… The affluent but not super-wealthy collectors — the bankers at Goldman Sachs but not the partners… are put off by the sky-high prices at top galleries and auction houses. When they see a Hockney painting sell for $90 million, they assume the $50,000 work they can afford is not worth buying, especially if they can’t flip it for a quick profit at auction.
A market where extremely rich people pay too much for mediocre art and shut out the not-quite-as rich may not be the biggest issue in a wildly polarized economy. But art is the record of culture we leave for future generations, and it too is being warped by our unequal economy.
(Allison Schrager, “Even the Rich Aren’t Rich Enough for Jeff Koons,” NYTimes, 5-16-19)
(c) 2019 JMN