Expression, transmission, creation, valuation are watch words in the art world, in relation to time. On a time scale from 0 to infinity (∞), such words also need a vector to imbue them with meaning. Thus, the dynamic that moves from expression to transmission creates social value conveyed by society and developed through education. While the dynamic that moves from creation to valuation, creates economic value conveyed by the market and developed through collecting.  However, this general observation is only valid if there is a catalyst that unites everything: emotions.

It's worth beginning by observing social impacts.

In most cases, artistic expression is timeless. If on the other hand, artistic expression is temporary, often because of the choice of medium, then it is ephemeral and is diverted from its path. Very often, art is the witness of a moment in time that expresses a social reality. 

However, any aspect explored through the art, if rendered ephemeral by its medium or expression,  is doomed to disappear, or leave the art world at a given time since, over time, many works considered to be artistic will naturally leave the art world. 

That is how art also becomes elitist not through its target audience but through artists being acknowledged by collectors. 

In addition, art is also a right of expression reserved for the dead. From artistic expression that is the start of any work, we move invariably through the right of expression to transmission.

Indeed, there is a collective conscience, which ensures that works of art are saved in the private collections of individuals but also in those of businesses and even by museums, foundations and endowment funds. Through museums and exhibitions, art is democratised and can therefore reach a wider audience, this is how education plays an important role. Art creates a reflection on human lives, it instructs us, elevates us and increases our tolerance. This is how art may act as a counter balance at specific moments in history.

Over time, we are witnessing a necessary and useful educational evolution. The fact that history of art has begun being taught in French high schools over the last few years will help instigate awareness among younger generations. For the record, art is a right of expression reserved for the dead which allows you to keep the spirit of the past alive, restore recognition after death (Van Gogh) and provide insight for future generations. 

Furthermore, time will naturally remove false or bad insights; this is the factor that truly defines art. Art is that which survives in time. These are not subjective values of certain people defining what constitutes art, but time, the only judge of peace, which humbles the judgement of human beings.

Economic impacts, in turn, depend on social impacts.

When a limited number of people decide the price for a work, the price is random. It will only be refined over time, thus confirming or refuting a market valuaton. The art market is a reflection of the collective emotion. However, art must provoke emotions which are not social since they are not necessarily those of the critics but an individual emotion. 

We need to be vigilant as to the excesses of the art market since phenomena such as speculative bubbles and especially mimicry, can lead us to draw parallels with financial markets. Buyers who are only concerned with the social impact of their acquisitions will only trust in the kudos of all kinds of experts, ignoring the fundamental concept of an individual emotion generated by purchasing an old or contemporary work. Nevertheless, for this type of buyer, the market for old works of art provides them with a benchmark. Art for this type of buyer is a marker of social excellence, where emotion may be ignored because the collective emotion is known.

The individual emotion is a healthy, solid value, that offers promise for contemporary art. Contemporary art collectors are art professionals because they call on techniques, in which they personally believe. They are ahead of the market.  The major collectors of contemporary art have been and always will be passionate about their contemporaries in their search for the exceptional. However, for collectors of old works of art,  there is a kind of guarantee in the market quotation, which acts as a guideline. 

Although we are dealing with art lovers in both cases, the approach is different. But alongside this segment of collectors, a new segment has appeared following the arrival of both physical and electronic markets, with on-line sales and private markets, which can but grow internationally through the modern communication methods and social developments.  

Eric Toudy