The World of Commercial Art and the International Art Market Essay

The World of Commercial Art and the International Art Market The main aims of this research are to acquire an understanding of the conditions of the art market and to develop a critical knowledge of the commercial art world and the relevant international market. The idea that the international art market is a regulator in the post academy art world has implications on the formation of prices and values in the art market, due to the macroeconomic reality, political and cultural changes of this period. Throughout the nineteenth century, the Acadà ©mie des Beaux-Arts continued to produce many important artists. It lost its power only at the turn of the century when it failed to acknowledge radical styles such as Impressionism and Post-Impressionism. The downfall of academic art also was hastened by economic changes in the art market, which included the growth of independent exhibitions and the development of private sales galleries. Over these years, the unsettled system of financial market which the art market became part of has evolved into a greater conscience of the complex behaviour of the individual in his The commercial market economy has been favourable for the development of the arts. Therefore, the market limits the supply of art and antiques studying the consumer economic preference. Hence, market segmentation, division of labour and specialisation caused a division between high and low culture, and separate good art from junk art. In this way, the art market should select the talented artists in a free and wealthy society that allows a very large number of artists to have more opportunities becoming financially independent and to acquire artistic freedom. Although, the role played by the dealer in the market, as cultural entrepreneur, is important for maintain the value of the product. In this instance, how best the international art market can be organized, what is the best way to balance the supply of art and what is the market's purpose through the dissociation of good art from junk art. The market must restrict the supply of art and antiques selecting the talented artists, good art, thereafter raising the relative value of a work of art. Therefore and based on this statement, this essay will consider arguments for the market as the regulator of the supply of art and point out some of the problems with this market's function  «What is ... ...Priceless: Art, Artists and Economics. (New York: Basic) HEILBRUN, J. and GRAY, C.M., 1993. The Economics of Art and Culture, An American Perspective (Cambridge University Press) JEFFRI, J., 1983. Arts Money, Raising it, Saving it and Earning it (Minneapolis: University of Minnesota Press) OWEN, V.L., 1979. "The Effects of Mass Markets on Artistic Quality", Journal of Cultural Economics, Vol.3, no2 REITLINGER, G., 1961. The Economics of Taste, vol I, The Rise and Fall of Picture Prices, 1760-1960 (Holt: Rhinehart & Winston) ROBERTSON, I.A., 2000. The Emerging Art Markets of Great China 1989-1999 (London: City University) SAVAGE, G., 1969. The Market in Art (Kent: Tonbridge Printers) SINGER, L.P., 1988. "Phenomenology and Economics of Art Markets: An Art Historical Perspective", Journal of Cultural Economics, Vol.12, no1 STEIN, J.P., 1977. "The Monetary Appreciation of Paintings". The Journal of Political Economy, vol.85-5. THROSBY, D., 2001. Economics and Culture (New York: Cambridge University Press) Web Sites: www.artprice.com --------------------------------------------------------------------- [1] SAVAGE, G., 1969. The Market in Art (Kent: Tonbridge printers) p.13.