The Art of Economics: John Maynard Keynes And The Bloomsburies

Collage: Art in the Junction in a digital frame of the Arts Theatre Logo
Credit: rosreferat.ru

Spring is coming, the tide is turning, and the Junction has already crested the wave softly, gently, slowly leading by example.

Tough times are not a new experience for most artists and when a society experiences this as a whole it is very often the creativity and innovation of the artists that lead the way to a new phase of development and prosperity. It is the provenance to time and place that secures long term value and what began as the Local Option Art Awards in the Junction has evolved more forms of cultural expression.

Due to the tremendous success of the Local Option as an experiment in the Art of Democracy last year the WTJHS will be helping to facilitate a "Stroller Tour" of the Junction, promoting local artists from one end of the Junction to the other throughout the summer. With the climate both environmentally and economically making it much more appealing to do something healthy, educational and local we can capitalize on the Junction's well earned reputation as an arts community and promote this local phenomenon as a great way to spend the day in the Junction.

Arguably the most influential economist of the first half of the 20th C was the titan, John Maynard Keynes. In January I walked into Pandemonium looking for "The Ghost in the Machine" by Arthur Koestler and came out with a biography of Keynes by Robert Skidelsky. Koestler would have been proud of me.

It was Keynes who was responsible for the post WWII boom that established the infrastructures and educated middle class that elevated millions from poverty until Margret Thatcher and Ronald Regan became enamoured with Milton Friedman and Frederick Hayek’s laissez - faire free market economy; anything goes, the markets will balance themselves-- that has plunged us into this economic winter of doom. However I'm delighted to find great sections of Keynes economic policies are being reimplemented to our south and at home as the thaw allows the shovels to restore the infrastructures. The Keynesian experiment has become the precedent for a successful boom that lasted 40 years and had his theory been continued would have avoided this crisis altogether.

So, where is the art in all this you ask? Well, John Maynard Keynes was the financier responsible for an artistic phenomenon known as the Bloomsbury Group that was strongly influenced by the Impressionist movement. The Bloomsburies had a radical approach to the role of art in social structure with a strong commitment to local culture. Keynes concept of full employment included artists as leaders and innovators. By supporting local artists a ferment is created and if the buzz resonates strongly enough precipitates unique artists who gain high profile recognition and elevate others and the environment that produced them. Unlike the handpicked, golden handcuffed protégée of Sachi and 'branded' markets that benefit the few to the detriment of many, Keynes artistic model provides a broader and more enduring prosperity for the benefit of the community at large.

The Local Option Art Awards was based on these fundamental principles. It was a overwhelming success and the Local Option Gala in October at Latitude 44 Gallery is considered the most fun and exciting event of 2008 in Junction. The guest speaker Don Thompson, whose book The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art said the walls around us are where the true value of art is to be found. If we recognize, appreciate and support it.

May 1st will be a unique opportunity to celebrate the extraordinary and dynamic culture of the Junction at Humberside Collegiate Institute between 6 and 11 pm as we celebrate the Amalgamation Centennial, 100 Years since the Junction saved Toronto from bankruptcy by agreeing to a union of two equal and independent cities. We are commemorating the Centennial with a re-enactment of the celebrations that launched the Junction into it's most dynamic and prosperous phase with intelligence born of strong community spirit for the benefit all all.

Admission is free and EVERYONE is welcome. For more info see the artjunction's Amalgamation Centennial page or contact the Junction Historical Society at wtjhs.ca.

2009 © Cara Reeves

Press-Release: Junction Historical Society Balances Art and Economy at Local Option Art Awards Gala

The Local Option Art Awards Gala in the Junction:
Cara Reeves, WTJHSCC and Pascal Abboud, Pascal's Baguette and Bagels
2008 @ artjunction.blogspot.com

For Immediate Release

JUNCTION HISTORICAL SOCIETY BALANCES ART AND ECONOMY AT LOCAL OPTION ART AWARDS GALA

Toronto, ON, October 24, 2008 - Best selling author Don Thompson (The 12 Million Dollar Stuffed Shark: The Curious Economics of Contemporary Art -- currently on the best seller lists in Toronto, London and New York) joined local artists, businesspeople and residents at Latitude 44 Gallery (2900 Dundas St. W.) on Thursday October 23, 2008.

The community ensured the success of the Junction Historical Society’s silent auction and Awards ceremony. Despite turmoil in the global financial and art markets, the event proved that investing in local art can create a stable financial base by setting realistic goals.

The Local Option Art Awards, a Junction Centennial initiative sponsored by Mariposa County artist Michael Reeves, is a unique experiment that has benefited the whole community.

Between the Junction Centennial weekend in April and the Arts Festival in September, 20 businesses have hosted 27 artists. The first, second and third prize winners were chosen by public vote. The results: a tie for first place between Emmanuel Mifsud and Peter LUI Gang; Brian Anderson was chosen as runner up; and Olga Sadowy was awarded the third prize.

Martin Scott of 'Forever Interiors' initiated and facilitated a limited edition of 70 Junction Centennial Trains on behalf of the Historical Society involving young local artists in the project. About 25% of the artists who participated sold their works; some artists received commissioned work due to the exposure; some will be continuing the relationships they have built with the businesses. Four of the businesses would like Latitude 44 Gallery to continue to use their spaces to sell more works by local artists.

The "Best Art and Business Matches" from the project will remain on display at Latitude 44 Gallery until the end of the month.

–30–

For information, please contact:
Janet DiBernardo
Latitude 44 Gallery
2900 Dundas Street West, Toronto, ON M6P 1Y8
Phone: 416-769-2900
Website: www.latitude44gallery.ca

links:
artjunction: Invest in Art and Do It Tonight in the Junction
artjunction: Junction Local Option Art Awards Guided Walking Tour Photos
Press-Release: Best Selling Author Don Thompson to Speak at Local Option Gala Celebrating Art and History in Toronto Junction
Press-Release: Local Option Art in the Junction: The Local Option Art Awards Gala
The Local Option Art Awards Gala / WTJHS Fundraiser. Be there and you’re history!
by Neil Ross, writer/comedian/historian
Invitation to the Gala: Celebration of the Toronto Junction Local Option Art Awards
by Cara Reeves, WTJHSCC
artjunction: Invitation to the Local Option Art Awards in the Junction

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Invest in Art and Do It Tonight in the Junction

Screenshot: TheStar.com: Focusing on art as investments
By Naomi Carniol, Special to the Star, October 23, 2008
Credit: TheStar.com

It takes the right frame of mind, and a little luck, to turn that piece of art you purchased into an asset that will contribute to your financial future

Naomi Carniol
TheStar.com - Investing - Focusing on art as investments
http://www.thestar.com/printArticle/521067

And you can start to do it right now. Please come to the Local Option Art Awards which will hold its first annual gala tonight at Latitude 44 Gallery (2900 Dundas Street West).

Artists, historians, patrons of art and lovers of history will come together to celebrate the Spirit of the Junction. As the evening unfolds, speakers tell the wondrous tales of art as a vital link in Junction history and the historic marriage between art and business in the community.

Items of historical and artistic value will be on display to be purchased at silent auction, an array of treasures from gold and silver leaf to vintage brass fire extinguishers manufactured in the Junction will be auctioned off. Vintage photographs from the Junction’s past have been exquisitely framed and will be offered as mementos of the railway town that became a city.

Come and meet Don Thompson, author of "The $12 Million Stuffed Shark, The Curious Economics of Contemporary Art" (published by Doubleday Canada). His book is currently on the best seller list in Toronto, New York and London. Drawing on exclusive interviews with both past and present executives of auction houses and art dealerships, artists, and the buyers who move the market, Thompson launches the reader on a surprising journey of discovery.

The gala will raise funds for the West Toronto Junction Historical Society, a vital force in the Junction, working to preserve the history and heritage of this unique neighbourhood.

See you there.

link:
canadianart.ca: Don Thompson: Stuffed Sharks, Empty Wallets and the Art Market to Come
With sales chilling at the Frieze Art Fair last week, there's no
better time to chat about the art market's future. In this
interview, economist Don Thompson, author of The $12 Million
Stuffed Shark: The Curious Economics of Contemporary Art, shares
his predictions. Read more...