Comprehensivist Wednesdays: When Art Becomes an Financial Instrument
Details
In this meetup we will explore a simple question: what impacts the value of art? Art is often discussed as creativity or self-expression, but in affluent societies, it also functions as an economic asset. Understanding this shift helps explain why certain artworks sell for extraordinary prices despite producing no income.
As societies grew wealthier, art moved from personal and decorative use into formal markets. Scarcity, reputation, and prestige began to shape prices. Art became something to collect and trade, with value increasingly tied to ownership rather than experience.
In an affluent society, art often behaves like a financial instrument. Its value rests on resale expectations, tax treatment, and its usefulness as a compact store of wealth. In this context, price is driven less by beauty or meaning and more by belief, narrative, and institutional validation.
Art also impacts society psychologically. States, corporations, and elites use art, architecture, and cultural patronage to project stability, legitimacy, and dominance. Museums, grand public works, and highly visible collections can sometimes shape our perception. In economic terms, art can become a tool for influencing beliefs about who is strong and who is cultured.
Our conversation will focus on how affluence shifts art from enjoyment to speculation, and from cultural object to strategic asset. When art is valued mainly for its financial and symbolic power, the key economic question is no longer “Is this good art?” but “What does owning this enable?”
Sources:
The Economics of the Art Market
https://www.youtube.com/watch?v=V5sOuET8UWAd
The illusion has become real - 1:30 mark to the 2:30
https://www.youtube.com/watch?v=oDD1tW59Mjg
The Price of Anything: Art Against Commodity
https://art.newcity.com/2019/01/03/the-price-of-anything-art-against-commodity/
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CJ Fearnley's book "Collaborating for Comprehensivity," is a unique exploration of comprehensive thinking, inquiry, and collaboration, is now available on Amazon in paperback, Kindle, and free PDF formats.
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- Available on Amazon Kindle for the lowest price Amazon allows of $0.99 here: https://www.amazon.com/dp/B0CW1K18B5/
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Welcome to the series "Comprehensivist Wednesdays." Transdisciplinarity, Renaissance humanism, homo universalis, and Polymathy are some of the ways of describing this approach which Buckminster Fuller called Comprehensivity and described as “macro-comprehensive and micro-incisive.”
See the calendar at https://www.meetup.com/52LivingIdeas/events/calendar/
We record all our Meetups and post them on YouTube. Feel free to keep your video on or off as you prefer. Watch Past Meetups here.
Welcome to "Comprehensivist Wednesdays"
Explore transdisciplinarity, Renaissance humanism, homo universalis, and polymathy in ways Buckminster Fuller described as “macro-comprehensive and micro-incisive.”
A Meetup Every Day, Every Week, For Everyone!
Join us every weekday at 8 pm or 9 pm ET. We record all our meetups and post them on YouTube. Feel free to keep your video on or off as you participate.
Watch Past Meetups here.