Call it the Piketty effect. The top of the Contemporary art market is crowded with buyers trading a very small number of works. Some of those buyers seem to be using art as a store of value. (Or, in the case of David Ganek who continues to unload works at the very top of the market, some of those are taking advantage of surge in prices to regain value lost in other arenas.) Carol Vogel does a very good job in the New York Times of outlining this Piketty effect where the growing wealth of the wealthiest is increasingly finding its way toward art that’s being used as a new kind of asset:
http://www.artmarketmonitor.com/2014/05/05/the-auction-before-the-auction-has-already-yielded-680m-this-season/?utm_source=rss&utm_medium=rss&utm_campaign=the-auction-before-the-auction-has-already-yielded-680m-this-season
No comments:
Post a Comment