Business Commons^™

Collectors Beware: A Glimpse Into The High-Risk, High-Reward World Of Antiquities And Its Dark Underbelly, Claire M. Purcell

MA Theses

The market for Antiquities often sparks fierce moral and legal debates amongst the public and professionals. What most do not concern themselves with is the unusually high level of risk the market functions under. From cultural heritage concerns, to the surprising abundance of fake Antiquities available for purchase, and the dark market entwined with legitimate business, the market is saturated with danger and yet continues to operate. This thesis will investigate how the market forces come together, considering the differing roles preformed by collectors, museums, auction houses, galleries, and Antiquities dealers. In an attempt to answer the question, how does …

The Old Masters Market And The Salvator Mundi: What Did It Do, What Can Be Done?, Mary Sullivan

MA Theses

On 3 November 2017, within the Post-War & Contemporary Evening Sale at Christie's auction in New York, nestled between a Vija Celmins and Jean-Michel Basquiat, was a painting attributed to Leonardo da Vinci, the Salvator Mundi (1490-1500.) The work quadrupled the estimated sale price of 100 million USD, hammering at 400 million (for a total of 450.3 million with buyer’s premium.) This work, setting the record for the most expensive work of art ever sold, at auction or private, creates a curious case for the Old Masters category. What appears to be a shrinking, potentially dwindling category of art, now …

Business Interrupted : Covid-19 And Its Impact On Auction Houses, Carolina Sagardoy

MA Theses

This study aims to thoroughly analyse how auction houses are coping with the conditions imposed by the Coronavirus pandemic in the short-term and what the virus’ long-term impact on the business will be. The study will look at upcoming marketing campaigns and the quick migration to online sales, and will analyse the data within those sales. The study is unique in its aim to also analyse buyer and seller psychological behaviours and how they will be impacted as a result of forced or voluntary distancing when live sales return. Overall, the thesis aims to address the question: Can the auction …

Re-Thinking Risk Management Of Auction House Guarantees And Third-Party Irrevocable Bids, Nathan Krasnick

MA Theses

This paper addresses the question of how deviations between expected and actual art auction results impact the auction guarantees made within an artist’s market and among multiple artists, and whether those impacts can be identified and quantified. To do so, I use a theoretical pricing model based on datasets of historical auction records going back to the earliest available date for a specific artist but no further than 2010. I find that, in comparing the model’s expected and actual results to empirical price deviations at auction, we can identify and quantify the impact of those deviations on guarantees.

The Celebrity Factor: An Evaluation Of The Effect Celebrity Provenance At Auction, Danielle Gray

MA Theses

The effect of celebrity provenance on value of fine art and design is a recent phenomenon that can be explained by unpacking the changing profile of collectors, the rise of the digital age and contemporary fascination with celebrity. Understanding these changes will shed light on different factors that contribute to the premium often associated with celebrity sales. Although research has been done before on this topic before, the research neglects to look at the auction house as a factor in understanding the effects of celebrity provenance. By evaluating the celebrity, and the auction houses, relationship to the works of art …

Story Of Twin Cities, Who Will Be The Next Storm Center Of Art Fairs?, Rui Bian

MA Theses

Since 2000, with the rapid development of China's economy, the evolution of contemporary art fairs in China has been accelerated. This paper takes two representative cities, Beijing and Shanghai, as examples. In the past one decade, Shanghai and Beijing have respectively led the trend of contemporary art market due to various internal and external factors. This paper uses PEST model to analyze, trying to find out who will be the next center of contemporary art in the next ten years.

The first part of this paper mainly starts from the differentiations in policies and regional distributions of Chinese contemporary art …

A Study On The Commercial Promotion Mode Of Contemporary Young Artists In China Taking Art Nova 100 As An Example, Han Le

MA Theses

Nowadays, young artists have increasingly become a significant part of the art market in China since there has been a recent emergence of China's art market. Therefore, their personal growth and development would greatly impact the future of art market. With the support of relevant economic and political policies from the government, China has initiated many innovative characterized business modes of cultivating young artists. By looking at Art Nova 100, a quite typical art project of recent years in China, this paper firstly deals with the actual living situation of contemporary young Chinese artist together with considerations for specific historical …

Private Art Museum Backed By Hong Kong Invetment - Wan Fung Art Musem As An Example, Yiye Chen

MA Theses

The rapid development of private art museums in the world can be regarded as the epitome of global economic development. The Chinese government has given unprecedented support to the development of culture and art. As the world's second largest economy, China's middle class has been increasing year by year. The hot art market has attracted European and American auction giants, and famous galleries have entered the Chinese market. Since the birth of the first private art museum in China at the end of the 20th century, Chinese scholars have been constantly exploring the direction of development. From copying the European …

Market Value Analysis Of Takashi Murakami's Artwork Under Howard Becker's Theory, Liu Yi-Ding

MA Theses

This paper is an analysis about the artist Takashi Murakami. As a representative of the corporate artist, he is favored by the Art business world while being criticized by many people. This paper adopts American sociologist Howard Becker's art world theory as a research tool to observe that the construction of Murakami and his art market is not the growth of genius, but the result of collective cooperation. Based on two decades of data on the art trade, Murakami has made his unique brand of ultra-flat theory and otaku work. These labels, along with internalization and external marketing, eventually gave …

Land Art : True Capitalist Art, Annie Gustafsson

MA Theses

Land art is known to exist in remote locations, are immense in scale, are site specific and are incredibly costly to create. All of these traits make Land artworks inherently resistant to conservation and the secondary market.

If these artworks do not present an obvious investment opportunity, how then can an art movement like Land art even exist? What is its role in a capitalist driven society, if it cannot perform as a financial asset? Where then does the value in Land art lie?

This paper will attempt to explore the cultural effects on the movement, the subsequent methodologies developed …

The Demand For Women Who Painted: Recent Art Market Trends For Female Artists Of The Premodern Era, Cristina Demiany

MA Theses

A number of events highlighting female artists who lived and worked before the year 1900 are currently appearing in the art world. In consideration of this expanding cultural activity, this paper explores recent art market behavior around premodern female painters by examining sales of their work at auction between the years 1998 and 2019. The larger questions around such an analysis include assessing if the work of premodern female artists presents a new investment opportunity for collectors, and if it could also provide a means of invigorating the Old Master market. Three case studies representing female artists from different locations, …

Chuck Close: The Cost Of Behaving Badly, And #Metoo, Rebecca Cohen-Homapour

MA Theses

In July of 2016, artist, Chuck Close was interviewed with a front cover spread in New York Times Magazine to discuss his legendary career. In December of 2017, Close was accused of sexually mistreating women on numerous occasions. This dissertation considers the powerful artist Chuck Close and repercussions following recent accusations against him made by multiple women. It will help us begin to understand how the recent allegations affect art museums and public exhibitions. There is also a discussion analyzing if an artists’ work can be separated from the reputation of its author. A hedonic regression, data analysis and interviews …

High Or Low? The Value Of Transitional Paintings By Jackson Pollock, Willem De Kooning, And Mark Rothko, Monica Peacock

MA Theses

Transitional works of art are an anomaly in the field of fine art appraisals. While they represent mature works stylistically and/or contextually, they lack certain technical or compositional elements unique to that artist, complicating the process for identifying comparables. Since minimal research currently exists on the value of these works, this study sought to standardize the process for identifying transitional works across multiple artists’ markets and assess their financial value on a broad scale through an analysis of three artists: Jackson Pollock, Willem de Kooning, and Mark Rothko. The results reveal that transitional paintings by these artists are high in …