What began in the late 1990s with Christies successfuly testing the market for “fresh paint” at auction soon evolved into a speculative frenzy, complete with art funds, fractional ownership, and investors demanding rapid returns on canvases. In reframing artworks as “alternative assets,” the market invited a new class of collectors who didn’t ask what a piece meant—only why it hadn’t yet gone up in value. There are two major problems with this. The first is that art is not a good investment - and people find this out the hard way. The second, I firmly believe, is that a great many potential patrons were put off by the artworld’s casino vibe and took their money and energy elsewhere.
