I’m the Crawlin’ King Snake and I rule my den
The art boom of 2004-07 saw such staggering growth, particularly in contemporary art, that it is hardly surprising that art is increasingly being commoditised, bundled into funds and flagged up as an alternative asset class.
But while most people can recognise a Warhol or a Picasso at 10 paces, they have far less knowledge of the complex issues inherent in trading something that is almost always heterogeneous, in an opaque and unregulated market. (…)
The editor of this book, Clare McAndrew (…) makes the fundamental point that “one of the most important economic features of the market is that it is essentially supply-driven … increased demand … cannot necessarily increase supply … and instead elevates prices”. (…)
Moreover, how do you assess the price of a painting when four Picasso portraits of Dora Maar, all from the 1940s and of comparable size, can sell for between $4.5m and $85m within a three-year period?
