Art and Money.......An Uneasy Alliance?
Leontia Gallery will be taking over Shoreditch.... 94 Leonard St, London EC2A 4RH to be precise...for an exciting and topical new exhibition. 'Money Talks" explores concepts of wealth, idolatry, and consumerism through art.
In the final piece in a two-part exclusive for After Nyne, curator, and owner of Leontia Gallery, Leontia Reilly reflects on the themes of her new show.
To some it’s a dirty word but cash and art have always been hand in hand. Buying art brings you cultural status and has done since the art market began. Today if you own a Picasso or Hirst you will certainly have bought your right to cultural standing however the dynamics or buying art have certainly changed over time.
Art trade really started flourishing During the Renaissance, visual art flourished in the cities of Italy due to the patronage of wealthy merchants and government officials. The widely celebrated Leonardo da Vinci earned steady commissions for artwork ranging from paintings to murals.
So the art market continued to trade by commissions by wealthy patrons, with a small amount of exportation only occurring when artists couldn’t sell their work domestically. It wasn’t until the 17th century with the emergence of auction powerhouses Sotheby’s and Christies that the real cash stated to flow. Most of the art intended for temporary exportation ended up in England as it was felt to be the only safe place for asylum, this ended up creating great appreciation and connoisseurship for the works and so the cash stated rolling in. in 1801 at sir William Hamilton’s sales Laughing Boy by Da Vinci sold for 1,300 gns (approximately £42,000 in todays money) followed by 2 Rembrandts selling for 5000 gns (£162,000 in todays money) in 1807 end 1811. This was the sale that would be the forerunner to the market that we know today.
This was the stimuli to art collecting on the secondary market, and the prices kept on rising, in 1970 a Velasquez portrait went for $5.5 million (35 million), 1990 Van Gogh $82.5 million, in 2013 $142.4 million for a Bacon triptych and in 2015 Picassos “les Femmes des Algiers” $179.4 million.
In a cruel twist of fate 2 out these five artists whose works reached the highest paid sum in history died penniless.
Velasquez, supported by the crown lived and died in modest wealth, Van Gogh only sold 1 painting in his lifetime and died penniless. Rembrandt hailed the hero of the Dutch Golden era, was deserted by his friends, forced into bankruptcy and died in obscurity and poverty. Picasso a celebrated modern master amassed great recognition and fortune in his lifetime as did Bacon. Picasso had humble beginnings in life Bacon less so but still ended up destitute during a bleak period.
Arguably after the turn if the century with the technological advancements if you had the talent it was much easier to achieve recognition for living artists. Travel for inspiration as a means too creation was much easier, technology advanced the careers of artists, works got worldwide attention and the art world started to function on a global scale.
Today artists are not only expected to create art but also build brands, dominated by huge social media numbers and slick websites.
Most UK artists earn a 37th of the national average at just £10,000 per annum.
Yet a small percent of living artists are still earning way above the average with Koon’s worth an estimated 500 million and Hirst at 1 billion.
The disparity in prices paid for works is only going up and the pockets of those that can afford it are getting fewer.
Luckily there is an alternative, buy art that you love form emerging artists, support local galleries go out there and start buying what you can afford. Help bump up those meager artists earnings and invest in your local culture. If you can’t afford originals buy limited edition prints, there is a myriad of ways you can enjoy and own art.
Visitors can see Money Talks until the 18th December at Leontia Gallery 6-10 Central Parade, 137 Hoe Street, Walthamstow, E17 4RT
