Wednesday, November 15, 2006

Art market is "a little bit crazy"

Very cool interview with art dealer Arne Glimcher at Finance Trends readers will recognize some of the recent themes that crop up in this piece. Here's an excerpt:

Kazakina: What's driving the demand for art?

Glimcher: The amount of money in the marketplace and the incredible discretionary income. Money has very little meaning to certain people anymore who are making hundreds of millions dollars a year. It doesn't matter if they are paying $80 million for a Pollock. It does not alter their lifestyle at all. It's just, ``I want it and what does it take to get it?''

That's why the auction market is a little bit crazy. We'll have a show of 10 works by an artist, and they'll all sell. And then other people want them, can't get them. One comes up on the open market, and they'll pay twice what they were in the gallery.

Do have a look.