search  current discussion  categories  philosophy 

art market at time of war

updated wed 2 apr 03


Janet Kaiser on tue 1 apr 03

I suppose it is something we eventually will all think about, although I
must admit that my thoughts are not about "our" or any market being either
up or down just now, but then I am not a born business person (unlike all
the company directors currently fighting for post-war reconstruction
contracts in Iraq).

However, I get mail (x 4) from some mailing list I never
signed up to and they opened their last letter with the question: "Every
Art Market player has in mind the crash that hit the market during the
first Gulf war. How do people feel about the current situation?"

It goes on to say that Gulf War I triggered a dismal slump in the art
market with prices taking a dive. Investors read this as a sign that the
market had run out of steam and got out. It ends with "Worse still, 1991
was not so much a quick crash as the start of a drawn-out slump that was to
last nearly five years. Most market professionals reacted stoically, saying
nothing, doing nothing and going down with the ship".

Now as GWI did not take place against the background of the bubble
crash or post-Enron, nor did the respective countries pay for their
"services" themselves, I wonder what the effect will be this time? If GWI
was responsible for that slump in the early 1990s (I am afraid I am so dim,
I had not realised there was a connection) what will happen this time with
so much more happening in national and global economies?

Although I do not really want to think about business at a time of war &
killing let alone talk about it, but economic reality may be thrust upon us
all sooner than we all think. Here at The CoA, we have already noticed a
marked drop in sales in addition to which so far this year, people have
reverted to the 1995 levels for donations (20 pence average p.p.) And most
disturbingly, this has been in lovely sunny, warm, dry, spring weather when
optimism and joy must be at maximum levels under the circumstances.


Janet Kaiser - just home from setting up our next exhibition... It's
looking good! :-)
TRUTH is too precious to tell every fool who asks for it...
****** This post was sent to you today by Janet Kaiser *******
The Chapel of Art / Capel Celfyddyd
8 Marine Crescent, Criccieth LL52 0EA, Wales, UK
Tel: ++44 (01766) 523570 URL: