This is the first sourcebook to trace the emergence and evolution of art markets in the Western economy, framing them within the larger narrative of the ascendancy of capitalist markets. Selected writings from across academic disciplines present compelling evidence of art’s inherent commercial dimension and show how artists, dealers, and collectors have interacted over time, from the city-states of Quattrocento Italy to the high-stakes markets of postmillennial New York and Beijing. This approach casts a startling new light on the traditional concerns of art history and aesthetics, revealing much that is provocative, profound, and occasionally even comic. This volume’s unique historical perspective makes it appropriate for use in college courses and postgraduate and professional programs, as well as for professionals working in art-related environments such as museums, galleries, and auction houses.

The meteoric rise of the largest unregulated financial market in the world-for contemporary art-is driven by a few passionate, guileful, and very hard-nosed dealers. They can make and break careers and fortunes. The contemporary art market is an international juggernaut, throwing off multimillion-dollar deals as wealthy buyers move from fair to fair, auction to auction, party to glittering party. But none of it would happen without the dealers-the tastemakers who back emerging artists and steer them to success, often to see them picked off by a rival. Dealers operate within a private world of handshake agreements, negotiating for the highest commissions. Michael Shnayerson, a longtime contributing editor to Vanity Fair, writes the first ever definitive history of their activities. He has spoken to all of today's so-called mega dealers-Larry Gagosian, David Zwirner, Arne and Marc Glimcher, and Iwan Wirth-along with dozens of other dealers-from Irving Blum to Gavin Brown-who worked with the greatest artists of their times: Jackson Pollock, Andy Warhol, Cy Twombly, and more. This kaleidoscopic history begins in the mid-1940s in genteel poverty with a scattering of galleries in midtown Manhattan, takes us through the ramshackle 1950s studios of Coenties Slip, the hipster locations in SoHo and Chelsea, London's Bond Street, and across the terraces of Art Basel until today. Now, dealers and auctioneers are seeking the first billion-dollar painting. It hasn't happened yet, but they are confident they can push the price there soon.

The Evolution of Contemporary Arts Markets looks at the historical evolution of the art market from the 15th century to the present day. Art is both an expression of human creativity and an object of economic value and financial refuge at times of economic turbulence. Historically, the art market evolved with the development of capitalism, finance and technical change, and art schools responded to social events such as wars, revolutions and waves of democratization. The author discusses the main features of modern art markets such as complexity in art valuation, globalism, segmentation, financialization, indivisibility, liquidity and provenance issues. The book studies the impact of wealth inequality and economic cycles and crises on the art market and features a chapter focusing specifically on the art market in China. This accessible publication is ideal for a broad, interdisciplinary audience including those involved in the economic and financial fields as well as art lovers, art market participants and social and cultural scholars.

This book is for art market researchers at all levels. A brief overview of the global art market and its major stakeholders precedes an analysis of the various sales venues (auction, commercial gallery, etc.). Library research skills are reviewed, and advanced methods are explored in a chapter devoted to basic market research. Because the monetary value of artwork cannot be established without reference to the aesthetic qualities and art historical significance of our subject works, two substantial chapters detail the processes involved in researching and documenting the fine and decorative arts, respectively, and provide annotated bibliographies. Methods for assigning values for art objects are explored, and sources of price data, both in print and online, are identified and described in detail. In recent years, art historical scholarship increasingly has addressed issues related to the history of art and its markets: a chapter on resources for the historian of the art market offers a wide range of sources. Finally, provenance and art law are discussed, with particular reference to their relevance to dealers, collectors, artists and other art market stakeholders.

American art of the 1980s is as misunderstood as it is notorious. Critics of the time feared that market hype and self-promotion threatened the integrity of art. They lashed out at contemporary art, questioning the validity of particular media and methods and dividing the art into opposing camps. While controversies have since subsided, critics still view art of the 1980s as a stylistic battlefield. Alison Pearlman rejects this picture, which is truer of the period's criticism than of its art. Pearlman reassesses the works and careers of six artists who became critics' biggest targets. In each of three chapters, she pairs two artists the critics viewed as emblematic of a given trend: Julian Schnabel and David Salle in association with Neo-Expressionism; Jean-Michel Basquiat and Keith Haring vis-à-vis Graffiti Art; and Peter Halley and Jeff Koons in relation to Simulationism. Pearlman shows how all these artists shared important but unrecognized influences and approaches: a crucial and overwhelming inheritance of 1960s and 1970s Conceptualism, a Warholian understanding of public identity, and a deliberate and nuanced use of past styles and media. Through in-depth discussions of works, from Haring's body-paintings of Grace Jones to Schnabel's movie Basquiat, Pearlman demonstrates how these artists' interests exemplified a broader, generational shift unrecognized by critics. She sees this shift as starting not in the 1980s but in the mid-1970s, when key developments in artistic style, art-world structures, and consumer culture converged to radically alter the course of American art. Unpackaging Art of the 1980s offers an innovative approach to one of the most significant yet least understood episodes in twentieth-century art.