Contemporary art valuation
Contemporary art valuation refers to the processes through which artworks produced from the late twentieth century onward obtain monetary and symbolic value. The market for contemporary art expanded after the 1960s, when dealers such as Leo Castelli promoted new art movements and helped establish contemporary art as a viable long-term investment.[1] By the early twenty-first century, the sector had grown into an international multibillion-dollar market driven by global galleries, diversified collector groups and increasing financial interest.[2] Developments in conceptual and performance practices associated with Fluxus, Allan Kaprow, body art and later relational aesthetics further broadened the range of works included in contemporary art markets.[3]
Pricing mechanisms
Contemporary art prices are generally shaped through two systems: the primary market, where galleries sell works directly from artists or estates, and the secondary market, where auction houses and dealers resell works.[4] Studies show that primary-market prices do not strictly follow classical supply-and-demand patterns.[5] Gallery pricing strategies often include avoiding price reductions, maintaining consistency across peer galleries and basing prices on reputational factors such as museum exhibitions, biennials, critical reviews and curatorial attention.[6]
In the secondary market, auctions generate public price records and have been associated with notable price volatility.[7] Rapid increases above estimated prices are sometimes linked to speculation or the arrival of influential buyers in a particular segment.[8] A significant portion of primary-market transactions is not publicly disclosed, and confidential discounts or waiting lists contribute to limited transparency.[9]
Artist labour markets
Research on artist labour markets describes contemporary art as a winner-take-all field in which a small number of artists obtain high incomes while most earn modest or irregular amounts.[10] Economic theories of superstar markets suggest that small differences in visibility or institutional recognition can lead to large differences in earnings.[11] Many artists rely on mixed income sources such as grants, part-time employment and teaching positions.[12] Studies also report gender disparities, with women artists on average achieving lower prices and fewer major exhibitions than men in comparable situations.[13][not in citation given]
Performance art and non-material works
Performance art presents distinct valuation and ownership models because works often consist of actions or time-based events rather than durable objects. Since the 1970s, artists such as Marina Abramović, Chris Burden and Tehching Hsieh have created works whose market value depends on documentation, re-performance rights and institutional recognition.[14]
Artist Tino Sehgal is noted for producing non-material works sold without written contracts or photographic documentation. Sales take place through verbal agreements witnessed by legal professionals, and the purchaser receives instructions specifying how the work may be enacted.[15][not in citation given] Museums sometimes classify such works as intangible assets, raising questions about conservation and long-term management.[16]
Economic critiques
Some scholars describe the upper end of the contemporary art market as resembling a speculative financial arena, characterised by rapid price movements, short holding periods and the use of art funds or art-backed loans.[17] Critics argue that galleries, advisors and auction houses capture substantial commissions from high-value sales, while artists receive only a portion of total economic value.[18] Analyses grounded in cultural sociology examine how economic and symbolic capital interact in contemporary art markets, particularly regarding institutional validation and market pressures.[19]
References
- ↑ Foster, Hal et al. Art Since 1900. Thames & Hudson, 2016.
- ↑ McAndrew, Clare. The Art Market Report. Art Basel & UBS, various years.
- ↑ Bourriaud, Nicolas. Relational Aesthetics. Les Presses du Réel, 1998.
- ↑ Velthuis, Olav. Talking Prices. Princeton University Press, 2005.
- ↑ Velthuis, 2005.
- ↑ Velthuis, 2005.
- ↑ Thompson, Don. The $12 Million Stuffed Shark. Macmillan, 2008.
- ↑ McAndrew, Clare. Art Market Analysis. 2015.
- ↑ Thompson, 2008.
- ↑ Rosen, Sherwin (1981). "The Economics of Superstars". The American Economic Review. 71 (5): 845–858. ISSN 0002-8282. JSTOR 1803469.
- ↑ Frey, Bruno & Pommerehne, Werner. Muses and Markets. Blackwell, 1989.
- ↑ Abbing, Hans. Why Are Artists Poor?. Amsterdam University Press, 2002.
- ↑ Smith, Candace & Tolley, George. “Gender and Prices in the Art Market.” Journal of Cultural Economics (2010).
- ↑ Goldberg, RoseLee. Performance Art: From Futurism to the Present. Thames & Hudson, 2011.
- ↑ Fisher, Jennifer. “Tino Sehgal and the Immaterial Artwork.” Art Journal 2010.
- ↑ Bishop, Claire. Artificial Hells. Verso, 2012.
- ↑ Thompson, 2008.
- ↑ Abbing, 2002.
- ↑ Bourdieu, Pierre. The Field of Cultural Production. Polity Press, 1993.
Works cited
- Abbing, Hans (2002). Why Are Artists Poor? The Exceptional Economy of the Arts. Amsterdam University Press. ISBN 978-90-5356-565-0. JSTOR j.ctt45kdz4. Search this book on
- Bishop, Claire (2012). Artificial hells: participatory art and the politics of spectatorship. Verso Books. ISBN 978-1-84467-690-3. Search this book on
- Bourdieu, Pierre (1993). The field of cultural production: essays on art and literature. Cambridge: Polity Press. ISBN 978-0745609874. Search this book on
- Bourriaud, Nicolas (1998). Relational Aesthetics. Les presses du réel. ISBN 978-3-95679-587-9. Search this book on
- Foster, Hal; Krauss, Rosalind; Bois, Yve-Alain; Buchloh, Benjamin H.D; Joselit, David (2016). Art since 1900: modernism, antimodernism, postmodernism (Third ed.). London: Thames & Hudson. ISBN 978-0500239537. Search this book on
- Frey, Bruno S.; Pommerehne, Werner W. (1989). Muses and markets: explorations in the economics of the arts. Oxford: Blackwell. ISBN 0631148825. Search this book on
- Goldberg, Roselee (2011). Performance Art - From Futurism To The Present (Third ed.). London: Thames & Hudson. ISBN 978-0-500-20404-7. Search this book on
- Thompson, Don (2008). The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art. Macmillan. ISBN 978-0385666770. Search this book on
- Velthuis, Olav (2013). Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art. Princeton: Princeton University Press. ISBN 9780691134031. Search this book on
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