Re:Stolen irreplaceable books found under floor of Romanian ...
by dragonwriter on Monday November 16, 2020 @05:08AM
(#25110066)
> Supply and demand doesn't really flesh out in the art world.
Yes, they do. It may be the case that demand in the art world defies the expectations of rational choice theory that demand will be a function of utility realized by the buyer if they are successful in the transaction, but prices are still driven by supply and demand.
> Lots of people get to wanted status simply because they knew the right folks or were lucky.
How demand is generated and whether or not it is rationally-grounded has no bearing on whether supply and demand “flesh out”.
> It isn't so much originality or that there wasn't a supply of art.
It's that art works that you consider adequate substitutes for each other are not considered adequate substitutes by a sufficient subset of buyers such that the availability of tons of generic art at cheap prices does not drive down the market-clearing price of less-available in-demand art.
Yes, they do. It may be the case that demand in the art world defies the expectations of rational choice theory that demand will be a function of utility realized by the buyer if they are successful in the transaction, but prices are still driven by supply and demand.
> Lots of people get to wanted status simply because they knew the right folks or were lucky.
How demand is generated and whether or not it is rationally-grounded has no bearing on whether supply and demand “flesh out”.
> It isn't so much originality or that there wasn't a supply of art.
It's that art works that you consider adequate substitutes for each other are not considered adequate substitutes by a sufficient subset of buyers such that the availability of tons of generic art at cheap prices does not drive down the market-clearing price of less-available in-demand art.