Is art a commodity?

Speculation, flipping, bid rigging and guarantees all serve to bolster the global art market, but at what cost to transparency?
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Auctioning Renoir’s ‘L’Ombrelle’ at Christie’s in London (2013). Published Wall Street Journal online; Photo European Pressphoto Agency

‘Christies had a US $745 million evening sale this May in less time than it took to watch a basket ball game,’ said Kelly Crow, The Wall Street Journal’s art market journalist, adding, ‘How much higher can we go?’

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Gina Fairley is ArtsHub's Senior Contributor, after 12 years in the role as National Visual Arts Editor. She has worked for extended periods in America and Southeast Asia, as gallerist, arts administrator and regional contributing editor for a number of magazines, including Hong Kong based Asian Art News and World Sculpture News. She is an Art Tour leader for the AGNSW Members, and lectures regularly on the state of the arts. She is based in Mittagong, regional NSW. Instagram: fairleygina