Secondary Art Market
The secondary market refers to artwork that has been sold at least once before. This therefore means that every time a work of art is sold after the initial sale or on the primary market, that sale is called a secondary market sale. Majority of the artwork sold through auction houses forms part of the secondary market and the prices achieved for these works are greatly influenced by the artwork’s sales history and provenance.
When an artwork is sold through the secondary market, the profits go to the seller or to the previous owner of the artwork, not the artist.
However, indirectly, the increase in the value of a sale on the secondary market may also increase the value of future artworks the artist will offer on the primary market. It is common for established artists to offer their new work on the primary art market, while their older and usually known works are offered on the secondary market.
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