On November 12, 2014, the auction house Christie's hosted its annual fall auction of major works of postwar and contemporary art in New York. With sales totaling $852.9 million, the auction now stands as the highest-grossing auction in history, and has led some to speculate that the billion-dollar auction is imminent. In this episode, Natasha Degen, an expert on the art market, joins us in discussing how the art market works, as well as its history and future, and its relationship to larger social and economic trends.