Over the past few years, many have been campaigning to move the issue of artist’s resale up the agenda of international copyrights calling for reforms so that the artists on the whole benefit from their work.
“Artists do not live on thin air.” This simple statement by the late popular Senegalese sculptor Ousmane Sow is a straightforward reminder of the necessity of the resale right for artists around the world.
Visual artists like painters and sculptors will not get the benefit directly from the payment like most other talented writers, novelists or musicians. Neither do they get much from their paintings being exchanged in the global market nor from the reproduction rights given to the other creators under copyright law. Due to this, the artist resale right is striving hard to get the artists a part of the sale price of their art piece when it is resold. Just like how the art market has gone global it is very much necessary for the artist’s resale right to also be globally acclaimed. There are many dynamics from the ever emerging world of art that impact the red for art appreciation and resale.
It is quite a known fact that investing in pieces of art, paintings or sculptures from the lower or rising end is a huge risk. The Jean Michel Basquiat’s Warrior sold for a whopping $9 Million almost 450 percent increase over a period of 10 years. And if you are planning to get your loan fixed by buying and selling a piece of art…well, you are into big trouble! This is because secondary market for art pieces by artists advance under certain circumstances only. The secondary market revolves around paintings and pieces of art that have been resold after buying them from a primary market. For well-known and popular artists, artworks go flying in the secondary market often at skyrocketing prices. Well, then how does a young striving artist producing work achieve so much success in the resale market. These artists come with not much expertise and without a gallery or an art studio and much recognition.
Valuable Digital Print Artwork
The most straightforward route is is by making it visible and exposing it at the right place and time. For this, the dealers work with expertise to get their young talented artist exposed right in front of the best of the best. The more people who see an emerging artist’s work, the more their overall market expands is what is believe by Tamsen Greene, senior director of Jack Shainman Gallery. Art fairs and galleries promise exposure while the museums and exhibitions expose them on a larger scale. A baby of the primary market labor is the secondary market sales.
A modern artist’s new painting or a sculpture won’t make it big in the secondary market unless and until there is a high demand for it in art museums, public magazines, specialized scholarships programmes or educational development always revolving around the work.
Another most important factor that helps in this secondary resale of art pieces is supply and demand. That is when there is more demand for an artist’s piece in the market and he produces only less then collectors and auction houses will directly try to source it out from people who already own it at higher prices. But always keep an eye for hype and demand which can cause manipulation and lowering of the prices at the secondary market level.
An exclusive Resale Art Section
The only advice to take at this level is buy what you like and appreciate it. Think of it as a sunk cost, enjoy the value and consider it a bonus. But it has no guarantee. Buying a piece of art is similar to that of venture capital investment. Artist Michelle Grabner has appeared only at an auction and has been seeing commercial success over 20 years. Being an advisor at the Art Institute of Chicago, she found many of her students struggle to achieve demand for their work, though they get some popularity coming right out of the school. Artists who achieve commercial success early on cannot momentarily sustain it over the long run especially if they work on a time-specific market trend.
The secondary market can eventually help the primary market grow. In industries like cars and home, people throw bags of cash knowing they get a lot of resale option but think of the same with Art ! Well, the answer is definitely a NO. If you buy a piece of art and not like you will have to just let it be there and not imagine anything about giving it up to get your cash back.
An Artist’s Gallery
A bad habit of galleries who buy art pieces from emerging artists and resell them to get instant profit is considered flipping in this industry. This can cause a huge impact for collectors in the secondary market. Many ways have to be implemented to grow the secondary market.
Other than the monetary aspect of buying art from emerging artist, exploring the market for the art you love, owning them and supporting them in their career is highly entertaining, amusing, rewarding and addicting. In a world where we can sell cars and house online, we should be able to sell Art the same way with opportunities opening up for artists to sell more work.
What do you think?