A Little Good News About The Art Economy
So I was reading the December issue of Decor magazine (an art & framing trade magazine) and there was an interesting article that made comparissons about luxury spending trends (you know, like for buying art) during trying times such as now and the Great Depression. (comparitively speaking it seems like a bit of a stretch to me.)
“The effect on luxury goods was an immediate decline in sales, driven by the combination of consumers who saw a real decline in wealth and consumers who no longer felt the display of wealth was appropriate. . . Read this as luxury is out, and practical consumption is in.” -Decor
You’re thinking to yourself. “Geez Mona, I already know this. Didn’t you say something about some good news?”
According to the article, the Great Depression was not a bad time for picture framers. (honestly, I had never really thought about picture framing even existing as an occupation back then.) It seems then as now, people spent less on things that represented obvious wealth and more on smaller luxuries that focused on personal living enviroments. In other words, they bought art that brought them comfort and made their personal spaces more enjoyable.
Of late, this seems to be true in my case. I’ve had two patrons within this past week, who have emailed and wrote extensively about how much joy their new painting has brought to them. I do have some patrons who just collect art for the sake of collecting, but most are looking for some emotional tie in, that gives them pleasure each time they look at the art.
So the good news is: People will still be buying art (and other luxuries.) But these items may now need to have added value. The purchase of artwork may well need to serve the function of improving their life by offering a little emotional comfort from all that is going on around them.
“All is not lost, but you must realize the world has changed.” - Decor
Thanks for the encouraging post, Mona.