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Overview

With record-breaking auction results making headlines and expanding business models for investing in and financing artworks, fine art is increasingly marketed, collected and valued as a financial asset. This introductory course explores the various financial positions one can take in today’s art market, including direct purchases, art funds and art exchanges, as well as such complementary businesses as art lending and the creation of private foundations. Assumptions that support the hype around art as an alternative asset are scrutinized. Students are asked to consider ethical implications deriving from the “financialization” of art and to develop their own world-view and moral compass on the relationship between art and finance. These considerations also inform discussions about art investment (especially speculative), as well as current and future regulation of the art market. Basic art and financial market tools and vocabulary are provided to students, so they will be able to compare differing expert positions and review market data to formulate their own opinions.

By the end of this course students will…

  • Be able to map the important players and structures of the art market and describe the primary art-backed financial services (including examples of their providers).
  • Understand the difference between “price” and “value” and how value is created (or lost) for a work of art.
  • Become knowledgeable about arguments in favor of investing in art for a “diversified portfolio” and the flaws inherent in art indices.
  • Grasp the economic debates about fine art's performance as a financial asset and about the art market as a whole.
The Details
  • Course Dates

    Course Dates

    The Institute is currently developing the course schedule for Summer Study New York 2019. Complete details and registration will be available in December 2018.

    If you would like to be added to our email list to receive notification when next summer’s courses are listed, please provide your information and email address by clicking here.
  • Faculty

    Faculty

    Paul Melton, Faculty, MA Art Business , New York

    Paul Melton has over 12 years of experience working strategy research and communications across five countries and several industries, including branding and strategic planning for the arts, telecommunications industry analysis, and international development at the World Bank. Paul has received a Javits Fellowship from the US Department of Education and has been an invited speaker in both industry and academic fora in the US, Brazil and China. His doctoral research concentrated on representations of the art market and the logics of neoliberalism, which he continues to explore; his other research interests include financializtion, epistemology, and postsecuralism as they relate to art and its markets. Paul holds a BS in Math, a BA in Spanish, both from the University of Kansas, and a PhD from New York University.
  • Sample Topics

    Sample Topics


    • Important Players and Structures of the Art Market

    • The Primary Art-Backed Financial Services and Art Indices

    • The Difference Between Price and Value

    • How Value is Created or Lost for a Work of Art

    • Art as an Investment and the Art Market as a Whole

    • Calculating Returns on Art Investments

    • Current Art Market Regulations

    • Ethical Implications of “Financialization” of Art



    Click here to print course details.
  • Course Fees And Registration

    Course Fees And Registration

    The Institute is currently developing the course schedule for Summer Study New York 2019. Complete details and registration will be available in December 2018.

    If you would like to be added to our email list to receive notification when next summer’s courses are listed, please provide your information and email address by clicking here.

    Click here to read Terms and Conditions.
  • Further Information

    Further Information

    For further information, please contact:
    Summer Study NY
    Email: summerny@sia.edu or Request Information

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