“Contemporary art is economically tied to an elitist structure”

“Not just contemporary art is economically tied to an elitist structure… This includes modern, old master and basically any form of art. Art is the ultimate ‘luxury item’.
However, the elite culture has been dislocated as it has spread to the middle class and that explains why art has become a form of investment – not just a representation of elite culture that gives status.”
Pearl Lam, art patron