Art has continuously embraced new mediums and concepts, shaping the dynamic landscape that contemporary art collectors see today. From traditional paintings and sculptures to digital art and immersive installations, its evolution reflects both cultural shifts and technological progress.
According to Rise Art, an online art gallery, contemporary art covers a variety of styles and evolves rapidly, making it difficult to define. Take the Invisible Sculpture by Italian artist Salvatore Garau for example. Auctioned at £13,000, this artwork has sparked controversy, with critics questioning the value of a piece that lacks physical presence.
However, some supporters argue that “nothing” has weight and significance. As noted by the British online newspaper, The Independent, this artwork challenges traditional notions and expands the boundaries of what can be regarded as art.
Considering the complexity of contemporary art, understanding its intricacies is vital for making informed decisions and appreciating its value. This article will cover everything from the benefits of contemporary art to useful information art collectors should know before purchasing new pieces.
Why Collect Contemporary Art?
Contemporary art refers to works created by living artists, originating from the late 20th century to the present day. To gain a deeper appreciation of contemporary art, this section will provide the reasons why it is a valuable addition to any collection.
Strategic Asset Investment
According to a report by Artprice, a French online art price database, contemporary art now represents 15% of global fine art auction sales and has become the main driver of growth, with an increase of 2,100% over the past 20 years.
This figures mentioned above prove how the artists of today are thriving and how the demand for artwork is rising. It also points to contemporary art as a promising investment. However, similar to real estate, the value of contemporary art can take some time to appreciate.
Stimulating Social Conversations
Art has long been recognised as a reflection of society, with artists acting as a voice through their creations. Apart from displaying various techniques, the works of contemporary artists also focuses on their effect and experience to the viewer.
By leveraging techniques, materials, concepts, and subjects that convey powerful messages, contemporary artists can use their works to reflect various views about social issues.
A prime example of a contemporary artist who amplifies global issues in her artwork is Delcy Morelos. She incorporates natural elements like clay and plant fibres as central symbols in her work, drawing inspiration from the land dispossession she witnessed in her native Colombia. Through this approach, Morelos highlights global concerns, using her art to advocate for environmental awareness.
Accessible for Emerging Collectors
A common misconception among new art collectors is that art is only for the rich. However, artworks by emerging artists allow aspiring collectors to acquire pieces at a more accessible price.
Rise Art Art Gallery suggests that budget-conscious collectors consider acquiring small original paintings from emerging artists. Investing in the work of new artists allows them to become early supporters and holds the potential for their investment to grow in value over time.
Five Things to Know About Contemporary Art
Today’s art is recognised for its progressive nature, making it essential to stay well-versed about the key factors shaping the contemporary art world. This section will tackle aspects of contemporary art collectors need to know before curating their collections.
1. Timeline
Contemporary art, spanning from the recent past to the present, has sparked debates about its origins.
Some curators say it began in 1989 with the demolition of the Berlin Wall and the Tiananmen Square protests, according to a leading online art marketplace, Artsy. Other notable experts have suggested different starting points, with Smithsonian curator Melissa Ho pointing to the early 1970s, German curators opting for 1945, and sociologist Nathalie Heinich favouring the 1910s.
Additionally, the rise of Abstract Expressionism between 1943 and the mid-1950s further complicates identifying the origins of contemporary art, as this movement is considered part of modern art.
Nevertheless, contemporary art is generally understood as the work of today’s artists, though tracing its roots in past decades remains a subject of ongoing debate.
2. Art Styles
One way to recognise contemporary art is by observing the distinct art styles used by artists. For instance, some artists emphasise innovative techniques like mixed media, while others focus on maintaining a cohesive visual identity, often characterised by recurring themes or colours.
Below are strategies contemporary artists utilise to create a unique artistic identity.
Technique
Some artists are renowned for their signature techniques, which are consistently applied across their artwork. This distinctiveness often stems from using particular materials, methods, or a combination of both, creating an artistic identity.
A prime example of a cohesive technique is Bram Bogart’s abstract paintings. Contemporary Art Issue, an international platform dedicated to contemporary art, explains that Bogart heated and aged poppy oil with pigment powders and zinc white, then combined it with water before applying it to the canvas.
Bogart used impasto –a technique where paint is applied thickly to a surface, with plaster as a cost-effective alternative to traditional paint, helping him work around his limited budget, as reported by a search engine and online platform for art, Barnebys.
Visuals
There are art collections that exhibit a cohesive look, where elements such as colour, form, texture, and figures are recurring in the artist’s works. While technique involves specific materials or methods, the visual approach may utilise existing techniques but ensures that elements are evident in all pieces.
This is exemplified in the works of Yves Klein, renowned for his blue monochrome paintings. According to an art museum in New York, MoMa, Klein utilised a monochrome abstraction approach, where a single colour is applied across the entire canvas.
Klein viewed monochrome painting as a way to explore freedom and limitless possibilities of colour. While Klein worked with various colours, his most famous pieces often used International Klein Blue, a specific shade he claimed to have trademarked.
3. Artist’s Intention
In the past, it was evident that the artist’s intention was straightforward: to capture the images of people, places, animal, landscapes, or everyday lives. However, with the rise of new art forms, such as photography, video art, installation art, and other artistic practices, determining the intent became less clear.
Most people nowadays own a camera phone, allowing anyone to snap photos of random everyday scenes that they want preserve or remember. However, not every photo can be regarded as a work of art. Think of photography as an accessible art form; the distinction often depends on the intent, composition, and context of the image.
An exemplary case is Wolfgang Tillmans’s Your Dogs. The photograph features two dogs forming a curve that aligns with the geometric lines of the pavement and the shadow it casts. The black-and-white treatment highlights the image’s connection to the tradition of street photography, capturing moments and chance encounters in urban settings, as emphasised by a French art museum and cultural centre, Fondation Louis Vuitton.
In this context, it is the artist’s intent in how the work is presented, transforming a simple scene into an example of contemporary art.
4. Subject Matter
An artwork is considered contemporary not just because of its style but also because of its relevance to current issues and themes.
According to an academic publisher, SCIRP, contemporary artworks prioritise ideas and concepts over technical execution or visual aesthetics. Contemporary artists centre their work around abstract ideas, political issues, social concerns, or sensory experiences rather than adhering to traditional standards of visual appeal.
Consider the iconic image of the Burning Monk by Malcolm Browne, who captured Thich Quang Duc’s self-immolation during the Buddhist crisis in Vietnam. The image displays Thich Quang Duc’s protest against the South Vietnamese government’s discrimination, earning Browne the Pulitzer Prize for International Reporting and the World Press Photo of the Year in 1963, as stated by Time.
In this sense, this art mirrors the issues of the contemporary period, showcasing how artists engage with and provoke thought on relevant social issues.
5. Art Market
The art market is a complex and profitable industry that needs to be more understood and noticed. Faster Capital, a global online incubator and accelerator, suggests that contemporary art buyers looking to invest in art must educate themselves about the art market, as it can impact the success or failure of an investment.
Key drivers of the art market include:
Economy
Economic factors like market stability, inflation, interest rates, and investor confidence influence the art market. Artly, an online art gallery, notes that art sales tend to fall during economic downturns, while sales and prices usually increase during thriving periods.
This point is exemplified by a report from UBS, a multinational investment bank, which forecasts a positive outlook for 2024 and beyond. The report anticipates a decrease in interest rates, weakening inflation, and continued appeal of art, all of which could strengthen the art market.
Artistic Trends
Artistic trends refer to the dominant style, techniques, and themes in art at a given time. These trends represent the influences and preferences shaping artists’ work and can evolve as time progresses, as highlighted by an online resource platform, Fiveable.
A prime example is a report from a leading online art marketplace, Artsy, which states that many curators have noted an increasing focus on ecological and social justice themes, specifically by female and Indigenous artists, who play a central role in these conversations. This trend reflects a growing interest in contemporary art, tackling current global issues with a bold, activist perspective.
Curate Contemporary Art Collection with Confidence
Contemporary art is a complex and ever-evolving period that requires intensive research. It is essential to understand the period in which the art was created and to explore various art styles to find what resonates personally.
While understanding the artist’s intention and the subject matter provides deeper insight into each piece, staying informed on the art market is vital for making informed purchasing decisions.
Contemporary Art: Frequently Asked Questions
1. What are the 5 characteristics of contemporary art?
According to the Marshal Gallery, Contemporary art is characterised by a rejection of traditional values and norms, an embrace of experimentation and innovation, a focus on abstraction, a commitment to progressivism, and a willingness to challenge conventions.
2. How to start collecting contemporary art?
To start collecting contemporary art, begin by researching current artists and trends, attending galleries and art fairs, and seeking advice from experts in the field. It's also essential to establish a budget and buy pieces that resonate with one’s personal values.
3. What are the 5 new elements of contemporary art?
Walker Art Center mentioned in their research that contemporary art buyers should explore the elements of appropriation, time, performance, space, and hybridity in today’s art.
Catalogue Contemporary Artworks with MyAssets
Emerging art collectors who have started their art collection, and those who are about to acquire their first art pieces, can benefit from digital applications to simplify their art collection experience. Art management apps, such as MyAssets, can serve as a companion when creating an online inventory of various art pieces.
MyAssets is a complete asset management platform that enables collectors to catalogue information for each artwork including the art title, style, type, item price, and any other details they wish to document.
With MyAssets, collectors can categorise their contemporary art collection into styles, mediums, themes, artists, or other criteria for easy data retrieval.
The platform can be explored at app.myassets.com.
