A Call for Transparency in the Art Market
By Charlotte Burns for The Art Newspaper
In an $8m court case between Miami collector Craig Robins and New York art dearler David Zwiner, issues of a lack of transparency in the art market reign at the center that have implications for the design market as well. In a business where verbal agreements and handshakes dominate, the question arises as to whether or not this opacity should come to an end.
“Most dealers, and some collectors, are convinced more transparency would ruin the market,” said Hans Van Miegroet, Professor of Arts and Markets at Duke University, North Carolina. “But the counter-intuitive thing is that the more transparent you are, the more profit you capture. You will also push out the less transparent people in the market and will create a more developed market overall..."
Gallerist Thaddaeus Ropac has said, “Generally the handshake mentality works pretty well. It would be a pity to lose it—no one wants to feel like they are run by lawyers.”
Finally, the issue of universality arrives, not all galleries, dealers, etc. operate in the same manner. Can one comfortably set up legislation that every art professional would agree with?
Burns' discussion of the issues of transparency of the market gives both sides of the argument and presents interesting facts. Should the next decade mark a change in the market, or will it continue to function as it has for generations?
