
Notes on an Auction
A RECENT WORK OF ART has no stable, expressed value. Its sale and the establishment of its worth in money is usually hidden and hushed. Secretiveness is built into the marketing of recent art, especially of new art, because each art dealer wants to sell something he claims to be of lasting quality which has not had the time to last. It is a delicate and risky business and it demands fingertip feeling and a sharp sense of drama and timing. The value of an artist’s work depends on his reputation, which acts as a surrogate for quality in new art because new art is usually judged and bought by those