In this interview published in Actualidad Económica by Miguel Ors Villarejo, Elisa Hernando , director of the international consultancy Arte Global , reflects on the art market and how it has radically changed in recent decades. According to Elisa Hernando , collectors not only provide capital but also influence museums, galleries, and fairs. She explains that figures like François Pinault have become key players, holding shares in auction houses and pricing platforms.
Hernando, a graduate in art history and an economist, is developing an econometric model to quantify the factors that determine a work's price , considering aspects such as museum exhibitions, the collection's provenance, and inclusion in catalogues raisonné. However, she acknowledges that uncertainties always remain, such as fashion trends: "Now people are very interested in buying Meninas," she notes.
The director of Global Art also recalls the Impressionist revolution of 1874, when Claude Monet and other artists challenged rigid academic norms and paved the way for creative freedom, a milestone that transformed the relationship between artists, galleries, and collectors.
In the contemporary context, Hernando highlights works such as Karmelo Bermejo's The Grand Finale , presented at ARCO, which reflect critiques of the system and underscore how the passion and obsession of certain collectors can influence the extreme prices of some pieces.
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