A receptive market is crucial in setting hammer prices. Rarely viewed pieces are especially in demand. Where the work is being sold is a factor, also, since different markets tend to show more interest in particular types of art. Fiucynski mentioned that, for example, jade pieces are currently selling better in Hong Kong than in other markets. With this in mind, the art community is very global, with a sale in Los Angeles bringing inquiries from as far away as Seoul, Madrid and Melbourne.
Some artwork holds no potential for auction, because it is considered to be priceless.
Priceless works are almost always found on display in national museums, such as the Louvre in Paris, or the National Gallery of Art in Washington, D.C. and do not change hands in the open market. To be considered priceless, it must be peerless in its class. Such masterpieces are exceedingly rare, however, and most art can be obtained for a definite price. What that price is, however, is extraordinarily variable. Christie's inaugural sale in their Beverly Hills auction house last spring, featuring contemporary and 20th-century art, had a vast range of prices.