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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

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

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

Malcolm Gee

(b Berlin, Jan 6, 1914; d Paris, Feb 23, 2007). German American art dealer and collector, active in France. Berggruen came from a middle-class Jewish family. He immigrated to the USA in 1937, and was granted American citizenship in 1941. He served in the army between ...

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

Bonhams  

Molly K. Dorkin

Auction house established in London 1793 by William Charles Bonham, a book dealer (also recorded as Walter Bonham), and George Jones, from a gallery founded by Thomas Dodd (1771–1850), a dealer in antiquarian prints. Bonhams originally specialized in sales of prints in the 18th and 19th centuries, at which time the market was robust. By the 19th century Bonhams was also holding sales of antiques, which were advertised in the London press alongside similar offerings from ...

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

Ugochukwu-Smooth C. Nzewi

Dak’Art was established by the Senegalese government as the first art biennial in sub-Saharan Africa in 1989. Its mandate was to promote the latest examples of contemporary African art in Africa and create international visibility for it. Thus, it served as an important nexus between the African and international art worlds. Dak’Art’s growth in the 1990s coincided with the global expansion of the art world with regard to the proliferation of non-Western art biennials and new forms of cultural mediation. At its first iteration in ...

Article

Joseph R. Givens

American art dealer, curator, and critic. Deitch is best known for transforming the American art market with the introduction of post-industrial business practices. A Connecticut native, he studied art history at Wesleyan University (1970–74) and opened his first gallery in 1972 at the Curtis Hotel in Lenox, MA. He studied the economics of art at Harvard Business School, and earned an MBA in ...

Article

Molly K. Dorkin

The world’s oldest auction house, founded in Vienna in April 1707 by Joseph I, Holy Roman Emperor (reg 1705–11). Originally called the Versatz- und Fragamt zu Wien (‘The Pawn and Query Bureau of Vienna’), the firm moved in 1777 to the site of an old monastery, the Dorotheerkloster, from which the name ‘Dorotheum’ is derived. By the end of the 19th century the premises were outdated, so Emperor Francis-Joseph I (...

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

Joseph R. Givens

American art dealer. Gagosian is considered a catalyst for the globalization of the art market. Raised in Los Angeles by a middle-class family, Gagosian did not recall visiting an art museum until he was in college. After studying literature at the University of California, Los Angeles (UCLA), from ...

Article

Place where works of art are displayed (see Display of art; see also Museum, §I).

Article

Véronique Chagnon-Burke

Although the art market has been a major force in the development of contemporary art, it has also introduced some unique challenges (see Art market in the 21st century). Contemporary art―ranging from works executed in the 1960s to those created by current living artists―is increasingly defined by varied and unconventional media. It often challenges traditions rather than unifying aesthetics or philosophies. Fame and artist name recognition have come to play increasingly larger roles in measuring success, complicating efforts to assess quality among the plurality of styles and media. Art historians have historically found it difficult to talk about contemporary art and the market; trying to put a monetary value on art seems to cheapen its aura, while the definition of contemporary art is itself a contested territory. A robust critical literature is still developing, in tandem with resources to provide market data to researchers and market professionals. With only auction results and scarce hard information on the primary market, one’s insights, knowledge, and access to undisclosed information remain paramount to evaluating the success of financial participants, analysts, and commentators. Finally, the market for contemporary art operates in connection with the global economy and is subject to economic fluctuations as well as shifts in taste and investment security which influence the behavior of institutions and private collectors alike....

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

Joseph R. Givens

American dealer, curator, and museum director. Hopps pioneered international awareness of Pop art and helped to establish Los Angeles as an internationally recognized art centre. He opened museum doors to contemporary art and paved the way for the explosion of the contemporary art market in the 1980s....

Article

The market for ‘tribal art’ emerged in the first decades of the 20th century. By way of avant-garde artists and pioneering dealers, African and Oceanic art slowly became accepted as ‘art’—with its inclusion in the Musée du Louvre in Paris in 2000 as a decisive endorsement. Initially, it was referred to as ‘primitive art’—alluding to an early ‘primitive’ stage in human development; later replaced by the equally biased ‘tribal art’. While still used widely among dealers and collectors (for want of a better word and being conveniently short), the term ‘tribe’, or its derivative ‘tribal’, is frowned upon by the scholarly community....