Tuesday night, as the snow fell on New York City, Chuck Close defended the art market in debate over whether the art market is less ethical than the stock market. The resolution queered the discussion a little because the main issues in the art market–whether it is valid and sustainable market, on one hand; or whether the market value of art can ever measure it’s aesthetic or “real” value, on the other hand–fall on either side of the issue of ethics.

Nonetheless, the Rosenkranz Foundation’s debate yielded some quotes that are just plain interesting:

“And that’s really where the art world is at.  Most people, most artists make this work whether anybody  wants it all, makes it year in and year out with little visibility, no critical attention and little financial support.  Most artists, by nature, are mediocre.  There are no undiscovered geniuses.  Take my word.  There are no undiscovered geniuses.  There are many undiscovered competent artists, just as competent as the artists who are famous and we all know.  There are no charlatans.” – Chuck Close

“What I put forth here is that art is a bit like physics, it—it can exist both as wave and as particle, so it is at once something that is bought, sold, traded as a commodity, or as some—something like a commodity, and it exists in this sort of higher place, of emotional, intellectual, historical, and cultural meaning – and cultural relevance.” – Amy Cappellazzo

“I think that the art market is open for manipulation because it’s unregulated, I think it is unregulated because, historically, it’s found its own way of operating, because it’s just simply actually not possible to regulate this market, and it would be a ghastly thing, if it ever could be regulated.” – Michael Hue-Williams

Rosenkranz Foundation Debate Transcript (pdf)

Hat Tip: Rick Wester