Magnus Resch Is an Art Market Economist, Serial Entrepreneur Who the Major Figures Are
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How To Become M A G N U S A RESCH Successful Artist 6–25 130–143 1 Introduction 7 Journalists —Convince A 26–41 Journalist To Write 2 Research Findings: About You A Data Driven Approach 144–157 8 Your Brand 42–59 —Storytelling And 3 Navigating the Art Pricing Market —Data, Players, Power 158–179 Structures 9 Selling Art Online —Website, Instagram, 60–73 Newsletter 4 Artists —Understanding your 180–215 competition 10 Documents —Contracts, Invoices 74–101 and Checklists 5 Galleries —Finding 216–218 Representation Appendix 102–129 6 Collectors —How To Convince Them To Buy Your Works I am always surprised to see how little artists actually know about the history of the art market, its power structure, and its key players. Like any bin Farhan Al Saud, paid £340 million ($450,312,500) for other market, understanding its history can help Leonardo’s Salvator Mundi. The geographical center for high value sales moved from us predict its future. This chapter should help you eighteenth century Amsterdam via nineteenth century Paris to get a general overview of the art market and and London to its current home make sure you understand the main terms. in New York—and more pre- Never listen to anybody when cisely to the New York branches it comes to being responsible of Sotheby’s and Christie’s— for your own paintings. Because during the twentieth century. nobody knows better than you Implications and Looking ahead, this adaptable what you need to do. gender issues history might suggest that the Julian Schnabel, artist 3.1 center could again migrate at any time, away from New York to a new primary hub. 3.1.1 Looking at the artists and works themselves, all have Record prices three things in common: they are paintings, they originate in Europe, and they are all painted by men. This bias towards A useful starting point to understanding the history of European men is now, in the contemporary market, under 44 the art market is to look at record prices, who paid them, a degree of challenge (as we saw in the previous chapter) / 45 and where. The list of the most expensive artworks sold at but it has been sufficiently internalized over time to confer auction from 1700 to today tells us immediately that record a lasting advantage on white male artists, reinforcing legiti- prices increased dramatically. From £320 in 1701, we reached mate accusations of a lack of democracy across the market. an extraordinary £340,000,000 in 2017, with the steepest Navigating the Art Market LIST OF RECORD BREAKING SALE PRICES and most rapid increases coming since 2010. FOR PAINTINGS We can also see how buyers themselves have changed AUCTIONER & over time. The last time a public institution paid a record YEAR GBP ARTIST LOCATION BUYER price for an artwork was 1985, 1701 320 Dou Amsterdam (Unknown) Be free, be fluid. Fluidity of when the Getty Museum bought 1811 5250 Rembrandt Christie‘s London Prince Regent George IV practice is possible. Design, Mantegna’s Adoration of the 1910 28,250 Hals Amer. Art Assoc., New York Henry C. Frick architecture, art—the Magi. Since then, institutions 1970 2,310,000 Velasquez Christie’s, London Metropolitan Museum boundaries are all permeable. have taken a back seat to those 1985 8,100,000 Mantegna Christie’s, London J. Paul Getty Museum Don’t be stuck in just one silo. individual buyers known as ultra 65,001,250 Giacometti Sotheby’s, London Lily Safra 2010 Hans-Ulrich Obrist, curator high net worth individuals, or 70,452,891 Picasso Christie’s, New York (Unknown) UHNWI: mostly men, mostly 2012 74,003,394 Munch Sotheby’s, New York Leon Black with a finance background, and until now mostly American, 2013 89,411,063 Bacon Christie’s, New York Elaine Wynn although at the end of 2019, the highest price ever paid at 2015 102,600,00 Picasso Christie’s, New York (Unknown) auction came out of the Middle East, when Saudi Arabia’s 2017 340,000,00 da Vinci Christie’s, New York Prince Bader Minister of Culture, Prince Badr bin Abdullah bin Mohammed SOURCE: HTTPS://WWW.SCIENCEDIRECT.COM/SCIENCE/ARTICLE/ABS/PII/S0014498315000236 C a s 1986. While teaching paid her bills, it was through teaching she e S t learned what she sees as a great lesson: if something (a style, u d y a technique) comes easily to you and you enjoy doing it, then don’t stop. You may feel that it is effortless, but other people may struggle to do what you find so easy, so don’t make things harder for yourself by setting yourself unnecessary challenges. Above all, have confidence in yourself and your vision; few MARILYN MINTER—A LEADING AMERICAN ARTIST people will believe in you if you do not believe in yourself. There wasn’t really a specific point in her career where she Marilyn Minter is one of the world’s leading artists, best broke through, but eventually major galleries picked up her known for her sensual paintings and photographs. She has had work. Now in the final phase of her career, Marilyn is represented solo shows at the San Francisco Museum of Modern Art, Deich- by top galleries globally and her works fetch high prices at torhallen Hamburg, the Contemporary Arts Museum Houston, auctions. To my surprise, though, she still teaches on the side and many more. to pay for her studio and her studio assistants. She teaches on I first encountered her work in 2007 when I stumbled across the MFA program of the School of Visual Arts in NYC, takes an advertisement campaign by Tom Ford, shot by Marilyn. I advertising jobs (including collaborations with Tom Ford, Jimmy have been a follower of her work ever since, most recently when Choo, and Supreme), and takes on some commissions, all in 70 Aby Rosen put up her works at Rose Bar in the Gramercy Park order to finance the handful of works that she creates annually. / 71 Artists Hotel, the same hotel that first hosted the Armory Show. On a Marilyn is one of the many working artists who understands rainy day, I visited Marilyn in her studio in midtown New York. that artistic success does not necessarily mean you can rely on In our interview, we talk about her long career, the phases she it as your primary income. Throughout all phases of her artistic went through, and challenges she faces today. career, she has added a second income stream to stabilize her While Marilyn is a celebrated artist today, her success income and finance her practice. didn’t come immediately. In 1972, Marilyn received her MFA from Syracuse University and shortly thereafter moved to New York City. During this early part of her career—what I call the shopping phase—Marilyn, like so many other young artists, was struggling. And people exploited that: she has her fair share of tales of dealers who, having sold her work, would slip away ADVICE in the night, leaving her unpaid and in debt. The trust system ONE leaves the door open for all kinds of shadiness, especially in Work from the love of creation, and trust what you do well. the shopping phase when artists are young, inexperienced, and Other artists will recognize that. without the useful protection that can come with a few influen- TWO tial associations. Find allies, people whom you respect, and connect with them. Partly because of this permanent financial instability, THREE Marilyn worked throughout her entire shopping and decision Expect rejection. phases as a substitute teacher in the Bronx and Brooklyn until FOUNDING YEAR OF GALLERIES IN THE US, GERMANY, AND THE UK most of those show at one to three per year. A notable 14% attend four or more fairs. They have good reason to invest in attendance: 45% of total sales in 2019 came from deals in % 94% founded after 2000 made at art fairs (up from 30% in 2010). 40 30 DISTRIBUTION OF DEALER SALES ACROSS THE DIFFERENT PLATFORMS 20 ONLINE ONLINE Websites Other 3% 3% 10 GALLERY NATIONAL 15% 0 1950 1951 1961 1971 1981 1991 2001 2010 ART FAIRS –1960 –1970 –1980 –1990 –2000 –2010 SOURCE: RESCH, GALLERY REPORT (DATA APPLIES TO US, GERMANY, UK) INTERNATIONAL 50% ART FAIRS 5.3.4 30% 86 / 87 Art fairs Galleries Art fairs, for galleries, are the equivalent of an interna- tional presence, giving gallerists a window of a few days to SOURCE: UBS ART BASEL REPORT, 2020 court collectors from around the world. The number of art fairs has shot up over the last decade, mostly as a con- sequence of the increasing attempts among galleries to expand beyond their limited local customer base by showing artists internationally. Large turnouts at gallery openings Finding gallery may look impressive, but don’t be representation Read a lot and stay humble. fooled: openings are populated Rashid Johnson, artist mostly by visitors, rather than 5.4 buyers. Even taking art fairs into Finding gallery representation is one of the biggest account, galleries—small or large—have on average seventy challenges confronting artists. While every university in- buyers. The difference is that alpha and beta galleries have cludes essential tuition in how to move from university into buyers with deeper pockets, who purchase at higher prices work (and is scrutinized on its graduate destinations and and more frequently. employability), art academies have completely fallen short Today, there are nearly 300 art fairs around the world. on any equivalent coaching. The most common approach Every second gallery participates in at least one fair, and taken by your average graduate is to send an email to the C a s be circulating through these schools.