“My collection is worth more than yours!”

Are art events now social soirees for wealthy collectors in search of pricey status symbols? Is colleting art the new “it” hobby? That is the buzz being speculated on by various art enthusiasts in attendance at the Art Basel Miami Beach event this weekend. 

 Prominent art writers and critics, including Sarah Thornton, Felix Salmon, Will Gompertz and Dave Hickey, have been attacking the art world, arguing that the staggering sums of money being spent on works are distorting judgments about art and undermining its long-term cultural significance.