Critique of Contemporary Art Market Criticism in 2015 Opinion Piece

In November, contemporary art transactions reached nearly $1.5 billion, sparking renewed criticism from commentators like Bendor Grosvenor in the Financial Times. These critiques, recurring since the early 2000s market expansion, share several characteristics. Writers position themselves as possessing superior knowledge about art's true value while addressing both general audiences and wealthy collectors simultaneously. They argue auction houses employ questionable practices like third-party guarantees and irrevocable bids that require regulation. Historical comparisons are frequently invoked to suggest contemporary works cannot match past masterpieces. The 2007 assertion by Tobias Meyer that expensive art reflects market intelligence has largely been abandoned. Current understanding recognizes evening sales primarily demonstrate spending by fewer than 500 ultra-wealthy individuals on fewer than 100 artists' works. Critics ultimately defend wealthy collectors' credibility rather than art itself, positioning themselves as would-be advisers. This perspective was articulated by Jonathan T.D. Neil in the January/February 2015 issue of ArtReview.