09/30/2013 03:35 pm ET

Art Market Shuts Out All But The Super Rich


The massive price rise of art over the past five decades, whipped up by professionals to the cheers of the media chorus, has had an underreported consequence. Buying art has become the privilege of the very rich.

When this column first appeared on March 29-30, 1969, thousands of objets d’art ranging from Antiquity to the 20th century turned up at auction every week.

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