The prices for masterpiece art sold at auction aren’t a good indicator for the greater art market, says Annelien Bruins, chief operating officer at Tang Art Advisory in New York.
“There’s a huge discrepancy between the high-end auctions, the types of works we see in the newspapers, and the rest of the art market,” Bruins says. “The masterpieces are a small, manipulated market where the dynamic of the competition is very different.”
For one thing, many art auctions are choreographed, with sales pre-arranged before bidding takes place to guarantee a good price on the works, Bruins said.
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