Freakonomics Radio 486. “The Art Market Is in Massive Disruption.”
21 snips
Dec 16, 2021 
James Deneen, a primary care internist and former patient of famed artist Alice Neel, shares insights on the evolving art market. They discuss whether art should be considered an asset class and how technology is disrupting traditional practices. Deneen reflects on Neel's unique approach to portraiture, emphasizing the need for accessibility in the market. The conversation delves into the NFT revolution and how it empowers artists while questioning the emotional value of art versus market prices.
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Deneen's Portrait
- Dr. James Deneen, an internist, was painted by Alice Neel after he diagnosed her heart condition.
- The painting, likely Neel's last, hangs in Deneen's bedroom.
Neel's Posthumous Success
- Alice Neel's work, once marginalized, now achieves millions at auction.
- This shift highlights the art market's unpredictable nature and the dramatic posthumous rise in value.
Art Market Elitism
- The art market's elitism stems from galleries creating exclusivity and hindering price transparency.
- Economist Magnus Resch argues this model, while once effective, now limits art purchases.