Dec
2023
The art market & luxury goods outperform the FTSE 100
DIY Investor
11 December 2023
The art market & luxury goods outperform the FTSE 100 – yet still remains one of the most underfunded sectors in the private sector – by Maria Artool, of the International Body of Art
For the first time on record, luxury goods and the fine art market have outperformed the FTSE 100 and prime central London property markets over the past year. According to the Luxury Investment Index by Knight Frank, the art market has seen a significant surge, with a 30% increase in prices, while the FTSE 100 index only climbed 5%, and prime central London property decreased by 1%.
Yet despite the art market outperforming the FTSE 100, without independent funding and support from private investors, Britain’s artists may stand a minimal chance of career success with the arts sector in the UK struggling to survive due to brutal government funding cuts. During the pandemic, the government’s £1.6bn Culture Recovery Fund prevented a collapse of the entire art sector. Since then, current funding now sits at a mere £9.40 per pupil at state schools and in 2022, the body that decides arts funding in England cut £50m worth of grants in London in order to support organisations outside the capital.
As these cuts send the UK’s visual arts sector into crisis, The International Body of Art (IBA) – an arts company that helps launch the career of underrepresented artists through its public exhibitions programme – has launched their platform, ‘Projects‘, which now provides a vital lifeline for underrepresented creatives, allowing funders to both sponsor and connect with the artists.
With proprietary research stating that 26% of artists have had to abandon their careers in the arts due to limited financial prospects, and 29% of ethnic minority artists watching their white peers’ careers progress further than theirs, the platform facilitates an intimate connection between donors and artists who fall outside of the traditional bounds of the art institution. Highlighting the dire need for initiatives such as this, individual grants from Arts Council England for UK artists declined by a staggering £5.2m year on year between 2008 and 2019, often with ethnic minority, working class and female artists being disproportionately affected.
Below are a few artists that will have their work debuted on the ‘Projects’ platform: “IBA provides the opportunity for artists to be true to themselves. Because of this, I’m able to compel my honest story to the whole world, unmediated by the rhetorics of larger institutions who want to control my narrative. This project is a matter of personal and artistic integrity”.
- Malik Marble, Project titled “If I Died 2NITE”.
“IBA gives rise to a new paradigm of art making, one that encourages originality and reignites the spark of possibility.” “Working alongside IBA is an empowering space of being acknowledged and trusted to work outside of the traditional art frameworks”
- Tiffany Singh, Project titled “Vermillion Rising”
April Kelly, IBA’s project manager, comments on ‘Projects’ aims and the need to support emerging artists: “In our artist support and exhibition curation, we always ensured that artists felt that they could be experimental, that they could take risks, and that they could be supported in creating honest, passionate, and personal works. After an early exhibition, we experienced artists thanking us for giving them this freedom- it was then that we realised how profound the problems of the art world are. “Its rigidity does not simply affect access, but it continues to dictate from within the work of artists. The traditional market almost forces artists to keep making the same works that are instantly sellable and recognisable, so it doesn’t actually allow any room for innovation. That’s what we want to be here for. “On the other side of things, throughout our time organising exhibitions we’ve consistently had the audience thank us for creating an art space that is unpretentious and community-focused. We always have our artists present throughout the shows and try to facilitate a welcoming atmosphere. The understanding that these kinds of environments are missing in the art world further informed the development of ‘Projects’ – the community aspect of this and the involvement of the audience is as important as anything else.” CEO of the International Body of Art, Maria Artool, comments: “ ‘Projects’ serves as a unique platform in the realm of visual arts. Its distinctiveness is rooted in its unwavering commitment to addressing a crucial issue in the creative industries. With each project tackling crucial issues of underrepresentation in the sector. “What truly sets IBA’s Projects platform apart is its focus on community. It’s not just about funding projects for the sake of it; it’s about becoming part of an extraordinarily diverse, open-minded, international, and innovative community that thinks outside the box and challenges barriers. “While individual projects offer their own set of rewards that align with their artistic goals, the platform as a whole provides a space for art lovers and enthusiasts to actively shape the future of the art world. By selecting which projects should receive funding and be brought to life, backers are invited to play a unique role in defining the future of art. They become an integral part of the artistic process, which is a structure that is the first of its kind in the industry. “In this vision, IBA is nurturing a beautiful and promising community that’s breaking new ground in the world of art.”
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