As Oil Prices Climb, What Are the Consequences for the Art Market

The rise in oil prices has had some unexpected knock-on effects in the rest of the economy. Now, the pop in the American Paintings market–especially the Thomas Moran “Green River Wyoming” selling for $17 million–is being explained by the price of oil. On Bloomberg.com, Lindsay Pollock quotes Eric Widing as saying that oil money was driving the top of the American Paintings market, especially the market for Western art. In a quick reversal, the story then tells us that the market for Western art is no longer just in “Texas, Denver and Oklahoma.” It’s all over the country.