Reputations in the art world are forged over many years across countless fairs,

openings, reviews and dinners. Although laypeople may look at a $30 million Rich
ter and compare it to splatters from a second grader, Richter s prices are determi
ned not by chance but by the elaborate academic, journalistic and institutional
infrastructure the art world has built to mete out prizes and anoint the next ge
neration of cultural torchbearers. The collector class has traditionally come fr
om the very top of the wealth spectrum and has included people looking to trade
money for social prestige by participating in the art world s stately rituals. Ove
r the last few years, though, a new class of speculators has emerged with crasse
r objectives: They are less interested in flying to Basel to attend a dinner tha
n in riding the economic wave that has caused the market for emerging contempora
ry art to surge in the past decade.Reputations in the art world are forged over
many years across countless fairs, openings, reviews and dinners. Although laype
ople may look at a $30 million Richter and compare it to splatters from a second
grader, Richter s prices are determined not by chance but by the elaborate academ
ic, journalistic and institutional infrastructure the art world has built to met
e out prizes and anoint the next generation of cultural torchbearers. The collec
tor class has traditionally come from the very top of the wealth spectrum and ha
s included people looking to trade money for social prestige by participating in
the art world s stately rituals. Over the last few years, though, a new class of
speculators has emerged with crasser objectives: They are less interested in fly
ing to Basel to attend a dinner than in riding the economic wave that has caused
the market for emerging contemporary art to surge in the past decade.Reputation
s in the art world are forged over many years across countless fairs, openings,
reviews and dinners. Although laypeople may look at a $30 million Richter and co
mpare it to splatters from a second grader, Richter s prices are determined not by
chance but by the elaborate academic, journalistic and institutional infrastruc
ture the art world has built to mete out prizes and anoint the next generation o
f cultural torchbearers. The collector class has traditionally come from the ver
y top of the wealth spectrum and has included people looking to trade money for
social prestige by participating in the art world s stately rituals. Over the last
few years, though, a new class of speculators has emerged with crasser objectiv
es: They are less interested in flying to Basel to attend a dinner than in ridin
g the economic wave that has caused the market for emerging contemporary art to
surge in the past decade.Reputations in the art world are forged over many years
across countless fairs, openings, reviews and dinners. Although laypeople may l
ook at a $30 million Richter and compare it to splatters from a second grader, R
ichter s prices are determined not by chance but by the elaborate academic, journa
listic and institutional infrastructure the art world has built to mete out priz
es and anoint the next generation of cultural torchbearers. The collector class
has traditionally come from the very top of the wealth spectrum and has included
people looking to trade money for social prestige by participating in the art w
orld s stately rituals. Over the last few years, though, a new class of speculator
s has emerged with crasser objectives: They are less interested in flying to Bas
el to attend a dinner than in riding the economic wave that has caused the marke
t for emerging contemporary art to surge in the past decade.Reputations in the a
rt world are forged over many years across countless fairs, openings, reviews an
d dinners. Although laypeople may look at a $30 million Richter and compare it t
o splatters from a second grader, Richter s prices are determined not by chance bu
t by the elaborate academic, journalistic and institutional infrastructure the a
rt world has built to mete out prizes and anoint the next generation of cultural
torchbearers. The collector class has traditionally come from the very top of t
he wealth spectrum and has included people looking to trade money for social pre
stige by participating in the art world s stately rituals. Over the last few years
, though, a new class of speculators has emerged with crasser objectives: They a
re less interested in flying to Basel to attend a dinner than in riding the econ
omic wave that has caused the market for emerging contemporary art to surge in t
he past decade.Reputations in the art world are forged over many years across co
untless fairs, openings, reviews and dinners. Although laypeople may look at a $
30 million Richter and compare it to splatters from a second grader, Richter s pri

ces are determined not by chance but by the elaborate academic, journalistic and
institutional infrastructure the art world has built to mete out prizes and ano
int the next generation of cultural torchbearers. The collector class has tradit
ionally come from the very top of the wealth spectrum and has included people lo
oking to trade money for social prestige by participating in the art world s state
ly rituals. Over the last few years, though, a new class of speculators has emer
ged with crasser objectives: They are less interested in flying to Basel to atte
nd a dinner than in riding the economic wave that has caused the market for emer
ging contemporary art to surge in the past decade.Reputations in the art world a
re forged over many years across countless fairs, openings, reviews and dinners.
Although laypeople may look at a $30 million Richter and compare it to splatter
s from a second grader, Richter s prices are determined not by chance but by the e
laborate academic, journalistic and institutional infrastructure the art world h
as built to mete out prizes and anoint the next generation of cultural torchbear
ers. The collector class has traditionally come from the very top of the wealth
spectrum and has included people looking to trade money for social prestige by p
articipating in the art world s stately rituals. Over the last few years, though,
a new class of speculators has emerged with crasser objectives: They are less in
terested in flying to Basel to attend a dinner than in riding the economic wave
that has caused the market for emerging contemporary art to surge in the past de
cade.Reputations in the art world are forged over many years across countless fa
irs, openings, reviews and dinners. Although laypeople may look at a $30 million
Richter and compare it to splatters from a second grader, Richter s prices are de
termined not by chance but by the elaborate academic, journalistic and instituti
onal infrastructure the art world has built to mete out prizes and anoint the ne
xt generation of cultural torchbearers. The collector class has traditionally co
me from the very top of the wealth spectrum and has included people looking to t
rade money for social prestige by participating in the art world s stately rituals
. Over the last few years, though, a new class of speculators has emerged with c
rasser objectives: They are less interested in flying to Basel to attend a dinne
r than in riding the economic wave that has caused the market for emerging conte
mporary art to surge in the past decade.Reputations in the art world are forged
over many years across countless fairs, openings, reviews and dinners. Although
laypeople may look at a $30 million Richter and compare it to splatters from a s
econd grader, Richter s prices are determined not by chance but by the elaborate a
cademic, journalistic and institutional infrastructure the art world has built t
o mete out prizes and anoint the next generation of cultural torchbearers. The c
ollector class has traditionally come from the very top of the wealth spectrum a
nd has included people looking to trade money for social prestige by participati
ng in the art world s stately rituals. Over the last few years, though, a new clas
s of speculators has emerged with crasser objectives: They are less interested i
n flying to Basel to attend a dinner than in riding the economic wave that has c
aused the market for emerging contemporary art to surge in the past decade.Reput
ations in the art world are forged over many years across countless fairs, openi
ngs, reviews and dinners. Although laypeople may look at a $30 million Richter a
nd compare it to splatters from a second grader, Richter s prices are determined n
ot by chance but by the elaborate academic, journalistic and institutional infra
structure the art world has built to mete out prizes and anoint the next generat
ion of cultural torchbearers. The collector class has traditionally come from th
e very top of the wealth spectrum and has included people looking to trade money
for social prestige by participating in the art world s stately rituals. Over the
last few years, though, a new class of speculators has emerged with crasser obj
ectives: They are less interested in flying to Basel to attend a dinner than in
riding the economic wave that has caused the market for emerging contemporary ar
t to surge in the past decade.Reputations in the art world are forged over many
years across countless fairs, openings, reviews and dinners. Although laypeople
may look at a $30 million Richter and compare it to splatters from a second grad
er, Richter s prices are determined not by chance but by the elaborate academic, j
ournalistic and institutional infrastructure the art world has built to mete out
prizes and anoint the next generation of cultural torchbearers. The collector c

lass has traditionally come from the very top of the wealth spectrum and has inc
luded people looking to trade money for social prestige by participating in the
art world s stately rituals. Over the last few years, though, a new class of specu
lators has emerged with crasser objectives: They are less interested in flying t
o Basel to attend a dinner than in riding the economic wave that has caused the
market for emerging contemporary art to surge in the past decade.Reputations in
the art world are forged over many years across countless fairs, openings, revie
ws and dinners. Although laypeople may look at a $30 million Richter and compare
it to splatters from a second grader, Richter s prices are determined not by chan
ce but by the elaborate academic, journalistic and institutional infrastructure
the art world has built to mete out prizes and anoint the next generation of cul
tural torchbearers. The collector class has traditionally come from the very top
of the wealth spectrum and has included people looking to trade money for socia
l prestige by participating in the art world s stately rituals. Over the last few
years, though, a new class of speculators has emerged with crasser objectives: T
hey are less interested in flying to Basel to attend a dinner than in riding the
economic wave that has caused the market for emerging contemporary art to surge
in the past decade.Reputations in the art world are forged over many years acro
ss countless fairs, openings, reviews and dinners. Although laypeople may look a
t a $30 million Richter and compare it to splatters from a second grader, Richte
r s prices are determined not by chance but by the elaborate academic, journalisti
c and institutional infrastructure the art world has built to mete out prizes an
d anoint the next generation of cultural torchbearers. The collector class has t
raditionally come from the very top of the wealth spectrum and has included peop
le looking to trade money for social prestige by participating in the art world s
stately rituals. Over the last few years, though, a new class of speculators has
emerged with crasser objectives: They are less interested in flying to Basel to
attend a dinner than in riding the economic wave that has caused the market for
emerging contemporary art to surge in the past decade.Reputations in the art wo
rld are forged over many years across countless fairs, openings, reviews and din
ners. Although laypeople may look at a $30 million Richter and compare it to spl
atters from a second grader, Richter s prices are determined not by chance but by
the elaborate academic, journalistic and institutional infrastructure the art wo
rld has built to mete out prizes and anoint the next generation of cultural torc
hbearers. The collector class has traditionally come from the very top of the we
alth spectrum and has included people looking to trade money for social prestige
by participating in the art world s stately rituals. Over the last few years, tho
ugh, a new class of speculators has emerged with crasser objectives: They are le
ss interested in flying to Basel to attend a dinner than in riding the economic
wave that has caused the market for emerging contemporary art to surge in the pa
st decade.Reputations in the art world are forged over many years across countle
ss fairs, openings, reviews and dinners. Although laypeople may look at a $30 mi
llion Richter and compare it to splatters from a second grader, Richter s prices a
re determined not by chance but by the elaborate academic, journalistic and inst
itutional infrastructure the art world has built to mete out prizes and anoint t
he next generation of cultural torchbearers. The collector class has traditional
ly come from the very top of the wealth spectrum and has included people looking
to trade money for social prestige by participating in the art world s stately ri
tuals. Over the last few years, though, a new class of speculators has emerged w
ith crasser objectives: They are less interested in flying to Basel to attend a
dinner than in riding the economic wave that has caused the market for emerging
contemporary art to surge in the past decade.Reputations in the art world are fo
rged over many years across countless fairs, openings, reviews and dinners. Alth
ough laypeople may look at a $30 million Richter and compare it to splatters fro
m a second grader, Richter s prices are determined not by chance but by the elabor
ate academic, journalistic and institutional infrastructure the art world has bu
ilt to mete out prizes and anoint the next generation of cultural torchbearers.
The collector class has traditionally come from the very top of the wealth spect
rum and has included people looking to trade money for social prestige by partic
ipating in the art world s stately rituals. Over the last few years, though, a new

class of speculators has emerged with crasser objectives: They are less interes
ted in flying to Basel to attend a dinner than in riding the economic wave that
has caused the market for emerging contemporary art to surge in the past decade.
Reputations in the art world are forged over many years across countless fairs,
openings, reviews and dinners. Although laypeople may look at a $30 million Rich
ter and compare it to splatters from a second grader, Richter s prices are determi
ned not by chance but by the elaborate academic, journalistic and institutional
infrastructure the art world has built to mete out prizes and anoint the next ge
neration of cultural torchbearers. The collector class has traditionally come fr
om the very top of the wealth spectrum and has included people looking to trade
money for social prestige by participating in the art world s stately rituals. Ove
r the last few years, though, a new class of speculators has emerged with crasse
r objectives: They are less interested in flying to Basel to attend a dinner tha
n in riding the economic wave that has caused the market for emerging contempora
ry art to surge in the past decade.Reputations in the art world are forged over
many years across countless fairs, openings, reviews and dinners. Although laype
ople may look at a $30 million Richter and compare it to splatters from a second
grader, Richter s prices are determined not by chance but by the elaborate academ
ic, journalistic and institutional infrastructure the art world has built to met
e out prizes and anoint the next generation of cultural torchbearers. The collec
tor class has traditionally come from the very top of the wealth spectrum and ha
s included people looking to trade money for social prestige by participating in
the art world s stately rituals. Over the last few years, though, a new class of
speculators has emerged with crasser objectives: They are less interested in fly
ing to Basel to attend a dinner than in riding the economic wave that has caused
the market for emerging contemporary art to surge in the past decade.Reputation
s in the art world are forged over many years across countless fairs, openings,
reviews and dinners. Although laypeople may look at a $30 million Richter and co
mpare it to splatters from a second grader, Richter s prices are determined not by
chance but by the elaborate academic, journalistic and institutional infrastruc
ture the art world has built to mete out prizes and anoint the next generation o
f cultural torchbearers. The collector class has traditionally come from the ver
y top of the wealth spectrum and has included people looking to trade money for
social prestige by participating in the art world s stately rituals. Over the last
few years, though, a new class of speculators has emerged with crasser objectiv
es: They are less interested in flying to Basel to attend a dinner than in ridin
g the economic wave that has caused the market for emerging contemporary art to
surge in the past decade.Reputations in the art world are forged over many years
across countless fairs, openings, reviews and dinners. Although laypeople may l
ook at a $30 million Richter and compare it to splatters from a second grader, R
ichter s prices are determined not by chance but by the elaborate academic, journa
listic and institutional infrastructure the art world has built to mete out priz
es and anoint the next generation of cultural torchbearers. The collector class
has traditionally come from the very top of the wealth spectrum and has included
people looking to trade money for social prestige by participating in the art w
orld s stately rituals. Over the last few years, though, a new class of speculator
s has emerged with crasser objectives: They are less interested in flying to Bas
el to attend a dinner than in riding the economic wave that has caused the marke
t for emerging contemporary art to surge in the past decade.Reputations in the a
rt world are forged over many years across countless fairs, openings, reviews an
d dinners. Although laypeople may look at a $30 million Richter and compare it t
o splatters from a second grader, Richter s prices are determined not by chance bu
t by the elaborate academic, journalistic and institutional infrastructure the a
rt world has built to mete out prizes and anoint the next generation of cultural
torchbearers. The collector class has traditionally come from the very top of t
he wealth spectrum and has included people looking to trade money for social pre
stige by participating in the art world s stately rituals. Over the last few years
, though, a new class of speculators has emerged with crasser objectives: They a
re less interested in flying to Basel to attend a dinner than in riding the econ
omic wave that has caused the market for emerging contemporary art to surge in t

he past decade.Reputations in the art world are forged over many years across co
untless fairs, openings, reviews and dinners. Although laypeople may look at a $
30 million Richter and compare it to splatters from a second grader, Richter s pri
ces are determined not by chance but by the elaborate academic, journalistic and
institutional infrastructure the art world has built to mete out prizes and ano
int the next generation of cultural torchbearers. The collector class has tradit
ionally come from the very top of the wealth spectrum and has included people lo
oking to trade money for social prestige by participating in the art world s state
ly rituals. Over the last few years, though, a new class of speculators has emer
ged with crasser objectives: They are less interested in flying to Basel to atte
nd a dinner than in riding the economic wave that has caused the market for emer
ging contemporary art to surge in the past decade.Reputations in the art world a
re forged over many years across countless fairs, openings, reviews and dinners.
Although laypeople may look at a $30 million Richter and compare it to splatter
s from a second grader, Richter s prices are determined not by chance but by the e
laborate academic, journalistic and institutional infrastructure the art world h
as built to mete out prizes and anoint the next generation of cultural torchbear
ers. The collector class has traditionally come from the very top of the wealth
spectrum and has included people looking to trade money for social prestige by p
articipating in the art world s stately rituals. Over the last few years, though,
a new class of speculators has emerged with crasser objectives: They are less in
terested in flying to Basel to attend a dinner than in riding the economic wave
that has caused the market for emerging contemporary art to surge in the past de
cade.Reputations in the art world are forged over many years across countless fa
irs, openings, reviews and dinners. Although laypeople may look at a $30 million
Richter and compare it to splatters from a second grader, Richter s prices are de
termined not by chance but by the elaborate academic, journalistic and instituti
onal infrastructure the art world has built to mete out prizes and anoint the ne
xt generation of cultural torchbearers. The collector class has traditionally co
me from the very top of the wealth spectrum and has included people looking to t
rade money for social prestige by participating in the art world s stately rituals
. Over the last few years, though, a new class of speculators has emerged with c
rasser objectives: They are less interested in flying to Basel to attend a dinne
r than in riding the economic wave that has caused the market for emerging conte
mporary art to surge in the past decade.Reputations in the art world are forged
over many years across countless fairs, openings, reviews and dinners. Although
laypeople may look at a $30 million Richter and compare it to splatters from a s
econd grader, Richter s prices are determined not by chance but by the elaborate a
cademic, journalistic and institutional infrastructure the art world has built t
o mete out prizes and anoint the next generation of cultural torchbearers. The c
ollector class has traditionally come from the very top of the wealth spectrum a
nd has included people looking to trade money for social prestige by participati
ng in the art world s stately rituals. Over the last few years, though, a new clas
s of speculators has emerged with crasser objectives: They are less interested i
n flying to Basel to attend a dinner than in riding the economic wave that has c
aused the market for emerging contemporary art to surge in the past decade.Reput
ations in the art world are forged over many years across countless fairs, openi
ngs, reviews and dinners. Although laypeople may look at a $30 million Richter a
nd compare it to splatters from a second grader, Richter s prices are determined n
ot by chance but by the elaborate academic, journalistic and institutional infra
structure the art world has built to mete out prizes and anoint the next generat
ion of cultural torchbearers. The collector class has traditionally come from th
e very top of the wealth spectrum and has included people looking to trade money
for social prestige by participating in the art world s stately rituals. Over the
last few years, though, a new class of speculators has emerged with crasser obj
ectives: They are less interested in flying to Basel to attend a dinner than in
riding the economic wave that has caused the market for emerging contemporary ar
t to surge in the past decade.