The World of Art and Kenny Schachter

The world of Art has always seemed like a bright and sparkly place. To be honest, it kind of is. However, this doesn’t mean it does not come without its pitfalls. Today, we discuss Kenny Schachter and his take on the world of art.

Kenny Schachter has had quite a hand at bringing art to the forefront. He has worked with the likes of Zaha Hadid in her 2008 exhibition. His resume can probably fill the length of this website. However, there is more to the man that what he has accomplished in the world of art. This talented art curator and art collector has spent a lot of his time discussing art and its many facets.

We’re not just talking about the many exhibitions or interviews he’s hand championing art and artists. Schachter has also spoken out about how the art world is rather fierce hotbed of corruption. One of the main reasons as to why the highly expensive art market continues to thrive is because it continues to go unregulated. There is no governing body that standardizes the prices or worth of art pieces. As such, galleries can dictate their own prices at their own convenience. Mostly, galleries do not list the actual prices of the pieces in the hopes that when a famous person was to bid, they can successfully raise the prices of all other pieces. However, this does not mean to say that they let just any famous person buy art.

In the past, even “famous clients” like Daniel Radcliffe was turned down from purchasing a particular piece of art. The explanation was that they were waiting for someone more prestigious to make a bid. Schachter has gone on to say that corruption has long been embedded in the art world. This was borne out of the sheer astronomical amounts of money involved.

It does not help that there is now a rather popular notion of laundering money through art collections. Many have discovered that with banks keeping a rather close eye on purchases, withdrawals, and deposits—it is ultimately easier to move money around with art.

Schachter alleged that museum trustees were part of the corruption as they made use of their insider understanding of future shows in order to give tipoffs regarding who would be big. This allows people to process their bids for a lower price—hold it until the price goes up—then sell it for the inflated worth. It is very much like a stock market where you set yourself up for success every time.

The way that it works is that those who hold all the keys only let those that they can gain from in through the door. It is something that can be pretty much likened to insider trading. If this was a formal business like a corporation, the feds would be on you so fast your head will spin. However, as the art world has no single governing body and continues to be unregulated, there is actually no one that can truly catch these perpetrators. Because, as the letter of the law sees it, there is no crime.

Schachter has even said that dealers could very much utilize the auctioning system to boost the prices, even planting accomplices to in the hopes of driving up bids of people interested in the piece. It does not help that it has been an often standard practice for certain pieces of art to be sold at a lower price than what was publicized.

Such practice allows publicity for both the artist and the gallery. Schachter has also voiced criticism for the massive uptick in the interest of celebrities, musicians, and even actors who all rabidly invest in contemporary artwork without really researching its value or what it does to the market. What happens is that they invest in art solely with the belief that the value of the piece will naturally inflate over time. However, that is not always the case. There are many reasons as to why that sort of mentality can fail.

It also does not help that a sort of “Oprah effect” takes place when fans finds out that someone they admire is into a particular art or artist. Instead of actually generating positive and organic growth for the artist, there is now a bubble that is created. There is now more pressure for artists to come up with more and more things. As such, they end up being commercialized and a sort of disconnect with their art happens.

Artist fatigue is real and this only damages the overall organic worth of the pieces that they create. When the artist’s ambition goes beyond the scope of their talent, that occurrence is never a good thing. This perspective is something that Schachter shares with everyone. As someone who has been a fixture in the art scene all over the world, he knows what he is talking about. He has gone on to discuss that there must be an attempt to build transparency in the world of art.

Far too long has artificial manipulation or false bids been at play. In more recent years, Schachter has taken up an interest with art fairs. He has gone on to explain that corruption is fairly endemic to humankind. He continues to speak out in order to offer a bit of transparency and he hopes that will draw people in instead of driving them away. Schachter emphasizes that there is still much to learn. Art, those that curate it and the artists must meet halfway.

Rove TV continues to support Schachter and his frankness regarding the gray area in the world of art. While we view the issue with both eyes wide open, we are all hopeful that the disingenuous practices will eventually taper out. After all, everyone would be better off if art and the artists were given fair chance. Art brings so much to lives of many.

We are thankful that the like of Schachter continue to keep a weathered eye upon the horizon.