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May 27, 2024
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ARTH 196 - It Costs How Much!?! The Economics Behind the Art World 3 hours
Recently, a number of artworks have sold in excess of $100,000,000. Many works by living and dead artists routinely sell for more than $1,000,000. This class looks at the art market-artists, galleries, sellers, collectors, and auction houses-in order to understand how art acquires its social and commercial values. Some questions we explore: What is art worth? How can artworks be sold for millions of dollars? What kind of investment is an artwork? Why are Hollywood celebrities now some of the biggest collectors of contemporary art? How is the art market tied to the economy (for instance, the demise of galleries and decline in sales after the 2008 economic crisis)? How has art worked its way into fashion (Takashi Murakami’s partnership with Louis Vuitton)? How is art related to luxury or critiques of luxury (such as the kitsch work of Jeff Koons or the diamond encrusted human skull created by Damien Hirst)? What about forgeries and scams (for instance, like the one revealed in the recent movie Big Eyes)? How does the art market “market” itself? If it is true that art increases in value after an artist’s death, do the artist or his/her descendants ever reap the profits? How do you tell if an artist’s work is going to maintain or increase in value? What is the cultural value of art vs. its price tag?
This course satisfies the fine arts core area requirement.
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