Where Art Thou

Laine Mechura

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Art that finds you where you’re at.

The history of art, and the history of the art market are inextricably bound to one another. Art, as a main contributor of culture.

WHat is the art market?

The art market functions on a dynamic yet somewhat structured framework. Strategy, valuation after assessment, market trends, and location all converge to determine the success of a sale within an auction. This all begins with the consignment process, where individuals send their art to be sold in an auction. Typically, through the steps of validation, estimation, and acceptance of the fact that the seller has limited control over the dynamics of an art auction as it goes into sale after agreement on a reserve price (the lowest bid possible/starting).

Primary art market

The auction house also charges a standard seller’s fee of around 15%. Provenance has a huge role in the valuation of artwork. The bidding process is as follows: There are many different ways that artwork needs to be appraised before moving on to the secondary markets. For old masters in English work, this typically means a self-portrait or signature. For Chinese paintings and calligraphy, specialists are trained to recognize telltale signs of unsure brush strokes, nicks, and indentations.

Secondary art market

The auction house also charges a standard seller’s fee of around 15%. Provenance has a huge role in the valuation of artwork. The bidding process is as follows: There are many different ways that artwork needs to be appraised before moving on to the secondary markets. For old masters in English work, this typically means a self-portrait or signature. For Chinese paintings and calligraphy, specialists are trained to recognize telltale signs of unsure brushstrokes, nicks, and indentations.

Freeports

Freeports are a common but silent practice among elites. Essentially, freeports are deterritorialized spaces that are used to facilitate transnational commerce since World War II. Also referred to as “offshore”, because the activities that take place in these areas are subject to different regulations and statutory laws of the host country, this includes tax advantages for art owners or investors. It gives them a place to put their art so it remains untaxable. Concealed and locked behind wooden cases around the world. (Zarobell, J. (2020)

History and context

The art market is one of the most unregulated and silent economies in the world, tying culture and countries together. Unbeknownst to the public, it makes a perfect loophole for money to move around unsanctioned. Using auction houses like Sotheby’s and Christie’s, or warehouse complexes like the Geneva Freeport, to move and hide, and get tax-free art pieces to influx their wealth. In this website, you will find all the information you need to answer any question about the movement of art worldwide.

As is true with the art world, information is subject to change over time, which is why I believe a base level guide of information on the movement of art around Museums and post-auctions is so necessary for the public to be aware of.

Creativity and passion lies in the bare bones of our society, and our existence as humans. It is an unspoken truth of life and culture that art is what connects us all. At the bare minimum, we are all connected by our love to create. However, in the modern art world, there is so much flux in pricing depending on location, type of work, length of time, associations, and fame. Information on the movements of art and culture throughout history should be public knowlege, so that we all understand the deeper value of art in our society.on.

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