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Welcome to the Art Angle, a podcast from Artnet News that investigates where the art world meets the real world, bringing each week’s biggest story down to earth. Join us each week for an in-depth look at what’s most important in museums, the art market, and much more, with input from our own writers and editors, as well as artists, curators, and other leading experts in the field
The art press is full of headlines about pretty works trading for huge sums: $195 million for Andy Warhol, $110 million for Jean-Michel Basquiat, $91 million for Jeff Koons. In the popular imagination, pricy art keeps climbing in value – up, up and up. The truth is more complicated, as those in the industry know. Tastes change, and demand changes. Artists’ reputations rise and fall, as do their prices. Reselling art for profit is often quite difficult – it’s the exception rather than the norm. This is the “dirty secret of the art market,” Artnet senior reporter Katya Kazakina wrote last month in her weekly Art Detective column.
In her recent columns, Katya has been reporting on that very tricky subject, which has grown even worse amid what appears to be a severe market correction. As one collector told her: “There’s a bit of a carnage in the market at the moment. A lot of things don’t sell at all or sell for a fraction of what they used to.”
For example, a painting by Dan Colen bought fresh from a gallery a decade ago for about $450,000 probably went for only about $15,000 at auction. And Colen is not the only figure who was once very hot. As Katya wrote: “Nowadays, you can often find a painting, drawing, or sculpture at auction for a fraction of what it would cost in a gallery. Still, art dealers still ask – and buyers still pay – steep prices for new works. ” In the context of the art world, primary prices are greater than secondary prices.
Why is this happening? And why do seemingly sophisticated collectors continue to pay huge sums for art from galleries, knowing full well they may never recoup their investment? This week, Katya joins Artnet Pro editor Andrew Russeth on the podcast to make sense of these questions – and to cover much more.
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