TABLE OF CONTENTS

ART AND ITS MARKETS: A ROUNDTABLE DISCUSSION

EVEN AS GOLD rises and the dollar falls, the expansion of the global art market shows few signs of reversal. This growth has been characterized by incredible immediacy, liquidity, and transparency—but also by inequity, archaic ritual, and social spectacle. Indeed, the economy of art is now both wildly speculative and idiosyncratically regulated, with unparalleled levels of attention devoted to the work of contemporary artists. What are the diverse factors that have contributed to this radical extension of interest and investment in the art of our day? And to what extent have these elements either transformed or reinscribed historical relationships among art’s audiences, institutions, collecting practices, and criticism? How might we best distinguish our present moment from previously bullish episodes and their attendant redefinitions of the aesthetic and the commoditized?
 
From the fiscal to the formal, multiple arenas of knowledge are implicated in answering such questions. With this complex set of interrelationships in mind, Artforum invited a cross-section of figures—ranging from collector and curator to art historian and auction-house expert—to discuss the ways in which different kinds of value accrue to works of art and affect their production, display, and circulation: Ai Weiwei, Beijing-based artist; Amy Cappellazzo, international cohead of postwar and contemporary art at Christie’s; Thomas Crow, professor of modern art at the Institute of Fine Arts at New York University; Donna De Salvo, chief curator at the Whitney Museum of American Art in New York; Isabelle Graw, a founding editor of Texte zur Kunst and professor of art history and theory at Städelschule Art Academy in Frankfurt; Dakis Joannou, collector and president of the Deste Foundation for Contemporary Art in Athens, Greece; and Robert Pincus-Witten, scholar and critic, and former director of exhibitions at L & M Arts in New York. Scholar and critic James Meyer and Artforum editor Tim Griffin moderate the discussion.

THE GLOBAL BOOM

James Meyer: The extraordinary boom of the contemporary market in recent years, along with the globalization of art’s production and display—two related phenomena—are among the most pressing subjects in any discussion of current practice. The history of modernism is in part a history of the marketing of the new. The Peau d’Ours sale in 1914, which brought a record price for Pablo Picasso’s Family of Acrobats [1905]; the first Parke-Bernet auction of contemporary art in 1965, which featured Abstract Expressionist painting and sculpture; and the sale of the Scull Collection in 1973, all revealed the speculative potential of the contemporary. If one made the “right” choices, it was possible to profit handsomely from an initially modest investment. How would you compare the present escalation of the market with the booms of the 1960s and ’80s? To what extent is our

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