Clare McAndrew

Cover art
PublishersArt BaselUBS2017
Art is a $57 billion market almost entirely unregulated by the government. Here is a remarkable summary of its recent performance as an asset class by two key power players: a fair and a bank. The summary tells a story of segmentation and distension of the market towards extreme ends of the scale: a tiny fraction of artists make up the vast bulk of sales, with just .017% of galleries responsible for 80% of total sales by value. On page 236, note how the text suddenly worries about the effect of dramatic wealth inequality on the market, if chiefly via ...

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