Recently, thinking over the world’s most discussable problem, a logical question occurred to me…Is economic recession a serious problem for the world or is it just an inevitable sweep to put things in order.
Well, for the beginning I decided to treat it from the professional point of view…so, the short definition for economic recession is “a temporary slow-down in economic growth.”
Later, another question occurred to me…What is the impact of economic recession on the sphere of art? Is it a slowdown or again a means to put things in order.
As soon as global crisis began to take its tall on the world, there immediately arose an anxiety…what influence will it have on maybe the most philanthropic sphere of life, on art?. What is the reaction of art dealers on this matter. Has the time to adapt come? Some insist on the fact that art prices are weakening by all means, others claim that even if the economy of art has gone down, it is because perceptions are different. According to some other art dealers, visual arts will never suffer economic pressure as long as there exist influential art collectors who are always ready to pay significant sums of money to enlarge their collections with the latest work of an outstanding artist.
However, what the universally recognized truth says is that the success of art market is almost always connected with the economic situation of this or that country, so the two walk hand-in-hand. The statistics even brings it to the point that recently the number of young art collectors all over the world has increased. There may be various explanations for this, one of them suggesting that prices for luxury consumer items are lowered. For US and UK art buyers this turns to be one positive aspect of economic recession. It is programmed that the impact of world recession for US, Middle East, South East Asia and Europe museums is more subtle, but no less profound.
One thing, however remains stable… just like art itself market relies heavily on public opinion. When the art lovers’ confidence is exhausted, they buy less.
After 1980’s art boom, there occurred a great collapse. However, for any situation, for all times art experts suggest the main art lesson: buy art to put on the wall, not on your portfolio.
Mariam
You have rightly said here that Buy art to put on the wall, not on your portfolio. This is correct, as sometimes people don't even know that what the art is portraying. As far as recession is concerned I believe that certainly recession has effect on Art as well.
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