Hurty art market fact #2

27 07 2008

Another painful arty-fact derived from my research.

The only really viable way for a private collector to sell art they don’t want anymore is through auction. Garage sales don’t generally cut it.

More than that, unless an artist’s work appears regularly at the major auction houses (in Australia, that means Sotheby’s, Deutscher-Menzies, possibly Bonhams & Goodman, and until recently, Christie’s), their work won’t sell for much in the way of cold, hard cashola. Ever.

This means that just 0.3% of practising, non-Indigenous Australian artists will establish a resale market.

Ouch.

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