Secondary art, often referred to in the context of the secondary art market, involves the resale of artworks by artists who already have a standing reputation within the art industry. This distinguishes it from the primary market, where art is sold directly by the artist or their representative for the first time.
Key Characteristics of Secondary Art Market:
The secondary market operates on a different principle than the primary art market. Here are some defining characteristics:
- Resale Focus: The main activity revolves around the reselling of art, previously sold in the primary market.
- Established Artists: Artworks typically come from artists who have already established a name and a following. This pre-existing reputation often drives the value of pieces in the secondary market.
- Dealer-Driven: Dealers in the secondary market rarely interact with the artists directly. Instead, they acquire works through various means (e.g., auctions, private collectors) and then resell them.
- Profit Motive: The primary objective for dealers in the secondary market is usually to make a profit through reselling. They don’t intend to lower prices, understanding the perceived worth of the piece due to the artist's established status.
Primary vs. Secondary Market
To understand secondary art, it's helpful to distinguish it from the primary market. Here’s a simple comparison:
| Feature | Primary Art Market | Secondary Art Market |
|---|---|---|
| Transaction | First sale from artist or gallery | Resale of art after the initial purchase |
| Artist Role | Direct involvement from the artist | Minimal or no artist involvement |
| Price Setting | Often set by the artist or gallery | Dictated by perceived value and demand |
| Dealer Goal | Promoting emerging or established artists | Profit through reselling established art |
Examples
Examples of secondary art sales include:
- A painting by a well-known artist that is sold at auction after having been initially purchased from a gallery.
- A sculpture from a private collection that is sold through a secondary art dealer.
Understanding the Impact
The secondary market plays a crucial role in the art world by:
- Establishing prices: The prices achieved in secondary sales often determine the market value of an artist's work.
- Providing liquidity: Allows collectors to realize the value of their art and make future acquisitions.
- Supporting artists indirectly: The success in the secondary market elevates an artist's overall reputation.
