ABSTRACT
This chapter examines the main conceptual and empirical features of art markets highlighting issues of value determination, heterogeneity, transaction costs and liquidity. The chapter also stresses the sensitivity of art sales and prices to overall macroeconomic and financial cycles, the impact of wealth inequality on the art market, its segmentation and concentration and its growing internationalization led by the United States, United Kingdom and Chinese markets that, combined, account for near 80 percent of global sales.
