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Reclaiming earnest love for art

Eric Yoon

Jan 05, 2023

David Hockney
Portrait of an Artist (Pool with Two Figures), 1972
Acrylic on canvas
213.5 x 305 cm (84 x 120 in.)
© David Hockney, courtesy of Christie’s New York
Private Collection

 

 

Looking back on 2022, it seems more eventful than other years. We have witnessed that certain investment assets faced a severe crash due to a trust issue along with a wild gust of cryptocurrency and NFT investment, as well as an increase in the number of speculative funds pouring into young and emerging artists, causing irrational soaring of their prices.

 

There have always been compelling reasons for the rapid rise in prices of such investment assets and artworks during the bull market. A seemingly everlasting quantitative easing stance of the Fed's monetary policy however, has suddenly switched into that of tapering, which resulted in the skyrocketing interest rate and the asset price collapse.

 

One of the legendary investors, Warren Buffett, famously said “Only when the tide goes out do you discover who’s been swimming naked”. As the artworks, purchased with any plausible reasons during the economic bubble, are pouring back into the market, there is a sudden thought that whether one has also been swimming bare in the pool.

 

Wishing that everyone’s art journey in 2023 is more earnest.

 

Happy New Year,

 

Eric Yoon, CEO