VIDEO: A Four Minute Rundown of the Billion Dollar Art Industry

"Andy Warhol - Marilyn Pop Art" by Kelly DeLay licensed under CC BY 2.0
Andy Warhol – Marilyn Pop Art” by Kelly DeLay licensed under CC BY 2.0

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.