The wonderful George Hofmann dropped a line to say he’d been thinking about the 20 Twice posts and ways to change how the art market worked – or maybe – a way to expand it or disrupt it more in favor of artists. He kindly sent this idea the other day.
“Is it possible that we should change the whole system of showing art, and ownership of art?
The current market caters ruthlessly to hype and false hope, in the main. And deprives many of recognition and an honest return.
How about this:
“Selling” changes to Leasing. The “purchaser” pays installments over time that sustain the artist providing for a decent living including working space and materials. At the end of the “Lease”, the work reverts to the artist. The dealer becomes a broker, paid a reasonable fee by the collector.
Museums need not come up with exorbitant funds, or court trustees, but become trustees themselves, paying ongoing support to artists or their heirs.
This all to be regulated by law.” [George Hofmann, Feb. 12, 2020]
To our readers – what are your thoughts about George’s idea for the market? What do you think should be done – if anything? Comment below!
Also want to mention that George is currently having a wonderful show at the David Richard Gallery right now. It comprises his classic work – a beautiful series of abstractions from the end of the 2000s. Highly recommend a visit.