About the course
It introduces participants to the framework within which art is created, exchanged and acquired. The art world and the art market are two sides of the same coin. They co-exist and together forge economic value. It also takes a look at the three types of commodity that elicit the greatest interest and highest prices from collectors and investors. The fourth commodity, non-Western contemporary and modern art, is speculative, and offers the highest investment risk but also the greatest gain. This course is suitable for a general audience interested to learn more about global art business trends.
Week 1 - lecture 1: Art market sectors
An overview of the key art market sectors : modern, contemporary, old masters and Asian art are today the most lucrative sectors of the art industry. The prices that are achieved are the result of global interest and demand.
Week 1 - lecture 2: The Art Eco System
The socio-economic system: the collaboration of art world with art market. The intersection of the public with the commercial sector is the key element in the validation and ultimate economic value of art as a commodity.
Week 2 - lecture 3: Price and Value in the art market
Art as an economic instrument and alternative asset: art today is regarded by many investors as a treasure asset. It is the key component in many financial portfolios. There are rational reasons for including art in a financial portfolio.
Week 2 - lecture 4: 4 Key challenges to the global market
The global externalities that impact the art market and affect investor confidence are extremely significant. There have been recent advances in technology, which have been applied to the creating, selling and buying of art. There have been economic shifts and geo-political changes that have had an even more dramatic impact on the value of art.
Week 3 - lecture 5: Old Masters
The market for gilt-edged securities: this market is stable but relatively illiquid at the top end. It has considerable risks that the more recent markets do not have; notably misattribution.
Week 3 - lecture 6: Modern Art
The market for blue-chip art: the market that has vied for pre-eminence with Impressionism and Post-Impressionism is now clearly the most highly valued sector of the global art market .
Week 4 - lecture 7: Contemporary Art
The market for aspirant blue-chip art: the market for contemporary art and post-war art has rapidly grown to rival that of Modern art. The barriers to entry are low and the market liquidity is the highest of all the sectors under examination.
Week 4 - lecture 8: New Art New Markets
The market for futures: these markets are evolving, rising and falling, more rapidly and unpredictably than any of the other sectors under discussion. A reading of these markets needs to take into account a whole range of issues.
PhD, MA and BA (Hons), City University, London Dr Iain Robertson is Head of Art Business Studies at Sotheby's Institute of Art. He was Exhibitions Officer, Royal Institute of British Architects; Cultural Officer , British Mission to Taiwan and Senior Lecturer in Arts Policy & Management at C...
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