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Price Discrimination and Maximum Revenue Extraction

Do Art Gallery Practices Constitute Restraint of Trade?

Daniel Grant | Posted 12.01.2012 | Arts
Daniel Grant

Discrimination on the basis of lack of wealth or renown, on the other hand, only seems snobbish but isn't illegal. The economic concept covering these practices of the art trade is that of "market externality," which refers to positive and negative byproducts of consumption.