The economics of ridiculously expensive art

Bronwyn Coate | The Conversation | 27th November 2017

The art world is still reverberating from last week’s Salvator Mundi auction result. What comes next? The linked piece, a perfectly sensible analysis of art pricing, suggests that average pieces of art are not always a great investment. However, a noted art market writer thinks “incredibly important” works may be driven by entirely different rules. “We will probably end up with ‘best of the best’ sales”- and more eye-watering prices.