Abstract
This chapter examines the devices through which prices are produced in the contemporary art market. It begins with a review of economic literature on price mechanisms before proceeding with a discussion of how art dealers have sold new works of art by means of posted prices rather than auctions. It then looks at four rare cases in the history of modern art markets in which auctions have been used in order to produce prices for art. One such case involves the British artist Damien Hirst, who managed to sell his work successfully at auction because it was part of a wider event-driven and celebrity-oriented circuit within recent Western art markets. The chapter also explains why agents have deviated from the norm of posted prices and how prices for art are established. It shows that pricing schemes are invariably socially constructed, while in turn social structures, status factors, and power relations must be taken into consideration to understand the outcome of the pricing process.
Published Version
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