I came into this course not knowing anything about art, and I believe I now have a good handle on the subject, and the ever-changing market.
The art market is a complex, ever-changing mechanism that is changed by time period, artists, dealers, and most importantly through the reception by the audience. Before, the art market was driven solely for academic and elite purposes, to signify a financial status. Now, the purpose of art has become much more complex, and thus the art market has altered. Art can now be not only thought of as a manner to demonstrate economic stability, but it also holds a very important cultural impact. Art is now available to all through street art, and new exhibitions at events such as the Basel, and also serves for a simply aesthetic quality. The market is now driven by supply and demand, and dealers, auction houses and gallery owners realize the marketing potential of a specific popular type or art, or artist. This has ushered in a new era of branding, wherein specific dealers and gallery owners are sought out as experts, who ensure that art pieces are quality. However, with new forms of public art breaking into popularity, as well as government restrictions on auction houses and art sellers, we seem on the cusp of a new era of the art market, one that promises to protect new buyers, as well as continue to serve seasoned veterans. The new era may be the best to come.