Watch the video “The Economics of the Art Market: Why This Painting Isn’t Worth $450 million
(Links to an external site.)
” which provides a brief overview of the art market. Be advised that the narrator is a bit cynical, but his facts are correct.
Then read the New Yorker article “How Beeple Crashed the Art World
(Links to an external site.)
” (2021) by Kyle Chayka. Beeple’s N.F.T., or “non-fungible token,” work sold for $69 million in a Christie’s auction on Mar. 11, 2021.
Based on the information from the video and the article, take a moment to reflect on the state of the art market. What factors contribute to the price of a work of art? Why is art considered to be a good investment for the wealthy?
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