While fine arts auctions in New York State generate total sales of $8 billion annually, many dealers and market analysts are calling foul on auction practices intended to drive up the price of works with little to no supervision of the market.  “The art world feels like the private equity market of the ’80s and the hedge funds of the ’90s,” says James R. Hedges IV, a New York collector and financier. “It’s got practically no oversight or regulation.”

Read more at The New York Times

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