When most people hear about art and financing, they think of a person who may have invested in a work of art by an artist who is considered to be one of the “old masters” for some outrageous amount of money. But today I would like to talk about Modern or Contemporary Art and the concept of Permanent and Temporary Exhibitions. Un-like works of art, by artist like Leonardo DaVinci,Vincent van Gogh or Edgar Degas that are sold at art houses like Sotheby’s to the extremely wealthy collector and are rarely seen by the average person: Contemporary Art which is usually seen in a permanent or temporary art exhibitions are far more accessible to the masses, because there are either free or are reasonably priced and have become the meeting place of all types of artist, from Musicians, Filmmakers, Poets, Philosophers and the average art enthusiast that does not have the money or maybe has the money, but does not have the urge to spend their money on art. However these Permanent and Temporary exhibitions cannot be bought or sold, they still need to be funded, to exist.
Contemporary artist, Bulgarian-born Christo Vladimirov Javachef , who simply goes by the name Christo has been quoted many times saying ”I make art simply for the purpose of making it”. He does not do any commissioned work or take money from the sales of poster or any type of souvenirs, sold from the event. He earns all of the money through the sale of his preparatory studies and early works from the 50’s and 60’s. He has currently finished 21 projects, including a project built in Miami that was on display for two weeks called “Surrounded Islands”; which like all of his other projects were free to see and enjoy.
Christo is a prime example of an artist who makes art that has no production beyond exhibition. However unlike Christo’s work the are other forms of installations that cannot be moved so easily and do need funding ,whether private or public in order to exist. Take Art Basil for example, which take place annually in three dynamic cities: Basel, Hong Kong, and Miami Beach. Convincing artist and major collectors to display there in a space, where it will most likely just be viewed and not purchased, then have to be moved between these three city’s is both expensive and time-consuming – but definitely important.
These exhibitions have become a modern day venue for discussion, for the artist to push boundaries, challenge people’s views of what art is, what is not, and the cultural values of today’s modern art. Therefore, we not only need the money to keep these existing exhibitions going but we need to be able to create more.
Mr. Fabio Palumbo has over 20 years in Investment Banking and is both a Financial Analyst and Investment Advisor for many art collectors and services who he provides financial, technical, and logistic consulting services. He started as a Financial Analyst for IBM in 1989 and became a Board Member Monrif Net S.r.L. (htpp://www.monrifgroup.net/). He was an Adjunct Professor of Corporate Governance at the University of Cassino in Italy. He is currently an Advisor Board Member of UAU ART(http:/uauart.com/).