Barbarians at the Art Auction Gates? Not to Worry

Jean-Michel Basquiat’s “Warrior” had a rapid turnover at auctions.CreditLeon Neal/Agence France-Presse — Getty Images

Jean-Michel Basquiat’s “Warrior” had a rapid turnover at auctions.CreditLeon Neal/Agence France-Presse — Getty Images

Such soaring prices and quick resales, especially of work by emerging artists, have fueled a perception that a new breed of collectors, fond of flipping art as they would a stock, have overtaken the market. In this view, widely held in the art world, work once valued for its lofty, aesthetic appeal has become a mere commodity, just another asset class for hedge-fund millionaires and others to cash in. -continue reading @NYTimes

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