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Art market

An art auction at Christie's

The art market is the marketplace of buyers and sellers trading in commodities, services, and works of art.

The art market operates in an economic model that considers more than supply and demand; it is a market where art is bought and sold for values based not only on a work's perceived cultural value, but on both its past monetary value as well as its predicted future value. The market has been described as one where producers don't make work primarily for sale, where buyers often have no idea of the value of what they buy, and where middlemen routinely claim reimbursement for sales of things they have never seen to buyers they have never dealt with.[1] Moreover, the market is not transparent; private sales data is not systematically available,[2] and private sales represent about half of market transactions.[3] In 2018, Robert Norton, a CEO and co-founder of Verisart, noted that "Art is the second-largest unregulated market after illicit drugs and it's significantly overshadowed by fraudulent activity."[4]

  1. ^ Plattner, Stuart, A Most Ingenious Paradox: The Market for Contemporary Fine Art, American Anthropologist 100(2):482-493, 1998.
  2. ^ Coslor, Erica (April 2016). "Transparency in an opaque market: Evaluative frictions between "thick" valuation and "thin" price data in the art market". Accounting, Organizations and Society. 50: 13–26. doi:10.1016/j.aos.2016.03.001. hdl:11343/113919.
  3. ^ Levey, Morgan. ""A Fascinating, Sexy, Intellectually Compelling, Unregulated Global Market."". Freakonomics. Retrieved 2022-01-14.
  4. ^ Cite error: The named reference :1 was invoked but never defined (see the help page).

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