In stark contrast to the Affordable Art Fair, Russia's millionaires, were cordially invited last Sunday to attend the aptly named Millionaire Fair in Moscow. Whilst no paintings were on sale, a wide variety of luxury items, some of which may fall within a wider definition of "art" were on sale. A diamond encrusted saucepan, luxury cars and fur coats were valued at such high prices that it is hard to comprehend their value.
Art and luxury goods share a similar approach to pricing where so much depends on image and exclusivity. Preserving this image of exclusivity is paramount to the value of the goods. The importance of considering intellectual property rights and taking steps to avoid copying is absolutely fundamental to both industries. Yet, as Louise points out, the art industry has been far slower to utilise all the tools in the intellectual property toolbox.
A little quiz for our reades: when was the last time you saw an artist in court? I'm going to start with when Andrew Goldsworthy's snowball was used by Habitat... More suggestions welcome.