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The art market certainly has aspects best described as a "Keynesian Beauty Contest"[0], and so do Cryptocurrencies. But while the latter is almost pure "beauty
by matt4077 9y ago
The art market certainly has aspects best described as a "Keynesian Beauty Contest"[0], and so do Cryptocurrencies.
But while the latter is almost pure "beauty contest", art retains a far stronger connection to the real world: art buyers are very rarely motivated by speculation alone. And even if they want to brag about the $X0,000,000 painting they bought, it helps if they actually like it.
[0]: https://en.wikipedia.org/wiki/Keynesian_beauty_contest https://en.wikipedia.org/wiki/Keynesian_beauty_contest
- ThomPete 9y agoThe art world (the selling and reselling of art) is purely history + speculative and most of it IMO is definitely motivated by speculation. A piece of art can go from 20USD to 20.000USD in no time. My wife works in the auction industry so at least from having followed the world through her it would say it's mostly speculative. I think there was even an article recently about how manipulated the art world is.