An Art Market Turned Upside Down

“When the market rules, the old rules of collecting and connoisseurship are overturned: Quality judgments seem out-of-whack in a wacky world where Rembrandt’s auction record of $28.69 million is eclipsed by Klimt’s auction record of $87.9 million. Art investors formerly expected to hold onto works for five years or more to turn a profit; now big bucks are made on quick flips. Young artists, still wet behind the ears, sell still-wet canvases and become instant (if ephemeral) art stars.”