As discussed in Part 6, if an Artwork increases in value, it happens over time, and involves a sort of elongated conversation guided by industry professionals. Sometimes, the course of that conversation can be artificially altered, depending upon the amount of exposure the Artist gets, but ultimately there should still be a convergence of opinion, which determines whether the value of the work goes up, or not.
So, how could a solution to the Latency Problem dynamise that conversation? Firstly, by open it up to as many people as possible and making it web-based. A natural consequence of this, is that the process is not only dynamised, but democratised. On the one hand for example, industry professionals would offer their expert appraisal. On the other we would have the general public giving us an aggregate of their opinion.
Next, how can we stimulate that conversation in a way that works with our economic system whilst preserving the Artist’s interest in the original Artwork? If we can answer that question successfully then we may be getting close to solving the Latency Problem…
And that is where the core concept discussed in Parts 8 and 9 (shares in an Artwork) comes in, by enabling a new ‘pre-Primary market’ economy.
In contrast with previous solutions, the #7/11 Project makes use of an open, free market rather than trying to work against it. By offering affordable stakes in an Artwork, the concept democratises audience participation in Fine Art culture. And, each time a trade is made, the conversation around value (Latent Value Emergence process) is stimulated, with the Artist and co-owners receiving a share of the transaction amount if the work has increased in value: the Latency Problem is facilitated.