Home > Uncategorized > $12million dollar stuffed shark

$12million dollar stuffed shark

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This is a quite fascinating read examining the art market and what drives the remarkable growth in prices over the past thirty or so years. I would guess that there is no comparable market for pure inflation and it would appear that this will simply continue.

Although the authors only touch lightly on the true economic driver behind this on going boom, the factors involved are clear to see. Simply put we are talking about supply and demand. The number of genuine extremely rich people is growing faster than the amount of good available work.

The key question is what determines “good” or “great” work. Few would argue with the status of a Picasso or even a Warhol but On Karwara is given as a prime example of high value and sort after work which may leave many judges a little baffled.

Of course this should come down to taste but who determines taste? Quite often there is the simple driver of ‘must have’ competition driving up auction prices but often the arbiter of taste is simply the attachment to a particular dealer. Its a stamp of authority. Certain collectors such as Charles Saatchi immediately increase the value of a work simply by buying. Their judgement is considered an added value asset in itself. As a business model that is pretty hard to beat

As an art enthusiast and in the very unlikely event of me buying into this market, I could never really imagine buying work which I simply couldn’t relate to regardless of value and quality. For instance, Francis Bacon was a fine artist but difficult to imagine on my wall whilst Agnes Martin is a recent artist displayed at the Tate who would leave many cold but who’s work I found entrancing

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