Stefan Simchowitz responded to Katya Kazakina’s story on flippers with this statement posted on his open Facebook page and in other threads on the social media network:
The only problem is, that the speculators/flippers (i love dolphins – only the art business would use a dolphin to demonize) create a viral storm with the cultural product that shares the increased margin across a broad spectrum of people thereby raising their awareness and interest in the underlying cultural commodity. In addition the visible and scrutinized auctions are likely one of the best points of PR and advertising for building GLOBAL awareness of an artists practice. […]
The internet, instagram, social media and the massive growth fueled by these catalysts in emerging contemporary has created a different kind of market. It is HERE to STAY. The challenge is in having the systems work together in a more logical fashion, in unison with each other to protect the best interests of all involved. The outsized profits, that are gained on the margin with the highlighted artists encourages further investment and interest in the ENTIRE system, brings capital and working capital to the entire cultural complex.