MUSIC MARKETING: BE VISIBLE TO THINE OWN MARKET
___I was fascinated to read a story about artist Damien Hirst in the @newyorkermag . He stepped outside the established art market, taking his own works directly to auction, and then bypassing the gallery system. So for a time his work seemed to have fallen in value. But he’d actually created his own market, specific to him. It just wasn’t visible in the ordinary way.
___”With the 2008 auction, Hirst moved out of the world of commodities, which are bought and sold speculatively with a profit motive, and moved into the world of luxury goods, which are bought to be consumed and enjoyed. …Freed from gallery restraints, Hirst could make the work he wanted to make, and sell it at whatever price his collectors were willing to pay. …To judge Hirst’s fortunes by looking at his auction results is to completely miss just how successful he has been over the past decade. Hirst has been happily selling hundreds of millions of dollars worth of art to more-than-willing collectors while effectively sidelining the auction houses, where collectors sell their works. He has even, sometimes, circumvented the entire gallery system, where most artists sell their work to collectors in the first place. Hirst has built an extremely pure and effective business; it’s just not ***visible*** in the way that public auctions are.
___Within music, @nickcaveofficial has been creating his own art market. Selling versions of his sick bag song tour odessy book with personalised sick bags for £750.
__And the market might be wider than ‘experts’ think it is. @officialpattismith has long been a muse for fashion designers, but the market for her books and records has been extended by endorsing a Tiffany silver mug and @meccacosmetica chain in Australia tying her in to beauty products... note the @bellafreud jumper in the layout. Mecca sells her candles and fragrances. Freud and Smith is an obvious association but can’t currently be pursued in book and record and beauty stores. I’d want to go to an “everything” store and buy a copy of “MTrain” and a 1970 jumper.
___#musicmarketing #artmarket #damienhirst #pattismith #bellafreud #fashionandmusic