Instead, Glimcher continues, “those high levels of the market are now functioning the way the middle levels of the market used to function—more credibly, more reproducibly, and slightly more transparently,” he says. “Or else you wouldn’t be seeing these [works] here.”
So will prices continue to rise?
“How expensive art gets is just a matter of how much wealth individuals can concentrate,” Glimcher says. “There’s no ceiling for a thing with no utility. But there’s no floor for a thing with no utility, either.”
This article was provided by Bloomberg News.