For the layman, the art market can seem as baffling as it is excessive. Auctions can, at times, move at a dizzying and frenetic pace with bidders upping the anti by the millions or tens of millions of dollars. Artwork from some of the art world’s most highly sought after practitioners—dead or alive—often go for astronomical prices, sometimes even exceeding initial auction estimates. The art market can be a topsy-turvy world moving at the pace of a whirling dervish.
To give those who aren’t in the know a better understanding of how this all works, Artsy has released the first video in their The Art Market (in Four Parts) series. Calling upon auction house chairs, economists, gallerists, and more to provide context, Artsy aims to shed light on the history of the art market, its players, and the institutions that help to maintain and sustain it.
Auctions can be viewed below. Enjoy!