By Daniel Chun
The art industry growth had experienced phenomenal growth with record breaking auctions. However this has been mostly driven by top-tier galleries and auction houses. This proves that the value of art is entirely driven by market principles of supply and demand as well as rarity. Rarity is perceived as scarcity in art since many of the masterpiece have very limited supply. In the world of art valuations and appraisals, it is usually conducted by researchers, art scholars and experienced valuers involved in the industry for a long time.