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The best explanation of the art market may be that it is inexplicable, which is one reason its alchemy continues to fascinate and capture headlines. In no other market do we lavish wealth on such useless and arbitrary things. Advanced systems of trade that are usually the facilitators of market intelligence—international public auctions and historical price indexes—only offer a false sense of comprehension while further distorting art’s valuation.

-James Panero (New Criterion)


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