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Article

Molly K. Dorkin

Paid adviser employed by collectors to recommend and facilitate the purchase of works of art. There is a long history of recruitment of art experts by wealthy patrons for advisery purposes. In the 18th century art historians such as Johann Joachim Winckelmann were actively advising leading collectors like ...

Article

The origins of the term and concept of the “canon” can be traced to antiquity when the Greek word for “measuring stick,” or kanon, originated, but the meaning and connotations of the term canon has changed over the course of the history of art. In this context, the canon is a flexible construct used to identify exceptional artworks, selected by authority, against which all other artworks were to be judged. The idea became a central focus of western artistic production during the 18th and 19th centuries, when academic institutions, the center of power and influence in the art world, used rigid and hierarchical models to develop an “academic style” which valued, in form, a stoic realism and, in content, neoclassical themes. With the introduction of the avant-garde and modernism in the 20th century, the field of art became a more open system with artists and galleries challenging canonical norms. However, academic institutions maintained their defense of the art historical canon until the late 1950s....

Article

Christophe Spaenjers

Statistical measure showing the development of art prices since a chosen base year. Index series are often represented as graphs, and allow for a comparison with the performance of other assets. An index also enables the measurement of the correlation of art returns with changes in valuations of other investments. Two techniques are commonly used to construct an art price index based on auction transaction data. First, so-called ‘hedonic’ methods use all available sales information to measure changes in quality-adjusted average transaction prices. Second, ‘repeat-sales’ regression models only use price information on artworks for which at least two transactions are observed to estimate the average return in each period....

Article

Laurie A. Morin

Reviser Friederike Gräfin von Brühl

Multilateral treaties and bilateral agreements relating to art, made largely in the latter part of the 20th century. These agreements were set up by nations in response to an unprecedented combination of political, economic, and technological changes affecting the art world, especially the tension between the demand for a free international art market and the need for countries to protect their own resources. This need for regulation is manifested in two important legislative areas: the increasing demand among developed nations for global recognition of their intellectual property rights, and the increasing demand among emerging nations for legislation to protect their cultural properties....

Article

Anne Helmreich

Over the modern period, the art market and the press (referring to the publishing apparatus associated with news reporting) developed a close symbiotic relationship as borne out in the histories that unfolded in western Europe and North America. When The Times of London launched in ...

Article

The collecting cycles and art market trends in Australia from 1995 to 2010 clearly reflected the developments in art markets all around the world. The market for all periods in Australian art peaked in 2007, decreasing by a third before forming a plateau. Primarily, the building of Australian art collections dominated art sales, with only a small percentage of collectors involved in collecting international art. Although the latter was a growing trend, accessibility to the international art market limited this area of collecting....

Article

Christophe Spaenjers

Set of financial methods, instruments, and business models that are used in the Art market. Important developments since the 1960s include the spreading availability and use of art price information and price indexes (see Art index), the emergence of loans collateralized by artworks, repeated efforts to create art investment structures, and a strong growth in art market advisory services provided by wealth managers and new entrepreneurs (...

Article

Molly K. Dorkin

Prior to the 20th century, the attribution of works of art was not governed by rigid regulations, and art dealers and auctioneers assigned attributions based purely on aesthetic grounds. Works were attributed to the artist whose manner they most closely resembled, but they were not further distinguished on the basis of quality; as a result, many paintings purchased as Renaissance masterpieces in the 18th or 19th century have since been downgraded to studio works or even much later pastiches....

Article

From the 1990s onwards, Australian contemporary art experienced significant growth in exhibition venues, both quantitatively, in terms of the number and scale of available spaces, and qualitatively, in terms of their scope, ambition and critical impact. The boom in physical exhibition spaces including museums, artist spaces, and commercial and non-profit galleries on the one hand and, on the other, the boom in such event-based institutions as biennales, triennials and festivals is consistent with global trends but also sits within the more general process of increasing confidence and internationalization of Australian art and its institutions that has been under way since the late 1960s. As such, these changes were a response to the country’s specific geographical and cultural conditions, and to shifts within art practice itself. It is important to note, however, that they have been neither constant nor consistent, and have involved significant challenges at the level of sustainability....

Article

Thierry Lenain

The concept that a thing (person, object, type of behaviour, etc.) is what it seems, or is said, or believed to be. Implicit in the very notion of authenticity is the possibility of misrepresentation. In essence, to be authentic is to be the opposite of fake or phony. Authenticity is judged by performing tests to verify that external appearance and substantial reality actually match. An artwork can be deemed ‘authentic’ as a work of art (as opposed to a mere product without artistic value); as the product of a particular artist (a Monet, rather than a work by another artist in his style); as an artefact of a specific time (a 14th-century sculpture, as opposed to a Gothic Revival imitation); or as an object composed of a particular material (a bronze sculpture, versus one made of plaster with a bronze-like patina)....