Skip to comments.Art World in Review (Fine ART -the bankers' new toilet)
Posted on 05/28/2014 5:37:17 PM PDT by Yollopoliuhqui
It is a rare occurrence for conversations about contemporary art to happen outside of the insular circles of the art world. Contemporary art, by and large, exists as a bubble. So it should come as no great surprise that other bubbles are the only thing that may collide with contemporary art. Like, for instance, the elite insider world of high finance that purchases much contemporary art at auction.
Last week, one such collision came to light when Credit Suisse was criminally convicted for assisting tax evasion and further revealed what more and more people realize: art can be quite the racket.
There are “Joos” in every walk of life. This is the short term, get all you can while you can, mindset that comes from a deep existential insecurity, like obsessive compulsive hoarders.
With some of the contemporary art that sells for 8 figures, it’s clear that they aren’t buying it for “love” or with their own sweat.
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