The Multi-Billion-Dollar Industry of Art Auctions
May 19, 2016
Who are the people who pay millions of dollars for a Basquiat or a Modigliani? In the opaque art world, auction prices are the only publicly shared numbers that indicate an artwork's market value. Fine art auctions were once a way for dealers for to cheaply acquire pieces that they could resell—now, they are hugely anticipated events that break records and command headlines. This is the first of a series of short films from Artsy and UBS, titled "The Art Market (in Four Parts)," that aims to make sense of the unregulated art world. The films were directed by Oscar Boyson, and can be seen on Artsy as well as on UBS's online art portal.
Author: Nadine Ajaka
About This Series
A showcase of short films curated by The Atlantic