The Sorry State of the Art “Market”

Feb 21

Written By Lenka M

I recently read two pieces by two revered and decidedly distinct commentators on art and collecting. Each lamented on the sorry state of the art market. Noah Becker (@newyorkbecker) artist, author, publisher was quoted as saying,

The art world has a belief problem – not a talent problem, not a production problem, a belief problem.

Magnus Resch, art market expert, university professor, entrepreneur, book author and Internet meme, speaking at Davos (yes, Davos has an art program) stated that,

The art market doesn’t need more artists. It needs more buyers. The art world does not suffer from a lack of talent. It suffers from a lack of buyers who feel confident enough to participate.

Both see a problem and both are right.

Becker rails at the establishment; and I have to include his full post due to its pointedness. “We still have artists, museums, collectors, fairs, magazines, what's fading is the shared feeling that art actually matters. Art used to feel like a way to understand existence, now it often feels like a way to decorate wealth, signal taste, or build a resume. We talk about ‘discourse’. We talk about context. We talk about positioning. We rarely talk about awe, or terror or transcendence. The market is loud. Institutions are loud. Personal brands are loud. Belief is quiet. And right now, it's barely audible.

A lot of contemporary art doesn't feel urgent. It feels... professionally correct, well researched, well installed, low risk to the soul. We don't lack smart art. We lack art that risks being uncool, art that risks sincerity. So we stand at fairs, nodding thoughtfully, while secretly treating art like luxury wallpaper with a theory attachment.

The real crisis isn't that art is dead, it's that too many people involved with it no longer act like it's alive.

Tell us how you really feel Noah!

Resch, a ‘meme’ of the establishment, sees an altogether different problem, an art market beset by “more art than ever before - more exhibitions, more fairs, more content. Yet galleries are closing, liquidity is shrinking, and the middle market is eroding.” Resch likens art to other markets, real estate and finance, where data – and arguably – transparency, allow for “sustained momentum”. He rightly points to “opacity, asymmetric information, and narrative-driven pricing” both splitting the market and driving away new entrants.

Resch’s view is that “if the creative economy is to scale, it needs market infrastructure [technology] not more supply… [and] activating a new generation of collectors” – in other words, a rational market.

As I stated above, both are right. Art has become commoditized, an asset, and the art market’s constituents are vested in keeping things both inscrutable and opaque because both serve to preserve the system and the profits.

But while the art world may have a belief problem, as Becker says, art is more important than ever. Art is essential to a society under siege (by you name it) because it fosters empathy, preserves cultural heritage, and acts as a catalyst for social change by challenging norms. Beyond personal expression, it drives economic growth – contributing $131 billion to Canada's GDP in 2024 – and enhances community connection and mental well-being. Art serves as a vital tool for education, critical thinking, and understanding diverse perspectives.

Open Art exists because of the belief that art is more than a commodity and has value beyond a strike price – but it has to be activated. Our aim is not just to acquire art for our clients but to help them leverage the value of their assets and become true patrons who are making investments, not just in art, but in the artists who fuel the vitality of our communities.

We don’t just acquire and curate. We build bespoke programs for clients that: