Though the 2008 recession sparked widespread belief that the stock market was corrupt. Is the art market any better? Practices like chandelier bidding, price inflation and secret sourcing of art pieces call into question the legitimacy of art sales and values. But art market defenders posit that art, unlike other commodities, is valued based on appreciation and, because no two works of art are identical, cannot be regulated using traditional measures.
For the motion
Founder of Richard L. Feigen & Co. art dealers, Art Collector and Author
Richard is an active collector of early Italian and Baroque paintings, English landscapes, surrealists, Max Beckmann and contemporary art. He founded... Read More
Owner and CEO of Albion Gallery
Micheal is owner and CEO of Albion Gallery. Albion is the only gallery in London to incorporate a major global program that represents leading international... Read More
Investor, Entrepreneur, Art Collector and Author
Adam is an investor and entrepreneur with a background in industries from energy and communications to real estate and asset management. He has re-launched... Read More
Against the motion
International Co-Head of Post-War and Contemporary Art and Deputy Chairman at Christie's
Amy was appointed deputy chairman at Christie's in January of 2008 and has been the international co-head of Post-War and Contemporary Art since 2001... Read More
Chuck's work has been the subject of more than 150 solo exhibitions including many major museum retrospectives, and he has participated in almost... Read More
Senior Art Critic for New York magazine
Saltz is a two-time finalist for the Pulitzer Prize in criticism. He has lectured at Harvard, The Museum of Modern Art, the Whitney Museum of American... Read More
Where Do You Stand?
For The Motion
The common practice of chandelier bidding, in which an auctioneer introduces bids on behalf of the seller until a desired price is met, manipulates buyers and artificially inflates the art market.
Though works of art have become serious financial assets, the government treats art as a luxury market that does not require the oversight and regulation mandated in other major markets.
Unlike securities, there are no two works of art that are identical, in the same condition or endowed with the same credentials; the only source of price comparison is auction data bases, which are flawed.
Against The Motion
The art market is rightly valued based on public appreciation of the art; the government does not have a place in assigning financial value to specific works.
If someone were to lose money in the stock market, they wouldn’t hang their stocks on the wall; the art market is based on more than an economic exchange and thus shouldn’t be held to the same expectations.
Unlike other commodities that can be valued in comparison to similar goods, the value of art is subject to historic, emotional and intellectual context.