Flux crypto currency1/18/2024 ![]() 7 It gains stability because it calibrates credit or disgrace across competing institutions or cliques. 6 Rather than money issued by a nation and administrated by central banks, art is a networked, decentralized, widespread system of value. Moreover, as alternative currency, art seems to fulfill what Ethereum and Bitcoin have hitherto only promised. ![]() In times in which financial institutions and even whole political entities may just dissolve into fluffy glitter, investment in art seems somehow more real. Alternative CurrencyĪrt markets seem not overly concerned. The growth of the global auction market from 2005 to 2015, according to data from Auction House, ArtNet, and AMMA. The age of neoliberal globalization seems exhausted and a period of contraction, fragmentation, and autocratic rule has set in. Already deregulated ideas of truth are destabilized even further. Authoritarian neoliberalism segues into just authoritarianism.Ī permanent fog of war is fanned by permanent fakes on Facebook. Derivative fascisms try to fuse all-out free trade economics with (for example) white nationalism by promoting survival of the fittest for everyone except themselves. 5 Ever more self-tribalized formations pop up that prefer not to abolish neoliberal competition-but instead eliminate competitors personally. Derivative fascisms 4 continue to grow, wherever disenfranchised middle classes fear (and face) global competition-and choose to both punch down and suck up to reactionary oligarchies. There’s always another attack, election, coup, or someone who ups the ante in terms of violence, misogyny, snuff, or infamy. Meanwhile, reactionary extremism intensifies in many places. 3 It seems to trade against a lot of misery. Art is an “alternative currency” of this historical moment. ![]() Results include child poverty, debt blackmail, rigged economies, and the fascist scapegoating of others for widely self-inflicted failed policies. In the EU this takes place against a backdrop of mass evictions, austerity, arson attacks, Daesh run amok, and Deutsche scams. This destabilization is one reason the value of art looks more stable than the prospects of many national GDPs. Quantitative easing eroded currency stability and depleted common resources, entrenching a precarious service economy with dismal wages, if any, eternal gigs, eternal debt, permanent doubt, and now increasing violence. He wrote with uncompromising clarity about the post-Brexit era: “Art will effectively continue its structural function as an alternative currency that hedges against inflation and currency depreciation.” 1 Have silver paintings become a proxy gold standard? 2 How did it come to this? During the ongoing crisis, investors were showered with tax money, which then went into freeport collections, tower mansions, and shell companies. Is art a currency? Investor Stefan Simchowitz thinks so. ![]()
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