Navigating the Art MarketsAugust 25, 2015
Lecturer: Juliette Premmereur
The art world has become a complex network of individuals, institutions, and larger forces that activate a global marketplace for art. This course will assist in demystifying the dynamics of the art market to help you navigate it successfully.
Over the course of 4 weeks, we will explain the complex interactions between key players and institutions including collectors, art galleries, auction houses, art fairs, and what independent art professionals such as appraisers and advisers do. A special focus will also be given to the online art marketplace, the newest development in the market.
The course will emphasize postwar & contemporary art, discussed in terms of both primary and secondary markets. A focus will be placed on the mainstream art market, navigated through major hubs in the US, UK, and Western Europe, and also explore emerging markets such as China.
Navigating the Art Markets is for those wanting to work in a commercial gallery, break into the art market or learn more about its economic system. At the completion of the course, participants will have an increased knowledge of the entire art market, and most importantly how to take advantage of it in their careers.
Class 1: Introduction to the Art Market
- Who are the key players in the art market?
- Discussion of the primary and secondary markets.
- How has the art world become global?
- Introduction of the final assignment
Class 2: Collectors, Galleries, and Their Helpers
- What is the purpose of collecting?
- How does a collector acquire art? A discussion of networks and relationships with dealers and artists.
- Collection management – how does a collection grow, develop meaning, and become a symbol of power? A discussion of collection managers, private curators, foundations, and sponsorships.
- Who are advisers and appraisers?
- What to expect as a commercial gallery? A discussion of different gallery models.
Class 3: Art Fairs and Auction Houses
- How do art fairs work?
- Who can show in an art fair? A discussion of the application process and how to know which fair is right for you.
- What is an auction house? How do they function? A discussion of consignments, fee structure, guarantees, and the importance of public prices.
- How are prices determined?
Class 4: Online Art and Emerging Markets
- Why is the art market going online? What are the benefits and downfalls?
- Discussion of Auctionata, Paddle8, Artsy, Artspace, Artlist, Verni and what different tech-startups are doing to bring art online.
- A discussion of emerging markets and the case of China.