Priceless or worthless?

Many researchers state that the art market is divided into the primary and the secondary art market. In these markets, art dealers and auction houses have the biggest market share and therefore it is accepted that they have a big influence on the price determination process of artworks. The last decade, the internet and social media have changed the traditional art market and made it more transparent. However, art specialists still play an important role when it comes to the price determination of works of art. These experts use their expertise and experience to determine the quality of an artwork objectively. In this research, the role of art specialists working at auction houses is examined. The aim of this inquiry is to find out how these art critics determines the price estimates of a painting. Therefore, the pricing process that leads to the estimated prices is examined by doing in-depth interviews with experts working at different auction houses, operating in the Netherlands. Although, the data that was collected led to a solid answer to the main question, there are many aspects left for further research.