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Do reasonable prices make pieces of art less desirable?

SALON | Noah Charney:

Last week, London hosted its annual “Affordable Art Fair.” This has been a staple since 1999, with around a quarter-million visitors each year, and parallel fairs in 10 cities. The definition of “affordable” is works priced under 2500 GBP, with some sold for as little as 50. But while the prices are low, the quantity is high: The fair handles more than $400 million in sales. There is clearly a large market of people who want to own original, unique artworks but have what might be considered “normal” incomes. Most high-end art and antiquities are collected by a tiny minority of extremely wealthy individuals, institutions and families, a sort of private club of just a few hundred millionaires the world over, many of whose families have been collecting art for centuries… Read more

Image: (Credit: Getty/Tristan Fewings)

2018-10-29T11:05:21+00:00