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“ART IS MONEY-SEXY”: THE CORPORATIZATION OF CONTEMPORARY ART by Ellen Gorman A Dissertation Submitted to the Graduate Faculty of George Mason University in Partial Fulfillment of The Requirements for the Degree of Doctor of Philosophy Cultural Studies Committee: ___________________________________________ Director ___________________________________________ ___________________________________________ ___________________________________________ Program Director ___________________________________________ Dean, College of Humanities and Social Sciences Date: _____________________________________ Spring Semester 2012 George Mason University Fairfax, VA “Art is Money-Sexy”: The Corporatization of Contemporary Art A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy at George Mason University By Ellen Gorman Master of Arts George Mason University, 2001 Bachelor of Arts University of Virginia, 1981 Director: David Kaufmann, Professor Department of English Spring Semester 2012 George Mason University Fairfax, VA UMI Number: 3515282 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent on the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. UMI 3515282 Copyright 2012 by ProQuest LLC. All rights reserved. This edition of the work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, MI 48106 - 1346 Copyright 2012 Ellen Gorman All Rights Reserved ii DEDICATION This dissertation is dedicated to my father, who shares this with me; to my lovely and astute mother, who gave me the importance of words; and, to my dazzling daughters Jillian and Charlotte, who enable me to go forward. iii ACKNOWLEDGEMENTS I am indebted to David Kaufmann, my professor and guide in all kinds of intellectual inquiry. His generosity, wit and forbearance over the years have been incalculable. "The power of philosophy floats through my head, Light like a feather, Heavy as Lead.” Ellen Todd has been a gentle counselor and incisive scholarly presence throughout. Among other things she helped me to understand and approach art history, which allowed this dissertation to morph into what it is today. Her keen questioning and willingness to talk things through quite literally kept me on track. The first teacher to introduce me to Cultural Studies, Dina Copelman has remained a constant advisor and friend through the years – I am very grateful. My friend and colleague Elaine Cardenas has been my sounding board, confidante and great advocate—she remained steadfastly convinced I would finish and contribute something, which means more than I can say. My friends and fellow students Tracy McLoone, Wendy Burns-Ardolino, Joanne Clarke- Dillman, Lynne Constantine, Pablo Castagno, Katy Razzano and Ludy Grandas are precious keepsakes of being in the Cultural Studies Program in GMU. All of them helped me to concentrate my thought and my work in general and inspired me. And to Neil, who has always asked when and not if – thank you for the rest. iv TABLE OF CONTENTS Page Abstract.............................................................................................................................. vi Preface…..............................................................................................................................1 Introduction........................................................................................................................23 1. Survey of the Art Market from the early 1950s to 2011..............................................60 2. Dealers: Mary Boone and Larry Gagosian ..................................................................97 3. Artist: Damien Hirst...................................................................................................147 4 Collectors: Peter Brant, The Mugrabis, et al..............................................................183 5. Auction House: Phillips de Pury & Company ...........................................................233 6. Sales/Market Analysis ...............................................................................................253 Conclusion .......................................................................................................................286 Works Cited .....................................................................................................................297 v ABSTRACT “ART IS MONEY-SEXY!”: THE CORPORATIZATION OF CONTEMPORARY ART Ellen Gorman, Ph.D. George Mason University, 2012 Dissertation Director: Dr. David Kaufmann Thomas Hoving’s description in the title of the function of contemporary art in the Sixties in New York is emblematic of the shift in its valuation in the last sixty years. In the dissertation, the author focuses on this shift and interrogates the ways in which works of art have been completely transformed into commodities by corporatized entities that see them as useful only in terms of exchange value. The author argues that the neoliberal financialization of various sectors of society and commodities, including the art market, has resulted in a current state in which works of contemporary art, such as a Hirst dot painting, now exist as money capital alone. Contemporary art has been demystified in order to take on its role in the market and in this way exchange value has completely overtaken use value. Individual chapters zero in on actors in the art world, including the artist, dealer, collector, and auction house, in addition to various market indices and analysis, art world discourse and criticism, and a brief survey of the history of the art market from the 1950s to the present juncture. PREFACE Art is Fun Again “I bought a few things I wanted and I didn’t buy a few other things,” said Mr. Berggruen of his day at the convention center. “It’s like a supermarket. There’s a lot there.” --- Nicholas Berggruen, Miami Basel 2010 “It was dope,” Mr. Davis said of his day at Miami Basel. “I bought a few things.” --- Brandon Davis, Oil and Media Heir, Miami Basel 2010 Art Basel Miami 2010 opened with a particularly surreal event – a reading from a newly printed book about the contemporary art world to the contemporary art world at the deluxe W South Beach Hotel. Comedian/actor/art collector Steve Martin read a chapter of his book The Object of Beauty describing a dinner at Mr. Chow during Miami Basel before heading off to dinner at the same venue with his audience. His use of in-house terminology and references to common topics of discussion among members of this rarified world was much appreciated by those present, including collectors Peter Brant, Nicholas Berggruen, Steve Cohen and Abby Rosen, artist Julian Schnabel, über dealer Larry Gagosian, and Russian socialite/entrepreneur Dasha Zukhova. The question of “whether art enriches or de-riches us” hung in the air amidst a general giddiness about the ability of fine art to hold its value (Heyman). According to Marshall Heyman, “Art Basel 1 was fun again this year: Hosts went all out – with live music and other attractions – to separate themselves from the competition. Some even tried something new, with the words ‘Everybody has a Damien Hirst’ uttered” (Johansmeyer). Despite dire economic forecasts and a national unemployment rate approaching 10%, art is still a viable commodity and a reason for celebration for a certain group, who like Berggruen and Davis freely used the word “things” to symbolize the artworks they purchased. As a result of new technologies and the increased globalization of the art world, new media and ventures for selling the works have sprung up with increasing urgency. The inaugural edition of the VIP Art Fair went online officially on January 22, 2011, an unprecedented venture supported by artists and dealers alike. According to Jonathan Jones, the VIP (for “View in Private”) Fair allows people to be “online fair flâneurs” with simulated art fair experiences via a two-tier access system offering either free access to the works in virtual halls and booths, or, for a fee, more typical fair social interactions such as online chats with dealers, access into online private rooms and VIP lounges. A buyer can be there without being there. Dealers and galleries such as White Cube, Gagosian, and Sadie Coles HQ have put their names behind VIP, and there are already a large number of works valued at more than $1 million to be offered to customers. “With this comprehensive digital mimicry of the art fair experience, does VIP pose a threat to what has become the defining ritual and meeting place of 21st-century art?” asked the Guardian’s Jonathan Jones. The VIP Fair’s organizers intend for it to blossom into a kind of directory for the art market online while appealing to a younger, less knowledgeable audience, with perhaps less funds for traipsing around the world in person to various fairs 2 and biennales. And yet Jim Hedges of The Huffington Post covered ABMB before, during and after and prepared readers for the “giant pulsating orb known as Miami Basel, alluring a defenseless international audience of art lovers, collectors and artists to encircle its captivating glow” with a guide to the twenty satellite fairs that accompany it each year and an admonition to ignore the giant fair at their peril since