Filed under: Art
Any successful entrepreneur can tell you that tough markets are fertile ground for future success. If you can carve your piece of the world out now, an upturn later will reward you handsomely.
This sentiment must be on the mind of young British artists – such as Merlin Carpenter. London's contemporary art galleries are starting to show affordable works by newer artists. Far from investing in the future or giving the hopeful a fighting chance, this tactic is seen as a way to develop a near-term revenue stream that will help galleries survive the current financial crisis. Retrospectively, this stopgap measure could be seen as pure genius for the art galleries that discover the next Richard Prince or (blech) Damien Hirst.
Claims of forward thinking, however, will have to remain in the future. For now, dealers and galleries in London are struggling. Allsopp Contemporary shut down an exhibition space, and Yvon Lambert pulled out of London.
The market is searching to find – and exploit – some young blood, and buyers are pressing for discounts. The winners may just be the artists. Those discovered through desperation will define the market in the future.