Money rules the world. Money is a synonym for power. The market for fine art is no different.
“I don’t think everybody should have money. It shouldn’t be for everybody – you wouldn’t know who was important,” said Andy Warhol in 1975.
Art collectors, or in a more modern term ‘art investors‘, are the gatekeepers of this niche market. They are responsible for which artists are entering the market, for how much new works are sold, and most importantly, for the recognition of artists. Therefore, the wealthiest people in the world are very influential players in the art world.
(Excerpt of my academic work “Is Contemporary Art Merely a Speculative Investment?”, May 2013)