Friday, May 29, 2015

How The Art Game Works.....

29. Clare McAndrew, cultural economist and founder of the Arts Economics consulting firm, creator of the annual TEFAF market report (see Clare McAndrew Explains How She Prepares the TEFAF Art Market Report)
While personal taste seems central to purchasing art, many buyers are very reluctant to rely on their own. The “superstar phenomenon" we are seeing in the art market, where works of a narrow group of artists achieve extraordinarily high prices, is being driven in part by risk reducing techniques and the pervasive desire to “consume as others are consuming". Many new collectors will only purchase well-recognized works or those by famous artists, essentially relying on the preferences already established by previously successful buyers, hence reducing the risks of relying on their own taste. Collectively, this tends to reinforce the position of successful artists while letting other lesser known, but equally talented, artists go unnoticed. This (along with scarcity) is why some prices are so high, rather than necessarily a difference in quality. You do not need to be a millionaire to access high quality but you do need to put a bit of time and effort into your own research or gaining access to some objective advice.

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