Yet again this morning, a message from a friend: “How much should I be paying for a small watercolour on paper by (insert name of artist here)?” The previous evening had seen a similar barrage from acquaintances, wanting to know if a quoted price was correct; did I vouch for a certain artist’s work; did the work have investment potential? Clearly, there are enough buyers out there who like art enough to want to own it, but are scared off by the jaw-dropping record prices reported in the media. The good news is that these reflect only the top end

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