The Last Wild West

Is the art market one of the last frontiers of the ungovernable ideals of the Wild West? There is a certain kind of charm and romanticization that can be applied to both, and it is true that the art market has a notorious lack of transparency as well as regulation.

One such instance is the lack of a regulatory agency in the US that oversees the art market like the Securities and Exchange Commission does for the securities market. Another is establishing market value - auction houses report prices paid, but will remove the estimates after the auction has passed. A collector interested in these numbers would have to invest in an art market research tool to look up historical prices for past auctions, which though accurate, are often lacking in complete information. Representing only the most prolific auction houses, the information is also provided at the discretion of those running the service and certainly not wholly representative of what is available. For sales that are carried out privately, be it by an auction house, dealer or gallery, the situation becomes murkier as sellers rarely disclose what pieces they sell and at what price.

Though there are numerous advantages to these practices to various parties, there are quite a few negative ramifications as well. Some of the problematic factors of obfuscation and non-disclosure within the art market include various financial and legal problems including the potential of purchasing a work of dubious provenance due to a lack of diligence of a third party broker as well as the potential of unfair manipulation of the market in general. However, such practices are rarely sustainable as can be witnessed from the myriad of scandals that have graced the art news headlines. In this way, the art market certainly resembles the anarchy of the wild west for those looking at art as an alternative asset class and have the necessary skills or advice to navigate such waters.

Much like the tropes and themes of romance and chaos of the dramatized American Frontier (or Old West) that serve as inspiration for the work of Billy Schenck, the art market also thrives on many exaggerations. Tales of working with reputable honest dealers are much less exciting, though much more common. For the foreseeable future at least, the current art market, and all of its character flaws, are here to stay.

On view now at JoAnne Artman Gallery NYC -  “Saddle Up” New Works by Billy Schenck  Fall/Winter 2017 (November 14 - December 16)

Billy Schenck is represented at JoAnne Artman Gallery  || 326 N. Coast Highway, Laguna Beach CA 92651
 || 511 A West 22nd St. New York NY 10011