The Great Divide In The Art Market

It’s a luxury problem, but, according to the New York Times, it exists: ‘The art market tends to be written and talked about as a singular thing. The headline-grabbing millions spent on postwar and contemporary trophies dominate perceptions of how art is bought and sold, leaving more earth-bound collecting short of attention. The cultured professional classes of the United States and Europe have always spent money on art and continue to do so. However, the latest market report issued by the European Fine Art Foundation indicates that average fine art auction prices increased by 82 percent and 100 percent, respectively, in Britain and the United States from 2009 to 2013, far outpacing the growth rate of many professional salaries since the 2008 financial crash. “The market has shifted,” said Anders Petterson, managing director of the London-based art analysis firm ArtTactic. “People who in the 1990s would buy paintings are now having to look at prints and works on paper.”’

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