We were interviewed at the offices of Art Review in London to discuss some of the recent developments in the contemporary art market, and especially pertaining to emerging art markets. Excerpts are included in this video.
Tag Archives: art
We have been working for a number of years on the extent to which the internet serves as a game changer in the art world. It has been an exciting albeit challenging journey so far combining two disciplines – internet studies and cultural economics. Perhaps because of this unusual mix of bringing Media Studies with Art Economics, we have had quite an adventure in our invited lectures, be it at ‘Sotheby’s, Duke’s Visual Studies Initiative to the Swiss Institute for Art Research.
We keep hearing how academia pays lip-service to interdisciplinary work, especially in grant acquisition. Yet, we persisted as we believe that it is essential if we are to find some original answers to these hyped and revolutionizing notions on how the art world is transforming with the onset of new media technologies. So we applied to NIAS (Netherlands Institute for Advanced Study), a wonderful venue with a rich intellectual heritage, to host a workshop on this topic and were delighted to hear the news of winning this workshop grant.
In a nutshell, our workshop intends to explore contemporary trends on digitization in the art world and market of the twenty-first century and focus on the visual arts as it is exhibited, discussed and traded online. Thereby, this workshop questions how and under what circumstances the internet gives rise to new and democratic forms of art product consumption and knowledge circulation, and how the specific characteristics of the digital medium, the audiences and cultural contexts contribute to this novel phenomenon. Hence, our objective is to fill an important gap in the framing of the cultural commons today. We are aiming for an interdisciplinary workshop inviting people from the fields of art history, communication and media, anthropology, cultural economics, and sociology of the arts. The outcomes of this workshop will not just be theoretically relevant but also of practical use for public art institutions under tremendous pressure to be less exclusive and more economically viable.
So will keep you guys posted on the outcome of this workshop that is planned for November of this year!
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.
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.