YourArtDude Podcast — Season2, Episode 1
Freakonomics Radio Podcast, The Hidden Side of the Art Market
Season 2 Episode 1 — Freakonomics Radio Podcast, The Hidden Side of the Art Market. This episode is about Art or more specifically that world and the market which perpetuates Art. All of my Podcasts are intentionally short because I get bored listening to hour long podcasts and the scripts for each episode are published on my Patreon page prior to broadcasting and the scripts are published on my Medium page following the broadcast.
I want to circle back to the Freakonomics Radio Podcast episodes 484, 485 and 486 that I mentioned last time and also talk about the State of The Arts.
We’re back again. The Freakonomics Radio Podcast 3 part episodes about the Hidden Side of the Art Market covered a lot of territory and a statement made on the broadcast compared the Art Market to the Diamond Market. As many will admit, the Diamond Market is a very tightly controlled market by a very small group of individuals who control the mining, cutting, categorizing and ultimately the pricing of the international diamond industry.
Episode 1 covers the nature of the art market but also the major players. The international Art Market functions in similar fashion to the diamond market where a very small group of individuals tightly control the available product from selected artists to even more selected collectors as well as the pricing of these works of art. These individuals are skilled marketing specialists who are wizards — male and female — that speak a language about the arts which keeps their world veiled in mystery. This world is known as the Primary Market. Conversations with Glenn Lowry, Director of the Museum Of Modern Art and Amy Capellazo of Sothebys are particularly interesting. These wizards also control who is able to acquire art works so the muggles of the world cannot simply walk into one of their art galleries and make a purchase. We not only have to have enough money, we also have to be members of the club.
Episode 2 covers the perspective of the Artists. There are many, many Artists alive in the world today… myself included so far… who are driven to create. Most of the Artists being represented by the wizards are dead but there are a select few Artists who are living and who are able to enjoy the benefits of being included. The rest of us are known as “outsiders” and cover a broad spectrum of fame and reputation. I enjoyed episode 2 especially hearing the Artists talk about what they like and don’t like and think of as fair play from the perspective of how they are being compensated as the creators of the art. Artists in the music industry and the film/tv industry have the benefit of being compensated in perpetuity in the form of royalties but the visual and performing arts have yet to realize this level of compensation, perhaps in the form of NFTs this imbalance may be corrected.
Episode 3 talks about how art became elite, the disruptors in the art world and how the art world is being impacted in the digital age. The history/herstory of the evolution of the Art market and the embrace from the elites is really entertaining and the segway into the modern digital age and the methods employed by those attempting to disrupt the control of the Art Market is thoughtful. One aspect of modern times wasn’t discussed and that is how the Covid Pandemic has crushed the Art Galleries as many have permanently closed. Museums are in the learning phase of how to reopen and do so safely. I often say that the digital/info/tech industries are just now developing the tools that modern Artists are able to use in their creative processes on a global scale.
When I am asked about what Art should Art Lovers buy, I typically tell them to buy Art which makes them feel something, any feeling of discomfort or aesthetically pleasing. The future of the Art Market is going to be fun to watch.
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