The rise of non-fungible tokens (NFTs) has been astonishing, in particular for the arts and creative industries. The dominant discourse both in mainstream media and in academia today focuses ...predominantly on what this new technology can do for the art market rather than art itself. However, framing NFTs in art in the context of money and markets draws attention away from the more subtle and creative role of NFTs. Consequently, this article asks: What is the role of NFTs in art, beyond the market? This research complements existing empirical work, by conducting a case study and interviews with members of DADA, a historic NFT art project which is particularly critical towards the role of the art market. The findings foregrounded five roles that NFTs play in art: as (1) a tool for systemic change, (2) a new way to community, (3) a ritual artefact, (4) a means for preservation and (5) a new medium.
On 13 June 2012 the Swiss collector Uli Sigg donated his collection of contemporary Chinese art to the new museum of visual art in Hong Kong: M+. In August 2012 Artprice published its report on ...contemporary art for July 2011 to June 2012 announcing that five out of the ten contemporary artists fetching highest prices at auction, were Chinese. On 29 November 2012 Xi Jinping delivered his first speech after taking office in which he set out his vision for China. This paper argues that in order to understand the Chinese art market and the political context in which it operates it helps to look at three events which took place in 2012 and their context. Art, the art market and politics are closely interconnected here. The case study of M+ and its foundational donation, the Sigg collection of “contemporary Chinese art”, helps to elucidate the relationships and the astonishing developments of the art market in China and Hong Kong during this time.
The need to apply conservation-restoration criteria in museums, heritage and public collections has been widely studied in previous publications. However, the functions of the conservator-restorer in ...the face of the problems of the Spanish Contemporary Art Market have hardly been addressed in scientific literature. This research is based on two objectives: firstly, to investigate how the specific technical and artistic knowledge of the conservator-restorer covers a need in the ecosystem of the Contemporary Art Market by means of expert reports, appraisal and valuation. Secondly, to analyze how these specific skills and knowledge are transferred through Higher Education programs. Based on a comparative study, the specific problems of the Spanish Art Market shall be mapped, and protocols proposed that are respectful of conservation-restoration criteria and transferable through university programs to the future contemporary art stakeholders.
Art and Money Goetzmann, William N.; Renneboog, Luc; Spaenjers, Christophe
The American economic review,
05/2011, Volume:
101, Issue:
3
Journal Article
Peer reviewed
This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact ...on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices. PUBLICATION ABSTRACT
This text presents a reformulation of the model that Alan Bowness — former director of the prestigious London’s Tate Gallery — used to represent the way in which an artist achieves success. The ...reasons why the modification of the cited model seems coherent are presented from a theoretical and pre-experimental perspective. The results intend to be coherent and plausible. Nevertheless, they are generic and can differ in different specific contexts. Our conclusion is that Bowness model is outdated and does not show the current paradigm of art and its market, being this reformulation necessary. On the other hand, it must be clarified that when we refer to ‘success’, we are referring to a success which is primarily economic, or derivate from the economic one.
We examine how the contemporary art market has changed as a result of the disruptions caused by the novel coronavirus. Based on interviews with artists, collectors, a dealer, and an auction house ...executive, we argue that the decline of face-to-face interaction, previously essential to art market transactions, has placed strain on each corner of the community. In the absence of physical co-presence with the artworks and art world actors, participants struggle to evaluate and appreciate artworks, make new social ties, develop trust, and experience a shared sense of pleasure and collective effervescence. These challenges especially impact the primary gallery market, where participants emphasize a communal commitment to art above instrumental speculation, which is more accepted in the secondary auction market. We find a transition to distant online communication, but the likelihood of this continuing after the lockdowns end and the virus dissipates varies according to the subcultures of these market segments.
Responding to the necessity of scarcity and uniqueness in the digital format, NFTs (Non-Fungible Tokens) have recently gained much attention in cultural industries, especially video games and the art ...market. Faced with the digital paradigm shift and the challenge of dematerialization, creators started to use NTFs in order to emulate the concept of rarity for displaying, promoting, and monetizing their works in digital environments. An NFT is a certificate of ownership implemented through encrypted metadata pointing to a unique copy of a digital file. Likewise, NFTs enable the tokenization of a large array of digital, or even physical, assets. For this reason, they are used to facilitate the digitalization of contents heavily dependent on copyright and scarcity. Non-Fungible Tokens represent an emerging reality of significant economic, social, and cultural importance, which also raises important legal issues especially concerning the very nature of the NFT, as property or license, and the usage of copyrighted contents or trademarks. Indeed, the most frequent legal issues with NFTs are related to the attribution and exploitation of the Intellectual Property (IP) rights of the underlying content or litigations about non-contractual matters (i.e., theft). Litigious cases affecting NFTs most often take on an international dimension due to the decentralized nature of the technology on which they are developed, distributed on servers hosted in a multitude of countries, as well as the business practices of trading platforms that connect users from all over the world. Consequently, the principles of Private International Law (PIL) are applied to solve legal conflicts. This study focuses on the resolution of litigations related to NFTs in the three countries leading the global art markets: the US, the UK, and China. The analysis focuses on the application of international private law in relation to recent jurisprudence concerning conflicts involving NFTs and artworks.
•Despite claims of a contemporary African art boom, there is little research on the incorporation of African born artists in contemporary auctions.•This paper presents the first complete history of ...African born artists in the main contemporary sales at Christie’s.•It draws on an original archive of artworks offered in the May and November New York sales from their inception in the 1970s until 2015.•Findings show that there has been a slight rise, but not a boom, in the consignment of works by African born artists in the post-1989 era.•It is speculated that the small increases are related to shifts in the symbolic valuation of contemporary art.
In the West and Africa alike auctions dedicated to contemporary African art have become increasingly common. Along with other developments, these specialized sales are cited in claims of a boom for contemporary African art. However, there is a dearth of empirical research on long-term changes in the incorporation of African born artists in “mainstream” contemporary sales at Western auction houses. Given that these sales bring together art from across geographic lines, they are an important indicator for measuring the degree to which the market for this work has internationalized. This paper helps to fill this gap in knowledge by presenting the first complete history of African born artists in the main contemporary sales at Christie’s. It draws on an original archive of all artworks consigned at Christie’s New York May and November contemporary day and evening sales from their inception in the 1970s until 2015. Findings show that there has been a slight rise, but not a boom, in the consignment of works by African born artists in the post-1989 era. I speculate that the small increases are related to directed efforts to legitimate contemporary African art as well as other shifts in the symbolic valuation of contemporary art. This paper advances scholarship on the internationalization of the art market by offering new empirical insights on the cultural hybridization of contemporary auctions in the West. More specifically, while the increases support arguments that contemporary African art is globalizing, the small rates of participation across time lend credence to critiques that claims of a highly internationalized art world are overstated. Also, by attending to the particularities of the African case, this paper sheds new insight on how the contemporary art market has internationalized.
Background of Research:
In a global economy, where individual regions, cities and countries cannot demonstrate their uniqueness and attractiveness, the presence of a developed art market on their ...territory can contribute to the growth of their competitiveness. A well-developed art market is highly profitable itself and it has a strong impact on the intangible companies, cities and countries involved in deals, tradesmen or organizers and hosting global art events. As a result, the global attractiveness of economic entities, their products and services increases significantly.
Purpose of the article:
In this article, the problem of finding effective measures of state regulation of the market. and prerequisites for regional economic growth.
Methods:
The paper presents a comparative analysis of measures of state regulation of works of art, applied in different countries, used econometric methods and methods of matrix hierarchical analysis.
Findings & Value added:
With the help of econometric dependencies, the indirect influence of the high activity of the country’s art market and its turnover on the growth of the country’s GDP through both direct financial influence and additional qualitative dependencies is substantiated. Regularities of the influence of a developed art market on the brand of the territory and the region to which it belongs are obtained, which allows us to propose a mechanism for the formation of a positive image of the city, region and country in the global economy, as well as the development of the attributes of its cultural brand.
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