Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 64 , 28 December 2023
Open
Access | Article
Art Market as an Economic Indicator
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Abstract
In three different ways, this article provides insight into how the presentation of artwork reflects the changing stages of the economy. The article delves into the historical significance of the Dutch Golden Age, where artistic opulence went hand in hand with economic prosperity. In addition, it dissects the broader stages of economic development and their reflection in art from ancient agrarian societies to today's digital age. Finally, the article explores the evolving patterns of transactions in the art market, tracing the shift from barter systems to modern digital transactions. Through these lenses, the article shows that the art market can serve as a dynamic indicator of economic change, providing insight into social values, economic health, and the evolving interplay between culture and commerce. The economic crisis of 2008 and the potential dangers of the fine art market are examined. The future use of market trends as a starting point for econometric measurements was envisaged.
Keywords
Art Market, Economics, art valuation, financial downturns
References
1. Luc Renneboog, Christophe Spaenjers, Buying Beauty: On prices and returns in the art market, 2012.
2. Simona Botti, ‘what role for marketing in the Art? An analysis of arts consumption and artistic value’, international journal of arts management, 2000, page 14-27.
3. Maarten Prak, Guilds and the development of the art market during the Dutch golden age, simiolus: Netherlands Quarterly for the History of Art, 2003, page 236-251.
4. Dániel Margócsy, ‘commercial visions, science, trade, and visual culture in the Dutch golden age’, university of Chicago press, 2014.
5. Michael North, ‘Art and commerce in the Dutch golden age’, new heaven London Yale university press, 1997.
6. Michael Hutter, Richard Shusterman, ‘Handbook of the economics of art and culture’, chapter 6 value and the valuation of art in economic and aesthetic theory, page 169-208, 2006.
7. Roman Kräussl, Thorsten Lehnert, Nicolas Martelin, Is there a bubble in the art market?, journal of empirical finance, 2016, page 99-109.
8. Oliver Chanel is art market behavior predictable?, European economic review, 1995, page 519-527.
9. moshenska Gabriel, the market for ancient art, university college London, 2017.
10. Neil De Marchi, Hans J. Van Miegroet, Handbook of the economics of art and culture, chapter 3 the history of Art Markets, 2006, page 69-122
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-229-9
- ISBN (Online)
- 978-1-83558-230-5
- Published Date
- 28 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/64/20231497
- Copyright
- 28 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited