Get a Custom Essay Paper that meets your expectations by clicking ORDER
The Role of Art Collectors in the Art Market
Order Instructions:
Discuss academically the role of one of the key agents (dealer, curator, critic, collector) and his/her position in the art market.
In this paper discuss the role of Art collectors and their position in the art market taking a Case study approach looking at specific individuals.
Art collectors the client has chosen for the case study: Frieder Burda and Christian Boros
Points to cover is the art market and what it is etc also touching on primary and secondary markets and then discussing the role of the art collector in the art market.
Go straight into the case study and not to explore the art market in a generic way, as word count is limited and to focus on discussing the role of the art collector in the art market.
Take a case study approach and to look at Frieder Burda and Christian Boros. Focusing on Germany and how it has one of the liveliest and most electric collector communities in the world. And touching on how Germany in a way more than any other country has a collecting tradition. Private museums seem to be an on going trend to build own museum for your collection.
Use a wide range of sources not just online. Structure the case study well. The essay must be fully referenced and include a bibliography.
Below is a partial answer to the above homework questions by one of our writers. If you are interested in a custom non plagiarized top quality answer, click order now to place your order.
The Role of Art Collectors in the Art Market
Introduction
According to Alessandra (2016,p. 60), commercialization of art as envisioned in the growth of private museums, auction houses, art fairs and sponsored exhibitions characterizes modern art, where an increasing number of artists are focusing on financial interests rather than the art itself. Horowitz (2014) refers contemporary art as ‘art of the deal’ which basically insinuates that the major objective of the modern artist is to obtain the best deal for their art. In this regard, the demand side of the art market including collectors, museums, investors and intermediaries has gained increased importance for building business and marketing strategies.
Collectors can be said to have shaped the art market to a great extent through influencing the demand side and creating value for artists. What really then is the role of art collectors in influencing the art market given the current state of affairs? Art collectors play a key role in sustaining the art market by promoting the work of artists across the globe. Art collectors, based on their popularity play the role of industry pacemakers, providing an opportunity for artists to thrive and influencing the style of art to a significant extent.
This is more so when their collected work is displayed to the public, thus influencing the interest of art lovers and consequently their future purchases. The role of art collectors has been extensively portrayed in Germany where the number of private galleries and museums has grown tremendously over the years. This paper aims at exploring the role of art collectors and their position in the art market by discussing the role played by two famous art collectors from Germany, Frieder Burda and Christian Boros.
The art market and the role of art collectors
The art market, comprising of the primary and secondary market presents an intricate avenue through which art is valued and where demand and supply factors come into play to set prices for various forms of art. Accordingly, different players including the artists, buyers and agents play unique roles in influencing the art market (Marshall & Forrest, 2011). Art collectors thrive in both primary and secondary markets and their role in each market is based on their interests.
This means that they influence what is sold in both the primary and secondary market, thus influencing the supply side of the market. Zorloni &Ardizzone (2017) note that in an attempt to meet the demands and interests of art collectors, artists tend to lean towards their preference. This has mostly been witnessed with increased globalization and commercialization of the art industry, where it is more about sales. In this relation, the choice of art collectors drives the direction of the industry, such that artists are likely to make productions designed to catch the attention of art collectors.
The preferences of art collectors may influence artists towards a certain genre in a bid to create market and gain recognition. Artists for example are likely to move towards a certain genre of art due to the influence of a famous art collector. A notable aspect of art collectors influence on demand and supply in the art market is their changing preferences, which to a great extent defines the future direction of the market. According to Jahrgang, H. (2011), modern art collectors’ palaces can be likened to a “kaleidoscope with astonishingly small pebbles that keep being reshuffled.” As collector interests keep changing, so do artists have to adjust.
Art collectors have historically played a significant role in promoting art not only through enhancing interest in art but also supporting artists’ work. The first and most significant role an art collector has is that of providing income to drive the art market. Art collectors purchase numerous works of art for their collections and this provides revenue for the art market to thrive. Art collectors are mostly financially endowed individuals who are capable of purchasing numerous works of art based on their interest, thus creating a market for artists. Furthermore, art collectors have been known to promote unknown or new artists by purchasing their art works.
Art collectors play the role of marketing artists through by publicizing their works, consequently making them earn more from their works of art. This is more so where the art collector also has an exhibition for their collection, thus creating a platform for marketing featured artists. According to Hernando & Campo (2017b), collectors have the potential of increasing an artist’s economic worth just by considering or purchasing a piece of work. When famous art collectors purchase a work of art, they elicit interest in the art as well as the artist and this enhances their value and potential to perform better in the art market (Hernando & Campo, 2017a).
The acute love and passion for art by art collectors is of great significance in promoting the art industry. Art collectors are known to influence peoples’ interest in art and thus play a key role in maintaining the industry. According to Kossenjans & Buttle (2016), collectors may be influenced by various motivations including possessive and materialistic pursuits, attraction, or passion that often border obsession.
However, their collections are bound to impact those who interact with them, such that collectors play a role in influencing art demand. Individuals visiting art exhibitions may not necessarily be art lovers or enthusiasts of particular art genre. However, their interest may be influenced by the collection of art seen from an art collector, further driving the art industry.
Frieder Burda and Christian Boros
Studies in the evolution of art collection reveal that the modern art collector not only commands respect as an influential player in the art market but also a trend setter, whose interests are likely to shape the supply side as artists seek to gain relevance (Pierson, 2017). Among famous art collectors who are currently driving the art market are Frieder Burda and Christian Boros, both Germans who have created a lasting niche for themselves in the art collection business.
Each of these art collectors, who are also among the top ten German art collectors, have invested heavily in collecting unique pieces of art, which are housed and exhibited in their private museums. Born in April 1936, Frieder Burda, took after his father who collected art before him. Burda’s first work first work was Lucio Fontana’s slashed red painting bought in 1968 at Kassel’s Documenta 4. Since then, he has accumulated a significant number of collections with advice from art-historian friends. His Museum which was opened in 2004 boasts of about 1000 works, where a major focus is given to German painting, drawings and sculptures (Global Art Magazine, 2017).
The famous Christian Boros was born in Poland in 1964 before later moving to Germany with his parents in an attempt to flee from communism. Boros is a self-made entrepreneur whose passion for advertising was driven by art, leading to the development of a massive company that specializes in image management. His interest in art is however cannot go unnoticed, given his wide collection of art which he began collecting at 18 years.
Boros specializes in contemporary art and has collected over 700 works that are currently displayed at Sammlung Boros, developed from a former raid bunker from the Nazi era. The gallery which was opened in 2008 attracts both art lovers and history lovers who want to learn more about the Nazi past. Boros regularly updates his collection with new works of art and is considered a major figure in the Berlin art scene…..
Get a Custom Essay Paper that meets your expectations by clicking ORDER
