THE ART-DEALER AND HIS ROLE IN SHAPING THE ART MARKET

The art market, or the market of art pieces, is well known in contemporary economic science. A central issue remains the financial acceptability of art transactions and the process of monetary valuation of art, which has spanned centuries. Until recently, determining the equilibrium price for artworks was mostly possible through auctions. The argument for this was the complete openness of information about transactions. Similar positions were held by practical market participants, who preferred auctions when purchasing the most expensive art pieces. However, recent statistics indicate that major auction houses and art dealers now share the market almost equally.