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Art Expert Magnus Resch Explains Why Art and NFT Markets Aren’t That Different

Magnus Resch has spent many years decoding the opaque art market for the general public and scholars, turning a complicated social dance into a matter of quantifiable clarity with books like Art gallery management and How to become a successful artist.

Resch has a particularly unromantic view of how art works, as one would expect of an economist, entrepreneur, and Yale lecturer. This data-centric approach makes him an ideal person to navigate the messy world of NFTs. Her new book, co-authored with Tam Gryn, How to Create and Sell NFTs – A Guide for All Artistscame out yesterday.

In an interview with ART news During NFT.NYC, Resch makes insightful comments on the similarity of art and NFT markets, why NFTs will change the way galleries operate, and even makes a prediction on what we can expect from the volatile art market. NFT over the next 18 years. month.

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ARTnews: What initially attracted you to the art market?

Magnus Resch: In order to finance my studies, when I was in my twenties, I started selling art, which made me wonder why some galleries were successful and others weren’t. This question became the focus of my doctoral thesis.

ARTnews: And what did you find?

Resch: Hit is on everything not Related at art. Ohat a artist creates doesn’t really question for their Hit. For galleries, all the work they do that is not Related at art what’s this makes the Gallery successful. Essentially, the success of galleries and artists depends on the network they are in. Who you know is more important than what you sell or what you create.

ARTnews: I was talking not long ago with an NFT collector who said something similar. He said, “No matter what it looks like, if there’s a strong community behind it, I’ll buy.”

Resch: isn’t it the art world the same? The the art world thinks poorly of the NFT space, because it is only on silver. Yes, it is true. This is the Number a raison Why people to buy NCTs: at Craft silver. But the art world, at less at the High end of the market–an/a this is a very important distinction-the High end of the market is too everything on silver.

ARTnews: Yet despite these fundamental similarities, the art world is reluctant to enter the NFT space.

Resch: I was surprised by that. I’ll go to an NFT event and see so few people from the mainstream art world running around often, and I wondered why. But I understand; at first I didn’t like it either. Suddenly, I was surrounded by all these new people, my references from the traditional art world didn’t play a role at all. Everything I had built for so many years was irrelevant. And then there was a whole new technology, a whole new language that I had to learn and understand. It was difficult, but I took this journey because I was curious, which is why I wrote this book.

Art Expert Magnus Resch on Similarities

Cover of How to Create and Sell NFTs.
Courtesy of Magnus Resch

ARTnews: What are the main reasons why art world insiders are reluctant to enter this market? Aesthetic?

Resch: It’s never a discussion about aesthetics. There are several reasons why I think they are reluctant. First, they are discouraged because all of a sudden, works by artists they’ve never heard of before are selling for millions of dollars. Secondly, it is very difficult to enter: wallets, Metamask, blockchain, these words alone can scare people. And then thirdly, the art world has historically always been slow to adapt to new things. We are happy with the status quo. Let’s continue with this degree of control.

ARTnews: Do you think the art world can afford to ignore NFTs?

Resch: The biggest problem in the art market is that we have too many visitors and too few buyers, the number of buyers is decreasing. And why is that? Because buyers are afraid to enter the art world. It’s too elitist, it’s not open to first-time buyers. If you can’t convince recruits [to join] in the art world, we will all fail. But NFTs can help solve this problem. Suddenly there are people buying because they had full price transparency and automatic access.

ARTnews: What is the impact for artists?

Resch: What artists realize is that they can succeed without galleries, 50/50 is no longer enough. Artists can act as true entrepreneurs, finding and creating their own customers, their own distribution channels. We’ve seen a lot of artists who weren’t making any money three years ago are now very wealthy because they’ve taken their own career into their own hands, rather than relying on someone else. Jen Stark is a good example.

ARTnews: But do artists really want to have this role? And despite all the scolding galleries get for dodging buyers and playing games, isn’t this ultimately in the service of placing artists in top collections and, hopefully, institutions?

Resch: It’s true that artists need galleries, and the NFT world needs them too. Most NFTs won’t have long-term value because they lack the credibility to keep performing. People like Erick Calderon understand the importance of tapping into the traditional art world in order to maintain market value. That’s why he opened the space [Art Blocks] to Marfa and why he has this collaboration with Pace.

ARTnews: Do you have any predictions on the evolution of the NFT market in the future?

Resch: Yes. We will see another short peak and then a downturn. In 18 months from today, the market will be stabilized.

ARTnews: Good to know.

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