also bring forth some new trends in art. History knows many examples when in difficult economic times grow new talent.

All known abstract expressionists such as Jackson Pollock (Jackson Pollock), Mark Rothko (Mark Rothko) and others, have become famous artists in the forties and fifties of the last century, but the movement itself was born in 1930. That was when U.S. President Franklin D. Roosevelt (Franklin D. Roosevelt) began a program to create new jobs, which became part of a giant project to lead the country out of the Great Depression. Through this program, many artists, including Pollock, Willem de Kooning (Willem de Kooning), Gaston, Philip (Philip Guston) and others were able to receive government orders for the decoration of paintings and murals of schools, hospitals and libraries. If not for Roosevelt's program, then the artists would die of starvation or would have been faced with the need to seek a new occupation. The heyday of American expressionism began precisely during the Great Depression.

After the Second World War, America has recovered from its economic ills, and began to flourish. Prior to British prosperity reached later: post-war years there were very heavy. But, as Martin argues Geyford, it is a dark time gave rise to such artists as Francis Bacon (Francis Bacon) and Lusien Freud (Lucian Freud). And the star of Damien Hirst, Tracey Emin (Tracey Emin) and other "Young British Artists" flashed on the horizon of art in the early 1990's, when the art market experienced a severe crisis. Then the price of Hirst's work more like 1 000 dollars, than 100 million - and those who then bought the works of this artist, and later were able to obtain huge profits.

Material prepared Yulia Maximova.

[Tana]

I do not remember who said this and I do not remember verbatim, but the meaning is as follows:
"God forbid you live in an era of change, but God forbid, miss the opportunities that it provides.
Indeed, many wealthy people in the former Soviet Union is difficult for most of the 90th years, have earned their money, it's always somebody loses, and someone finds it, but it is not surprising that after such a frantic pace of growth in prices of virtually all state and an increase just up to excessive valuations came recession, but I do not think that "the rich will cry", because profit obtained over the past couple of years still override the losses of the peridium.