Secondary market

Speculation by investors fuels price fluctuation in the secondary market

Between 1998 and 2011, the average price of works sold at auction increased markedly. Prices peaked in 2007, with the average price of works sold reaching $15,000 (64 percent higher than the 2006 average of $9,138).

Commentators suggest that speculation by investors led to a ‘market aberration’ in 2007.

Sales have since returned to pre-2007 levels. After the economic downturn in 2008, sales grew between 2009 and 2010, before stabilising in 2011 and 2012.