Power in our rapidly expanding global art world comes in many forms. There’s creativity which pushes past formal boundaries, influence which can often convince cultural agents to do its bidding, and wealth which, while greasing the wheels of artistic enterprise, is also capable of changing all the iron rules into rubber bands—to quote novelist Ryszard Kapuscinski.
Today, financial power—as expressed in ever-rising multimillion dollar, pound sterling and renminbi sums—remains very much the dominant force in the art world. As Phillips CEO Edward Dolman told Bloomberg in January, the growth of the art world continues apace, even amid a global economic downturn. He and other auction experts have consequently characterized the recent decline in auction sales not as a “correction” but, more optimistically, as a “consolidation.”… Read more
Image: Patricia Phelps de Cisneros poses with the artwork ‘Nylon Cube’ by Venezuelan artist Jesus Soto, part of the exhibition Radical Geometry: Modern Art of South America from the Patricia Phelps de Cisneros Collection at the Royal Academy of Arts on July 1, 2014 in London, England. Photo by Matthew Lloyd/Getty Images