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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 (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

[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

[tribal art]

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.

The foundations of the tribal art market were laid at the turn of the 20th century. European powers colonized large overseas territories in both Africa and Oceania and, along with other commodities, there arrived ethnographic artefacts. Europeans had conducted coastal trade with many African regions over centuries, but systematic explorations of the continental hinterland did sometimes not take place until the first decades of the 20th century. These resulted in the discovery of previously unknown cultures whose ritual objects, such as masks, were displayed during world’s fairs and colonial exhibitions. Many of these objects ended up in newly established museums, such as the Royal Museum for Central Africa in Tervuren, outside Brussels. Vigorous competitors in the collection of ethnographic objects in both Africa and Oceania, these museums became the leading players in the early phases of the tribal art market’s development. Next to these large-scale official collecting activities, colonial, military, or missionary personnel also brought home exotic objects....

Article

Gary Schwartz

[Jean-Michel]

(b Paris, Oct 3, 1928; d Branford, CT, July 26, 2005).

French art historian and economist, active in the USA. Montias was a specialist in Eastern European command economies who in mid-career changed fields and became a historian of Dutch painting. His interest in the subject was threefold. Before he began writing on Dutch art, he collected it, with the advice of a leading specialist in the field, Egbert Haverkamp-Begemann, a fellow professor at Yale University. This led him to pursue knowledge concerning the minor masters he could afford, which brought him closer to the basics of the Dutch art world. It was an approach diametrically opposed to how most students learn about this material, which is from the iconic masterworks down. His second focus of interest was economic. Three-quarters of a century after the appearance of the last, largely anecdotal survey of the economics of Dutch art, by Hanns Floerke, Montias applied the techniques of neo-classical economics to the field in a way that was accessible to art historians. Entirely on his own, he opened up new perspectives that inspired art historians, economists, and economic historians alike to revisit the subject of Dutch art. Thirdly, Montias was entranced by the ...

Article

Tom Williams

Exhibition of contemporary art held periodically at the Whitney Museum of American Art in New York. It was first held in 1932, shortly after the museum first open its doors to the public and has consistently showcased a broad range of trends in contemporary art. Its organization and frequency has varied wildly over the years. In its early years, the exhibition typically alternated between painting and other media, and it occurred either on an annual or biennial basis. In 1973, however, it assumed its current form as a single exhibition of painting, sculpture, and other media occurring every two years. The exhibition has often been controversial and widely criticized, but it continues to be regarded as a crucial barometer of current trends in contemporary art.

It was originally conceived as a continuation of an earlier series of annual exhibitions that were organized for members of the Whitney Studio Club. This organization was founded in ...