The World of the Working Artist
Time
Creative Space
Galleries and Commissions
outright purchase and resell (favored in the EU)
consignment (norm in US)
gallery owner is an agent for the artist
fiduciary relationship
commissions
costs (insurance, framing, exhibitions, catalogs, etc.)
responsibility for theft/damage
The World of the Investor in Art
International sales: $58 billion
Investment considerations
Methods of acquisition
Auctions and bidding
ascending bid (UK and US)
descending bid (Holland)
simultaneous bid (Japan)
Dealers
Authentication: (it is estimated that 10% of sales involve forgeries/fakes)
Art experts
stylistic
scientific
Monopolies: The Sherman Act prohibits (1) illegal price fixing, (2) conspiracies to monopolize and (3) monopolization.
Kramer v. The Pollock-Krasner Foundation (S.D.N.Y. 1995)
Christie's and Southeby's use the Pollack-Krasner Foundation exclusively to authenicate Jackson Pollack's paintings. Kramer is claiming this connection is a conspiracy to monopolize and is in fact a monopoly.