The Affordable Art Fair was in New York this weekend drawing galleries and artists from all over the world. Reuters covered the fair and discovered that there are many meanings to the term affordable.
Popular belief is that the right piece of art can transform a space, making it an attractive alternative to buying a new home or redecorating in a recession marked by mounting job losses and tight access to credit. Artists at the affordable art fair were banking on that very possibility. “It is not like investing in shares,” said Izabella Kay, a Polish-born artist based in London, who is showing her work at the fair. “They won’t gain much money, but it enhances their space.” [ . . . ]
Despite the “affordable” tag, attracting buyers is still a daunting task when consumers are shying away from anything expensive or unnecessary in the economic slump. [ . . . ]
Jenny Hirst, an artist from Manchester, England, who exhibited her work at the namesake fair in London and was attending the New York show, said the demand for affordable art “is struggling a bit. They (consumers) say it is nice, but walk away instead of pulling out their checkbooks.”