What’s a painting worth? For art world professionals, that question of price has never been easy—but lately, it’s gotten harder than ever.

As we’ve discussed on this podcast before, the art market has cooled off. But this isn’t just a downturn—it’s a disruption. The system that once supported pricing logic is now in disarray, and dealers and advisors are feeling the strain.

In a recent report for Artnet News Pro, our editor-in-chief Naomi Rea explored how the traditional rules of art pricing have stopped making sense. With confidence waning and speculation drying up, dealers are quietly recalibrating. What we’re seeing may be more than a correction—as Naomi reports, it could be the unraveling of an entire logic.

Naomi joins senior editor Kate Brown to unpack what’s going on in the “danger zone” of the market and how different players—from mega-galleries, emerging dealers, to advisors and collectors—are adapting. They also discuss whether we might be heading toward a more sustainable and meaningful art market.