«I LIKE MONEY ON THE WALL»

A key factor in the art market boom is the growth of global wealth. In 2013 there were a record 2,170 billionaires in the world, according to research group Wealth-X, and many have founded private museums or art spaces. Many of the new super-rich are far younger than the collectors of yesterday, and their tastes influence the high-impact immediacy of much contemporary art. The new collectors need living artists to keep the fairs, auctions, galleries and biennales afloat with new creations. In contrast, there is a shrinking inventory in other sections of the market, be it impressionist painting or Renaissance sculpture. The top works are in museums or in major collections. New buyers, however deep their pockets, would find it near-impossible to create a museum of anything except contemporary art.

-Financial Times
June 6 2014