Lot 1 Peterson Kamwathi from Art Auction East Africa Auction 2017

GALLERIES: Taking a chance on the market… | The East African | Frank Whalley

They say the best way to test the financial value of a work of art is to send it to auction. Let the market decide; the market is always right, the argument goes.

That is probably true as long as you do not confuse market value with artistic worth. I always think of the comment by Oscar Wilde… “A fool knows the price of everything and the value of nothing.”

Also, it is an odd fact that sellers send work to auction believing it will attract the highest price, while buyers trot along hoping for a bargain.