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Mediaspace
For the first time Wand 5 e.V. was announcing an open competition to select the media-space 09 curatorteam. There were no limitations on the means of implementation. The purpose of this open competition was to establish a new experimental space - an >open space< in which artists can perform. (>> more) -
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The Capital Crime
‘Das Kapitalverbrechen / The Capital Crime‘ is the title of the coming week’s cover story of the german magazine ‘Der Spiegel’. It is an extensive report, which attempts to create a timeline for the understanding of the developing of the current financial crisis.
For the moment I only want to pick out two points, which I thought specifically interesting and/or telling and will either post here english references from the net or my own translation. I won’t add further comments for the moment, but highly appreciate any feedback.
point 1) “Derivatives are financial weapons of mass destruction.” brought up by Warren Buffet, one of the richest guys worlwide, as early as March 2003. >>> BBC reference / alternet reference
point 2) “If you just take and pass on mortgages, thus remove them spatially from the borrower and tie them to bundles together with other mortgages somewhere else, you depersonalize them from the original business. You cut the connections. And you ignore the nature of globalization, where everything is interconnected. But indeed you cannot cut connections any longer, as everything returns, because anything has an effect on everything. You bet on houses in Ohio and thereby might ruin the national economy in Iceland. You should be aware of these facts.”
excerpt taken from a german ‘Der Spiegel’ quote of Dov Seidman
These points reminded me again of Strange Weather ….. “In an increasingly confusing world, Strange Weather offers the opportunity to draw connections between the seemingly mundane details of your everyday life, and shifts in the increasingly unstable global environment.”
Beautiful Inside My Bank Account Forever…
I tried to put together some articles which give an outline for the Damien Hirst auction in September, which fell together with the first days of the financial crisis. (During the weekend of September 13–14, Lehman Brothers declared bankcruptcy, auction was held on the 16th .. btw they had some early Hirsts in their collection..)
Aside from this eventually interesting fact one can definitly state, that Hirst’s idea about making ‘the art market more democratic’ eventually did not have any major effect.
“Beautiful Inside My Head Forever” his one-artist, two-day auction at Sotheby’s.
In a move that some say has the potential to change the face of art dealing, Mr. Hirst has cut out his dealers — the New York-based Gagosian Gallery and the White Cube in London — and taken his work straight to auction.
Damien Hirst’s Next Sensation: Thinking Outside the Dealer
Damien Hirst sets new auction record with ‘Investment Banker in Formaldehyde’
Damien Hirst: Beautiful Inside My Bank Account Forever…
Markets Slide, But Hirst Auction Breaks Records
Peter Aspden, an arts writer for the Financial Times, said the exhibition sales are “evidence that there are those who are insulated from the real world.” The superwealthy buyers who are attracted to a sale are not likely to be affected by the fiscal circumstances of the past few months, he said.
.. and as he needs it so desperately:
Damien Hirst X Levis Fall 2008 Spin Denim Auction
WSJ: Sign of the Times: National Debt Clock Runs Out of Digits
From the Wall Street Journal
Sign of the Times: National Debt Clock Runs Out of Digits
The national debt clock, the unofficial tracker of the federal deficit maintained by the Durst Organization in New York, has reached its limits. Last month, as the national debt exceeded $10 trillion for the first time, the clock ran out of digits to record the number.
The dollar sign in the clock had to be deleted and replaced with a one to record the massive number. The clock’s owners say a new model — with space for two extra digits — will be in place early next year.
Now the debt clock will be able to reach the quadrillions. Hopefully, that’s not a level that will be breached any time soon. –Phil Izzo
AFP: Rolexes fly off the shelves as Icelanders seek safe investments
Speaking of materiality, here’s a story from AFP / Google News:
Rolexes fly off the shelves as Icelanders seek safe investments
Oct 16, 2008
REYKJAVIK (AFP) — As Icelanders suddenly find themselves in the eye of the global financial storm many are seeking stability and solace in luxury goods like Rolex watches, which unlike their plunging currency are unlikely to devalue.
As Iceland in recent weeks has teetered on the brink of bankruptcy, Frank Michelsen, the Nordic country’s only Rolex vendor, says he has seen a “significant increase” in sales.
He refuses however to reveal his figures for fear of being accused of taking advantage of the crisis.
“Customers want something they can hold in their hands,” Michelsen told AFP.
“They don’t trust figures on computers because they’ve already seen these figures vanish just like smoke,” he said.
[…]
stocks on ‘morning after’
Though I know that Burak has a smart money screenshot on his blog of the more red looking day of the recent period I thought it would be an interesting addition to show one of today’s ‘morning after’. (.. linked now ..).
The Map of the Market. (’Map of the Market’ is the brainchild of Martin Wattenberg>> description)
Just one of today’s headlines:
Wall Street rally buoys Asian markets but Europe slips
Exclusive art booms despite finance crisis
hopefully or just a fairy story? watch >>
some texts I came across
ROBERT WADE / FINANCIAL REGIME CHANGE?
As stock markets plunge and governments scramble to bail out the finance sector, Robert Wade argues that we are exiting the neoliberal paradigm that has held sway since the 1980s. Causes and repercussions of the crisis, and errors of the model that brought it to fruition. >> read on
ROBIN BLACKBURN / THE SUBPRIME CRISIS
As reverberations from the stricken mortgage market reach the real economy, Robin Blackburn reveals the origins of the crunch in the shadowy realms of financialization. Precedents from the bubbles and crash of the 1920s, warnings from pioneers and venture capitalists, and proposals for how to turn the crisis to socially redistributive effect. >> read on
further by Wade: The financial crisis: burst bubble, frayed model
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