Commodities, futures, derivative contracts….for art
Interesting concept and altogether not too hard to imagine the business world trying to formalize in contract terms what may already be taking place in concept. That is of course if the artist and buyer actually get to the point of forming some sort of relationship…
I suppose that in this case the benefit is mostly to the buyer in potentially protecting themselves in the event that the artist fails to capture an audience… or the best case goes on to be a smashing success which increases the value and importance of the work, assuming this allows the derivative holder to purchase future work at “emerging” prices…
The benefit to the artist is of course the potential for financial security to the extent that it allows the artist to develop their potential and even out the financial peaks and valleys.
The tricky part (gamble) is to consider the variable of “experience value” of the work what I might call the artworks “shelf life” and the attention span of the audience.
I’m guessing I’m not alone in feeling a bit uneasy – what with recent examples of what can go terribly wrong in the parallel financial business world. What’s at risk is a fundamental connection between the artist and patron. Most of my own personal experiences with works of art are greatly enhanced upon getting to know the artist – and that experience with the art – is what may also be at risk. On the other hand – the benefit of being able to focus on creating has to be recognized !
Source: Via Artdaily and this story (filed under consumer goods)