Exegesis: Isabelle Graw and The Triumphant Progress of Market Success
Week 6 | August 12th, 2021
In 2009 Isabelle Graw, an art critic, theorist, and co-founder of Texte zur Kunst published a short book entitled The Triumphant Progress of Market Success. The book came in the midst of the global financial crisis of 2008 and early 2009, when the art world was still in panic mode. For Graw, this allowed her to evaluate how the art market has changed since the 20th century.
Graw argues that “the market and its players [have] […] an increasing say in establishing artistic value.” She thinks that this is because the art market has become more globalized and now obeys celebrity culture. Therefore, instead of relying on critics to create symbolic value, the Market can now rely on social media and marketing to create cultural relevance. For example, Daniel Hirst’s For the Love of God (2007), a skull covered in diamonds, had no inherent symbolic value whatsoever. Still, because of its ridiculous price, it gained cultural significance. Moreover, because the Hirst brand was already established and marketed on social media, the symbolic value didn’t matter much anymore because people were already willing to buy it regardless of what a critic would have said. However, Graw nuances this claim, citing that we now live in a knowledge society (cognitive capitalism), meaning that critics are still relevant because they are the knowledge makers in our knowledge-based economy. In other words, even if the art market can generate cultural relevance, cultural relevance also depends on the symbolic meaning that art history provides.
Although no one can deny the importance of symbolic value that critics still provide, the Market has gained a lot more power thanks to the rise of social media. An interesting case study is the debate surrounding the selling of NFT art. NFT (non-fungible tokens) allow you to buy and sell digital art as you would in a gallery or auction by keeping track of who owns the art. However, it is controversial because, unlike physical art, anybody can copy/paste it anywhere they want. Thus, it would be the same as the original.
Beeple, “ Everyday: The Last 5000,″ 2021
On March 11th, an artist known as Beeple, who had previously never sold an artwork for more than $100, sold a digital collage entitled Everyday: The Last 5000 Days for $69 million at Christie’s, instantly making him among the top three most valuable artists in the world. The collage consists of art he has completed every day for the past 5000 days in a grid format. However, it has been slammed by art critics berating it for its lack of artistic value. In other words, it has no symbolic value. So why was it sold for so much? It’s because of the Market. First, there might have been market manipulation as both the buyer and the underbidder have large stakes in the success of NFTs. By buying the art at such a high price, they might have knowingly inflated the overall value of NFTs to their own advantage. Second, social media also played a role in creating hype around NFT which has not only given Beeple a large fanbase but has planted a seed in the minds of many that NFTs are the way going forward. Christie's auctioning one-off legitimizes that claim. Therefore, in this day and age, when it comes to art that has been introduced into popular culture, such as NFT art, art critics can do little to change the valuation because even though we live in a knowledge society, public opinion is also the bread and butter of this day and age.
Sources:
Chayka, Kayla.“How Beeple Crashed the Art World.” The New Yorker, March 22, 2021. https://www.newyorker.com/tech/annals-of-technology/how-beeple-crashed-the-art-world
Graw, Isabelle. “Isabelle Graw.” Interview by Alex Gartenfeld, Purple Magazine. Spring 2011. https://purple.fr/magazine/ss-2011-issue-15/isabelle-graw/
Graw, Isabelle. “The Triumphant Progress of Market Success.” In High Price:
Art Between the Market and Celebrity Culture. pp. 19-79.
Kastrenakes, Jacob. “Beeple Sold an NFT for $69 million.” The Verge, March 11, 2021. https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million
Smee, Sebastian. “Beeple’s digital ‘artwork’ sold for more than any painting by Titian or Raphael. But as art it is a great big zero.” The Washington Post, March 16, 2021. https://www.washingtonpost.com/entertainment/museums/beeple-digital-artwork-sale-perspective/2021/03/15/6afc1540-8369-11eb-81db-b02f0398f49a_story.html












