The Intersection of Marketing and Value: Understanding the Factors that Make Contemporary Art Extreme Allure

Contemporary art is often defined by a singular trait: someone is willing to pay an extraordinary amount of money for it. This willingness to pay reflects a deep desire, coupled with strategic marketing efforts, that drive the valuation of art. This article delves into the factors that make certain pieces of contemporary art exceptionally valuable and the role of marketing in shaping this value.

From Vision to Realization: The Lifecycle of Art

The journey of a contemporary art piece begins as a mere idea within the artist's mind. This initial spark could range from a vivid dream to an intense vision or a satisfying client commission. Regardless of its genesis, this idea exists in a realm of possibility, a state of potential.

Upon its creation, an artist transforms this idea into tangible form, whether it be through paint, sculpture, or digital means. It exists, a piece of work that is both a reflection of the artist's vision and a testament to their skill. This is the first life of the artwork, a stage where its purest form takes shape.

The Parting of Ways: The Art Market

The second life of the artwork comes as it partakes in the world of commerce. Art galleries, auction houses, and art collectors become the primary custodians of these pieces, their roles akin to merchants driving the market.

To sell an artwork, these merchants employ marketing techniques to create a story around the piece. Personalization is key; they add personal anecdotes, historical context, or any narrative that enhances the perceived value of the artwork. This is where marketing plays a crucial role, often adding zeros to the transaction and driving up the final price.

The Marketing Machine in Action

The success of marketing in the art world depends on creating a story around the artist, often a deceased one. A living artist's continued output can dilute the market, as their newer works may not command the same prices. This is exemplified by Willem de Kooning's later works. As de Kooning aged and his mental state declined, his art became more challenging for critics and buyers. The art establishment, particularly in New York, desired his death to stabilize the market.

Once the art is part of the commercial world, it faces challenges such as tax issues, rules on charitable giving, and curatorial concerns. Institutions and collectors jockey to value and preserve art, sometimes creating a dizzying array of hoops through which pieces must jump. Despite these intricacies, the artist's only focus is on the auction prices. Swordfishing through a complex system of galleries and dealers, the artist aims to move pieces with painstaking attention to maintaining the market value without causing a significant price drop.

The Transcendence of Art

Despite the intricacies of the art market, art remains a source of beauty and inspiration. It transcends the financial realm and taps into the human experience of creating something out of the unknown. Ideas are plentiful, but the effort to realize them is rare and valuable.

Should someone have the financial might, the establishment of a fund to showcase and venerate every piece of art worldwide could be a profound undertaking. Ideally, such a fund would provide a platform for artists to show their work, allowing them to reach a broader audience without the constraints of traditional institutions like the Louvre. A global art showcase could alleviate the burden on clogged airports and disrupt conventional hierarchies in the art world, potentially bringing a new era of democratization to fine art.

Ultimately, the value of contemporary art lies not in its mystique or its deep-seated mystical knowledge, but in the human spirit that drives the creation of these works. Works of art are the tangible evidence of someone's struggle and triumph, a poignant reminder of our shared human experience.