Art and Commerce: From Adversity to Alignment

From Creation to Capital: The Rise of The Art Market

When we look at history, we can find the roots of this tension deeply embedded in the artists’ psyche and societal perceptions. As a strong example, Romanticism, a 19th century European cultural and artistic movement, greatly influenced the perception of the artist as an individual driven by their own passions and intuitions, rather than conforming to societal conventions or public desires.

During this time, Romantic artists like J.M.W. Turner, Eugène Delacroix, and Caspar David Friedrich  were often portrayed by critics, the general public, and sometimes through the autobiographical elements in their own works as tragic figures, at odds with society and tormented by their intense emotions. This conception of the artist led to the idea that art should be created for its own sake (“l’art pour l’art”), rather than to satisfy an audience or for commercial reasons. Because of this, involvement in the art market was often viewed as a compromise, if not a contamination of the artist’s integrity.

As the clock turned to a new century, so did the artistic world’s relationship with its marketplace. In the 20th century, with the rise of modern and postmodern art, the relationship between artists and the art market became even more complex. While some artists, like Andy Warhol, openly embraced commercial dynamics and integrated them into their artistic practice, others resisted or critiqued these dynamics.

The dynamics set forth by these influential figures set the stage for the modern art world’s intricate relationship with commerce. Contemporary art markets also reflect this tension between art and commerce, in which an artwork’s value is determined as much by its authenticity as by its commercial appeal or investment potential.

But although artists’ relationships with the marketplace may have evolved, certain necessities persist — although many artists may explicitly reject the idea of making art for the market, on the other hand selling their works is often necessary to sustain their practice. Furthermore, upon the passing of an artist, their artistic output is often acquired by third parties, such as dealers or gallerists, who profit from their past work, creating a market in their favor.

Fast forward to today, and technology has presented yet another layer to this complex interplay — with the advent of NFTs (Non-Fungible Tokens) in the art market, there’s a clear potential for a shift in this paradigm, offering unprecedented direct opportunities for artists.

In light of this, we ask : How are NFTs truly influencing, and changing the way we perceive the art market?