At ArtInfo.com, Ben Davis has a thoughtful and I think largely accurate description of the rise and rise of news media about the visual arts industry over the past decade – at the expense of art criticism:
The expanding market for “art news” coincided with the ballooning of the more commercial side of the art world in the ’00s: the explosion of art fairs (Art Basel Miami Beach debuted in 2002, Frieze in 2003), the rise of the “ego-seum,” the hunger of corporations to tap high-culture cachet (Takashi Murakami’s team-up with Louis Vuitton was in 2003), the triumph of art-as-investment, and the “emerging artist” wave that saw galleries harvest kids fresh out of school (Alex McQuilken’s “Fucked,” a video of the 19-year-old artist having sex made while she was at NYU, famously sold out at the 2002 Armory Show). But everything about “theory-crit” requires the reader to buy the idea that the academy is the most important tastemaking center. Thus, the commercial explosion created a space where all the stuff about the market and the social scene, institutional moves and their political ramifications, actually feels more relevant than the most “serious” criticism.
And there’s the rub, of course. Art news is more relevant than art criticism in the year 2011, because almost no-one reads or takes art criticism seriously. What mattes in the art world nowadays is the money, in the way that what matters in publishing and in Hollywood are best-sellers and blockbusters. Critics will remain interesting, insightful and even incisive, but the days when a powerful critic such as Clement Greenberg could effectively ignite and then police an entire art movement are, at least for the foreseeable future, probably over.