The market in which existing works are offered by dealers and auction houses for resale. Like the broader financial market, the market for works of art operates on a two-tier system. Most activity, by a wide margin, takes place in the secondary market. This predominance of exchanges at the second tier is a characteristic feature of the art market. Risk will tend to be lower when compared to the primary market, for buyers are likely to have more and better information not only about the artists, but also with regard to both the decorative attributes and the intellectual appeal of those artists' better-known works.