Philip Hoffman on Pent-Up Demand for Art

Sometime in 2011, Philip Hoffman of the Fine Art Fund became the voice of the art market, the go-to interview for journalists on the state of things. Here he speaks to Bloomberg touting his fund’s purchase of Chinese vase for £600k that the fund is looking to sell for £2.5m after holding it only 3 years. Hoffman says there are only 3,000 works in the world that have sold above a million (£ one presumes but possibly $) but far more than 3,000 persons looking to buy works at that level.