The basics
How big is the art market, and where does the Czech market stand?
The global art market turns over around 65 billion dollars a year. Against that, the Czech market is a small pond: roughly 1.65 billion crowns pass through our auction rooms each year, and that still leaves out private sales, which remain an unmapped grey area. Even a small market can produce big numbers, though, as our domestic records show.
What is the difference between the primary and the secondary market?
The primary market is the first sale of a work, typically straight from the artist's studio or through the gallery that represents them. The secondary market is every resale after that, most often at auction, and it operates independently of the artist. It is on the secondary market that records and collapses are made, and only there does it become clear whether anyone really wants a work.
What is the difference between modern and contemporary art?
Modern art is not what is being made today — don't let the name mislead you. It refers to work from roughly the turn of the nineteenth and twentieth centuries, with post-war art standing between it and the present day. Only the work of living artists of today is “contemporary art”.
Who are the main players in the art market?
The market is held together by a handful of roles: artists, commercial galleries, dealers, fairs (Art Basel, Frieze, TEFAF) and auction houses. Worldwide, three houses — Christie's, Sotheby's and Phillips — account for more than 80 per cent of turnover. They are now being joined by online platforms and by fractional (co-)ownership, which opens the market up to smaller buyers as well.