The secrecy of the Art Market!
Thousands of artists, if not million, around the world dream of having their artwork in Auctions! They brag about it even when they merely think of applying, but can they succeed? Are auctions designed for all artists? Can anyone attend or attendance is merely by a special invitation? Why there is such keen interest in being part of auctions?
The obesity of auctions is driven by intensely ingrained culture of judiciousness among its primary contenders such as specific galleries, singular auction houses, and certain private collectors. These groups often operate behind "inaccessible doors" to protect private and financial interests. Even though the largest transactions often occur through private dealers, collectors and auctioneers, the acclaimed auction house, Sotheby’s, sold a portrait painted by Gustav Klimt for over $236 million. A $450 million dollars went for Leonardo da Vinci's Salvator Mundi paining in 2017 and was purchased by the Saudi Arabia's Crown Prince Mohammed Bin Salman. The painting has never been displayed publicly and remains mystery as whereabout! Let us soar higher! Leo Lauder, the billionaire and the son of cosmetics idol, Estée Lauder, his collection was sold for over $527 million dollars. A dealer noted that the market has been "swollen" with cash, leading to setups where a "lackluster late Picasso" could be priced for $30 million. Did it have a buyer? Let us continue! The prominent art-dealing family Nahmad purchased a self-portrait of lackluster for $2.6 million dollars in 196. 1968, Rebecca Wei bought a large painting of the “reclining couple” for $15.6 million.
Here two examples of artists who successfully sold high-priced paintings. Scottish Canadian artist, born in Scotland, Peter Doig's Country-Rock (Wing-Mirror), sold an oil painting for $15,489,277.26CAD in London. His painting "rainbow tunnel" captured Toronto Don Valley Parkway seen through a car window, dated 1999. A notable Canadian artist, Tom Thamson, in 1916 sold “Rainbow” framed prints or canvas for $70-225CAD. Today, his work is prised at auction between $400,000 and over $2,700,000CAD. Alongside many other high-priced paintings being sold and transferred from one collector to another of which most public are unaware of details. Obviously, prices are often have had little to do with the cost of materials, labors or even the proficiencies of artists. Upon hearing those staggering amounts, it justifies the adream of countless artists (both armature and professionals). The question is, can the works of these artists effortlessly be included in gigantic auctions? How and who is to decide? It is significant that the art market is one of the least regulated and predictable market in the world.
Essentially, to mention most galleries don’t publicly share list of prices for various reasons. Irrationally, they also, refrain from providing artists the contact information of their purchasers! Some of the galleries even request specific subjects from their artists to paint. Have you wondered why? Let us continue.
While Auctions and most Galleries operate on traditional resources, personal contacts and requests, their actual characteristics are defined by secrecy, influences, subjectivity, and intense personal relationships. Who feeds those major auctions and contributes to such massive number of transactions and why? Uniquely, it all starts with the tiny seeds (metaphorically speaking), the artists/the creators of artworks which end up in the secretive treasures of the most exclusive and glamours players. More interestingly, despite any economic declines, the art market continues because it serves wealthy collectors who often remain anonymous to avoid unwanted public attention, solicitation, and to mitigate the risk of targeted theft and robberies.
To conclude, auctions are not designed for artists’ advantages but to attract wealthy individuals looking to move money discreetly, for investments or to simply maintain their financial privacy. No wonder why the staggering inclination and the mystery of art market continues.
©Mona Youssef
