High-end art is one of the most manipulated markets in the world — Quartz: "Art collectors are different than consumers or investors in any other market. High-power art collecting is both time consuming and expensive, so collectors tend to be very wealthy. I spoke to a collector who is a member of one of America’s best-known collecting dynasties. His family has been extraordinarily influential in American art. “Art collection is more of an avocation than a utilitarian pursuit,” he says. He loves the art in his collection, but the social benefits are a large part of his enjoyment. He’s part of community of collectors who go to fairs together and enjoy a friendly rivalry around acquiring the work of certain artists. He’s spent his life in the company of major collectors, dealers, and artists, but is skeptical of the industry. He believes prices are often bogus; bad art often sells for far too much and he questions the integrity of many dealers. Several collectors I spoke with echoed this sentiment, yet each of them are avid collectors because they believe they are well informed, rarely overpay and enjoy what they’ve acquired.
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