Art and the art markets. You might think they have little in common with each other.
How modern art serves the rich
Then, on October 18, 1973, in front of a slew of television cameras and a packed salesroom at the auction house Sotheby Parke Bernet, they put 50 works from their collection up for sale, ultimately netting $2.2 million—an unheard of sum for contemporary American art. More spectacular was the disparity between what the Sculls had initially paid, in some cases only a few years prior to the sale, and the prices they commanded at auction: A painting by Cy Twombly, originally purchased for $750, went for $40,000; Jasper Johns’s Double White Map, bought in 1965 for around $10,000, sold for $240,000. Robert Rauschenberg, who had sold his 1958 work Thaw to the Sculls for $900 and now saw it bring in $85,000, infamously confronted Robert Scull after the sale, shoving the collector and accusing him of exploiting artists’ labor. In a scathing essay published the following month in New York magazine, titled “Profit Without Honor,” the critic Barbara Rose described the sale as the moment “when the art world collapsed.”
Of course things didn’t stop there. And as the scale of the sums involved grow,s the art markets feel more like a form of performance art themselves.
$450 Million Leonardo da Vinci Becomes Most Expensive Artwork of All Time
After a $286 million bid from de Poortere, Rotter warbled out a $300 million counter, tying the price that billionaire hedge fund manager Ken Griffin reportedly paid for Willem de Kooning’s Interchange (1955) in 2015, the most expensive art transaction ever publicly reported until Christie’s Wednesday sale.
“Let’s see if that’s done it,” the auctioneer chimed.
De Poortere’s client was not finished, continuing up and up in mostly two- and three-million-dollar increments, until the price hit $370 million. The sum would have been more than enough to take home every other lot offered at Christie’s on Wednesday night. For the very next bid, Rotter called out $400 million, and that was the end. The room clapped, gasped, and laughed, the way one does when seeing something simultaneously historic, unbelievable, and more than a little crazy.
Theatre, where even its own advertising is wanting to be considered art, complete with the obligatory Instagram account.
Droga5’s Sublime Ad for Christie’s Captures the Power of a Leonardo Painting Without Even Showing It
Sometimes, not showing an artwork can be as powerful as showing it. This was true in Grey London’s story-rich campaign for the Tate Modern back in 2015. And it’s especially true of Droga5’s lovely, almost transcendental new spot for auction house Christie’s—which promotes the upcoming sale of a long-lost Leonardo da Vinci painting by not showing it at all.
Instead, the spot focuses on people’s reactions to the painting. And they are fascinating to watch.
This postmodern turning-the-tables idea comes full circle through the extension of the campaign into Instagram. While so many museum-goers are now Instagramming the artwork they see, the Salvator Mundi is Instagramming the people who come to see it.
Photos of the visitors have been documented on Instagram @thelastdavinci. Each portrait is captioned with the first name of the visitor and the time of their visit, which Droga5 says is “a format reminiscent of a biblical scripture citation.”
Here’s a perspective on art buying I hadn’t considered before.
What baseball taught me about the art market
Can we provide similar, easy-to-access data for the art market, and would that bring new buyers and sellers into play? It’s said that art buyers are often driven by emotion. Whether or not that’s true, we should also welcome the engagement of participants who would like data to lessen the risk of their emotional decisions. Some worry that more data in art will devolve art into something akin to an asset class, swarmed by bankers. However, I believe art buyers will continue to be guided by what they love and which art resonates with them deeply, and that data insights will only help to strengthen their engagement and confidence when buying or selling.
Wanting to get involved in the art markets but struggling to raise the millions of dollars needed? There’s an app for that.
Can Sedition create a marketplace for digital limited edition art?
The platform aims to encourage people who might not be able to afford these artists’ original pieces to become collectors of digital editions which they can access via their mobiles, tablets, PCs and connected TVs. With each purchase comes a certificate of authenticity, which — crucially — entitles the owner to resell the works at a later date if they so wish.
And yes, you can include me in that.