Art As Refuge For The Uber-Rich

The shift to an almost purely commodified art world surely begins with the rise of the art dealer as influential trend-setter and arbiter of taste from the 1870s onwards; it has reached its apotheosis with the dealer-led commodification of contemporary art. Instead of reflecting institutional, social or aesthetic preoccupations, much of contemporary art is primarily a refuge for oligarchs’ money and a prestigious type of investment in a world where the global über-rich have more wealth than they can imagine outlets for. – The Critic