Understanding International Art Markets And Management

"Understanding International Art Markets and Management focuses on the visual art market--sculpture, paintings, drawings, prints--and examines the major transitions that have affected this market." -- t.p. verso.

The global art market has recently been valued at close to $50bn - a rise of over 60% since the global financial crisis. These figures are driven by demand from China and other emerging markets, as well as the growing phenomenon of the artist bypassing dealers as a market force in his/her own right. This new textbook integrates, updates and enhances the popular aspects of two well-regarded texts - Understanding International Arts Markets and The Art Business. Topics covered include: Emerging markets in China, East Asian, South East Asian, Brazilian, Russian, Islamic and Indian art, Art valuation and investment, Museums and the cultural sector. This revitalized new textbook will continue to be essential reading for students on courses such as arts management, arts marketing, arts business, cultural economics, the sociology of arts, and cultural policy.

Robertson examines three types of emerging market for contemporary art: the recently established, the maturing, and the mature. The book is also concerned with looking at how value in non-Western contemporary art is constructed by external political events and economic factors rather than aesthetic considerations.

Assessing art's potential as an investment, this book offers an overview and evaluation of the world's art markets. It includes the history of art investment, buying patterns and future trends for different countries and asks whether different art categories offer better potential for future returns.

By the time you read this book, the art world may have witnessed the sale of its first $500 million painting. Whilst for some people money is anathema to art this is clearly a wealthy international industry, and a market with its own conventions and pressures. Drawing on the vast experience of Sotheby’s Institute of Art, The Art Business exposes the realities of the commercial trade in fine art and antiques. Attention is devoted to the role of auction houses, commercial galleries and art museums as key institutions, with the text divided into four thematic sections covering: technical and structural elements of the art market cultural policy and management in art business regulatory legal and ethical issues in the art world the views, through interviews, of leading art market experts. This book provides a thorough examination of contemporary issues in the art business, and the mechanisms and influences which underpin its evolution. It is essential reading for students of art history or international business, or anyone with an interest in pursuing a career in this area.

Epigraph -- Preface -- Acknowledgements -- Introduction -- Technical and structural mechanisms -- The structure of art commodity markets -- Art, religion, history and money -- Legal and ethical issues -- The markets for art -- The modern and impressionist market : the politics of success -- International contemporary art : an art world explanation of its value -- Chinese taste for chinese art -- Old masters : a gradual change in values -- External factors -- Art valuation and investment -- The public cultural domain : the state, museums and the built environment -- The evolution of craft into art

Contributing to new debates and research on the city, this handbook looks both backwards and forwards to bring together key scholarship in the field