Economics of Visual Art: Market Practice and Market Resistance

Arts managers, artists, and art market observers can approach the study of economics by exploring the complexities of economics in application to art, design, and creative industries, offering ways to approach the larger world as an art project.

Format: Hardback
Length: 426 pages
Publication date: 12 August 2021
Publisher: Cambridge University Press

Accompanied by hand-drawn illustrations, extensive case studies, and comprehensive discussion resources, this interdisciplinary microeconomics primer engages with complex and, at times, political questions of value and resourcefulness with the artist or manager as the decision-maker and the gallery, museum, or studio as the firm. Whitaker equips the reader with analytical and creative tools that can be used in service to economic sustainability for artists and organizations. By exploring the complexities of economics in application to art, design, and creative industries, this book offers ways to approach the larger world as an art project.

The study of economics is a valuable tool for arts managers, artists, and art market observers to understand the dynamics of the art world and make informed decisions about their careers and businesses. Economics provides a framework for analyzing the supply and demand of art, the factors that influence prices, and the strategies that artists and managers can use to maximize their profits and success.

One approach to studying economics is to focus on the microeconomics of the art market. Microeconomics examines the interactions between individual buyers and sellers of art, and how these interactions affect the price and quantity of art that is sold. By understanding the forces in the art market, artists and managers can develop strategies to increase their market share, attract new buyers, and increase the value of their art.

Another approach to studying economics is to focus on the macroeconomics of the art world. Macroeconomics examines the broader economic trends and factors that affect the art market, such as inflation, interest rates, and economic growth. By understanding the macroeconomic environment, artists and managers can develop strategies to weather economic downturns and capitalize on economic upturns.

In addition to studying economics, arts managers, artists, and art market observers can also benefit from other disciplines, such as marketing, finance, and management. Marketing provides a framework for understanding the consumer behavior and preferences that drive the art market, while finance provides a framework for analyzing the financial risks and rewards of investing in the art market. Management provides a framework for organizing and managing art businesses and organizations.

Overall, the study of economics is a valuable tool for arts managers, artists, and art market observers to understand the art world and make informed decisions about their careers and businesses. By combining economics with other disciplines, such as marketing, finance, and management, artists and managers can develop comprehensive strategies to maximize their profits and success in the art world.

Weight: 780g
Dimension: 235 x 157 x 22 (mm)
ISBN-13: 9781108483421