Elite Art Market Rewards Select Few While Others Struggle to Sustain Careers
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The art market is divided into two tiers a tiny top tier of ultra-expensive art that performs well as an investment, and a broader market where most art does not appreciate in value.
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An elite network of interconnected galleries and museums has an outsized influence on which artists succeed financially.
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Artists need business and entrepreneurial skills to navigate the art world and sustain their careers.
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The art market has been slow to embrace innovations like pricing transparency and digital technology.
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There is potential for the market to expand by attracting new buyers, if barriers like high prices and intimidating galleries can be overcome.