The original art market lies somewhere within the luxury retail market, though there are some significant points of difference, which present new challenges in marketing.
Whilst rarity in luxury retail is a crucial aspect, so to is the fact that there is more than one of the same item available. It is buying into a culture of having something that is aspirational – that others of a certain cultural persuasion also value (and own), that sells a lifestyle, an assurance of good taste, quality and lets face it, an assertion of having means. Owning original art has a similar cachet and historically was for the privileged few. Artworks were handed down from generation to generation and the ownership of art signified a certain social standing. The acquisition of an artwork is generally a luxury purchase, in that arguably we don’t need it (though I might disagree this point), and generally collecting is a past time for those whom have met their other outgoings easily. A more affordable art market is changing this though and my own experience of beginning to collect was at a time in my early twenties when I certainly couldn’t afford to, regardless, I spent over a months rent on an abstract canvas and though left a little hungrier that month my heart was singing. Afterall, art is an emotional investment.
Investing in an established artist also offers this assurance of taste. Whilst there is only one of an original artwork (unless the artist works in limited edition like Hirst for example) buying a Richter a Dumas or even a Warhol allows collectors to buy into a luxury brand of sorts in much the same way as buying a Rolex or an Aston Martin might do.
The emerging art market is a different animal to the mainstream contemporary art market and to the luxury retail market in general. These artists do not come with an established reputation, sales record or list of celebrity collectors. From a marketing perspective buying original art by an emerging artist requires us to trust our instinctive judgments and to make preferences about what we do and don’t like without any tangible reassurance. Whilst the genre of owning original rather than reproductions has in itself an aspirational quality, the purchase is solely a reflection of your taste, which can leave people feeling vulnerable. I often hear people say apologetically: “I don’t know anything about art…” whilst looking slightly anxiously over a canvas they know they connect with, but don’t know why and so wonder if they would be making a mistake by investing in it. This is understandable as it’s new territory. For me though, herein lies the intrinsic appeal of buying original art by emerging artists. It can bring us closer to ourselves in mysterious ways; we find ourselves asserting a preference based on pure instinct, a welcome antithesis to the culture of mainstream advertising.
On the flip side of this I can appreciate how the luxury retail market business model works. Notably I have found that by publicising a particular original artwork in the press or publicity material, that we have a much higher demand for that particular piece and if it were possible to, we could sell it many times over… Is this simply because the exposure to a certain artwork attracts the attention of those, who would feel similarly drawn to the piece if they accidentally stumbled across it? Or is there something else going on? I think probably the latter – we have become conditioned to being told what we should like… What is good, what is fashionable, what is quality and this reassurance – an endorsement that somebody else values it too is the catalyst to buy – overriding our own intrinsic judgment system, which perhaps we have all become a little removed from.
Of course, as the curator at New Blood Art you could say I am part of this culture – highlighting ‘good’ artists, reassuring buyers of their own taste through an assertion of my own. However, I strive to do something different at New Blood Art and hope that our presence will encourage buyers to consider their own preferences, to define their personal taste and to make bold assertions by hanging on their walls pieces of original art that speak to them on an emotional level… wordlessly perhaps.
What we offer is a level of discernment and an insider specialist knowledge that provides quality assurance and a safety net for buyers. We avoid a house style, highlighting instead indicators of quality, which can be considered separately to taste. We promote a wide range of artists working with certain measurable qualities: integrity, individuality, quality materials and a passion for their practice. The artists we represent are committed to their studio practice and to finding ways to articulate their unique visions of the world. It would be difficult to know if this were the case without having some degree of relationship with them and an insight into their lives.
The internet creates opportunities for exposure to a greater quantity of artists and removes many of the bars to entry that had previously prevented genuinely talented young artists from being discovered – it’s an exciting time, not least because you, as buyers determine how commercially successful artists may become, creating a shift in the system, a democratisation of sorts and an opportunity to define your personal sense of style and taste whilst supporting young talent as they are starting out.
Perhaps some of the tenets of luxury investment should still apply here: Look to the long-term, quality always and rarity has a premium. Of course a risk is that your taste may change over time, mine has – as would be expected. Would I buy now that first abstract canvas I fell in love with? Perhaps not, but I wouldn’t want to be without it – it reminds me of who I was, which is one of my favourite aspects of collecting, to be able to track how my personal taste and life is evolving. Each piece provides a snapshot into the person I was at that time; bringing me closer to an over-view of the person I am today – with the walls of my home a reflection of that. Trust your instincts, if you connect with a piece and it moves you in some way then why not invest?
My first foray into collecting. A piece by Zoran Pejic.