The Evolution of Contemporary Arts Markets looks at the historical evolution of the art market from the 15th century to the present day. Art is both an expression of human creativity and an object of economic value and financial refuge at times of economic turbulence. Historically, the art market evolved with the development of capitalism, finance and technical change, and art schools responded to social events such as wars, revolutions and waves of democratization.
The author discusses the main features of modern art markets such as complexity in art valuation, globalism, segmentation, financialization, indivisibility, liquidity and provenance issues. The book studies the impact of wealth inequality and economic cycles and crises on the art market and features a chapter focusing specifically on the art market in China.
This accessible publication is ideal for a broad, interdisciplinary audience including those involved in the economic and financial fields as well as art lovers, art market participants and social and cultural scholars.
Table of Contents
1. Introduction 2. The Art Market: A Historical Perspective 3. The Art Sector in China: Traditional, Maoist and Globalized Periods 4. Main Conceptual Features of the Art Market: What is Art? How to Value it? How Art Trade is Organized? 5. Recessions, Financial Crises and War: Impact on the Art Sector 6. How the Super-Rich is Shaping the Art Sector in an Era of High Inequality (with Paula Solimano). 7. Investing in Art as Protection Against Economic Turbulence: Prices in the Cycle 1998-2018 8. Synthesis and Public Policy Issues
Andrés Solimano holds a Ph.D in Economics from MIT and is Founder and Chairman of the International Center for Globalization and Development (CIGLOB). He has held senior positions at the World Bank, the Inter-American Development Bank, the Latin American School of Social Sciences (FLACSO) and the United Nations.
"Anyone interested in the art market, either simply as a consumer of art or an investor, should read this book. Especially those who consider art objects as also potential investment tools should find this book particularly useful." — Vito Tanzi, Honorary President of the International Institute of Public Finance (IIPF), Munich, Germany
"Andy Warhol famously said: "Making money is art, and working is art, and good business is the best art". In this lively book, Andres Solimano writes about how aesthetics meets money, how this intimate relationship evolved, and what the future holds in turbulent times." — Tony Addison, Professor, Development Economics Research Group, University of Copenhagen.