The Art Debate: Can British art maintain its cutting edge? Yazzy's at www.williamverdult.com

As the world of modern art descends on the capital for a buying spree at Frieze, five major figures meet at the Telegraph's headquarters to ask why Britain is such an artistic powerhouse – and whether creativity is the new religion

The panel: Richard Dorment, Marc Quinn, Oliver Barker, Judith Greer and Julia Peyton-Jones

Richard Dorment is art critic of The Daily Telegraph and one of the country's leading commentators on art. Marc Quinn is one of the UK's leading artists. He rose to prominence as one of the Young British Artists (YBAs) in the 1990s. Oliver Barker is senior international specialist at Sotheby's London auction house. Judith Greer is a major collector of contemporary art, and author of Owning Art: The Contemporary Art Collector's Handbook (Cultureshock, £14.95). Julia Peyton-Jones is director of the Serpentine Gallery in London.

Richard Dorment: In the 22 years I've been a critic for The Daily Telegraph, Britain has changed from being a country that didn't seem interested at all in art to a country where contemporary art in particular has really found its place.

Judith, do you think that the recent boom in art – reflected in record-breaking auction prices – represents a peak, or just another point on a continually rising line? Have we now hit the top of the market?

Judith Greer: I think that as long as there are more and more new collectors chasing pieces of art that they consider specifically desirable, prices could still go up. But at the same time there is always art by young artists that isn't so expensive, that is more reflective of cultural developments of the day.

RD: Marc, how does it look from an artist's point of view?

Marc Quinn: The fact that some work is selling for a lot of money is, of course, a good thing for artists, because by selling some artworks well you can then afford to finance less commercial work.

But it's also important to distinguish between market value and quality – the most expensive art is not always the best art, it's the art that is somehow desirable to own, and there's a lot of art (performance art, installation art) that you can't own that is just as good.

When people get fixated on market values, there is a danger that important work will get sidelined because it isn't considered sexy by the market.

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