Holland Cotter: The Boom Is Over. Long Live the Art!

In the New York Times.
"Anyone with memories of recessions in the early 1970s and late '80s knows that we've been here before, though not exactly here."

"I'm not talking about creating '60s-style utopias; all those notions are dead and gone and weren't so great to begin with. I'm talking about carving out a place in the larger culture where a condition of abnormality can be sustained, where imagining the unknown and the unknowable -- impossible to buy or sell -- is the primary enterprise. Crazy! says anyone with an ounce of business sense.
Right. Exactly. Crazy. "

"Every year art schools across the country spit out thousands of groomed-for-success graduates, whose job it is to supply galleries and auction houses with desirable retail. They are backed up by cadres of public relations specialists — otherwise known as critics, curators, editors, publishers and career theorists."

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The Article:

LAST year Artforum magazine, one of the country's leading contemporary art monthlies, felt as fat as a phone book, with issues running to 500 pages, most of them gallery advertisements. The current issue has just over 200 pages. Many ads have disappeared.

The contemporary art market, with its abiding reputation for foggy deals and puffy values, is a vulnerable organism, traditionally hit early and hard by economic malaise. That's what's happening now. Sales are vaporizing. Careers are leaking air. Chelsea rents are due. The boom that was is no more.

Anyone with memories of recessions in the early 1970s and late '80s knows that we've been here before, though not exactly here. There are reasons to think that the present crisis is of a different magnitude: broader and deeper, a global black hole. Yet the same memories will lend a hopeful spin to that thought: as has been true before, a financial scouring can only be good for American art, which during the present decade has become a diminished thing.

The diminishment has not, God knows, been quantitative. Never has there been so much product. Never has the American art world functioned so efficiently as a full-service marketing industry on the corporate model.

Every year art schools across the country spit out thousands of groomed-for-success graduates, whose job it is to supply galleries and auction houses with desirable retail.

Read the complete article here.