ARTnews’ Top 200 Collectors discuss today’s art market, where an “investment mindset” has apparently run amok. Buying by volume may be down, but the top tier of collectors continues to acquire artworks, and several share their perspectives on the art world’s own version of “tulip mania." [ARTnews]
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The talk of the summer was a memo circulated by adviser Jacob King, who, in taking the temperature of the market as it stands, posited that an “investment mindset”—defined as an approach to buying art that “boils down to a single question: how likely is it to go up in value?”—had run amok.
While this isn’t especially new or exclusive to the art market, King argued that this way of thinking, primarily that of the speculator, had become the “prevailing assumption” among buyers; in other words, it was no longer taboo to mention in polite company.