Earlier this month, Art Economist Magnus Ricch made his latest book from Fedon Press: “How to Assemble Art”. The world of art is very much accepted, and often those who want to participate in it are put up to maximum degrees that basic questions can fool them or -No -Poot.
Author of Magnus Race, ‘How to Assemble Art’. Photo courtes
Rit wrote his book for art collectors entering the market for the first time and driving on various sources such as experienced collectors, Andy Warhole Collector David Mugrebi, Art Advisor Amy Capailabozo, Gallerist Jeffrey Deach and CEO Guillum Serutty, Gallerist Jeffrey Deach and Christie. Observer recently caught with a darch to hear more about his new book for art collectors and how he navigates art fairs.
- Why did you want to write this book?
- One of your chapters has a bold subtitle ‘Why Most Art is not a good investment.’ Can you explain that idea in some words?
- You are an economist so I think it is not your field of expertise, but you insist that people gather out of passion. How can they find the art that speaks them?
- I like how wide this book is. It even includes a strategy to navigate the fairs. How do you handle them yourself?
- What do you do to the continuous spread of art fairs? It seems that people are talking about how many of them have been sick for a decade.
- Many people consider the world of art market and museum completely different, but your book takes more nuances of how they are interconnected. Can you explain it?
- This book touches the online purchase during Covid-19, and NFTs. Do you think those parts of the market will return someday?
Why did you want to write this book?
My goal was to provide guidance to new people entering the market, serving them as their trusted advisor through the early stages of their collected trip. I would like to help them buy their first piece without worrying about a big budget or overbearing. And the art market needs new buyers. In the last decade, the number of buyers remains stable, spending more than $ 100,000 on only six thousand annual arts – despite all millionaires’ global number doubling and record appearance in art programs. This highlights a conversion issue, where the newly rich art fails to infection originally in buyers. I am confident that a combination of education, entertainment and transparency can address this challenge by wooing more art enthusiasts to become an active buyer.
One of your chapters has a bold subtitle ‘Why Most Art is not a good investment.’ Can you explain that idea in some words?
There is a common misunderstanding in the headlines that increase record prices: investing in art guarantees enough benefits. However, the reality is different. Only a small fraction of artists in the top eclone sees significant returns, while most artifacts provide minimum financial benefits. In my book, I would like to book myths by equipping readers with equipment to identify these top-level artists. By doing this, the collector can take informed decisions and avoid overbearing for pieces. In addition, I emphasize the internal value of art beyond my monetary value. For me, art collection is beyond financial advantage; It is about supporting the artists whom I owe and receive real bliss. This philosophy underlines my book.
You are an economist so I think it is not your field of expertise, but you insist that people gather out of passion. How can they find the art that speaks them?
I strongly believe that being informed well as an art buyer increases the chances of purchasing. This means understanding both pricing of artwork and probable future value. Therefore, I advocate a consistent approach: when you come on a piece that catches your eye, inquiry about its price. If it fits within your budget, start your proper hard work by reviewing the artist’s CV by joining with the gallerist and artist and using the formulas mentioned in my book. Armed with this knowledge, buyers can purchase with a clear understanding of the idea and value of artwork.
See also: How the individual brands of artists bring in large rupees
I like how wide this book is. It even includes a strategy to navigate the fairs. How do you handle them yourself?
Given the abundance of art on performance, the art fairs can be heavy. To navigate it, I limit myself to search for a maximum of two fairs per day. I start with the main fair, then enter into small, emerging people. At the fair, I make it a point to participate in dialogues that are often part of programming, focusing on current topics in the world of art. On the last day, I re -look at the artifacts that I loved to interact on unusual pieces potentially. Additionally, I see the art fairs as invaluable networking platforms, allowing me to join the gallrist, fellow collectors and the inner formulas of the industry.
What do you do to the continuous spread of art fairs? It seems that people are talking about how many of them have been sick for a decade.
For collectors, the art fairs are helpful as they easily provide a-stop solution to see a wide range of artifacts. And they have developed in important forums for galleries, contributing significantly to their annual revenue, often calculating up to fifty percent. Nevertheless, when I accept the importance of art fairs, it is clear that they face a conversion challenge. Remarkable, the people present at the art fair less than five percent shop. Therefore, while fairs have been successful in attracting people through their doors, they are struggling to develop a purchase experience that enables visitors to find and achieve the artifacts that they want.
Many people consider the world of art market and museum completely different, but your book takes more nuances of how they are interconnected. Can you explain it?
The relationship between art markets and museums is deep. Understanding this concept should be on the foundation of every collector’s journey as an artist’s success is complicated with gallery and network of museums, which shows a study, for which I analyzed the career of 500,000 artists. In my book, my purpose is to demolish these networks and highlights power dynamics within the art market. Understanding this data should also be injected to the feeling of bliss back in art procurement.
I encourage readers to rely on their taste, engage in meaningful conversations with galleries and artists, actively visit the art show and dip with their first purchase without the possibility of overbearing. My fundamental message to new collectors is simple: buy what you love. Viewing art not only as a financial investment, but also as an artist’s means of investing in career and creativity. Purchasing arts transfers monetary transactions; This is about cultivating a deep relationship with artwork and showing support for a broader artistic community.
This book touches the online purchase during Covid-19, and NFTs. Do you think those parts of the market will return someday?
Early promotion around NFT and digital art is reduced. Nevertheless, the built -in technology is to stay here to power the NFTs. Blockchain technology has introduced innovative ways to use digital assets, which has the ability to revolutionize art market in a pre -unimaginable manner. Once the demand of collectors is registered on the blockchain, it will promote transparency in the market. Artists will benefit from greater control over their tasks and ability to earn royalty from resales. In addition, as blockchain technology becomes more prevalent, more buyers will enter the market. Although this development cannot be overnight, its effect will be deep and far -reaching.
