Weather Looks Good for The Business of Art

For Addison’s gallery, the primary use of digital media is as a marketing tool.  HVW8 is promoted through Facebook and Twitter, and works with ArtNet as well. Addison explained that it can be tricky to get the right mix between the commercial and artistic ends, since blogs often stress the commercial aspects.  The gallery also works on viral video campaigns as a means of promotion.

Christine was quick to point out that she doesn’t consider digital developments to be “dilemmas.”  She explained that the three pillars in an art law practice remain the same:  (1) compensation; (2) copyright; and (3) control.   These concerns are important whether the medium is print or digital, and she warned that the mistake is becoming too platform driven—a myopic focus on one medium can prevent you from seeing the bigger picture and will make you unprepared for when the next big thing rolls out.

There’s such a contrast in the news, one day the art market is bullish, and the next, the art world is suffering. How does one navigate this rollercoaster economy?

Christine began by pointing out that the last asset to suffer in our most recession was art, and that art was also the first asset to rise in value.  Citing the Picasso that sold last year for a record $106.5 million at auction, her view is that art holds its value.  Christine also pointed out that art is cyclical in nature—during the period of time where art was not selling as much, artists had the opportunity to work on their existing contracts and focus their energy on those works.

For Addison’s gallery, the rise of street art meant skyrocketing prices, but the decline period was very tough.  During that time, HVW8 had to “pick up the slack” on the commercial end.  This meant that the gallery focused more on some of its design and music endeavors.  Addison also noted that young people still came to the shows and wanted to leave with something, so while original art sales went down, print sales went up during the economic decline.

Pam pointed to a relatively conservative fiscal policy that helped LACMA during difficult financial times. Strategic collecting was challenging at a certain point, but she explained that being partially funded by the county helped matters, as well as the museum’s policy of maintaining a balanced budget.

HVW8 has had a lot of buzz for its great confluence between art and music:

One of Addison’s recent projects was a collaboration between Adidas, Joe Cool, and Snoop Dogg.  Joe Cool did the artwork for Snoop Dogg’s albums, and for the HVW8 installation, he created the installations within the gallery.  The exhibit was a tribute to Snoop Dogg, and Addison explained that it was very important to try to not make the showcase too commercial.  He also emphasized that the ultimate goal at HVW8 is to create an environment where artists can come together and the end result is something creative and spontaneous.

The most challenging and rewarding aspects of being an arts lawyer:

Right away, Christine said that, “art can change you.”  She feels fortunate every day to be able to help her clients and to be able to solve their problems.  On top of that, her clients thank her for her work.  She also said the reward is that she is in a field she truly loves.  Christine did note that working with creative people can be a challenge at times, one example being the artist that calls from Amsterdam with a problem on the gallery floor, forgetting that it’s 2am in Los Angeles.

For Pam, the best part of her job is how much there is to learn—she loves constantly increasing her intellectual pockets of knowledge. It can be difficult to prioritize the many tasks she is faced with, but she explained that you learn quickly and very well how to maneuver the challenges.  All of this furthers the intellectual growth that her position facilitates.

Advice to young art lawyers and art law students:

Pam told us that as a law student, she had no idea that lawyers worked in the arts the way she does now.  Her advice to those seeking these positions is that if the opportunities you’re seeking have not yet presented themselves, you need to become a good lawyer and gain the experience necessary so that you’re ready to grab the opportunity when it does arise. She stressed that there is a grave misconception that you need to know a lot about art in order to be a good art lawyer.  The truth is, you need to be a good lawyer first.  Pam also emphasized the importance of networking and making the connections that will alert you to those opportunities in the field.

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