STUDY PROGRAMME
Contemporary Arts Markets

AFAM CODE
ABLE70

DISCIPLINARY AREA
Legislation and economy of art and performing arts

DISCIPLINARY FIELD
Economy and art market

CREDITS
8

APPROACH
Theoretical

The course is divided in two parts. The first one presents an overview of the economic thinking, with reference to the most recent economic theories. The second one deals with the art market, its structures, its economy and its interactions with the system of art and culture in its complexity. The lessons present the main actors and the history of the market, analyse the processes of globalisation and financialisation, and investigate the complex relationship between value and price of works of art.

The programme consists of one single module, which grants 8 CFA credits.

Successful students will be able to:

• Understand the economic-financial phenomena

• Understand the structures and actors of the art market, and its historical and cultural development

• Acquire useful instruments to interpret the contemporary phenomena related to the art market

• Understand the main dynamics that define the value and price of the works

• Main characteristics and players in the art market

• Historical and cultural development of the art market

• Globalisation and financialisation in the art market

• Value and price of works of art

• Datasets and methods to establish prices on contemporary art markets

This is a theoretical course. Didactic activities may include:

• Classroom lectures

• Use of tutorials, videos or other media tools for detailed study

• Active participation to classes through debates and presentations

• Individual study and research

• Field trips

Assessment is based on the overall competence of the students and may include:

• Oral exam

• Written exam

• Submission of papers, projects or research work

The final mark for the course is determined on the basis of a number of contributory marks. It will result from the weighted average mark for the different assignments (class discussion, group discussion and final project).

Further details on specific tests can be provided by the professor during the course. Assessment criteria include commitment, active participation and personal growth of the students over the course.

• Graw, I. (2010), High Price. Art Between the Market and Celebrity Culture, Berlin: Sternberg Press, 2010

• Robertson, I, (ed. by) (2016), Understanding Art Markets, London-New York: Routledge

• Lind, M., Velthuis, O. (ed. by) (2012), Contemporary Art and Its Commercial Markets. A Report on Current Conditions and Future Scenarios, Berlin: Sternberg Press

• Velthuis, O. (2005), Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art, Princeton: Princeton University Press

Further bibliographic recommendations may be provided by the professor during the course. A lot of the referenced material, together with other in-depth study material, can be consulted online in MyNaba, in the Library section.