Galleries and Auction Houses: The Economics of the Art Market
Description: This class surveys the for-profit art gallery model. Topics include exploration of the business model and common practices of for-profit art galleries and the primary and secondary markets for art sales. Art appraisals, auctions and auction galleries, artist procurement, art collectors and investor cultivation as well as a profile of gallerists will be discussed in detail. Students will be required to attend an art auction. Corporate art collections will also be discussed as well as how to set prices, artist commissions, artist agreements, consignment sales and inventory will also be topics covered by this course. The final project will be a business plan for a gallery along with a presentation of the plan.