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What can the tech bubble learn from the art bubble?

Big-oil-bubble-karamay-3[2]

James writes:

What can the tech bubble learn from the art bubble? I offer some thoughts in this piece by Gary Sernovitz in The New Yorker.

The art world knows about prices floating ever higher on abstraction and hope. The resonances aren’t completely coincidental. Both venture capitalists and art buyers are in the business of valuing the invaluable. Both stake their reputations on exquisite selection. Both nurture talent before it can support itself. Both have a soft spot for youth, for unbowed ego, for the myth of solitary genius, for the next new thing. Both operate in a world of frustratingly limited information and maddeningly unpredictable success. Both depend on consumer culture while holding themselves superior to it. And both the art market and venture investing have become increasingly winner-take-all games, with more clout to the companies and artists backed by the most powerful dealers or venture capitalists.

Complete article here.

 

Comments

Tusk

In the same way as this, there is a lot that present business world can learn from simple things that we do in life. All that is happening now is , the more complication the business model has , the better people are thinking.

Alex

They are in the business of valuing the invaluable, that is true. Sernovitz is a good philosopher , I have read his book about oil industry - http://www.nybooks.com/articles/2016/06/23/fury-over-fracking/

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