Here is another interesting article on the art market from the New York times. There are things to be aware of if you plan to enter into this high-end part of the art market, such as the ghost bidding. I have been given both good and bad comments about why this is legitimate or not from prominent auction house owners and employees here in the US, who I am not going to name for confidentiality sake. However, I think the key here is to be aware that this happens before you go in bidding, as it may change your bidding structure, and it will minimally protect you and inform you of the bidding process.
Enjoy the read and learn, http://www.nytimes.com/2013/01/28/arts/design/as-art-market-rise-so-do-questions-of-oversight.html?pagewanted=all.
Sincerely, Greg C. Brown, MS, ISA, CAGA. gregcbrown@asianappraisals.com
Greg C. Brown & Associates, Inc. 