At Sotheby's Auction House, 1334 York, at 72nd Street, 8th Floor Board Room, Friday, March 4th, 2011.

Art today is defined by its relationship to money as never before. Prices of living artists’ works have been driven to unprecedented heights, conventional boundaries within the art world have collapsed, and artists now think ever more strategically about how to advance their careers. Artists no longer simply make art, but package, sell, and brand it.

In his new book, Art of the Deal, from Princeton University Press, Noah Horowitz, art historian and faculty in the Art Business program at Sotheby’s Institute of Art, exposes the inner workings of the contempo¬rary art market, explaining how this unique economy came to be, how it works, and where it’s headed. He takes a unique look at the globalization of the art world and the changing face of the business, offering the clearest analysis yet of how investors speculate in the market and how emerging art forms such as video and installation have been drawn into the commercial sphere. By carefully examining these developments against the backdrop of the deflation of the contemporary art bubble in 2008, Art of the Deal is a must-read book that demystifies collecting and investing in today’s art market.

“Art of the Deal is cogently argued, thoroughly researched, and richly documented. It is also, to my knowledge, highly original, and not only in its subject matter--giving a textured financial analysis of contemporary art, in all its market manifestations--but in the rigor of its financial analysis. I don’t know of another book like it in the field.” —James Cuno, president and director, Art Institute of Chicago

Noah Horowitz is an art historian and expert on the interna¬tional art market. He has edited and contributed to publications on contemporary art and economics for institutions including the Serpentine Gallery, London; the Astrup Fearnley Museum of Modern Art, Oslo; and the United Kingdom’s Intellectual Property Office. He received his PhD from the Courtauld Institute of Art, London, and currently lives in New York, where he is a member of the faculty of the Sotheby’s Institute of Art and director of the VIP Art Fair.