In an article in The Art Newspaper, Critic Jerry Saltz reflects on losing a debate trying to defend that the art market is not less ethical than the stock market.
“Even at [the art market’s] height, 1% of 1% of 1% of all artists made money. You can rail against the business practices of the art world, but even in flush times reputations are built on credibility, not on money or the market. The public is suspicious of the art world because the art market, and not art, is what they saw first when they saw art. Regardless, just because a dealer makes a lot of money doesn’t mean that they have the respect of the art world. Money doesn’t earn respect. Respect exists outside of the market. If you are in art for the money, you’re not really in art at all. As Brice Marden said: “It’s not the art that’s suffering; it’s the market that’s suffering. They don’t have anything to do with each other.””