Overview
The art market is a unique economic system where art is bought and sold based on perceived cultural value, past monetary value, and predicted future value, with players like Artnet, Artsy, and 1stdibs, and influenced by the likes of Jeff Koons and Takashi Murakami. The market is characterized by a lack of transparency, with private sales data not systematically available, and is often compared to the likes of the diamond market and the rare book market. As noted by Robert Norton, CEO of Verisart, the art market is the second-largest unregulated market after illicit drugs, with a significant presence of fraud, similar to the issues faced by the likes of eBay and PayPal