Search results
Results from the WOW.Com Content Network
[19] [20] Valuations for art sold at the market's top houses usually carry more weight than valuations from less established houses, as most of the top houses have hundreds of years of experience. [20] [21] Long term economic trends can have a great impact on the valuation of certain types of work.
An art auction at Christie's. The art market is the marketplace of buyers and sellers trading in commodities, services, and works of art.. The art market operates in an economic model that considers more than supply and demand; it is a market where art is bought and sold for values based not only on a work's perceived cultural value, but on both its past monetary value as well as its predicted ...
Three kinds of economic agents determine these values. Specific experts like gallery owners or museum directors use the first, social value. Experts like art historians and art professors use the second, artistic value. Buyers who buy works of art as an investment use the third, the price history and expectations for future price increases.
For premium support please call: 800-290-4726 more ways to reach us
A work of art in a museum's reserves represents a significant opportunity cost. [12] It could be sold to finance the museum itself or to buy other works on the market. There is therefore a trade-off between the desire to sell works to fill gaps in a museum's collection and the museum's role in preserving its heritage.
In her 1970 book Meaning and Expression: Toward a Sociology of Art, Hanna Deinhard gives one approach: "The point of departure of the sociology of art is the question: How is it possible that works of art, which always originate as products of human activity within a particular time and society and for a particular time, society, or function -- even though they are not necessarily produced as ...
The Baumol–Tobin model is an economic model of the transactions demand for money as developed independently by William Baumol (1952) and James Tobin (1956). The theory relies on the tradeoff between the liquidity provided by holding money (the ability to carry out transactions) and the interest forgone by holding one’s assets in the form of non-interest bearing money.
The issue of the illicit art trade also factors into the debate. In terms of value transferred, the illegal trafficking of art ranks in black market activities second only to narcotics. [13] More problematic than the actual theft of the work is its subsequent transport, which proves difficult to prosecute since most paintings are easily ...