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Economics of Visual Arts: ‘Is Contemporary Art Real Art?’

Art is a word that derives from the Latin term “ars,” which means technical skill, and represents a form of expression of reality. Traditional Art is centered on the “technique” definition, and some would describe Contemporary Art as unpleasant and unskilled. That being said, there are various perspectives and possibilities for interpreting it, given different backgrounds and contexts.


The term “Real Art” is relative to one’s preference. Realism portrays the harsh past reality in a style of cultural production from the 19th century; Classicism portrays the aesthetics of the 16th century, featuring a perfect, harmonious, and idealized style. Nonetheless, both of these styles (Image 1) are not the only forms of art involved in Visual Art analysis.



Economics attributes value to products and establishes a cost based on the Law of Supply and Demand. Regarding “Cultural Economics,” works meant social status and were determined by the loyal representation of society.


In this context, it is relevant to discuss the role of Contemporary Visual Art in shifting viewpoints and shaping the global identity of new generations to investigate how different forms of art portray the world’s aesthetics (GOODWIN, 2006).


When a work of art is produced, it is sold for its meaning, with a specific goal. Conversely, this sales logic is questioned by contemporary artists. After and beyond the European vanguard, new movements were created to protest against the commercial means of art.


Specifically, Marcel Duchamp—a French artist of the 20th century—created a project that defied the definition of Art: the "Fountain" (Image 2), which was an urinal metaphorized as Contemporary Art, as it showcases the idea of "readymade," an object from mass culture utilized as a form of intention. Even though it was a radical concept of Art, the replica of the Art was sold for $1,850,000.00 at an Art Auction in 2002 (ADES, 1996). Watch <THIS VIDEO> for more information.



In that century, Pop Art, Conceptual Art, and Installation Art emerged after Duchamp, in the Dadaist style. Following this tendency of Contemporary Art from the 21st century, Visual Arts also fit within the definition of art. Contemporary philosophers question whether Modern Art is made with an industrial meaning, losing its value and disconnecting from its meaning of "art." With visual, rapid, and media content, art becomes normalized and loses its contemplative value.


Pablo Picasso, a Spanish artist, is an example of an artist who underwent a notable metamorphosis in his artistic style. His work reflected his internal conflicts and life experiences. His creative philosophy changed when his friend died; as a result, he began painting blue portraits. The feelings captured in his paintings shifted, altering the value of the art piece for him. Hence, the distinctions in Contemporary style can be seen in Image 3.


The psychologist Sigmund Freud—who lived in the 20th century—witnessed the birth of Contemporary Art and presented new approaches through the concept of sublimation, viewing it positively and beautifully as a form of subjectivism (ABELLA, 2007). 


This ironic act had a significant impact on how art is perceived. It is still debated whether a work is artistic or merely expressive. On one side, the Freudian perspective posits that art is a matter of individual interpretation. However, critics argue that this view does not consider the objective significance, which is based on skill and the faithful representation of reality. Thus, art cannot follow a strict definition, as it transmits feelings and communicates, according to social conditions and historical contexts, different messages that can be interpreted in versatile ways.


In hindsight, visual frameworks face skeptical debates about whether art is a product of creativity without social significance. The presence or absence of adaptive meanings and different motivations are factors to investigate behind an art piece’s meaning.


Finally, this debate is ongoing and must be evaluated according to one's views. It is important to analyze art with an understanding of both perspectives and to know how to position oneself. Understanding the role of Contemporary Art, psychology, and economics in human creativity is essential for studying cultural and social factors.


Reference List


ABELLA, Adela. Marcel Duchamp: On the fruitful use of narcissism and destructiveness in contemporary art. The International Journal of Psychoanalysis, v. 88, n. 4, p. 1039-1059, 2007.


ADES, Dawn. Marcel Duchamp and the Paradox of Modernity. In: Proceedings-British Academy. OXFORD UNIVERSITY PRESS INC., 1996. p. 129-146


GOODWIN, Craufurd. Art and culture in the history of economic thought. Handbook of the Economics of Art and Culture, v. 1, p. 25-68, 2006.




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