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www.postmastersart.com

For immediate release:


October 22 - November 26, 2011
opening Saturday,October 22, 2011  6-8pm


 

WILLIAM POWHIDA

DERIVATIVES*


POSTMASTERS GALLERY IS PLEASED TO PRESENT AN EXHIBITION OF NEW WORKS BY WILLIAM POWHIDA. THIS WILL BE HIS FIRST SOLO SHOW WITH THE GALLERY:

Dear Art World, 2011, graphite colored pencil and watercolor on paper, 20
 x 16 inches
 

(*)

 

Derivatives are a common instrument in the financial market mainly for the purposes of speculating and hedging, or betting on or insuring against risk.  They are a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.1  Derivatives have been an entirely unregulated segment of the financial industry and played a significant role in the economic collapse in 2008.  These financial products became an unrestricted avenue for financial firms like Goldman Sachs and AIG to gamble on the risk of default by mortgage holders by both speculating and hedging, often at the same time.  It was entirely possible to insure a bet, thanks to credit default swaps.  The firms that were bailed out in 2008, when they lost those bets and forced the Federal Government to cover them, continue to make profits while $ 11 trillion in household wealth vanished.  

 

In the art world, 'derivative' is both a pejorative word used to describe works that are insufficiently original and a common method of determining value by establishing artistic lineage ie;  "Urs Fischer is the next Jeff Koons". Art is also an investment tool involving an unspoken contract between two parties with assumptions about the resulting values of the underlying variables of a particular work or artist.

 

The works in the exhibition are derived from other sources both public and private that explore how value is also derived in different economies from underlying variables including philosophy, belief, ideology, and perception.   

 

1http://en.wikipedia.org/wiki/Derivative_(finance)


 
 
UPCOMING:
October 16 - 18, 2011 
CHRIS VERENE THE SELF ESTEEM SALON WITH JESSICA GABLE,
THE SELF-PRESERVATION SERIES

click here for more info
***
October 13 - 16, 2011 
MOVING IMAGE ART FAIR LONDON
FEATURING NEW WORK BY KENNETH TIN-KIN HUNG
click here for more info



Postmasters Gallery located at 459 West 19th Street between
9 and 10 avenues is open Tuesday through Saturday 11 – 6 pm

Please contact Magdalena Sawon or Paulina Bebecka with

questions and image requests: postmasters@thing.net
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