How can artists best navigate the shifting landscape of the industry? And how can blockchain-based technologies help them?
Resch holds a Ph.D. in economics and has studied at the University of St. Gallen, the London School of Economics and Harvard. In addition to lecturing at Yale, he has produced several publications about the economics of the art world. He has appeared in academic journals and major publications like The Wall Street Journal, The New York Times and Vanity Fair.
These communities — I call them “island networks” — consist of museums, galleries, fellow artists of the same level and fans or supporters. These groups mean well but will never make a real impact at the higher end of the market. Instead, there is only one network that leads to success. For an artist who strives to be successful, the goal must be to become part of it. I call it the “holy land.”
CT: What role do social media and digital platforms play in helping artists connect with their audience and foster a sense of community?Social media is the most relevant marketing tool for artists. They cannot rely on galleries to do the job, as most galleries are part of island networks and close down after a few years. In fact, one-third of all galleries never make any profit.
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