Speculation is clearly the buzzword of the moment; in philosophy, art, the art market, literature, and finance. But what does it mean, exactly, to speculate? Speculation grasps for the nonexistent. As a financial operation, speculation aims to make the future controllable, calculating possible price developments on the basis of empirical data. One of the elementary pacemakers of present-day capitalism, it also plays a pivotal role in generating value in the field of contemporary art.
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