The Endless Pursuit of Elitism in The Art Market

Confusion, doubt, disbelief, and incredulity are some of the words being used by a growing number of observers of the art market today. It seems that what is announced with increasing regularity by the media related to the art world is nothing but larger, astonishing and beyond logic concerning the immense amounts of money being paid for modem and contemporary pieces of art.

An example, provides some perspective. Not long ago, a gallerist and an economist walked into an art gallery opening. The paintings on display featured the rape of dismembered corpses. The economist was horrified, and the gallerist said the work was good and the artist had a promising career. The gallerist was right. The artist is now a hot, emerging artist whose work sells for tens of thousands of dollars.