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Article

Art-related finance  

Christophe Spaenjers

Publication History:

Published online:
28 May 2015
Collection:
Grove Art Online

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 (see also Investment).

The first major development has been the spread of art price information and art price indexes over the last half-century. After a few difficult decades, art price levels and public interest in the art market were going up again in the 1950s and 1960s. A number of books on the history of the art market and on art investment that were published around that time—Le Vie Etrange des Objets (1959) by Maurice Rheims, Art as an Investment...

Article

Globalization of the art market  

Olav Velthuis

Publication History:

Published online:
16 February 2015
Collection:
Grove Art Online

[emerging art markets]

Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and antiques in the world after the USA (McAndrew 2014). Works of art made by modern and contemporary artists from all four countries regularly fetch more than $1 million at auction.

The rise of the BRICs has coincided with the global integration of what used to be local art markets: demand for and supply of particular artists or artistic movements may now be dispersed across the globe. The boom which global art markets have witnessed in the new millennium can be attributed partially to new buyers from countries like China and Russia developing an interest in art, both old and new. In describing the emergence of the BRICs, the focus in this article will be on modern and contemporary art, since that is where market development has been most significant, both qualitatively and quantitatively....

Article

Restitution  

Noémie Goldman and Kim Oosterlinck

Publication History:

Published online:
28 May 2015
Collection:
Grove Art Online

Term for the return of lost or looted cultural objects to their country of origin, former owners, or their heirs. The loss of the object may happen in a variety of contexts (armed conflicts, war, colonialism, imperialism, or genocide), and the nature of the looted cultural objects may also vary, ranging from artworks, such as paintings and sculptures, to human remains, books, manuscripts, and religious artefacts. An essential part of the process of restitution is the seemingly unavoidable conflict around the transfer of the objects in question from the current to the former owners. Ownership disputes of this nature raise legal, ethical, and diplomatic issues. The heightened tensions in the process arise because the looting of cultural objects challenges, if not breaks down, relationships between peoples, territories, cultures, and heritages.

The history of plundering and art imperialism may be traced back to ancient times. Looting has been documented in many instances from the sack by the Romans of the Etruscan city of Veii in ...