- DocumentNewddd TextReputations in the art world are forged over many years across countless fairs, openings, reviews and dinners. Although laypeople may look at a $30 million Richter and compare it to splatters from a second grader, Richter’s prices are determined not by chance but by the elaborate academic, journalistic and institutional infrastructure the art world has built to mete out prizes and anoint the next generation of cultural torchbearers. The collector class has traditionally come from the very top of the wealth spectrum and has included people looking to trade money for social prestige by participating in the art world’s stately rituals. Over the last few years, though, a new class of speculators has emerged with crasser objectivesîncărcat deresearch45
- DocumentNew Text DoReputations in the art world are forged over many years across countless fairs, openings, reviews and dinners. Although laypeople may look at a $30 million Richter and compare it to splatters from a second grader, Richter’s prices are determined not by chance but by the elaborate academic, journalistic and institutional infrastructure the art world has built to mete out prizes and anoint the next generation of cultural torchbearers. The collector class has traditionally come from the very top of the wealth spectrum and has included people looking to trade money for social prestige by participating in the art world’s stately rituals. Over the last few years, though, a new class of speculators has emerged with crasser objectivesîncărcat deresearch45
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