Art is not a luxury product like Hermes bags: Larry Gagosian (Video)

Gagosian Gallery owner Larry Gagosian on Friday explained why he doesn’t consider art to be a “luxury good” and how the art world has benefited from globalization.

“It’s not a luxury good. It’s not a luxury product. I mean it may appear to people who buy Hermes bags, but it’s not a Hermes bag. Sometimes people try to categorize it as a luxury. It’s a disservice to art in my opinion. And it really distorts the nature of the market,” he told FOX Business’ Maria Bartiromo on “Wall Street Week.”

Gagosian discussed how globalization has helped fuel the art market and help promote art pieces from around the world.

“So what’s different now is that you can transmit information very quickly. We have sixteen galleries literally all over the world and for instance somebody who works in our gallery in Hong Kong, they have access to a particular painting and they liaison with our gallery in Geneva,” he said. “It’s also allowed collectors to have more communication and to have access to more transparency about prices, which gives the market more confidence.”

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