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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)....

Article

Chin-tao Wu

Over the two decades straddling the end of the 20th century and the beginning of the 21st, biennials and art fairs mushroomed across the globe. While art fairs have a specific commercial interest, which biennials do not necessarily possess, both are institutional structures designed to display art works on an impressively large, transnational scale. They comprise often hundreds, if not thousands, of distinct exhibits ranging from painting and sculpture in traditional modes to avant-garde installations and post-modern films and videos. While biennials and art fairs both have histories dating back many decades, the progressive globalisation of the contemporary art world since the 1980s profoundly modified these two means of exhibiting art in the public arena, and, particularly in the case of biennials, radically re-orientated their forms as well as their functions. Whether or not such changes have been accompanied by a measure of democratisation or by a meaningful re-alignment in the power structures of cultural politics, as has sometimes been maintained, remains an open question....

Article

Alex Ross

Descriptive, systematic list of objects gathered together temporarily or permanently or otherwise associated in some way. Art catalogues are compiled to serve a variety of purposes: museum and collection catalogues record the works in public or private collections; catalogues raisonnés attempt to establish the oeuvre of an artist; ...

Article

Enrico Castelnuovo, Jaynie Anderson, Stephen B. Little, Christine M. E. Guth, S. N. Chaturvedi and Anna Tummers

Term given to the technique or art of recognizing works of art. In the Western world this particularly involves the evaluation, distinction, and appreciation of the work’s quality and, above all, the ability to determine the time and place of its execution and, as far as possible, the identity of the artist. A lack of signatures, precise documentation, and other information concerning most figurative works has meant that the establishment and development of criteria and classification and thus the practice of attribution have been highly dependent on the development of collecting and of an art market. Connoisseurship is not an exclusively Western phenomenon, however: it has evolved alongside the development of collections of art in such countries as China, where the role of the connoisseur was established as early as the Bronze Age....

Article

Copy  

Paul Duro

Manual repetition of another work of art, executed without dishonest intention. The contemporary notion of Authenticity has tended to obscure the fact that the exercise of copying has been a central feature of art practice since antiquity. Unlike the forger, the copyist produces a work that, while taking another work as its point of departure, is not intended to deceive the spectator or the buyer, although such a work may subsequently be identified and sold as an original. This difference in intention distinguishes the copy from the ...

Article

Joseph R. Givens

The sociologist Pierre Bourdieu (1930–2002) developed cultural capital theory as way to examine the influence of intangible resources on the phenomena of social reproduction and social mobility. He described a society of competing classes, arranged in a hierarchy of prestige. The classes are composed of individual agents who attempt to climb the socio-economic ladder by maximizing the use of capital resources, which include both material objects of symbolic value and intangible attributes that imply prestige and power. Bourdieu identified four types of capital: economic, social, symbolic, and cultural. Economic capital represents one’s financial resources, social capital consists of one’s social support system, symbolic capital describes one’s prestige, and cultural capital includes the knowledge, values, and skills that support an understanding of cultural relations and cultural artefacts. The forms of capital are inequitably distributed among classes, and one form of capital can be converted to another. Since the value of capital is defined by social relations within a specific field, agents strategize the best way to leverage their capital for maximum gain of the valued capital within that field....

Article

Electronic transactions of art over the internet. Since the introduction of the World Wide Web in the early 1990s, e-commerce has grown to become a very important channel for the trade of goods as well as services. Several attempts to transition the art market to the internet have been made since the late 1990s and initial results have been mixed. The e-commerce of art has mainly captured the lower end of the market and only recently efforts have been made to create an electronic presence at the upper end of the market. This segmentation, in combination with concurrent technological advancements, led to new ways of experiencing art online and is driving the transformation of the art market that we see today....

Article

Bénédicte Martin

(b Le Crotoy, Somme, Oct 23, 1837; d Cellettes, Loir et Cher, Nov 18, 1911). French art journalist and collector. After completing his secondary studies in Nantes, Eudel sailed for the island of Réunion where he gathered materials for travel accounts to be published in various regional newspapers upon his return to Nantes. In ...

Article

Forgery  

Thierry Lenain

One of many forms of deceit wherein one attempts to make an object pass for something it is not. Within discussions of art, this object is an artwork intentionally misrepresented so as to appear substantially different from what it actually is. The fraud may affect first-degree properties of the work, such as its material constitution, artistic content, or general appearance, but may also be applied to its historical background. In some cases, part of an existing artwork may be retained while other elements are added or removed. The work as a whole can be altered so as to present an alternate reality: it may be made to appear older, or in a better state of preservation, or to represent a different subject (a royal, rather than a common subject for example), and so forth. A similar end can be achieved through the construction of a completely new object disguised as something else; this is what is usually referred to as ‘forgery’ in the narrowest sense of the word....

Article

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 ...

Article

Donald Wintersgill

Term applied broadly to whatever of the past is considered to hold cultural significance; closer definition has become contentious in the late 20th century. Architecture, the fine and applied arts, and objects of archaeological interest are frequently the physical objects of heritage (literature, academic learning, music, etc being other aspects), although by no means is every building or work of art regarded as significant. Exactly what is deemed part of heritage and thus worthy of preservation depends on prevailing attitudes to art and the art market, as well as notions of statehood and cultural history, and other issues regarding ownership, such as the public right of access to a particular work. The role of museums and the problems of looting form part of these issues....