Money Alone Doesn’t Buy Masterpieces: The Economics of Art Trades
Creatrip Team
2 months ago
At art fairs and galleries in Korea, a “reserve” label doesn’t mean a legal contract but signals that another collector has expressed prior interest. Because many works are unique and demand can spike at VIP previews, galleries use reserves to temporarily hold pieces and manage who is contacted next. Priority is not strictly first-come; galleries rank interested buyers by long-term relationships, transaction history, reliability, and understanding of the artist. High-value works are often marked “institutional reserve,” meaning museums or public institutions are being prioritized—not necessarily because a contract is signed, but because museum acquisition raises an artist’s profile and market value. As a result, galleries may strategically withhold masterpieces from private buyers to benefit the artist’s career and the work’s public exposure. (Frieze: an international contemporary art fair)
