Art Markets

(3 Credits)

What is the worth of art? How do market systems determine what counts as art and what cultural expressions endure? This class explores the production, sale, display and exchange of artworks, and the patrons, artists, curators, museums, banks and art fairs driving this economic, social and political form of cultural production and aesthetic valuation. While students learn about global artists and institutions, we begin with art markets in Europe in the 15th century and expand globally through case studies to the present day. Our investigation examines patterns of transportation, exchange and trade; artists’ materials and practices; interactions of collectors, critics, artists and curators; art fairs, auction houses, investment banks and commercial galleries; cultural districts and museum architecture; and cultural heritage theft and restitution. The course focuses on the emergence of contemporary art markets globally via trade routes, migration, cultural revolution, technological innovation, political conflict, energy markets and global competition. Special attention is paid to the Los Angeles arts ecosystem and its relation to the film and entertainment industry.