Works by Elmgreen & Dragset at the ‘‘Secret Passions’’ exhibition in Lille, France. CreditMaxime Dufour Photographies

Why do people buy contemporary art?

This is not such an obvious question to ask as the art world pauses for breath between the frenzy of the Frieze fair in London and the FIAC in Paris, which both recently closed, and New York’s auctions this month.

The world’s wealthiest individuals are spending increasing amounts of money on art. The French database Artprice said in a report published on Sept. 24 that auctions from July 2013 to the beginning of July 2014 had been “the best in the history of contemporary art in terms of auction turnover, price rises and record bids.” London’s Frieze Week sales in October were the highest-grossing yet, with Christie’s, Sotheby’s and Phillips pulling in a combined 216.7 million pounds, or about $349 million, including fees.....Continue Reading

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