The Rich Buy Art To Become Wealthy!
Updated: Dec 21, 2021
The Artist Sell Art and Fall Victim To The Sick Society
This clip is based on the sitcom called The Wayans Bros. Which aired back in 1995. The scene portrays an art critic amazed by Marlon’s paintings he’s displaying and feels they’re worth a fortune. Until the critic sees the tag work from a kid that he did on a sign and thinks he’s the next big thing. The overall purpose of the episode is to be funny, but the sad reality is this is how the art world truly operates.
The art world is broken down into four parts; you have the rich, the critics, the artists, and the casual viewers. The rich and critics are sometimes the same people, and they are the ones that determine the market.
“For most people, art is only valuable if other people say it is; and artists are only worthwhile if they are either rich and famous, or dead.” ― Wayne Gerard Trotman
The rich are often the galleries, collectors, and critics they dictate the market which drives the price of a particular art. If they feel the art is valuable they will raise the price whether the artist agrees or not.
“The money you make is a symbol of the value you create.” ― Idowu Koyenikan, Wealth for All: Living a Life of Success at the Edge of Your Ability
So-called posh galleries will have art displayed without a price so if a customer comes in interested they will sell to them at a price they see fit, however, if a different customer comes in they will sell to them the same art for a higher price. This also is a method they use to keep people away that can’t afford the art or the people they feel aren’t elite. Rich art critics use their influence to inflate the prices of art they deem valuable. The galleries, collectors, critics and appraisers, and auction houses tend to all work together to drive prices. The gallery and the auction house use the critic's influence to sway the buyers. The collectors use the buying market to sell their collections in auction houses. The collector and auction house use the appraiser to boost the value of the art, so it can sell for a higher price.
Now you are probably wondering how does The Rich has such a stronghold on the market? They have a stronghold on the market because of these things:
1. Price fixing
The Rich will inflate prices by any means to make the art seem better than what it is. Doing this sends a ripple effect on the market, and it attracts buyers that are only interested in buying expensive items. Many of these buyers have an ulterior motive which includes tax write-offs, money laundering, and investing. However, some buyers like to purchase expensive art and follow art trends.
2. Art auction
Auction houses will hire fake bidders or even chandelier bids to drive the price. Chandelier bidding is where an auctioneer pretends to see someone making a bid to influence the price and stimulate interest.
3. Donation scams
People that owe tax money will donate art and utilize them as a tax write-off. They will hire their own appraiser to increase the price. There also has been a situation that has occurred where the art gets donated to a person/business or nonprofit that they own or associated with.
4. Controlled circles
The fine art world is manipulated financially, museums and posh galleries are run by The Rich. Many institutions considered high-end often lack diversity and maintain a narrow pretentious audience.
The Art Critics
Now you may be wondering what the difference is between the rich critic and the regular ones. The difference between the two is monetary gain. Nonrich critics' key objective is to express their opinions on art. These critics can be bloggers, vloggers, columnists, radio personalities, or anybody that influences social media. These critics' opinions can sometimes dictate what’s considered good and valuable in the art market.
The artist is the people that are putting the work in; they’re usually underappreciated and undervalued.
The casual viewers are sometimes buyers and admirers but they're not driven the same way, The Rich or Rich Collectors are. When Casual Viewers purchases art they have a connection to the art regardless of the price. The Rich purchase art for a beneficial reasons like investing and tax right offs.
To conclude, the best way to support artists is to support them directly. They're many art galleries that service the community and are supportive of promoting/building up artists. Many of these art galleries are owned by an artist or a group of artists. These galleries speak to the people and the areas they service.
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Davion "Dismoc Le Ma" Coleman
– Chief Editor Artist | Designer | Illustrator | Author
– The Creator of The Kre8ive Shop
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