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The art dealer Joseph Duveen once proclaimed, “When you pay high for the priceless, you’re getting it cheap.” The fine art market comprises passionate collectors willing to pay millions for a single piece of art, such as Edvard Munch’s The Scream, which recently sold for almost $120 million; Andy Warhol’s Car Crash, which sold for $105.4 million in 2013; and Francis Bacon’s Three Studies of Lucian Freud, which sold for more than $142 million in 2013. Art dealers exist within this unique market, which frequently fluctuates because of a variety of factors, including both macroeconomic trends in the broader market and microeconomic considerations such as how a work of art is sold. Powerful gallery owners and experts are at the heart of art dealing. Skilled ...

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