“In that way, the work becomes self-reflexive: The higher the price, the more it reinforces its original concept,” artist Cattelan wrote to the Times." This is exactly the way and the term used by George Soros to describe a running away /booming bull market. https://nypost.com/2024/11/28/us-ne...na-devastated-after-it-became-viral-6-2m-art/ It went bananas. Bananas, billionaires, and the art of the unrelatable: a review of Maurizio Cattelan’s Comedian PublishedNov 26, 2024By Aadvika Gupta Photo Credits: Vogue In 2019, when Maurizio Cattelan duct-taped a banana to a wall in Galerie Perrotin’s booth at Art Basel Miami Beach and called it Comedian, he wasn’t just selling fruit — he was selling a question. Or maybe he was selling a punchline. Either way, that question-punchline-banana was sold for a jaw-dropping $6.2 million at Sotheby’s on Nov. 20, taking its title as the most expensive banana in history. The irony? It was purchased for thirty-five cents earlier that day from a fruit stand on the Upper East Side.
Or maybe the money isn't going to buy a banana after all. Imagine yourself as a struggling artist. A "friend" tells you that you could sell your painting for $1 million if you're willing to kick back 75% of what you keep after taxes to whoever the buyer specifies. The seller gets a payday and notoriety. The buyer gets to launder the money and can donate the "art" for a tax write off. It's obnoxious watching all these "journalists" and "art experts" pretend to be stupid. I'm waiting for the next article about some Coffee company in Colombia that sells coffee for $1mil a sack because of what great coffee it is.
So I'm not the only one smelling the scam... The same can happen to lottery winners. 2M in untraceable accounts for that 1M ticket winner?
It’s easier to corner the art market than financial markets. Same manipulation exists except art markets are not regulated. Let’s say the guy bought a few pieces by the same artist prior to “the comedian” aka banana. Now he just needs to mark up the last sale and all his prior purchases go up accordingly. To make it less obvious, donate one piece to a major museum at ridiculous valuation and take write off. Now you have the art world in your packet.
It just do not get easier to conner. It is manipulated to the roof. A lot of art galleries make long term contracts with painter etc. slave-contracts *they can not sell to other the the galleri now*. The galleres buy all they can produces, and also decides how much they promotes the artist. So suply, demand and hyp control. In regards to fine antick arts, there are often a dura-tri-poli 2-3 big players autionshouses-mach-makker, who decides who is invited+the autionhouses sometimes buy themself. They often has their own theater group of false bidder. So the bid-war can begin after they have pumt the invitet with free drinks. What can go wrong/bid-war/stupitity/anger/my one is bigger than yours. Besides that the big autions houses also creates this years hot art tema. Then they also control the storrytelling about an art pice, with help from the media. For example an old lady come in with a paiting. The aution house would maybe say * It is a little painting, do you have other paintings you would like to sell. Do you know if the fame is original, it does not look time typical. We would also like some history, fotos, storries, books with the artist s signatur. Alright you have that. But we would like a little bit more. Oh no it has been repaired. That is not good.* Then the aution house buy the painting themself and relable it as with good history, original fame and a grand cru renovation don by them. Of cause the aution houses also control the repair work of old art. It always has had some repair don or need some repair. So if it not has been repaired by the aution house it is worth less. But if the aution house buy it themself and re renovate/repair it Vupti then it is worth more.