[cepth]

https://www.economist.com/blogs/economist-explains/2017/01/e...

> About half of the market is accounted for by sales through dealers, either directly from the artist’s studio (the “primary market”) or by reselling a work that has already been bought once (the “secondary market”) and which is now being sold on, often with several commissions being paid to intermediaries along the way. The other half of the art market is made up of sales by auction, a system that claims to be open and competitive, with both artwork and potential bidders being visible to all. In reality, it can be as secretive as the dealing world, with complex financial arrangements and discounted commissions being not uncommon.