Does Art NFT's Supercharge What Was Already Wrong About Art

4 Min Read
883 Words

Hey Jessiartists

I've got quite a lot of backlash on my take on art NFT's and being called salty seeing artists get their just rewards for all their hard work. I am no artists, I can't tell a pollock original from kids drawing, and I never claimed to be someone who can value or find value in art.

What I can do is look at incentive structures and consumer behaviour and analyse that as I do with most investments. Since I am not emotionally tied to art, perhaps my opinions can come off as cold and calls, but if you're triggered by them, you should ask yourself why?

If you find value in art, then my opinion shouldn't matter in the slightest.

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Symbolism of the world today

Art is a subjective medium; we've long moved away from portraits and landscapes and moved towards more abstract art. Something I know jack shit about, I don't get how a few lines and dots represent anything more than a few lines and dots.

Then again, I also think wine tasting and a lot of this contemporary cultural exercise are just a load of shit masquerading as valuable.

When something is abstract, the rules don't apply to it, you apply the rules and interpretations to it, and one rule that's easy to apply is price. If I, as a rich twat, is willing to shell out 10 million for a banana taped to a canvas, then said artwork is now a multi-million dollar artwork.

It doesn't matter who created it, who auctioned it, who critiques it; if there is an economic exchange, the artwork now has established its value.

Supply and demand

While there are many types of art, I'd like to focus on investable art. Artwork that acts as a proxy for value storage. Remember, I mentioned that art's value comes from the purchase; well, all future and back catalogue art rely on the purchase.

If I bought a piece of 10 million, I have a financial incentive to ensure that the next pieces ell for more, making my previous piece look like an absolute bargain.

Remember that Beeple NFT that sold for 69 million? The dude who purchased it already owned 3 other cheaper artworks from Beeple, this purchase shot up those previous artworks value, and then he tokenised it and solid it off, but that's a story for another day.

If we exclude the digital version, the incentive is to ensure that all new supply increases in price. You can see where the collusion comes in here where those looking to store value in alternative asset could pick artists at random and use their work as a vehicle for tax right offs and a host of other benefits that come from investing in art.

The price of the artwork is the point

Modern art has very little to do with the authenticity of the creation, the method of creation or the age of the creation. All that matters is the price, all the pageantry about auctions and certain artists names that can be created instantly with enough money.

If tomorrow I covered my arse in paint and sat on a canvas and it sells for millions, my skill will never be questioned, my artistic inspiration, my time and effort, none of that matters, only the price it was sold for matters.

Nepotism in the market

In a fiat money system where money can be created at the tap of a keyboard, those close to the spigot get first use and retention of the capital. When you have more money than you know what to do with, after you bought all the land and goodies you want, you start to become more careless with your capital and play games like this.

The art world allows for degenerate gambling and gross misallocation of resources only to be covered with the idea that its money spent on the preservation of our culture and promoting culturalal expression.

Now isn't that a load of horse shit?

Whenever I see people speak about morality or some protectionist angle for why they do things, I can't help but cringe. We all know you're full of shit; everyone there clapping hands know it too, but we accept it as part of the game of being close to the money and being in the money circles.

I know I am making sweeping generalisations about the art market, and it doesn't apply to every mom and pop gallery in the world. There are still starving artists and galleries on shoestring budgets, but they don't make the headlines. I am speaking specifically about what we can obviously see is a money-laundering racket played out in the open.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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