First thing first: let’s start talking about value. What exactly do we mean when we talk about “value” in art? How do you establish the value of a work, and decide “how much it costs”? And above all, who decides, and why? This isn’t a five-minute question indeed. Art market outsiders may be puzzled…
The high-end art world is known as a closed caste in the service of a mysterious élite that is extremely concerned about its privacy. In this game, where access is by invitation only, those who thrive are already insiders and boast considerable experience. The kind of experience that no university course in economics can teach…