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The Art Market, Reenergized

by Katie Christian 

Tags: Arts, recession, art market, Dubliner,

EaselProviding welcome relief from a parade of bleak economic tales, a recent piece in The Dubliner entitled “Will Art Outlast the Recession?” (article not available online) asserts that the recent downturn may actually be a boon for the art world.

Art market sales are returning to “normality,” according to one auctioneer cited (normality equates to the 50 to 60% sales made by auctioneers in 2000, before the market was “driven by greed and speculation”). Financial troubles, it seems, are less of a detriment to business than simply finding enough quality work to sell.

The piece cites art critic Waldemar Janusczak, who says the recession hitting the art world is akin to the occasional fires that help forests strengthen, regenerate and return to their essence. They also put it in slightly more straightforward terms: “People will no longer pay silly sums for second-rate or gimmicky pictures…They will evaluate the work for itself, and that is a good thing.”

Image by Richard Cornish, licensed under Creative Commons.