The Main Features of the Structure of Art Market Ecosystems

Abstract

The art market, like other markets, works within the framework of economic theory, but its specific characteristics require careful analysis. Classical economic theories of supply and demand provide a reasonable understanding, but the art market presents complexities that go beyond traditional market dynamics. In the art market, the concept of scarcity takes on a multifaceted dimension. Whereas scarcity in traditional markets refers primarily to limited quantities of goods, scarcity in the art market is concerned with cultural significance, historical context, and artistic innovation.