Fear and greed are the emotions many masterful salesmen use to control perspective buyers.
However, if you want to gloss over the soft skills and go for kill shot in regard to controlling a marketplace, it is the pricing of goods and the buyers that need to be under your control. That is exactly what art galleries do, according to this story by Allison Schrager.
Ms. Schrager may not know art, but being an economist, she does understand how market manipulation works. She offers a seven-step plan on how artists can work their way in to being the next Damien Hurst, an artist that sells shellacked dead bugs on canvases for millions of dollars.
This is a must-read for art collectors and artists seeking a big payday for their work.
Price manipulation occurs at the elite end of the primary market. There exists a lower tier art market, full of small unknown, local galleries outside of large urban areas where prices are listed, transactions occur at that price, and the work is sold to whomever wants to buy it off the street. These collectors buy art simply because they love the work but artists who sell at these types of galleries probably can’t support themselves selling their work.