Evaluating Value: Stolen, Disappearing and Pseudonymous Art
Within both the arts and the business literature, there have been wideranging debates as to what constitutes value and how it can be defined or measured. In this chapter, we focus on the visual arts market, particularly since there has always been a significant lack of understanding as to how this m...
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Published in | Arts and Business pp. 117 - 129 |
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Format | Book Chapter |
Language | English |
Published |
Routledge
2017
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Subjects | |
Online Access | Get full text |
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Summary: | Within both the arts and the business literature, there have been wideranging debates as to what constitutes value and how it can be defined or
measured. In this chapter, we focus on the visual arts market, particularly
since there has always been a significant lack of understanding as to how
this market operates and how art is valued or indeed which values are being
considered: aesthetic, social, cultural, critical and/or financial. Despite the
art market being an increasingly valuable sector in the global economyestimates indicate that auction and private sales amount to $50 billion
annually, not including revenue made from public institutions (Horowitz,
2011)—it is the least transparent and least regulated major commercial
activity in the world (Buck, 2004). The process through which art is valued
therefore illuminates a market often considered impenetrable by outsiders
to the field and thus can fruitfully provide insight into the question of value
from the perspectives of both the arts and business (Robertson, 2005). |
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ISBN: | 1138887447 9781138887442 |
DOI: | 10.4324/9781315714110-18 |