Understanding the Art Market: Will Art Survive?
Crisis and change enveloped the international art market in 2020 and 2021, most obviously triggered by the global COVID-19 pandemic. However, the market was already in crisis. Art itself had further evolved into a ranked hierarchy of nearly unaffordable luxury brands. Underlying issues and inequities were activated by social and political upheaval, especially in the United States. On the for-profit side of the art business, art media perpetuated the myth of the art market as a mysterious place with its complex mix of private dealers, galleries, auction houses, the Internet, and social media. On the non-profit side, traditional museums competed with hyped, interactive themed experiences, as well as other “entertainment.” This course explores and explains each sector of the traditional and evolving art market. It is designed to explain how the market operates, dispel common misconceptions, and deconstruct hyperbole in the media. Through weekly lectures and discussions, this course will demystify art market channels from galleries and on-line buying platforms to investment funds and syndicates, as well as explore the future of nonprofits. Together we will examine the question “will art survive and, if so, how?”
You'll Walk Away with
- An understanding of art markets and their sales channels
- A firm foundation in the intricacies of art business and finance
- Prospective and practicing art professionals
- Finance professionals
- Art enthusiasts