Revolution in the Art’s Market

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Art is valued based on internal and external features, labor hours, and material that the artist has used. Properties that determine the worth of a piece of art include reputation of the artist, previous prices, physical nature, momentum, tastes and preference, demand, macroeconomic content, quality, and provenance. Purchasers of art can be divided into three different groups namely investors, collectors, and speculators. While collectors are passionate about art who buy it out of love, investors buy art with the aim of reselling it at a higher price. Art pieces can be in the form of pictures, paintings, sculptures, and writings. Different eras have seen significant changes in the art industry (De Marchi & Van Miegroet, 2006). In the 17th century, the Dutch used paintings to depict their culture through skilled artists such as Pieter de Hooch. Daily events as simple as breakfast, a Dutch housewife during her chores, and the night guards on were shared through the use of art. Philips Wouwermans of “The Departure of a Hunting Party” is another celebrated artist of the time. Auctions were a common feature in arts during the period where sales catalogs were grouped into dealer strategies and painting characteristics (De Marchi & Van Miegroet, 2006). Buyers were required to make part payments before exiting of the auction. False bidding or bidding by auctioneers was restricted The art industry has experienced a revolution as new customers with varied tastes and preferences give rise to new painting categories and techniques. The new painting market in Dutch has however been characterized by a series of ups and downs for instance in 1670’s when fierce competition

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