The Economics of Contemporary Art : Markets, Strategies and Stardom

Online-Ressource (XV, 182 p. 44 illus, digital)

Description based upon print version of record

Foreword; About the Book: Introduction; Contents; 1: The Economics of Creativity Between Culture, Innovation, and Competitiveness; 1.1 When Art Met Economics; 1.2 The Development of the Creative Economy; 1.3 The Origin of Individual Creativity; 1.4 Creativity as an Economic Resource; 1.5 Comparative Analysis of the Innovation Potential of Leading Countries; 1.6 The Economic Value of Culture in Italy; References; 2: The System of Contemporary Art; 2.1 Defining the Art System; 2.2 The Value Chain; 2.3 Economic Nature of Artistic Goods: from Luxury Good to Store of Value

2.4 The Economic Characteristics of Artistic Production2.5 Artist Marketing; References; 3: Contemporary Art Markets and Supporting Sectors; 3.1 The Offer of Works of Art and Market Segmentation; 3.2 Horizontal Segmentation: The Primary and Secondary Markets; 3.3 Vertical Segmentation; 3.3.1 The Classic Contemporary Market; 3.3.2 The Avant-Garde Market; 3.3.3 The Alternative Market; 3.3.4 The Junk Market; 3.4 Supporting Sectors and Economic Impact; 3.4.1 The Publishing Industry; 3.4.2 Fairs; 3.4.3 Art Advisory and the Services Offered; 3.5 Structural Features of the Market

3.6 Problems around Asymmetry of Information3.6.1 Price as Indicator of Quality in the Contemporary Art Market; 3.7 Signalling; 3.7.1 Certification of Quality through Awards: Turner Prize and Hugo Boss; 3.8 Organization Size and Structure of the Primary Market; 3.9 Relationships Between Artist and Art Dealer; 3.10 Selection of Artists; 3.11 Auction Houses and the Secondary Market; 3.11.1 Overview of the Economic Theory of Auctions; 3.11.2 Operators´ Strategies at Auctions of Paintings; 3.11.3 Turnover in the Art Auctions Market; 3.11.4 The Contemporary Art Market

3.11.5 Market Segments in the Contemporary Field3.11.5.1 Contemporary Painting; 3.11.5.2 Sculpture; 3.11.5.3 Video Art; 3.11.5.4 Photography; 3.12 European Trade in Works of Art and Fiscal Asymmetries for Import and Export; 3.13 Impact of Resale Rights on the Art Market; 3.14 Where Is It Worthwhile to Buy? Comparison of the Tax Rate in 20 Countries; References; 4: Art Appraisal and Value Creation Strategies; 4.1 Variables That Influence Prices; 4.2 The Media System and the Spectacularization of Art; 4.3 Art Market and Economics of the Star System

4.3.1 The Effects of Network Externalities in the Contemporary Art Market4.3.2 Positive Feedback and Valorisation Strategies; 4.4 The Birth of a Star: the Case of Maurizio Cattelan; 4.5 Competitiveness of Countries in the Valorization of Contemporary Art; 4.5.1 U.S.; 4.5.2 Germany; 4.5.3 France; 4.5.4 Italy; 4.6 Investment in Culture by Private Individuals and Foundations; 4.7 Use of Culture as a Marketing Lever; References; 5: Collecting: Motivations and Patterns of Consumption; 5.1 Characteristics of Collector-Demand; 5.2 Assessing the Demand Function

5.3 Theories on the Consumption of Artistic Goods and on Rational Addiction

10.1007/978-3-642-32405-5 [DOI]

ECONIS - Online Catalogue of the ZBW