Also in this playlist...
This transcript is automatically generated
Despite the economic downturn auction house -- continue to steal headlines with record breaking prices.
33 minutes -- -- full minute 35 that is six.
You look at 36 billion dollars.
Outside the public sector galleries and dealers are also cashing in and not just with big ticket items.
And the long term.
That's just growing and growing and growing we've had the split in the last 23 years but the long term trend is still fabulous that this under the.
-- auction house sales may be the ones making news many estimate the private market.
To be at least double the size of the public market nobody knows for sure exactly how big the -- market this.
But we know that the public market auction market.
Is about 27 billion dollars per year and art isn't just for the super rich art -- have been growing in popularity since the eighty's and ninety's opening markets -- important element of both buyers.
-- fires from China India the Middle East Eastern Europe.
And what we're finding is there's a tremendous amount of interest of the low into the market so new artists who coming into the market have.
Real great opportunity to sell -- part.
That's really important brass.
To cater to students.
Who are learning about -- saying aren't able to come here and any -- our first piece of our.
We then want to focus on man.
And focus on their loyalty and have them come back every year and so -- -- When you're 23 new via other -- he's in ten or fifteen years to be able to -- that 7000 dollar he's even doing without the entire time.
This year when -- affordable art fair which sells works under 101000 dollars up by New York City more than four million dollars worth of the regional -- sold in under five game.
We auctioned off -- -- the -- is which was considered new concept.
To have people have affordable.
But now of course what's happened in this parade is you've got millions.
Of new -- millions of people who -- Art -- galleries and artists are also making use of social media to snag up younger buyers.
We need to -- we need to face but we need to -- -- We need to anything that's out there and we need to do it because that's where the younger generations are finding their information so we really need to focus on -- and that's how we can reach them individually.
And really come up on the Arab monitors and say -- you need to come to us.
Web -- like at C art the art net arts star and emerge are few the web -- that are selling aren't directly to buyers from artists and galleries in some cases.
And the prices online remain quite reasonable expanding the private art market even more.
In New York warrants -- -- -- Fox Business.
Filter by section