October 1, 2015 § Leave a comment
In this major exhibition, The Economy of Appearances, Curran draws these projects together for the first time, expanding the enquiry with newly commissioned work completed in Amsterdam. Incorporating photographs, film, sound, artifactual material and testimony, themes include algorithmic machinery of financial markets, as innovator of this technology, absorption of crises as normalisation of deviance, and long range mapping and consequences of financial activity distanced from citizens and everyday life.
Curran filmed in the new financial district of Zuidas on the southern periphery of the Dutch capital – a global centre for algorithmic trading. Adapted from a text by former trader and now financial activist, Brett Scott, which examines High Frequency Trading (HFT) and how the input of human values, are excluded, the voiceover and title of the film are inspired by Scott’s essay, Algorithmic Surrealism. The film suggests the hegemony of HFT and the extinction of human reason or intelligence – human strengths that also include traits such as empathy and ethical behaviour – in Market decisions will both perpetuate and render more extreme the power relations of minority wealth in globalised capitalist systems
Through the application of an algorithm identifying the words “market” and/or “markets” in public speeches by relevant national Ministers of Finance, the data is then transformed to create the installation soundscape. To date, algorithmic translations of Michael Noonan (Ireland), George Osborne (United Kingdom), Pierre Moscovici (France) and Jeroen Dijsselbloem (Netherlands & Eurozone Group President) have been included in exhibitions in those countries. Curran activates the popular graphic representation of such circumstance through a 3D visualisation/virtualisation of the algorithmically-generated soundscape—The Economy Of Appearances—to represent contemporary financial capital functioning through the conduit of the financialised nation state.
Financial Surrealism (WTC)
Zuidas Financial District, Amsterdam, Netherlands, 2015
(A4 double-sided colour print)
(text on reverse)
…in the case of the Netherlands, most of the Dutch shadow banking sector…is set-up by corporations for tax purposes, to attract external funding and to facilitate intragroup transactions…the focus of the shadow banking entities located in Ireland, Luxembourg and the Netherlands is the euro area, or even global.
While the relative importance of the euro area shadow banking sector has risen significantly since 2007, it remains smaller than the regulated banking system. Luxembourg, the Netherlands, and Ireland are the exception: the shadow banking sector assets in these three countries are substantially larger than those of the regulated banking system, accounting for almost two-thirds of the entire euro area shadow banking system. Credit through non-bank channels can have important advantages and contributes to the financing of the real economy, but can also become a source of systemic risk…
(source Banking Structures Report (2008-2013), European Central Bank, October 2014)
Many financial institutions that act like banks are not supervised like banks. The term, shadow bank was coined by U.S. economist Paul McCulley in 2007…because they are not subject to traditional bank regulation…they are in the shadows.
They are characterized by lack of disclosure and information about the value of their assets…opaque governance and ownership structures between banks and shadow banks; little regulatory or supervisory oversight…
Shadows can be frightening because they obscure the shapes and sizes of objects within them. The same is true for shadow banks. Estimating the size of the shadow banking system is particularly difficult because many of its entities do not report to government regulators. The shadow banking system appears to be largest in the United States, but nonbank credit intermediation is present in other countries—and growing. The shadow banking system’s share of total global financial intermediation was about 25 percent in 2009.
(source Finance & Development, International Monetary Fund, June 2013 Vol. 50 No.2)
Text Helen Carey
Algorithm & Sound Composition: Ken Curran
3D Data Visualisation: Damien Byrne
Film Editor: Lidia Rossner
Film script adapted by Mark Curran from original essay by Brett Scott
Voice: Claudia Schäfer
Thanks to Arts Council Ireland, Noorderlicht Photography, NEPN (University of Sunderland), Institute of Art, Design & Technology (IADT), Belfast Exposed Photography Gallery, Arts Council of Northern Ireland, Gallery of Photography & Culture Ireland
Mark Curran The Economy of Appearances
4 September–30 October 2015
Opening: Thursday, 3 September
Limerick City Gallery of Art
Full information here.
September 3, 2015 § Leave a comment
Opening Thursday, 3 September
‘In Mark Curran’s practice, projects unfold over time. (Since the late nineties) Curran has undertaken a cycle of long-term, ethnographically-informed multimedia research projects addressing the predatory context resulting from migrations and flows of global capital…in this major exhibition, The Economy of Appearances, he draws these projects together for the first time, while expanding the enquiry with newly commissioned work completed in Amsterdam. Incorporating photographs, film, sound, artifactual material and testimony, themes include algorithmic machinery of financial markets, innovator of this technology, absorption of crises as normalisation of deviance, and long range mapping and consequences of financial activity distanced from citizens and everyday life…’
Limerick City Gallery of Art
Thanks to Arts Council of Ireland, Noorderlicht (Netherlands), NEPN (University of Sunderland, UK), Institute of Art, Design & Technology (IADT), Belfast Exposed, Arts Council of Northern Ireland, Gallery of Photography & Culture Ireland
Algorithm Design & Sound Composition Ken Curran, 3D Data Visualisation Damien Byrne, Editor Lidia Rossner, Voice Claudia Schäfer Script adapted from an original essay by Brett Scott
Algorithmic Surrealism 2015 (digital still)
(Single channel HD digital video, colour, sound/voiceover)
Zuidas Global Financial District, Amsterdam, Netherlands
September 2, 2015 § Leave a comment
‘Activating the popular graphic representation of such circumstance through a 3D visualisation of the algorithmically-generated soundscape—The Economy Of Appearances—to represent contemporary financial capital functioning through the conduit of the financialised nation state’ Helen Carey
Thanks to Wim Melis, Ype Van Gorkum, Hester Keijser, Maria, Henne, Shahin and all the Noorderlicht team and to Amanda Ritson and NEPN, University of Sunderland for their generous support.
Full details of NOORDERLICHT 2015 available here.
August 21, 2015 § Leave a comment
This post is to announce the generous awarding of a commission by NOORDERLICHT in collaboration with the North East Photography Network (NEPN), University of Sunderland (UK) to elaborate on my ongoing project, THE MARKET, on the functioning and condition of the global markets,
The resulting research was undertaken in the Zuidas Financial District on the southern periphery of Amsterdam with emphasis on the central role of the Netherlands in the Global Shadow Banking System and Algorithmic/High Frequency Trading (HFT).
#DataRush continues until 11 October.
The installation will later be presented at Photoville in New York in the Autumn and the UK in 2016.
Algorithm Design & Sound Composition Ken Curran, Data Visualisation Damien Byrne, Script adapted from text by Brett Scott Editor Lidia Rossner, Voice Claudia Schäfer, Collaborator Helen Carey
June 8, 2015 § Leave a comment
THE 13th INFINITI CONFERENCE ON INTERNATIONAL FINANCE 8-9 June 2015 Organised by Trinity College Dublin, Monash University & University of Ljubljana On the invitation of Brian Lucey, Professor of Finance (Trinity College Dublin), Mark Curran present on his practice-led research project, THE MARKET, at this annual conference on international finance being held at Faculty of Economics, the University of Ljubljana. Full details of programme are available here.
Supported by Institute of Art, Design & Technology (IADT).
Separately, on Wednesday, June 10, a public event titled PHOTOGRAPHY & CRISIS, is being held at the University of Ljubljana. This is organised by Ilija Tomanic and Jan Babnik (REVIJA FOTOGRAFIJA) where along with a presentation from Reinhard Braun, Director & Editor of CAMERA AUSTRIA, Mark will also present on the project. Begins at 5pm, hope to maybe see some of you there. Full details here.
April 21, 2015 § Leave a comment
As part of this event occurring at the Royal Anthropological Institute (RAI) in London on Saturday, April 25th, Mark Curran has been invited to present on his practice-led research in relation to THE MARKET.
The intention of this, the first of a series, is to
bring together anthropologists, accountancy scholars, literature scholars and artists using anthropological concepts and ethnographic methods in their work…to explore past, present and possible artistic techniques for visualizing information in capital markets, tracking offshore financial flows, and mapping relatedness among financial elites.
This is a free event and open to the public. Full details can be found here.
With support from the Institute of Art, Design & Technology (IADT).
(Image: Installation of THE MARKET: A project by Mark Curran, Belfast Exposed Gallery, 2013)