😱Business Problem

On Nov. 26, 1988, the National edition of the New York Times printed an article pointing the main problems of the art auction business. Under the title of The Mania of Art Auctions: Problems as Well as Profits, Grace Glueck, a renown arts reporter, critic, and art news editor for The New York Times, graduated from New York University, pointed out the unfair practiques of the business. With a clear view of the effects of the huge prices for art auctions, where the sellers and the auction houses happily see profits, many dealers, curators, artists and collectors see problems, as auction prices have soared, so has the frustration of museum officials, who are pushed out of the competition for works of art.

Gallery owners feared the deepening inroads made by the auction houses into the art business they once dominated. Also, artists worried that while their work commands more money, they might never get their fair cut. Among the artists whose work broke records at the auctions, Robert Rauschenberg expressed the view that the creator of a work should have a share in the actual profits.

"For the most part, it's not the collector who encourages the value of particular artworks," he said. "It's the continued labor and struggle of the artists." But royalty bills were voted down."There are so many benefits of high prices, and you can also hold onto some of your work and sell it later," the artist said. "What we should be after is changing the tax laws so that museums can be given work both by artists and collectors, not trying to get something from resale".

The auction houses are standing behind the work for authenticity so if you buy through one of those houses, they are guaranteeing that. Every auction house publishes an online catalog of works several weeks before a sale, so you can scroll through images and take advantage of the enormous amount of information available not only about prices, but about the history of the work and other works available from the same artist, exhibitions and more.

"What we should be after is changing the tax laws so that museums can be given work both by artists and collectors, not trying to get something from resale".