We have been invited to design and teach an online course module for art professionals on Emerging markets and ICTs at IESA UK. The Institut d’Etudes Supérieures des Arts was created in 1985 in Paris as a vocational, dynamic and student-centered alternative to the more rigid and theoretical system in French universities. IESA UK renewed this philosophy in London in 2004, offering cutting edge programs that revolutionized the way the art market is taught, combining for the first time the study of history with the practice of business.
Our module focuses on emerging art markets and will consist of 8 sessions featuring several podcasts each. The aim of this course is to present art market students and professionals alike a thorough introduction to the art world, and provide insights as to how it operates. We will cover topics such as the impact of globalization on the art system, the role of experts and other intermediaries, quality in art, the rise of e-commerce, the potentially democratizing effect of the internet, the valuation of art and, of course, a discussion on emerging art markets such China and India.
A remarkable success story has been the inauguration of biennials and art fairs in new world art markets. Seen as evidence of the coming of age of an emerging art scene, these events are considered as an important manifestation and driving force of the integration of the international art world. Fairs and biennials feed the ongoing process of globalization by encouraging foreign artists and galleries to attend, and by catering to an international audience of buyers. In doing so, these gatherings are poised to defy national art schools and underscore the transnational character of the art world and market. To test some of these assumptions, we examined the India Art Fair held in the capital Delhi as an exponent of the expanding contemporary Indian art market for visual arts. As the premier annual event in the Indian art world, we surveyed the galleries, artists and works of art that were showcased in the 2013 edition of the Delhi fair in order to get a sense of who and what drives the art market of the Global South. What fuels the contemporary Indian art market and shapes its artistic output – is it the new money and cosmopolitan tastes of the own middle and upper classes, or international demand? Also, we gauged the degree of local embeddedness versus the transnational nature of the art scene in India. Are art fairs truly celebrations of a diverse borderless art world featuring a broad spectrum of foreign artists or, on the contrary, do they primarily reflect local tastes by promoting indigenous art?
The results of this project have been written up in a chapter which will appear in the forthcoming book on Canvases and Careers in a Cosmopolitan Culture. On the Globalization of Contemporary Art Markets, edited by Olav Velthuis and Stefano Baia Curioni, and published by Oxford University Press. A draft version of this chapter can be downloaded here.
Sotheby’s Art Institute and University of Cambridge Judge Business School organized a very stimulating workshop with a lecture series on the new risks in the art market from multiple perspectives including economists, business folk, art dealers, auctioneers, and media experts: Exploring Risk and Uncertainty: Metaphors from the Art Market. Questions about the role of information in valuation, the new sources of knowledge and the management of these sources for assessment, the place of originality of the art in contemporary valuation and more were tackled and discussed.
We presented on specifically intermediaries, from the past to the digital present and the implications new media has in this age old gate-keeping space when it comes to making decisions and evaluations on art value. Our paper explores the position and purpose of experts in the art world over time. It has been long understood that art theorists, critics, historians, dealers, auctioneers, curators and so forth play a seminal role as intermediaries in a market that features significant information asymmetries and uncertainty. They facilitate exchanges and are instrumental in determining the artistic, social and financial value of a work of art.
However, in this digital age, declarations surface on the death of the expert and the rise of the art amateur. Crowd wisdom is seen as the new guide in constructing and evaluating knowledge. The intrinsic value of a work of art is not (or no longer) a given, and various new intermediaries, both social and technical, now appear to contribute to and compete in shaping the valuation process.
In the context of the art world, questions therefore arise relative to the role of the amateur in the evaluation and validation of art in current times. Do social media level the playing field and can we assume that equity and vastly increased scale in participation results in better judgments? Does online participation on art valuation impact its actual market pricing? What is the role of the expert in the evaluation of art in contemporary times? Do social media dismantle age-old hierarchies and established priesthoods in the art world? And can we assume that mass participation in valuation results in better judgments?
We published a form of this presented paper in the Information, Communication and Society Journal that can be accessed in full here.