MyÜberLife

Safer vs. Saltz | Two Sides of the Same Art Market

Yesterday evening, 60 Minutes, the long-running news program from CBS, aired a segment from Morley Safer entitled Art Market (shown in the video above).  In the broadcast, Mr. Safer attempted to unfold the inner workings of the art market using Miami’s Art Basel art fair as the back-drop to state his case.  In the 13 minute segment, Safer strolls around the fair with an air of cynicism, asking rhetorical questions on the value of certain pieces of art and making comparisons between the art market and various financial markets that most of us are familiar with.  Safer also speaks to a motley crew of market players ranging from collectors like Eli Broad to top gallerists and art dealers such as Jeffrey Deitch and Larry Gagosian.  The entire segment seemed to aim at the conspicuous sales side of the art market, while mocking the possibility of a more altruistic take on what art means to society and humanity as a whole.  

Shortly after the airing of the segment, Jerry Saltz, arguably one of the most well known voices in the art world, wrote an article entitled Jerry Saltz on Morley Safer’s Facile 60 Minutes Art-World Screed.  Mr. Saltz’ take on the 60 Minutes segment was one of disdain, highlighting the fact that Mr. Safer did not venture too far from his previous 60 Minutes segment from 1993, entitled Yes…But is it Art?, which also cast a fairly negative light on the art world.  According to Mr. Saltz, Mr. Safer “delivered cliche after cliche,” highlighting points that have been littered across various Internet art blogs and prominent media outlets.  In Mr. Saltz’ opinion, Mr. Safer did not “really [look] at art, [he] focused on the distraction, on celebrity, cash, and crassness […] He’s now doing the same thing:  Spotting the obvious […] He’s not finding his own taste.”  In essence, the scope of Mr. Safer’s segment on the art market was too narrow and subjective for Mr. Saltz’ liking.

While Mr. Safer’s segment could be seen as slightly subjective and narrow, couldn’t Mr. Saltz’ piece be seen as slightly skewed too?  And if so, who could really say that either gentleman is right or wrong?  While Mr. Saltz does do a good job of acknowledging the speculative side of the art market as well as making nods to its altruistic core, the tone of his piece suggests that Mr. Safer’s perspective is somehow wrong or inaccurate.  Yes, Mr. Safer did focus heavily on the speculative, more aggressively sales-driven side of the art market without giving the altruistic side much merit.  But is that not within his right to have a specific perspective?  And more importantly, can we really suggest that what he depicted was entirely wrong or inaccurate?  We have seen, through countless articles and blog posts, that there is, in fact, a heavily speculative aspect to the art market.  And even more than being within Mr. Safer’s right to report on this more “financially-driven” side of the art world, is it not within his self interest?  

Yes, Mr. Safer’s segment was seemingly slanted; but, keep in mind, Mr. Safer’s segment appears on 60 minutes, a nationally broadcasted program on CBS network.  While 60 minutes probably does have viewership that resides in the upper-income brackets of society that may include individuals who understand both the speculative and altruistic nature of the art market, it seems more likely that the majority of the 60 minutes audience is represented by the mass of america, which is largely made up of “working class” citizens who are more worried about “making ends meet” than the true intrinsic value of a Gerhard Richter painting.  

60 minutes, like all programming, must meet their networks “bottom line” requirements which always comes down to viewership - a component that, when high enough, can command top advertising dollars.  So yes, much of the information Mr. Safer spoke of seems “cliche” to those who are abreast of the happenings in the art market, but for the working class citizens who make up mainstream America, especially those still reeling from the effects of the financial downturn, the success of the art market could be seen as just another layer - albeit a decadent one - to the financial stories that have graced the mainstream airwaves since the 2008 bailout.  In essence, Mr. Safer, in accordance with his network, was appealing to the “world view” of the majority base of his audience; hence, the reason Mr. Safer seemed to make numerous comparisons between the art market and the financial world.

That being the case, art, like any other market, is indeed speculative in nature.  For the most part, if you own a computer or mobile phone in which you are able to read this post, you are most likely one of the lucky few who exist in a post-needs society where food, water, shelter, and most of the basic necessities of life are covered.  Thus, everything beyond these “needs,” from a psychological or even philosophical perspective, can be perceived as wants.  And if we are addressing wants, then it’s also reasonable to say that the meaning or value we place on these wants are driven by our subjective desires to fulfill some type of psychological benefit which has meaning to each of us on an individual level.  There is no culling process behind these psychological “desires,” and for any market to function successfully there shouldn’t be.   The articulation of desires in the form of wants drives demand and causes the value for products, services, or, in this case, art works, to fluctuate widely and differ from art collector to art collector.

On the other hand, art, unlike many other markets, acknowledges its more altruistic side too.  In addition to speculative or egotistical motives, art is also bought so that it may be housed in a museum to be looked upon as an integral part of our collective human history.  This type of art is enjoyed by many different types of people, not just the wealthy who wish to speculate or own it as a status symbol.  And what Mr. Safer’s segment didn’t show, was these aforementioned “types of people;” the art enthusiasts who flock to Art Basel and other art fairs and openings to indulge in the aesthetic stimulation that art provides - whether those enthusiasts could actually purchase an art work or not.  Indeed, Mr. Safer’s segment did not show the Basel attendees and art market players who engage in the art world purely for the love of art (art for art’s sake).  How different would Mr. Safer’s segment have been if he had also shown various types of people (children included), enjoying the plethora of independent fairs or pop-up galleries that spring forth during the 4-day event?  Or show the quiet walk of emotional introspection through the halls of a collector’s private collection?  

In the end, Mr. Safer’s segment shed a rather cynical light on the speculative side of the art market, and Mr. Saltz facetiously admonished him for doing so while highlighting the missing, more altruistic elements.  However, in my opinion, both the speculative and altruistic sides of art play an important role in the formation of the art market.  For example, in his segment, Mr. Safer mentioned, with much distaste, that “art speak, the descriptive language of contemporary art, could seem as opaque as spilled alphabet soup.”  A response to an enthusiastic art dealer who, in the segment, was shown to be providing an intellectualized articulation of an art work to a prospective buyer. This altruistic side of art, more than just the philosophical support for art’s existence, can be seen as the language of art commerce, one of the many reasons why I believe both sides go hand-in-hand.  Whether it’s more speculative or altruistic, the proverbial “light” that you decide to shed on the art market really depends on you, the individual, and what type of value you are seeking to extract from engaging in the art world.  

posted by Kwasi Gyasi of MyUberLife  

             SETH GODIN ON THE BUSINESS OF MUSIC

With arguably music and digital media’s most important festival, SXSW, nearly upon us, what better way to lead into the week of music, media, and the newest addition, fashion, than with an insightful discussion from marketing guru and modern day philosopher, Seth Godin.

In the fourteen minute long interview, Seth and Ariel Hyatt, contributor on Hypebot.com and founder of Ariel Publicity (Cyber PR), a digital PR agency focused on the music market, discuss the modern day artist, or, in this case, the musician, and their unique opportunity to capitalize on the paradigm shift in the music industry.  To Seth, the new dynamics of the music industry allow for what he believes should be the ultimate goal for any musician or artist:  “[To] make a dent in the universe [and] that you are trying to touch people[…]” 

Below are some additional highlights from the interview:

Being Weird

• Mass vs. weird - Seth begins the discussion by focusing on the benefit of catering to niche markets (filled with the “weird”) versus mass markets (supposedly filled with “normal”).
• Find the inner weird - As society moves further into the 21st century, finding your inner “weird” and connecting to others who share the same inner “weird” by means of the internet has become more socially acceptable - slowly disintegrating the idea of “normal.”
• Weird clusters - The Internet has allowed “weird” people to connect more easily.  In other words, formerly isolated niches can easily gather together and form a tribe or community.
• Make your brand of weird - As an artists you need to tap into your brand of “weird” and make things representative of said “weird” for an audience of people who can understand it.  And according to Seth, that aforementioned audience usually sits outside the confines of what is considered “normal.” 
• Can’t please everyone - Don’t worry about disappointing the people who don’t like your brand of “weird” - which leads to the next important section…

Musician’s & Fear

Seth insists that one fear is usually greater than another, and in the case of musicians, the fear of:

• being obscure
• being ignored
• no one every hearing you 

should outweigh the fear of disappointing the people who ultimately don’t “get” your artistic offering to the world (i.e. your brand of “weird”).

And if you, the musician, still have a fear of “disappointment,” Seth recommends the following:

1. Don’t read reviews
2. Don’t let people post comments on your website

Personally, I believe constructive criticism is great for the artist and the creative process.  However, I do agree that not all criticism is constructive, and, at times, opening yourself to the proverbial “flood gates” of the Internet can leave you with criticism that bares a closer resemblance to “hate.”  And if you are an artist that is already sensitive to critique, reading reviews and “hate” posts on your website could potentially derail your enthusiasm and overall creativity. 

Musicians & Marketing

According to Seth, “you can not be a musician, and you can not be an artist until you acknowledge one [of] the things you are trying to do is make a dent in the universe [and] that you are trying to touch people…Marketing is finding out the best way to touch people and touch them in a way that resonates well enough that they tell their friends.”

As a musician with 21st century tools at your disposal, you are capable of amplifying your story to reach more places in a shorter amount of time.  Take your story and your brand of “weird” and use social media and other forms of technology to amplify your message so that it reaches all the potential followers of your brand of “weird.” 

How to Monetize (Making Money)

According to Seth, the best way to make money as a musician today is to “Lead a group of fans who want you to take them somewhere and be with other fans.”  In other words, provide a place where your fans can connect with, or experience, you, with the company of other fans (i.e. concerts).

Critical Points to Remember:

1. Find your inner artistic offering (your inner brand of “weird”)
2. Make things, or, in this case, music, representative of your brand of “weird”
3. Find and connect to people who share an appreciation for your brand of “weird”
4. Build a community or tribe around them
5. Then do business with them

Happy Watching!

posted by Kwasi Gyasi of MyUberLife

Burberry’s Branding Initiative to Embrace Digital & Millennials

The video above features an insightful discussion with current Burberry CEO, Angela Ahrendts, and Forbes correspondent, Moira Forbes, on Burberry’s cutting-edge strategy to turn the once flailing company into one of the most celebrated and successful luxury brands of today.

Since Angela’s arrival at Burberry in 2006 she has worked very closely with Christopher Bailey, Burberry’s Chief Creative Director, to harvest Burberry’s rich heritage and meet glaring opportunities in the luxury market.  The harmonious union of these two luxury mavericks has lead to not only soaring profits for the British brand, but also one the most innovative and resounding branding efforts of the last decade.  

Take a look at some of the more salient points from the video that give a small glimpse into how Burberry reclaimed their prominent position in the luxury market:

• Burberry’s core value / unique selling proposition - 1.)  Authentic British culture 2.)  luxury heritage beginning with coats.  Having analyzed the luxury market, Angela and Christopher identified core values in Burberry that could not be found in its competitors.  These values would form the springboard to Burberry’s competitive advantage and would become the focus of both their product, and marketing and branding strategy.
• Millennial opportunity in the luxury market - In addition to their heritage position, Angela and Christopher’s extensive research showed that there was a huge opportunity in targeting the millennial consumer who, at the time, were under-served and overlooked by the greater luxury community.  This particular target audience gave Burberry license to focus heavily on the digital space, which, at that time, wasn’t fully embraced by the luxury and fashion markets; but, as we know, would become a vital component of every brands business strategy.
• Democratization of luxury - Coming from humble beginnings, Angela and Christopher each brought a sense of democracy to the articulation of Burberry luxury - perspectives that favored inclusivity over exclusivity (to read more on the democratization of luxury click here).  In addition to their existing core value / unique selling proposition, this particular brand ethos especially translated well into the digital space; a space that was, and still is, largely responsible for the burgeoning paradigm shift in luxury fashion.
• Authentic celebrity brand ambassadors -  As a result of Burberry’s authentic brand image, and the successful articulation of their core value / unique selling proposition to their target audience across all relevant touch-points, Burberry was able to garner the attention of several celebrity brand ambassadors, most notably, Kate Middleton, Duchess of Cambridge.  Kate represents the perfect brand ambassador for Burberry.  With her royal position within the UK, she sufficiently embodies British tradition.  And at 30 years of age, she fits right into the millennial grouping.  But even more important, her public persona garners her a great deal of influence over much of Burberry’s target audience - influence that has already translated into a spike in sales for specific Burberry product’s that Kate has worn.  While this may seem like an obvious alignment, it’s important to note that Kate was not the usual paid celebrity endorsement.  Kate’s brand patronage would not have happened unless Burberry’s brand was perfectly aligned with the needs and wants Kate expected from a luxury brand.  The authenticity of Kate’s support of Burberry products is the true demonstration of the success of Burberry’s brand strategy.

This video is important for all brands and ‘creatives’ because it serves as an excellent reminder and demonstration of simple strategic questions that, when answered, can have the power to drive the success of a business in any given market.  The video also sheds light on important business principles like the ability for “underdogs,” as Angela states in the video, to achieve success in a market by turning what may seem like disadvantages into competitive advantages - another business success factor.

With that said, I urge all that watch the video to ask yourself these questions:

1. What is my core value / unique selling proposition?  What can I do that no one else can do, or, at the very least, do better than me?
2. Who is my target audience and what can I give them that they can’t get from anyone else?
3. What are the opportunities in the market?  What are my competitors or peers not doing that I can do?

Enjoy the video.  Happy Watching!

posted by Kwasi Gyasi of MyUberLife 

Rebecca Minkoff’s Family Fashion Business

We recently came across this inspiring video above from Wall Street Journal depicting aspiring handbag designer Rebecca Minkoff and her brother Uri Minkoff.  The video gives a glimpse into how Rebecca and her brother turned their small family-owned fashion brand into a growing fashion empire - maximizing every dollar spent along the way.  Today, the up-start brand is projected to do $35 million in sales this year.

Here are some additional highlights from the video:

• Rebecca Minkoff’s Brand Inspiration - Travel and vintage. 
• Rebecca MInkoff’s Target Audience - Female’s between the ages of 20 - 30 years of age.
• Rebecca MInkoff’s Brand Promise - To provide their target audience with product that tied into, or was related, to the momentous occasions that occurred in their lives between the ages of 20 and 30.

Enjoy the video and feel free to share your thoughts.  Happy watching!

posted by Kwasi Gyasi of MyUberLife