Orange Balloon Dog

Prices at the high end of the contemporary art market are driven by the intrinsic virtues of the art, but also by demand from the ultra rich, by national wealth funds, by agents, by non-taxed transactions, and by high status art fairs. The idea that the most interesting thing about contemporary art is its financial value is now accepted by many in the art world. The high end is the aspect that gets all the media attention and is where psychological factors - competition, power, betting, status, greed etc - come most obviously into play.