Art Market Criticism Focuses on Auction Houses and Elite Collectors
The art market is under scrutiny, particularly major auction houses such as Sotheby's and Christie's, which have amassed over $2.1 billion in sales of modern and contemporary art in New York and London this year. A mere handful of clients is responsible for approximately 90% of these transactions, prompting worries about reliance on a wealthy elite. Outlets like The Wall Street Journal and The New York Times raise concerns about potential drops in art prices alongside the stock market. Analysts, including Blake Gopnik and Felix Salmon, point to a 'contemporary art bubble.' This concentration of wealth presents an 'image problem' reminiscent of Occupy Wall Street, while market trends mirror broader economic conditions and the clash between consumer values and artistic goals.
Key facts
- Major auction houses Sotheby's and Christie's dominate modern and contemporary art sales
- New York and London auctions have seen over $2.1 billion in sales since the beginning of the year
- Approximately 90% of auction business comes from a very small fraction of clients
- Publications like The Wall Street Journal and The New York Times report on elite collector activity
- Critics Blake Gopnik and Felix Salmon have questioned art market prices and stability
- The art market operates as a trickle-down economy affected by top-tier collector behavior
- Historical middle-class collecting involved professionals buying affordable art directly from artists
- Middle-class taste remains consumerist and aspirational, as depicted in Sofia Coppola's The Bling Ring (2013)
Entities
Artists
- Matisse
- Sofia Coppola
Institutions
- Sotheby's
- Christie's
- Phillips
- The Wall Street Journal
- The New York Times
- Barron's
- Forbes
- ArtReview
Locations
- New York
- London