| gen. |
art market (Confusing and uncertain: the art market is foreign to many, even lovers of art, yet at the same time it holds great fascination. It is a network made up of countless participants–artists, gallerists, auction houses, fairs, museums, art critics, and collectors. | The art market operates in an economic model that considers more than supply and demand: it is a hybrid type of prediction 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. WK  hatjecantz.de Alexander Demidov) |
