The Conflict Between Art Market Success and Artistic Quality

For modern art collectors, one of the most enduring questions is whether market success is a reliable indicator of artistic quality. Many artists and critics remain skeptical of the market, viewing it as an unreliable gauge of true artistic value. In Hans Abbing’s Why Are Artists Poor?, the discussion emphasizes the skepticism artists often hold toward the market, where high prices are sometimes associated with what is perceived as low-quality art. This viewpoint is common among artists who feel the art market often fails to reward true artistic innovation.

Abbing discusses how artists, when confronted with the success of their peers, often question the validity of the market's judgment. Many in the art community are quick to dismiss the financial success of certain works, believing it to be based on commercial appeal rather than artistic merit. This dissonance between the artist’s personal judgment and the market's success is important for collectors to understand. The art market can often seem irrational, favoring certain trends or artists not based on the quality of the work itself, but on broader societal or commercial factors.

However, as Abbing highlights, this stance softens when artists themselves begin to experience success. When an artist’s own work starts selling, it is not uncommon for their peers to suddenly acknowledge its merit, praising both the artist’s improvement and the market’s validation. This change in attitude reveals a key insight for collectors: the relationship between aesthetic value and market value is not fixed, and perceptions can shift depending on personal biases and changing circumstances within the art world.

Evaluating the Role of External Factors in Market Success

One of the most significant challenges for collectors is recognizing the many external factors that influence an artist’s market success. Abbing points out that factors such as an artist’s youth, physical appearance, and ability to resonate with contemporary cultural trends often have a considerable impact on their market performance. For example, in the contemporary art world, artists who align with the “spirit of the times” and who can create work that speaks to current social or political issues tend to fare better financially.

For collectors, this underscores the importance of contextual awareness when evaluating the potential of an artist or a piece of work. Art collectors should not only assess the technical and aesthetic qualities of the artwork but also consider the cultural and social relevance of the artist. Collectors should ask themselves whether the artist’s work engages with contemporary dialogues and how the artist is positioned within the art world’s broader cultural and social frameworks. An artist’s market success is often a reflection of these broader societal forces, which can sometimes outweigh the intrinsic merits of the work itself.

Longevity of Art: Aesthetic Value Over Time

The issue of longevity in art is another critical consideration for collectors. As Hans Abbing explains, many artists, particularly early in their careers, view their work as something that will last forever. They hope that their art, created with the finest materials and techniques, will be admired for centuries. However, Abbing reminds us that the vast majority of art produced today will not survive long after the artist’s death. Indeed, most of it will be forgotten or discarded within a few decades.

For modern art collectors, this realization offers a sobering but important perspective. While some works of art may appreciate in value over time, the majority of pieces will not hold long-term financial or cultural significance. This does not mean collectors should avoid purchasing art they love, but it does suggest that collectors need to temper their expectations of long-term financial returns. Understanding that the longevity of both the artwork and its market value is not guaranteed can help collectors make more informed decisions when building a collection.

The Role of Market Value in Shaping Aesthetic Perceptions

One of the most fascinating insights from Abbing’s discussion is how market success can shape aesthetic perceptions. When an artist achieves financial success, it can lead to a reevaluation of their work, even by those who may have previously dismissed it. This phenomenon reflects the broader reality of the art world, where financial success can lend credibility to an artist’s work in the eyes of collectors, critics, and peers.

For art collectors, this dynamic is crucial. Collectors may find their perceptions of an artwork's quality influenced by its market success, often leading them to value pieces more highly simply because they are selling well. This underscores the importance of developing an independent, critical eye when evaluating art. While market success can be a useful indicator of an artist’s appeal, it is not always a reliable measure of quality. Collectors should remain aware of how their own judgments can be swayed by the opinions of the market and should strive to evaluate art based on its intrinsic aesthetic and cultural merits.

The Interdependent Nature of Economic and Aesthetic Value

Abbing’s examination of the relationship between economic and aesthetic value highlights the complex and often interdependent nature of these two forms of value. While many in the art world argue that true artistic value exists independently of market forces, Abbing, writing from both an artistic and economic perspective, suggests that economic and aesthetic values are frequently intertwined.

For modern art collectors, this insight is significant. Market value and aesthetic value are not always diametrically opposed; instead, they often influence each other. An artist’s ability to succeed in the market may be reflective of their relevance within broader cultural conversations, and collectors should be aware of this interplay. While market value should not be the sole determinant of an artwork's quality, it can provide valuable clues about the cultural and societal forces that are shaping perceptions of the work.

The Role of Social and Cultural Capital in the Art Market

Abbing also introduces the concepts of cultural and social capital, which are vital for understanding the dynamics of the modern art market. Art collectors, particularly those in elite circles, often purchase art not only for its aesthetic value but also for the cultural capital it carries. Works associated with renowned collectors, prestigious exhibitions, or critically acclaimed artists possess an added layer of social value, which can enhance their market worth.

For collectors, it is important to recognize that the provenance of an artwork, its exhibition history, and its critical reception all contribute to its cultural capital. These factors can significantly influence the long-term value of a piece. Thus, modern collectors should not only focus on the visual and emotional appeal of a work but also on its position within the broader art world. An artwork's cultural capital, built through its history and associations, is often a key driver of its market value.

Government Influence and the Power of Subsidies

Government intervention in the art market also plays a significant role in shaping the relationship between economic and aesthetic value. In countries like the Netherlands, as Abbing notes, a large proportion of art sales are subsidized or funded by the government. This influence has a profound effect on the types of art that thrive in the market, as government purchases and commissions often prioritize contemporary art aligned with certain cultural values.

For art collectors, understanding the role of government influence is crucial, particularly in regions where public funding plays a significant role in the arts. Government-endorsed art can gain both market value and aesthetic legitimacy, as public support often serves as a signal to private collectors. This dynamic can create opportunities for collectors to invest in emerging artists or art forms that are receiving institutional backing, potentially increasing both the financial and cultural value of their collections over time.

Conclusion

The relationship between economic and aesthetic values in the art world is complex and multifaceted. Modern art collectors must navigate this landscape with a keen awareness of how market trends, cultural capital, and external influences such as government intervention shape both the financial and aesthetic worth of art.

By adopting a critical and informed approach, collectors can make more strategic decisions that balance personal passion for art with pragmatic considerations of long-term value. Understanding the interplay between market forces and artistic quality allows collectors to make informed investments, helping to build collections that are not only valuable but also culturally significant.

References

Abbing, Hans. Why Are Artists Poor? The Exceptional Economy of the Arts. Amsterdam University Press, 2002. http://www.jstor.org/stable/j.ctt45kdz4.6.