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Andrew McClellan and Linda Whiteley

In 

See Paillet family

Article

Nancy G. Heller

In 

See Mellon family

Article

Judith Zilczer

Exhibition of art held between 17 February and 15 March 1913 in New York at the 69th Regiment Armory, Lexington Avenue, Manhattan (see fig.), from which it derived its nickname. The exhibition then travelled to the Art Institute of Chicago (24 March–16 April) and Copley Hall, Boston (28 April–19 May). This first large-scale show of modern art held in the USA (...

Article

Bénédicte Martin

(b Roubaix, March 5, 1949). French businessman, patron, and collector. Born into an industrial family from northern France, Bernard Arnault studied at the Ecole Polytechnique in Paris. After completing his studies, Arnault took over the family’s construction business, Ferret-Savinel, which he converted into a real estate company by the name of Ferinel in the 1980s. He then took over the Boussac Group, which was facing financial difficulties but controlled the department store Le Bon Marché and the fashion label Dior, among other assets. The ‘Arnault System’, which evolved from these moves, relied on a series of acquisitions that culminated on ...

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

Thomas P. McNulty

International modern and contemporary art fair. The brainchild of three Swiss art dealers (Ernst Beyeler, Trudi Bruckner, and Balz Hilt), the first annual Art Basel fair was held in 1970, at which 90 galleries and 30 publishers from 10 countries exhibited. Participation has grown significantly, with its ...

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

Bruce Tattersall and Natasha Degen

The arena in which a buyer seeks to acquire, either directly or through an agent, a particular work of art for reasons of aesthetics, connoisseurship, investment, or speculation. The historical beginnings of the art market lie in patronage. With the growth of Collecting for aesthetic and worldly motives rather than religious ones came a corresponding growth in ...

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

Iain Robertson

Art markets have opened and closed throughout history; there is evidence of a trade in seals, crafted in lapis lazuli in eastern Iran, along a route that included Mesopotamia, Syria, the Levantine, and Egyptian Thebes during the time of Tuthmosis III (reg c. 1479–...

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

Bénédicte Martin

French auction company, headquartered in one of the most prestigious hôtels particuliers at the intersection of the Champs Elysées and the Avenue Montaigne in Paris. Artcurial was created in 2001 and specializes in fine art sales, design, and fashion; it also has built a reputation for sales of multiples, including comics and photographs, as well as watches, jewellery, and collectable cars. The rise of France’s foremost domestically owned auction house should be perceived in the context of events unfolding in ...

Article

British collector of American birth. He was a member of a wealthy family whose fortune came from fur trading; he became interested in art and antiquity during his appointment as American Minister in Rome (1882–5), rapidly acquiring a fine collection of ancient and Renaissance sculpture. He transferred the collection to England when his term as minister ended, dividing it between his country houses at ...

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

Auction  

Antony Thorncroft

Reviser Darius A. Spieth

Public sale in which items are sold to the highest bidder. Auction houses, the organizers of such sales, act as intermediaries between buyers and sellers and, in return, typically charge one party or both parties a percentage of the price attained for their services. As a type of commercial transaction, auctions are not unique to the trade in art and antiques, but they play a major role in art-related business because they establish benchmark prices and because they make the price formation process transparent. Art auctions have a long and varied history, going back to Classical antiquity. The modern history of auctions, as a major commercial platform for art buying and selling, begins at the turn of the 18th century in Flanders and Holland, before taking root a few decades later in Paris and London. In Paris, for many years any type of auction could only be administered by state appointed ministerial officials, the ...

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

While the main public art museums in Australia are to be found in its capital cities (see Australia, §XII), throughout Australia there are over 160 regional art galleries, which are owned and funded by local and state governments. As well as displaying their own permanent collections, these art galleries have extensive exhibition programmes that include major national and international travelling exhibitions, together with community-based art shows. As Australia’s landmass is greater than Europe but with a relatively small population (22.68 million), this is an excellent way of taking art to people in country towns, isolated communities, and the hinterland of major cities. Regional galleries have outstanding art collections, acquired through philanthropic endowment and the Federal Government’s taxation concessions for cultural gifts. These collections constitute a significant percentage of the country’s Distributed National Art Collection and include key paintings in the history of Australian art....

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)....