ARTISTS
The State of Greek Art
The word 鈥榗risis鈥� has become intrinsic in the media when describing the current state of affairs in Greece. The debt upheaval that has gripped the Mediterranean nation, and triggered the rest of the European continent into a state of panic, has all but consumed the headlines of news outlets worldwide. Amidst these tumultuous tidings, we sought to check in on the Greek art scene, to see how the country鈥檚 artists, galleries and auction houses are weathering the turbulence.
黑料不打烊
09 Nov, 2011
Left: "Greece next economic model"; Right: "40+ Years Debtocracy" by Bleeps.gr
鈥淎thens is a tourism black hole,鈥� bluntly states Pavlos Yeroulanos, Minister of Culture and Tourism, in a recent interview. 鈥淢y job is to promote culture but the changes I鈥檓 trying to make happen, that need to happen, are taking place within an escalating crisis.鈥�
The word 鈥榗risis鈥� has become intrinsic in the media when describing the current state of affairs in Greece. The debt upheaval that has gripped the Mediterranean nation, and triggered the rest of the European continent into a state of panic, has all but consumed the headlines of news outlets worldwide. This week is proving to be no exception, as PM George Papandreou agreed to step down and the world anxiously awaits to see who will take the helm and save the country from political and financial ruin. Amidst these tumultuous tidings, we sought to check in on the Greek art scene, to see how the country鈥檚 artists, galleries and auction houses are weathering the turbulence.
The Scene
Artists have been known to use their environment as inspiration for their work, such as the outpouring of art sprouting in response to the Arab Spring. A recent article calls the current debt debacle 鈥渁 muse for its artists鈥� that has fostered a 鈥渂urst of artistic activity.鈥� The article focuses on Athens, likening it to a hot pot of anxious energy bubbling over; from the article鈥檚 standpoint, galleries are thriving and 鈥渁rt sprouts from the decay鈥� of the scruffy downtown. A street artist, , takes the reporter on a graffiti tour of one neighborhood, pointing out works directly related to the debt crisis, such as his image of a model on a catwalk with the words 鈥淕reece, next economic model鈥� (above, left).
The downtown devastation in the capital is just one of the challenges facing the art scene in Greece as a whole. Tension between public and private control of the culture sector has plagued the nation for years and put it鈥檚 rich heritage at risk. 鈥淐ulture is a big business that people are hungry for and we have huge assets,鈥� collector and Guggenheim Foundation board member Dakis Joannou said in a recent interview. 鈥淏ut the government uses our assets to make political statements and to gain votes. It鈥檚 a matter of survival for them, and nobody wants to invest in culture or anything else in a climate of bankruptcy.鈥�
Minister Yeroulanos promises change, proclaiming, 鈥淭he days of the minister of culture handing out money to his friends are over.鈥� Others remain skeptical; 鈥淭here would be a civil war if professionals managed our cultural resources. Do you have any idea how many bureaucrats are on the government鈥檚 culture payroll?鈥� quips Athens gallery owner Roupen Kalfayan. Perhaps artists themselves are stirring thanks to the recent crisis, but just like new graffiti works sprayed on the side of crumbling buildings only mask the underlying cracks in the foundation, it seems there are deeper obstacles that need to be addressed in order to bolster the arts in Greece.
The Sales
Like it or not, agree or disagree, money is a crucial aspect to a thriving art scene. A healthy market helps makes the art world turn, and allows for new and meaningful investment. So has this supposed spike in artistic activity bolstered sales? Or is the crisis too formidable?
Back in May, the 17th edition of the country鈥檚 largest art fair took place, hailed as a 鈥渞esounding success.鈥� In a Flash Art article optimistically titled 鈥�: The Art of Resilience鈥�, the general director of the fair, Alexandros Stanas, applauded this edition as the 鈥渕ost successful year of the last three, both in sales and attendance with 18,000 visitors.鈥�
Regarding galleries and collectors, he said, 鈥渢he crisis impacted the turnover of the Greek art market in general, but good art has been selling even more briskly than previous years. The inflated market of recent years is now being corrected, moving towards either established values or promising younger artists.鈥� Stanas also replied that despite intense economic protests occurring simultaneously in the city, 鈥渢he fair was packed...The enthusiasm of all participants and visitors alike showed that the current crisis should not be used as an excuse; contemporary art is a social catalyst as well as a vehicle for development.鈥�
Fast forward five months and the picture looks less sanguine, as the country鈥檚 financial and political woes swell. A Greek art auction at G.E. Kapopoulos Auction House in Athens on October 24th showed pretty dismal results. Prices and estimates were reasonable, mostly in the tens of thousands range, yet of the 132 lots offered, just 50 sold. The top lot, an Untitled piece by Mario Prassinos (below, left), sold for 鈧�60,000, 650% above its estimate of merely 鈧�5,000-8,000. From there the top bids dropped to 鈧�22,000 and further into the teens, with a surprise Untitled standout by Nikos Stefanou (below, right) sliding into 4th place, fetching 789% above its estimate (sold for 鈧�16,000 against a 鈧�1,200-1,800 estimate). Ultimately, nearly just as many lots sold below their low estimates as above their high estimates (18 below, 19 above). Maybe it was the crisis, or maybe just a lack of investment interest in Greek art.
Mario Prassinos, Untitled by Nikos Stefanou" style="padding: 10px; float: none;" /> There is speculation that the impact of the crisis is influencing markets outside of Greece, too. The blamed Greece鈥檚 Prime Minister for Christie鈥檚 surprisingly deplorable outcome in last week鈥檚 Imp/Mod art sale in New York, with 鈥渘ormally phlegmatic Europeans clients calling in to cancel their bids. The prospect of the continent鈥檚 banking system at the mercy of the Greek electorate was apparently just too unnerving.鈥� Luckily, investors renewed their confidence for Sotheby鈥檚 equivalent sale the next day, as the PM backed off on his bid to put the Greek bailout to a national referendum.
All those ups and downs, twists and turns, and that鈥檚 all the way across
the Atlantic! It begs the question of what will happen in upcoming
sales, inside and outside of Greece.
Bonhams has a Greek art sale coming up on November 21st in London.
Top lots include Eroticon by Yiannis Moralis (鈧�295,000-400,000) and
Perseas and Andromeda by Alecos Fassianos (鈧�210,000-290,000,
pictured above). The
auction house is maintaining an upbeat tone, saying 鈥淲e can neither plan
nor estimate, yet if we had to compare the ongoing economic crisis with
previous ones, the we can reach the conclusion that the art always
constitutes an investment and art objects are subject to a constant
value.鈥� Yet price adjustment in the face of challenging economic times
has been crucial to Bonhams; last year鈥檚 prices were lowered
significantly, for example, when the crisis caused a 63% dip in the
Spring Greek auction sales.
Sotheby鈥檚 has shaken up its normal auction routine to reflect the delicate
market predicament. In October, the house
announced that its regular
鈥淕reek Sale鈥� will become a part of the
sale on November 22nd, for the first time in a
decade. A press release from Sotheby鈥檚 states, 鈥淗ard times affecting not
only Greece but the whole world too, require a more realistic approach
on behalf of London鈥檚 auction house.鈥� Yiannis Moralis will also lead
this sale section, with Full Moon L estimated between 鈧�340,000-570,000
(right).
Sotheby鈥檚 holds the world record price at auction for any work in this
category, for the 拢1,609,250 sale of Constantinos Volanakis鈥檚 The
arrival of Karaiskakis at Faliro in November 2008.
Back in home territory, the auction house is holding a sale on December 7th of Cypriot and Greek artists. Around 100 works will be featured, including by artists Christoforos Savva, Sofia Laskaridou, Dimitris Mytaras, and Alecos Fassianos. The works will be on display at Gallery Kypriaki Gonia in Larnaca ahead of the sale, from Wednesday November 30 until Sunday, December 4. Check back in with 黑料不打烊.com to see the results!
Other events happening in Greece:
3rd Thessaloniki Biennale of Contemporary Art
State Museum of Contemporary Art, Thessaloniki
Also part of the Biennial, at Macedonian Museum of Contemporary Art,
Thessaloniki:
Roaming Images
A Rock and a Hard Place
Alex Hubbard: The Basement of Alamo
Eleni Koroneou Gallery, Athens
Damien Hirst: New Religion
Benaki Museum, Athens
Sol Lewitt: Line and Color
Herakleidon, Experience in Visual Arts, Athens
Anselm Reyle: Miessin Debris Acropolis
Gagosian Gallery, Athens
Written by 黑料不打烊.com staff
