Wednesday, August 08, 2007

Take a moment to consider the plight of Russian billionaires

They may be overpaying for their art! "Dealer Daniella Luxembourg...said collectors should beware of the 'hype and marketing' that inflates contemporary artists' prices to levels that might not be sustainable." Hype and marketing -- she says that like it's a bad thing.

And who exactly is overrated? "Luxembourg wouldn't name 'overhyped' artists. Marketing -- by auction houses, museums, art fairs -- spreads knowledge as well as carries risks, she said. Richard Prince, Peter Doig, Cecily Brown, Julie Mehretu and Marlene Dumas have had rapid price spikes that may make them vulnerable if the market turns down, auctioneers and collectors said." Here's Mehretu. Hmm. If I had hedge fund money, I might be interested. But I had to look up Richard Prince and, although I can't really form any opinion about his work, I'll say this: when your Wikipedia bio urges readers to see also "Lesbian pulp fiction" and "Nurse stereotypes," I think you may have genuine staying power. Those Prince works are gonna be fine.

1 comment:

Make the logo bigger said...

As a hedge against hype and that nasty downward turn, artists should do the death thing. Nothing bumps up value quite like that.