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• W2946330982 abstract "The Rembrandts of InvestmentCollecting Art and Money in the Trilogy of Desire Mark Schiebe (bio) As Donald Pizer observed several years ago in the Sewanee Review, “renewed interest in Dreiser’s novels has been devoted to clarifying what his fiction tells us about social belief and value principally in his own time, as seen through the lens of our own social concerns” (“Norman Mailer” 472). From a twenty-first-century vantage point, Dreiser’s penetrating analysis of the entanglement of art and business seems especially prescient. We read the Trilogy of Desire today in a world where the Citigroup Corporation publishes a quarterly newsletter that reports on the state of the art market, and where their clients purchase artworks to hedge against currency fluctuations and exploit tax loopholes. Sixty-four billion dollars’ worth of art changed hands in 2017, with increasing numbers of investors discovering that, as one high-end dealer put it, “you leverage your art, but you can still keep it on your wall” (Reyburn). The British artist Damien Hirst, whose paintings have become status symbols for the super-rich, has proclaimed that art is “the greatest currency in the world” (“Damien Hirst”). A money so beautiful that you can hang it on the wall is an intriguing candidate for world’s greatest currency, though Hirst likely has something else in mind: at the top of the art market, his own works, along with pieces by twentieth-century giants like Rothko and Basquiat, are now approached as purely speculative commodities, often bought and sold without being physically removed from the vaults where they are stored, let alone being hung for viewing. Paintings and sculptures now figure in exchanges that more closely resemble the trading in derivatives and other opaque financial products that have come to define contemporary speculative capitalism, or, as David Harvey puts it, “the financialization of everything” (33). Perhaps most alarmingly, art investment funds, like the one run by London financier Phillip Hoffman, bundle together thousands of works of art, as [End Page 165] one does mortgages, which are then sold as shares of a hedge fund, geometrically fracturing each canvas more radically, if you will, than the surface of a Picasso (Taylor 13). The art fund heralds an era where the speculator has eclipsed the collector, where it is more difficult than ever to discern where money ends and art begins. One wonders if the hero of Dreiser’s Trilogy—the financier, traction magnate, and art collector Frank Cowperwood—would have been enthusiastic about owning a percentage of a Rembrandt, a sliver of a Rodin. While Cowperwood’s savvy manipulation of money (as credit) marks him as a leading figure at the dawn of speculative capital’s ascendancy, he was in fact quite conservative with art, more attracted to its materiality than its manipulability. In the final decades of the nineteenth century, the process of art’s commodification, well underway, was at a decidedly earlier stage. The idea of art remined tethered to the spiritual realm, and many of the most avid collectors and patrons shared a faith with the museum-going public that contemplation of beautiful art could renovate the mind and nourish the soul. Taking cue from Dreiser’s regular insistence that “the spirit of art” was the key to Frank Cowperwood’s character, scholars from H. L. Mencken to Clare Eby have seen the titular hero of the Trilogy as an artist in his own right and have emphasized emergent parallels between the techniques of financial and artistic visionaries during the final decades of the nineteenth century.1 As Pizer summarizes, “Dreiser tries to suggest that Cowperwood’s financial dealings contain an aspect of the aesthetic . . . and his brilliance in this area makes him akin to an artist” (“Norman Mailer” 467). Readers have said less about Cowperwood as art collector, a role he embraces in early adulthood after his first success as a banker, and a subject that features more prominently in the second and third volumes of the Trilogy, as his collection grows to become one of the most impressive in the country. When they do discuss it, critics of the novels have rightly seen in Cowperwood’s collection a..." @default.
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• W2946330982 title "The Rembrandts of Investment: Collecting Art and Money in the Trilogy of Desire" @default.
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