Art world sophisticates often casually dismiss the market for art as irrational and arbitrary. The critic Robert Hughes memorably declared in 1978 that "The price of a work of art is an index of pure, irrational desire." More recently, in 2006, Sotheby's Tobias Meyer told the New York Times that auction prices could only be described as "magical." These experts often reject any measurement: in 1998 the scholar Robert Storr declared that artistic success "is completely unquantifiable." And anybod...
Art world sophisticates often casually dismiss the market for art as irrational and arbitrary. The critic Robert Hughes memorably declared in 1978 that "The price of a work of art is an index of pure, irrational desire." More recently, in 2006, Sotheby's Tobias Meyer told the New York Times that auction prices could only be described as "magical." These experts often reject any measurement: in 1998 the scholar Robert Storr declared that artistic success "is completely unquantifiable." And anybod...
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