How is Artwork Priced? A Look at the Economic Model

The image above is a 1969 Francis Bacon triptych, which sold for $142.4 million at Christie’s in 2013. In 1978 Robert Hughes, of Time magazine, declared that “The price of a work of art is an index of pure, irrational desire.” Similarly, in 2006 Sotheby’s chief auctioneer, Tobias Meyer, claimed that the market’s valuation of art could […]Read Post ›