New York Art Crowd Decides Art Market Less Ethical Than Stock Market at Intelligence

Squared U.S. Debate

Last update: 6:13 p.m. EST Feb. 4, 2009

NEW YORK, Feb 04, 2009 (BUSINESS WIRE) -- Intelligence Squared U.S., the Oxford style debate series sponsored by The Rosenkranz Foundation, announced the results of its second debate of the spring 2009 season, "The art market is less ethical than the stock market."

The final vote at the conclusion of the debate, before a packed auditorium, many from the New York and London art scene, at The Rockefeller University, New York City was 55% for the motion and 33% against. Twelve percent remained undecided.

The results saw a dramatic swing in the undecided vote, as prior to the debate, the audience voted 32% for the motion and 30% against. 38% were undecided.

Speaking for the motion were Richard L. Feigen, founder of Richard L. Feigen & Co. art dealers, Michael Hue-Williams, owner and CEO of Albion Gallery and Adam Lindemann, an influential collector of contemporary art and author of Collecting Contemporary.

Chuck Close, artist and a recipient of the National Medal of Arts from President Clinton, Amy Cappellazzo, deputy chairman at Christie's and Jerry Saltz, senior art critic for New York magazine spoke against the motion. John Donvan, correspondent for ABC News Nightline, moderated.
A full transcript of the debate will be available at http://intelligencesquaredus.org/Event.aspx?Event=35.
Key excerpts from the debate include:
"Most artists, by nature, are mediocre. There are no undiscovered geniuses. Take my word. There are no undiscovered geniuses. There are many undiscovered competent artists, just as competent as the artists who are famous and we all know. There are no charlatans. If somebody wanted to be a charlatan the last thing they would do is go into art. There are many other ways. And I think the financial market is a much, obviously a much better place to be a charlatan than being an artist. " - Chuck Close
"What I put forth here is that art is a bit like physics, it--it can exist both as wave and as particle, so it is at once something that is bought, sold, traded as a commodity, or as some--something like a commodity, and it exists in this sort of higher place, of emotional, intellectual, historical, and cultural meaning - and cultural relevance." - Amy Cappellazzo
"I think that the art market is open for manipulation because it's unregulated, I think it is unregulated because, historically, it's found its own way of operating, because it's just simply actually not possible to regulate this market, and it would be a ghastly thing, if it ever could be regulated." - Michael Hue-Williams
To view transcripts and videos or learn more about Intelligence Squared U.S. please visit: http://www.intelligencesquaredus.org.
About Intelligence Squared U.S. and The Rosenkranz Foundation
Intelligence Squared U.S. is a New York-based initiative of The Rosenkranz Foundation; the executive producer is Dana Wolfe. Designed to raise the level of public discourse, the Oxford style, three-on-three debate series is the U.S. version of a London-based program. Since September 2006, the series has attracted sold-out crowds in New York City. Intelligence Squared U.S. provides a forum for intelligent discussion and encourages the recognition that the opposition has intellectually respectable views. For more information about Intelligence Squared U.S., please visit www.intelligencesquaredus.org.
The Rosenkranz Foundation was established in 1985 to encourage the highest level of achievement and innovation in public policy, higher education and the arts. It seeks to promote fresh and effective intellectual perspectives. The foundation is committed to promoting intellectual diversity in public policy discourse and higher education. For more information about The Rosenkranz Foundation, please visit www.rosenkranzfdn.org.
SOURCE: Intelligence Squared U.S.