Before revision: The art market operates in an economic model that considers more than supply and demand: it is a hybrid type of prediction market where art is bought and sold for values based not only on a work's perceived cultural value, but on both its past monetary value as well as its predicted future value.
After revision: The art market operates in an economic model that considers more than supply and demand: it is a market where art is bought and sold for values based not only on a work's perceived cultural value, but on both its past monetary value as well as its predicted future value.