The art market is so opaque and illiquid that it barely functions like a market at all. A handful of big names get all the headlines (and most of the dollars). Beneath the surface is a tangled web of dealers, curators, auction houses, speculators — and, of course, artists. In this episode, we meet the key players and learn how an obscure, long-dead American painter suddenly became a superstar.
The more successful an artist is, the more likely their work will later be resold at auction for a huge markup — and they receive nothing. Should that change? Also: why doesn’t contemporary art impact society the way music and film do? (Part 2 of “The Hidden Side of the Art Market.”)
Is art really meant to be an “asset class”? Will the digital revolution finally democratize a market that just keeps getting more elitist? And what will happen to the last painting Alice Neel ever made? (Part 3 of “The Hidden Side of the Art Market.”) To find out more, check out the podcasts from which this hour was drawn: “‘The . . .
You want to listen to Freakonomics Radio? That’s great! Most people use a podcast app on their smartphone. It’s free (with the purchase of a phone, of course). Looking for more guidance? We’ve got you covered.
Stay up-to-date on all our shows. We promise no spam.