external “High-End Art Is One of the Most Manipulated Markets in the World” —Quartz

Ever wonder how a photograph of a river can sell for $4.3 million?

To understand why, you must first understand the economics of art galleries in America and Europe. Almost all primary art sales—art bought from the artist as opposed to another collector—occurs through art galleries. Galleries set taste and prices—sets is actually an understatement. Galleries manipulate prices to an extent that would be illegal in most industries.

Gizmodo has also published a piece on how this manipulation applies to Andreas Gursky, the photographer behind that river photo.

Visit this link → · Shared on Jul 25, 2013