Art Market Myths: Price Surges Post-9/11 and the Death of the Masterpiece

In an editorial for artpress, Catherine Millet discusses Hans Belting's book "Le Chef-d'œuvre invisible" and its thesis that the concept of the masterpiece has lost relevance since the early 19th century. Millet connects this to the contemporary art market, noting that the FIAC fair in Paris exemplifies the proliferation of art fairs. She cites an ArtReview article reporting dramatic price increases: Ed Ruscha's "Talk about Space" sold for over $3.5 million at Christie's New York, with his index rising 632% in 2002 compared to 1997-2001. Warhol's mixed media works rose 524%, while Boetti's increased a modest 112%. Millet observes that these surges occurred after 2001, suggesting that post-9/11 anxiety may amplify the myth-making around art. She argues that the modern notion of art has shifted from an ideal of absolute mastery to multiple interpretations, with artists navigating between Raphael's unattainable model and Cézanne's incompleteness. Exegetes then construct myths, such as those around "Les Demoiselles d'Avignon" or the readymade. The difference between a masterpiece and a myth, Millet writes, is that the former transcends time while the latter refers to a more or less fictional past. She questions whether contemporary love of art, and its commercial and media success, is fundamentally rooted in a voluptuous nostalgia.