The world of artworks.

How are art prices determined??

Frankly, I have no clue. My guess is as good as yours. But there must be a lot of probability involved in the process of discovering an artist and determining a price deemed right for his works. Since in the art world all works are different, what formula works and becomes a hit is very difficult to predict.

Some high profile collector gets his fancy over a piece of art, the artist gets discovered, the market allows him his price and a cycle starts. The art market does not have an index like the stock market where prices could be discovered. So the price is so much more on sentiment than rational thought.

Thats why art prices can remain irrational far longer than any other asset prices. The quality aspects are also well understood by only a very few discerning eyes. Hence, nobody has the gumption to challenge the verdict put on a Leonardo or a Picasso work. Even newer artists are determined by the same benchmarks.

Only when an individual challenges these predetermined benchmarks with some unique works and follows it up with regularity; does his work get immediate mention, media attention, fame. Money follows. Look for such exponents. you would be very rich if you could do it early on in the career of and artist. Otherwise, if you are one of the moneybags, make an artist well known by throwing money for his works and 'discovering' him. Either ways-your heart and your art should be on the same wavelength.

Recession blues.

Is recession good or bad? People lose jobs, companies shut down and consumers prefer to sit at home rather than spend their already dwindling savings. This should make a recession sound like any nightmare that one can imagine. But perhaps there is a sliver lining to it. Although the boom times bring a lot of cheer and joy, they only add to our woes. Today, boom symbolises the need to be an ever spending creature. We strive to spend and make ourself happy. This happiness lasts till we are through with the particular product or service. We never really savour the things that we buy. Because, we didn't know why we bought it in the first place. We have only conditioned ourself to spend with the assuption that a certain joy would cross our path by doing so. The boom years also bring along with it the extreme competition to compare our being with someone higher up the ladder. The bank balance becomes our source to attaining the peace of mind which never steps into our door. Recessions are much better. They are perhaps a way of settling scores. They teach us a lesson-to be thrifty. Also, they allow us to find happiness in other avenues of life. Seasons change, time changes and so does the economic cycles. We only have to adapt, adjust and behave accordingly. Maybe we should also learn to admire the adversities. They come with lessons and they help in our betterment. Happiness follows......

Never ending wishes.....

We all wish for a happy New Year. But inspite of all our wishes, it isn't going to be like that. Not that I am being sarcastic by implying that we all have a bad year ahead. But over the years, I have come to the conclusion that it is only through crisis that we learn. All our efforts in doing good things are essentially wasted because we are never really ready. Human society has only learned, progressed and innovated itself through crisis. Creation always happens after the crisis. Hence, mass killings bring people together to fight injustice, war brings people to talk about peace, recession brings people to talk about restraint. Large scale unemployment is one of the reasons that made capitalism thrive. The 1930s depression made the US to think about more productive avenues to boost production and make economic growth sustainable. Even now, 26/11 attacks in Mumbai has brought back sharp focus on security issues. The problems, in all their calamity are lying there-dormant. It takes one of these problems to make change happen. Although, it is very unfortunate that we require collosal loss of confidence in our own existence to actually challenge the status quo, therein lies our awakening. We want to be shattered, destroyed to leave our comfort zone and act. Maybe we are all to doomed to act rationally only under extreme circumstances. So the new year-we will have it anyways. Which one? You decide.....