<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>The art market, following the example of financial markets, is divided into a primary market, where works are traded directly from artists, and a secondary market that is mainly the auction market. Coronavirus disease 2019 (COVID-19) and galloping inflation have influenced the creation of a bull market in artwork. The high incomes of some buyers and inflation have influenced the emergence of the so-called ‘glittery’ art market. Works by neglected artists have ‘very much taken on a life of their own’: fantasy art, works by young poster artists, casting ‘nightmares’ – have been selling well for more than a year. People terrified of inflation are putting their money ‘in works of art’. The auction market dominates the primary market because anonymity makes it easier to enter the art market. The gallery market does not guarantee this anonymity. Very often, the auction market for works of art is used for money laundering. The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an area of galloping inflation and most art auctions are asymmetry.</p>
</abstract>

The art market, following the example of financial markets, is divided into a primary market, where works are traded directly from artists, and a secondary market that is mainly the auction market. Coronavirus disease 2019 (COVID-19) and galloping inflation have influenced the creation of a bull market in artwork. The high incomes of some buyers and inflation have influenced the emergence of the so-called ‘glittery’ art market. Works by neglected artists have ‘very much taken on a life of their own’: fantasy art, works by young poster artists, casting ‘nightmares’ – have been selling well for more than a year. People terrified of inflation are putting their money ‘in works of art’. The auction market dominates the primary market because anonymity makes it easier to enter the art market. The gallery market does not guarantee this anonymity. Very often, the auction market for works of art is used for money laundering. The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an area of galloping inflation and most art auctions are asymmetry.

A Few Notes on Art Auctions

Foundations of Management

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"A Few Notes on Art Auctions"}

The art market, following the example of financial markets, is divided into a primary market, where works are traded directly from artists, and a secondary...

	First half 2020	First half 2021	Change
Volume (in millions zloty)	153,7	264,2	+71,9%
Number of objects	18,060	26,280	+45,5%
Number of purchased objects	8949	14,768	+65%
Number of auctions	199	294	+47,7%

A Few Notes on Art Auctions

Online veröffentlicht: 01. Sept. 2023

Seitenbereich: 115 - 128

DOI: https://doi.org/10.2478/fman-2023-0009

Schlüsselwörter
bidding, auction mechanism, art auction market, asymmetric auction

© 2023 Ewa Drabik, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Data for the Polish art market for the first half of 2021 (Source: ArtInfo, 2021)

A Few Notes on Art Auctions

Online veröffentlicht: 01. Sept. 2023

Seitenbereich: 115 - 128

DOI: https://doi.org/10.2478/fman-2023-0009

Schlüsselwörterbidding, auction mechanism, art auction market, asymmetric auction

© 2023 Ewa Drabik, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Data for the Polish art market for the first half of 2021 (Source: ArtInfo, 2021)

Schlüsselwörter
bidding, auction mechanism, art auction market, asymmetric auction