Things You Should Know from Art Investment 2010

EisnerAmper, Midtown East

Art in New York City is a big deal. Vitally interwoven into other sectors of the New York economy, the arts influences fashion, media, and technology.

In 2005 the Alliance for the Arts reported that the economic impact of the industry was $21.2 billion, and this measure in terms of tourism dollars was 5.4 billion. This is basically one fourth of total visitor spending, according to the official guide to New York City.

A panel discussion, hosted by Gotham Media Ventures and sponsored by EisnerAmper, was presented last night. In proper art world fashion, a wine reception followed.

The nation’s financial crisis has dramatically affected the arts, and perhaps altered its landscape permanently. As moderator Timothy Speiss of EisnerAmper described, the economy of New York’s art industry has corrected itself.

Given the state of the current art economy, speakers at “Digital Cocktails: Art Investment 2010” shared the following insight:

For artists:

  • Art as an entrepreneurial endeavor is now easier than ever. Artists aren’t afraid to experiment with creative ways to engage audiences, including installation-type shows. Along the same lines of performance art, these participatory events are called “happenings.”
  • Artist mobility is also limitless, with back to back openings seamlessly being scheduled on an international level.

For sellers:

  • Traditional dealers and galleries compete more fiercely with auction companies, as art is rapidly being liquidated from estates.

For buyers:

  • Art is becoming more tech-friendly.
  • Like never before, it is a buyer’s or collector’s market, with increasing members of the middle class having greater access to fine art.

Both Sebastian Cwilich, COO of art.sy who is developing The Art Genome Project, and Rick Wester, owner of Rick Wester Fine Art which is in Chelsea, strongly urged all panel guests to visit Jen Bekman’s 20x200.com. What began as a modest gallery on the Lower East Side, Bekman transformed into an online undertaking. As the site’s clever tagline reveals, “It’s art for everyone.”

Photo credit: Didier Leroi

art
investment
art.sy
Rick Wester Fine Art
20x200