This trend accompanied a steady decline in prices for modern, impressionist, and old masters over the same time period, according to artnet.

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Last year, Mitchell's canvases were the two most expensive works by any woman artist sold at auction, according to auction database Artnet.

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"All of my collectors say things like, -I looked up that artist on Artnet.com and their record is such-and-such, '" says art adviser Kim M.

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Or is this no different from buying a Murakami on Artnet?

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The art market took a hit in the first quarter as sales volume fell 7% compared to 2012, according to market intelligence firm and auction platform artnet.

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This is a market where transactions are being done through small private galleries or directly through the artists, many of whom do not report their sales to price databases like ArtNet.

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