Source: The Atlantic
“Fine art auctions used to be a place for dealers to buy cheaply,” and now the multi-million dollar industry – governed by nothing at all, other than the bidders themselves – has turned into a thrill-seekers paradise, where the highest bidder weighs age, rarity, scale, and artistic method, among other things, to determine how much they are willing to out-bid others for fine art.
This fascinating video breaks down the world of fine art auctions, their extreme bidders, and the sky-high prices for which these pieces often sell.