NASO Art Market: How do Art Fairs Influence the Perception of Value in Contemporary Art?
Market Endorsement:
At the base level, Art fairs are influential in increasing the perceived value of an artwork through simply giving an artwork a form of market endorsement. In being shown at an influential art fair, an artist’s work can increase in perceived monetary and cultural value virtually overnight. The effect of this can be even more profound when the artist’s work is shown in collaboration with a gallery or institution with a prestigious reputation - signaling to a collector that an artist’s work is valuable or investable.
On top of this, the manner in which works are presented within art fairs can also subtly influence the value of the exhibited pieces. The booth arrangements, clear pricing & consistency of prestigious fairs can subtly influence viewers regarding the perceived value of the pieces on display.
“In the vein of Debord’s writings on a ‘society of the spectacle’, art fairs could arguably be seen as a platform where the aesthetic is subordinated to the commercial - viewers becoming consumers rather than participants in cultural discourse.”
The Commodification of Art:
Despite the positives, many have come to argue that the nature of art fairs may subdue the cultural value of artworks. In the vein of Debord’s writings on a “society of the spectacle”, art fairs could arguably be seen as a platform where the aesthetic is subordinated to the commercial - viewers becoming consumers rather than participants in cultural discourse. Taking this in stride, it could be questioned whether biennales may be more effective in positively influencing an artwork’s value. Because despite the lack of sales taking place, the biennale’s prioritization of cultural discourse as opposed to commerce could elevate the value of contemporary art even further.