Looking Beyond the Hype: Is the contemporary art market a fraud?

Looking Beyond the Hype: Is the contemporary art market a fraud?

There has been a hailstorm of questions concerning the art market since the global financial bust. As the art market continues to have ups and downs some art collectors, art dealers, as well as the general public have demanded answers concerning the integrity of the art market as a whole. The focus of the criticism has been placed on the ethical practices of some art dealers and collectors. Needless to say, people are starting to examine the art market closer than they ever had before. At the source there is a great deal of hype to be found.

Many of the questions are common-- some were asked before the recent art world financial meltdown. Were prices inflated? Were novice art collectors duped? Did some art dealers sell ‘lemon art’ knowing that the investment would only ride as long as the art market continued to advance in a positive direction? Did top art collectors foster a market of excessive prices for their own gain? Are some artists to blame? Is the general public to blame? Who is responsible? The questions build up as individuals reflect on the art market as we know it-- frustration creates an environment of outrage.