The Guarantee Machine: How Auction Houses Became Market Makers
Third-party guarantees have turned evening sales into structured products. That changes how you read hammer prices — and how you should price in risk.
Amy Sherald: The Institutional Lock-In Has Not Yet Cracked Open
Sherald’s paintings move rarely — and when they do, they move well. That’s a feature, not a bug, and it changes the conversation about her ‘market.’
Online-Only Auctions Are the Market’s Tell, Not Its Future
The online-only format was supposed to democratize the market. Six years in, the data says it mostly moved the floor.
Rashid Johnson: The Multi-Medium Play Is Still Ahead
Johnson has built a career that resists a single auction narrative. That complexity is the opportunity — and the reason the risk isn’t priced in yet.
African Contemporary: The Conversation Has Outgrown the Trade
Institutional demand has rerated African contemporary in five years. Secondary liquidity — meaning, a fair two-way market — is still where it started.
Njideka Akunyili Crosby: Scarcity Is the Entire Thesis
Very few of her paintings trade. Almost none return. That’s not a market malfunction — it’s the product working as designed. We audit what that means.
The Photography Market Is Quietly Rebuilding. Pay Attention.
After a decade of soft prices, photography is behaving like an undervalued asset class again — and the catalysts this time are structural, not sentimental.
KAWS, Audited: The Downgrade Everyone Saw Coming
The KAWS market did what a brand-driven market does. It scaled, then it softened. We look at where the floor might actually be — and whether there is one.
Sculpture Is Structurally Undervalued. That’s an Opportunity.
Sculpture trades at a persistent discount to painting by the same artist — and the discount is widest where it shouldn’t be.
The Gulf Collector Class Is Not a Trend. It’s Infrastructure.
From Saadiyat to AlUla, the Gulf has built institutions first and market appetite second. That sequencing matters for what prices do next.
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