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5 Things That Will Transform the Art Market

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As part of my personal study of the art market, I like to see if I can predict trends and spot opportunities within this realm.

I identified 5 things that are poised to cause a complete shift in the art world as we know it. Continue reading to learn about what I suspect will completely transform the art market.

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Cryptocurrency – Cryptocurrency and blockchain technology will continue to be a factor in the art market. Both the legal and black markets will thrive due to the fact that cryptocurrency makes it easier to exchange value without dealing with traditionally recognized currency. Blockchain can be repurposed to assist with provenance research and the public nature of its design will continue to transform how art is traded and sold.

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The Push for Diversity in Museum Leadership and Galleries – After the Brooklyn Museum faced tremendous backlash over hiring a White curator for its African Art department, a spotlight was shone on the lack of diversity within the museum world. Since then, there have been numerous discussions over how the art world will rise to the occasion and foster a more diverse environment. Even the New York Times has asked questions about the ethnic makeup of the world of art dealing. Obviously, there is a lot of potential here and the museums and galleries that take the lead in this regard will position themselves to stay current and relevant in these ever-changing times.

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Elimination of Section 1031 Provisions – With the implementation of the Tax Cuts and Jobs Act in 2017, Section 1031 of the tax code eliminated the loophole that allowed art investors to defer the realization of capital gains for an indefinite period of time. This has sent investors scrambling to devise a new tax strategy when it comes to the sale and later purchase of art. Fortunately, there are some preliminary measures that will offer an alternative to Section 1031, though it will take some creative accounting and subject matter mastery to execute properly. It’ll be exciting to see what other innovations come along that will benefit art investors.

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Virtual Art Galleries – In this increasingly digital world, it should be no surprise that the virtual art gallery will account for a healthy portion of art sales. Virtual galleries appeal to a previously unexplored group of patrons: this virtual space combines the collectors that want to enjoy art but are too busy to go browse a gallery in person with the art lovers that may have initially been intimidated by going to a gallery in person. The flexibility and ease of purchase will continue to appeal to many art enthusiasts, and I imagine that this form of art vending will continue to grow in popularity. A few of the most popular online art vendors can be found by clicking here.

Barack Obama  as painted by Kehinde Wiley; Michelle Obama as painted by Amy Sherald

Renewed Interest in Artists of Color – Artists of color are not unpopular but have largely been ignored or relegated to “supporting” roles in art museums and galleries. However, there has been a renewed interest in artists of color, especially since these artists have many influential fans and collectors. Barack and Michelle Obama both chose Black artist to create their official Presidential and First Lady portraits. High profile collectors are seeking to carve a space for these artists that will allow the artwork to shine in its own right. Pamela Joyner has graciously allowed her personal collection to be exhibited nationwide in the Solidary and Solitary exhibition. In a recent article on Artnet, Tina Knowles Lawson gives a tour of her art collection. Collectors aren’t the only ones bringing artists of color into the spotlight. Within the past 10 years, there have been more retrospectives featuring artists of color than ever before. A retrospective of Howardena Pindell’s work is slated to exhibit at Virginia Museum of Fine Arts, and it’s already gathering lots of buzz.

 

Those are my predictions for the changes that will transform the art market. Do you have any predictions that you think may affect the art world as we know it? Let me know in the comments below: I’d love to hear your thoughts!

 

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Howardena Pindell – A Lifetime of Creation

A few weeks ago, I attended a lecture on contemporary abstract artist Howardena Pindell. Pindell’s video, Free, White and 21, was my introduction to her work. I saw the video as part of my online art course through Coursera. I found the video fascinating and have always been curious about the woman behind it.

Pindell’s work will be making a stop at Virginia Museum of Fine Art (VMFA) in August 2018. The work is part of her “What Remains to Be Seen” tour, an exhibit reflecting upon Pindell’s 50+ year career. Artists like Pindell, Betye Saar, Lorraine O’Grady and Senga Nengudi inspire me for their daring and provocative work and their insistence upon carving a space for Black, avant garde conceptual artists. Pindell’s work is thought provoking and highly detailed: it features a great deal of precision, texture and movement, all of which enhance the viewer experience. I’m looking forward to experiencing her art when it comes to VMFA!

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(photo courtesy of Nathan Keay, Museum of Contemporary Art, Chicago)

 

You can watch Pindell’s stirring reflections in Free, White and 21 here (or you can just click the play button below):

 

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Live Your Best Life: Hobbies to Help You Heal

Happy Friday, friends! We made it through the week, and what a week it was. The East Coast is getting some truly spring-like weather, and I’m excited for the warmer days to come!

As you all have already seen, I’ve been sharing some of the things I used to help recover after devastating life events (for me, specifically, my divorce, but also the loss of several close family members and friends). In this post, I’m going to share some of the hobbies that helped me move through my pain and heal my heart.

For starters, I want to add a disclaimer: you can and should seek professional help if you want or need a qualified individual to help you with your problems. Nothing that I’m recommending should be considered a replacement for clinical treatments and professional counseling.

That being said, here are some of the hobbies I used during my recovery and how these hobbies helped me:

  • Enjoying art: I’ve said it before, and I’ll say it again – art saved me from my darkest moments. Spending time in museums, creating my own art, and learning more about artists and their works helped me tremendously during my lowest points. There’s something very magical about being able to mentally “escape”, transcending time and space, as you view a piece of art. Also, creating art did wonders for helping me to work out some of my frustrations and to take the “sting” out of my losses.

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  • Traveling: One of my best friends advised taking a trip prior to any big decision, as the change in scenery and routine does wonders for giving you fresh perspective. During those painful years, I took several trips that helped me to clear my mind and reconnect to the joys that I experienced in years prior. Physically visiting different locations impacted me on levels that I couldn’t experience if I had stayed at home. Travel was wonderful for helping me to navigate my pain.

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  • Writing: To be honest, I couldn’t always verbalize my emotions. There were a lot of days where the feeling would be in my chest, even in my throat, but I couldn’t speak the pain that I felt. When my voice failed me, my pen was ever ready to capture the emotions that I felt but couldn’t vocalize. At one point, I wanted to reread my journal entries, but I have since decided against that.  Those journals have served their highest purpose already: they were my voice’s proxy. I am thankful for the ability to give myself some relief when I felt nothing but despair.

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  • Exercising: I’m not obsessive about fitness, but it was a mighty powerful tool that I used during my healing process. Aside from the physical effects (the release of endorphins that lifted my mood), the repetition of certain physical movements provided me with a rhythmic experience that required that I focus on the present moment and temporarily suspend my emotions. Exercise literally took my mind off of my problems, giving me some much needed relief.

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  • Fine dining/wine tasting: I’ve already shown my love and appreciation of good food and wine on this blog numerous times. However, I’ve never mentioned how much I employed these sensory pleasures during my healing phase. I learned about different cuisines and prepared 4 and 5 course meals at home. The discipline, effort and precision involved with designing and preparing elaborate meals was a satisfying creative effort. And trying new wines, while learning to hone in on the elements that I enjoy most, enhanced my dining experience. You have to be careful with this one: restraint and knowing your personal limits are key.

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Those are the hobbies that I used to help cope and heal from my pain. I hope that these may be helpful for lifting your spirits during the low times. Take care, and enjoy your weekend!