Friday, November 25, 2016

ART BIZ | Auctions

Christie's and Sotheby's are highly
competitive, but not in a typical
reactive duopoly mode.
The art market in the United States and globally is well worth study.

Sotheby's and Christie's share a duopoly at the top of the art auction marketplace. (In third place is London's Phillips Auction House.)

Artsy has recently posted an editorial arguing that Sotheby's and Christie's do not behave like a normal duopoly.

Pepsi and Coke tend to follow each other's moves as defensive reactions in an uncertain world. But Sotheby's has not been following Christie's moves to modernize its terms to customers.

So long as Sotheby's doesn't follow suit, Christie's is limited in its ability to change the rules of the game.

I find all this fascinating. I don't know enough about this high-level marketplace to comment on the article, but I will get up to speed if I live long enough. Yes, I will.

Comment below or email the author at john@cityeconomist.com.