Primary market

The primary market is where a work is sold for the first time: artist to collector, usually intermediated by the artist's gallery, with proceeds split between them. The secondary market is every sale after that — auctions, dealer resales — where the artist typically no longer participates in proceeds.

The distinction shapes gallery operations: primary-market galleries manage artist relationships, production, and career placement, and their records revolve around consignment from artists; secondary-market dealing revolves around sourcing, authentication, and margin.