Işık Gençoğlu, the founder of Istanbul Concept and the Cultural Attaché of the Turkish-German Business Association, was a guest on Bloomberg HT’s “Üst Düzey” program, where she highlighted key issues in the art market. She emphasized that purchases are not increasing at the same rate as prices, which creates a challenging environment for artists.
“Ideally, purchases should parallel price increases, but people still expect old prices. However, at these rates, artists can’t even cover the cost of their materials,” Gençoğlu stated.
2024: A Year of Market Realignment
According to Gençoğlu, 2024 has been a year of differentiation, where collectors are becoming more conscious about their acquisitions. She pointed out that the industry is filtering out market-driven artists from true artists.
“Collectors are now questioning which artists will have lasting value and which are just temporary trends. 2024 has been an eye-opening year, and I hope 2025 will allow us to apply these lessons effectively.”
High Costs and Sustainability Concerns
Since most materials are imported and subject to exchange rate fluctuations, sustainability in the art industry has become increasingly difficult. Rising rents for studios and other overhead costs are making it hard for artists to maintain stability.
“Everything is indexed to foreign currency, and it’s impossible for prices not to increase. The problem is that purchases are not aligning with these increases. This creates chaos in the industry,” she explained.
Gençoğlu predicts that 2025 will be a year of survival, focusing on maintaining current operations rather than significant growth.
The Role of Creative Industries in Türkiye’s Economy
She also stressed the importance of creative industries in supporting Türkiye’s economy, emphasizing that efforts should not be limited to major cities but should extend to Anatolia as well.
One of her initiatives includes collaborating with the Swiss glass industry to establish an Art House project that will bring together Turkish artists and international markets.
Government Support Needed for International Art Fairs
Gençoğlu called for greater government support for artists participating in international fairs. While design-focused businesses receive incentives, fine arts are often left behind.
“We need to showcase our artists abroad, have dedicated booths at fairs, and be present at tourism expos as well. The art industry cannot be built solely on selling individual pieces,” she noted.
She also urged collectors to consider the long-term value of their investments rather than focusing solely on resale profits.
“Some artists are here today and gone tomorrow. Collectors should think about sustainability rather than quick financial gains,” she warned.
Art Should Not Be a Luxury
Gençoğlu strongly advocated for making art more accessible and integrating it into everyday life rather than treating it as an elite luxury.
“Engaging with art is not just about owning pieces—it’s about improving our quality of life. Public access to exhibitions and museums should be prioritized. For example, Istanbul Modern reducing its free public day to just half a day is concerning. Art should be seen as a social responsibility, not a commercial product,” she emphasized.
She concluded by urging support for galleries, calling them an essential part of the art ecosystem.
“Let’s not let galleries disappear.”
Source: Bloomberght/ Prepared by: İlayda Gök