Thesis 3 of Wing Yee Winny Chan
Wing is asking a question complementary to my own three thesis:
"Following the globalization of Chinese contemporary art, the value of many artists have increased significantly. What determines their value?"
I think this is another way to question the relationships between art collectors, art galleries, influencers... Art prizes and art prices.
My view is that the whole ecosystem has interdependent participants who act as validators, influencers, or investors. In a system not too different from a market place with central bankers, leading sellside economists, large investors and hedge funds.
In the case of China, the system is new with fewer participants who might have a disproportionate influence. This is a point raised boldly by Li Zhenhua. Having too powerful jury members might influence the whole artist selection process - and later in the value cycle, artists prices.