The author elaborates on four propositions presented in this paper:

1. Revolutionary changes in easel painting from the second half of the nineteenth century to the present facilitated entry. Moreover, factor-augmenting technologies radically lowered the supply price of paintings.
   
   
2. In response to the foregoing, mutual interest developed between buyers and sellers of establishment art with a view to restraining entry of substitute products.
   
   
3. The inability of oligopolistic dealers to prevent entry by a large number of small firms induced disequilibria in the secondary art market. Consequently new modalities for patenting artists were developed.
   
   
4. Collector-tycoons such as the Saatchis of London entered as self-insured buyers. They do not rely on established dealers to restrain ex ante supply. This state of affairs skews the market for art and extends the price gap between the top and the remainder of the market.