Primary and secondary markets
- Joseph Givens
Two circulation models that constitute the art market: a primary market that structures the initial launch of an artist’s work and a secondary, or resale, market. Primary and secondary markets exist within the context of the Art market, in which works of art are exchanged for money or barter, allowing for creative value to be measured against other investment alternatives.
The art market emerged from the cultural and economic changes after the Reformation, especially in the northern Netherlands. When art became divorced from religious worship, the tradition of ecclesiastical patronage ceased. During this same period, there was an expansion of the Protestant mercantile class, who became the new art buyers. For the new bourgeois middle class, art served as a symbol of social achievement. Artists began to challenge their roles as mere craftsmen and demand that their creations be considered intellectual property. Founded in 1648, the Académie Royale de Peinture et Sculpture (...