Why should art be considered as an asset class?ARTSTAQ
Art has characteristics of a high-risk illiquid investment but recent trends suggest it may emerge as a new asset class. The art market has grown significantly in size due to factors like globalization and increasing wealth. Analysis of art indices shows moderate positive real returns from art with low correlation to traditional assets like stocks and bonds, suggesting art can diversify a portfolio. However, art is heterogeneous and its investment characteristics vary between sectors.
The document discusses the historical development of cultural policy in different parts of the world and provides an overview of cultural policy development in Australia. It outlines key purposes of cultural policy including nation and identity building, supporting artistic creation, and increasing access and participation. The document also examines different models of cultural policy and rationales for arts funding including as an economic driver, for social benefits, and to support national identity and citizenship.
Paolo Cirio created the conceptual artwork ArtCommodities.com to introduce ideas of collectible digital art and critique the contemporary art market. It proposes alternatives like a "Smart Art Market" that establishes democratic aesthetic values through selling unique artworks at low prices. This would create a new economic model using "Smart Digital Art Objects" authenticated via cryptography. The work analyzes how to design market instruments that address manipulation and affect socio-cultural values. It suggests investing in art with social values could lead to sustainable art markets and taste formation benefiting society.
The Global Fine Art Awards program honors innovation in design,historical context, educational value, and public appeal.
We launched the Global Fine Art Awards (GFAA) program in 2014 with the conviction that there is not enough visibility or understanding of the world of art and design in the world today.
The art market in 2014 saw record growth globally, with a 26% increase in total auction turnover to $15.2 billion. China remained the largest art market by turnover at $5.66 billion, though it declined 5% from 2013. The US saw the strongest annual growth of 21% to become the second largest market at $4.88 billion. The ultra-high end segment, including works over $1 million, drove continued growth and saw the most activity in New York. Major auction houses like Christie's and Sotheby's set new sales records in 2014, reflecting the ongoing strength and rejuvenation of the global art market.
International Entrepreneurship in the Arts: Unexpected PartnershipLidia Varbanova
Unexpected Partnership: New spaces for creation and creativity: How do we support them?" Presented by Lidia Varbanova at IFACCA 7th World Summit, Malta, October, 2016
This is presentation being presented by Shivi Aggarwal, Radhika Gupta, Sweta Agarwal and Madhusudan Partani Students of FORE School of Management ( FMG-18).
It evaluates Art and Colectables as Alternative Investment. Also covers the Participants, Valuation of Art, Insurance, Tax Aspects.....
Why should art be considered as an asset class?ARTSTAQ
Art has characteristics of a high-risk illiquid investment but recent trends suggest it may emerge as a new asset class. The art market has grown significantly in size due to factors like globalization and increasing wealth. Analysis of art indices shows moderate positive real returns from art with low correlation to traditional assets like stocks and bonds, suggesting art can diversify a portfolio. However, art is heterogeneous and its investment characteristics vary between sectors.
The document discusses the historical development of cultural policy in different parts of the world and provides an overview of cultural policy development in Australia. It outlines key purposes of cultural policy including nation and identity building, supporting artistic creation, and increasing access and participation. The document also examines different models of cultural policy and rationales for arts funding including as an economic driver, for social benefits, and to support national identity and citizenship.
Paolo Cirio created the conceptual artwork ArtCommodities.com to introduce ideas of collectible digital art and critique the contemporary art market. It proposes alternatives like a "Smart Art Market" that establishes democratic aesthetic values through selling unique artworks at low prices. This would create a new economic model using "Smart Digital Art Objects" authenticated via cryptography. The work analyzes how to design market instruments that address manipulation and affect socio-cultural values. It suggests investing in art with social values could lead to sustainable art markets and taste formation benefiting society.
The Global Fine Art Awards program honors innovation in design,historical context, educational value, and public appeal.
We launched the Global Fine Art Awards (GFAA) program in 2014 with the conviction that there is not enough visibility or understanding of the world of art and design in the world today.
The art market in 2014 saw record growth globally, with a 26% increase in total auction turnover to $15.2 billion. China remained the largest art market by turnover at $5.66 billion, though it declined 5% from 2013. The US saw the strongest annual growth of 21% to become the second largest market at $4.88 billion. The ultra-high end segment, including works over $1 million, drove continued growth and saw the most activity in New York. Major auction houses like Christie's and Sotheby's set new sales records in 2014, reflecting the ongoing strength and rejuvenation of the global art market.
International Entrepreneurship in the Arts: Unexpected PartnershipLidia Varbanova
Unexpected Partnership: New spaces for creation and creativity: How do we support them?" Presented by Lidia Varbanova at IFACCA 7th World Summit, Malta, October, 2016
This is presentation being presented by Shivi Aggarwal, Radhika Gupta, Sweta Agarwal and Madhusudan Partani Students of FORE School of Management ( FMG-18).
It evaluates Art and Colectables as Alternative Investment. Also covers the Participants, Valuation of Art, Insurance, Tax Aspects.....
Emerging economies like China, UAE, Brazil, and others are experiencing a boom in new museums, art galleries, and cultural institutions as their middle classes grow and governments seek to enhance their global cultural profiles. While investments aim to promote economic growth and national identity, questions remain around justifying large public spending on culture when basic needs remain unmet and the long-term sustainability of the new cultural offerings. Western institutions are also partnering with emerging markets through deals that benefit both parties.
The document discusses how cultural industries and entrepreneurship can drive economic development through job creation, tax revenue, and quality of life improvements. It provides examples of how arts and cultural industries contribute significantly to economies in New Mexico, Santa Fe County, and around the world. Cultural entrepreneurs are highlighted as innovators who generate revenue through cultural activities and create sustainable enterprises.
Robert Hunter @ the Arts Consultants of Canada Seminar (Oct. 25/2010)Qasim Virjee
Robert Hunter's presentation will outline the findings from a recent review of the Department's programs, explore observed trends and discuss how programs at the Department have evolved to ensure their continued relevance.
The exhibition at the Getty Museum immerses viewers in reliving the past through 18th century European paintings depicting royal celebrations, religious ceremonies, sporting events, and natural disasters. These paintings provide vivid and detailed visual records of historical and everyday events from the period, transporting viewers back in time through the skilled artists' realistic portrayals. However, the events depicted may have also been manipulated to some degree.
How & why we may form international partnershipsJames Doyle
International partnerships between arts organisations and artists can provide mutual benefits. Organisations seek to showcase international art, engage local communities, and provide professional development opportunities for artists. Artists pursue opportunities to create new work, access studio space, engage with other creative people, and enhance their practice. The greatest synergies occur when the needs of organisations and artists align, such as organisations offering programming that supports artists' interests in sharing ideas, developing skills, and building relationships. Forming international links requires clearly articulating shared passions to develop meaningful long-term partnerships driven by mutual interests rather than solely financial incentives.
Cultural Policy and the 'englightenment' function of humanities research by E...Victoria Durrer
This document discusses justifications for public funding of the arts and humanities. It notes the pressure to justify funding through economic and social impact measures, and the limitations of this approach. The humanities can contribute to policy debates by problematizing notions like cultural value and impact, and by providing historical and critical perspectives to challenge dominant ways of thinking about these issues. The role of research is not just to directly influence policy, but also to reshape debates and ways of thinking over the long term.
The inaugural stARTup Art Fair Chicago concluded with strong sales and positive feedback. Held concurrently with EXPO Chicago, the fair showcased works by 23 independent US artists and 7 Midwest non-profits. Over three days, the fair saw engaged patrons and many artists reported sales ranging from $20 to $5,000, with artists keeping all proceeds. The success of the first Chicago fair confirmed the Midwest as a strong market for independent artists and supported the fair's mission of providing career opportunities for such artists.
The document discusses the economic impact of arts and cultural enterprises on local economies. It provides examples from studies that found arts and cultural industries generated over $1 billion in revenues and employed over 12,000 workers in Santa Fe County, representing a significant portion of the local economy. Cultural enterprises help diversify local economies and bring in outside money. Museums are highlighted as examples of cultural enterprises that can catalyze economic development through activities like shops, licensing programs, and special events.
The document discusses the economic impact of arts and cultural enterprises on local economies. It finds that such enterprises create jobs, income, tax revenue, and new capital while enhancing quality of life. A study of Santa Fe County found that arts and cultural industries generated over $1 billion in revenues, employed over 12,000 workers, and attracted most of their funds from outside the county. Museums are highlighted as cultural enterprises that attract new money to the economy and enhance communities. Cultural entrepreneurs are described as visionaries who generate revenue through cultural activities and create economically sustainable cultural enterprises.
The document discusses how cultural industries and creative enterprises are an important part of New Mexico's economy. They generate billions in revenue, employ tens of thousands of people, and contribute to the tourism industry. Studies show that cities like Santa Fe have high percentages of employment and GDP tied to their arts and cultural industries. The creative economy is growing through new enterprises in film, technology, and other fields that utilize local talent and culture.
The document discusses how creative industries such as arts, culture and related sectors contribute significantly to New Mexico's economy by creating jobs, incomes, and tax revenues. It provides statistics showing that these industries generate over $3 billion for the state economy and employ over 58,000 people. The creative economy is an important part of New Mexico's identity and helps drive other industries such as tourism.
This document provides an overview of three artist-endowed foundations and their role in arts funding:
1) The Andy Warhol Foundation for the Visual Arts, Joan Mitchell Foundation, and Robert Rauschenberg Foundation are examined as influential artist-endowed foundations.
2) These foundations provide grants, residency programs, exhibitions, and other support for individual artists and arts organizations to encourage artistic experimentation and expression.
3) They have taken on increased significance as a source of funding for the arts due to reductions in federal and public funding. The foundations aim to develop new models of philanthropic support for the arts.
This document outlines topics related to art, including the people of art such as artists and artisans. It discusses the difference between artists and artisans, and examines the roles of key actors in the art market like artists, curators, art collectors, art dealers, and connoisseurs. The document also covers the creative process and stages involved in creation.
Alternative Latin Investor Releases the ONLY in-depth research on Latin American Art Investment.
Due to its out-performance of many asset classes, wealthy investors are increasingly viewing art
less as a passion and more as a serious asset class in its own right.
As demand and prices for other works in the U.S. and Europe slump, the Latin American art market continues to soar.
This document summarizes a discussion around measuring the cultural value of the arts. It makes three key points:
1) There is a debate between those who see arts as having intrinsic value that cannot be measured, versus those who want evidence of arts' instrumental impacts on areas like the economy or education. Cultural economics provides ways to measure both intrinsic and instrumental value, but these are not always referred to in policy discussions.
2) While measurement tools are imperfect, exempting the arts from valuation risks making them a "special case" and vulnerable when deciding public funding allocations. Better would be further research to properly reveal the public value of arts.
3) Not valuing the arts could mean failing to realize their
(Silver city) nm econ. develop. course may 2008Tom Aageson
This document discusses the economic impact of arts, culture, and heritage on local economies. It notes that arts and cultural industries generate significant revenue, employment, and tax income for communities. The cultural entrepreneur plays an important role in connecting artists and cultural creators to markets. Arts and cultural activities improve personal well-being, build social cohesion, stimulate economic development, and attract businesses and residents. Communities that invest in arts spaces see economic and cultural benefits as they are able to retain and attract creative talent.
The Musart Boutique is a brand new concept which brings art and culture together at accessible prices. Our vision is to perpetuate the legacy of iconic artists and share our passion for cultural heritage.
This document provides an overview of the creative economy, including definitions of key concepts, drivers of growth, and policy considerations. It defines the creative economy as involving creativity, culture, economics and technology. Industries like publishing, music, film and design are included. Growth is driven by technology, rising incomes, and tourism. Policy strategies aim to strengthen infrastructure, finance, copyright, and education to develop these knowledge-based sectors while protecting cultural identity. National policies need coordination across ministries to effectively support the creative economy.
This document discusses the creative economy and creative industries. It defines key terms like creativity, creative industries, cultural industries, and the creative class. It describes major drivers of the creative economy like technology, growing demand, and tourism. The creative economy has economic, cultural, and social aspects. The document also discusses measuring and analyzing the creative economy, as well as developing appropriate public policies to support it.
Emerging economies like China, UAE, Brazil, and others are experiencing a boom in new museums, art galleries, and cultural institutions as their middle classes grow and governments seek to enhance their global cultural profiles. While investments aim to promote economic growth and national identity, questions remain around justifying large public spending on culture when basic needs remain unmet and the long-term sustainability of the new cultural offerings. Western institutions are also partnering with emerging markets through deals that benefit both parties.
The document discusses how cultural industries and entrepreneurship can drive economic development through job creation, tax revenue, and quality of life improvements. It provides examples of how arts and cultural industries contribute significantly to economies in New Mexico, Santa Fe County, and around the world. Cultural entrepreneurs are highlighted as innovators who generate revenue through cultural activities and create sustainable enterprises.
Robert Hunter @ the Arts Consultants of Canada Seminar (Oct. 25/2010)Qasim Virjee
Robert Hunter's presentation will outline the findings from a recent review of the Department's programs, explore observed trends and discuss how programs at the Department have evolved to ensure their continued relevance.
The exhibition at the Getty Museum immerses viewers in reliving the past through 18th century European paintings depicting royal celebrations, religious ceremonies, sporting events, and natural disasters. These paintings provide vivid and detailed visual records of historical and everyday events from the period, transporting viewers back in time through the skilled artists' realistic portrayals. However, the events depicted may have also been manipulated to some degree.
How & why we may form international partnershipsJames Doyle
International partnerships between arts organisations and artists can provide mutual benefits. Organisations seek to showcase international art, engage local communities, and provide professional development opportunities for artists. Artists pursue opportunities to create new work, access studio space, engage with other creative people, and enhance their practice. The greatest synergies occur when the needs of organisations and artists align, such as organisations offering programming that supports artists' interests in sharing ideas, developing skills, and building relationships. Forming international links requires clearly articulating shared passions to develop meaningful long-term partnerships driven by mutual interests rather than solely financial incentives.
Cultural Policy and the 'englightenment' function of humanities research by E...Victoria Durrer
This document discusses justifications for public funding of the arts and humanities. It notes the pressure to justify funding through economic and social impact measures, and the limitations of this approach. The humanities can contribute to policy debates by problematizing notions like cultural value and impact, and by providing historical and critical perspectives to challenge dominant ways of thinking about these issues. The role of research is not just to directly influence policy, but also to reshape debates and ways of thinking over the long term.
The inaugural stARTup Art Fair Chicago concluded with strong sales and positive feedback. Held concurrently with EXPO Chicago, the fair showcased works by 23 independent US artists and 7 Midwest non-profits. Over three days, the fair saw engaged patrons and many artists reported sales ranging from $20 to $5,000, with artists keeping all proceeds. The success of the first Chicago fair confirmed the Midwest as a strong market for independent artists and supported the fair's mission of providing career opportunities for such artists.
The document discusses the economic impact of arts and cultural enterprises on local economies. It provides examples from studies that found arts and cultural industries generated over $1 billion in revenues and employed over 12,000 workers in Santa Fe County, representing a significant portion of the local economy. Cultural enterprises help diversify local economies and bring in outside money. Museums are highlighted as examples of cultural enterprises that can catalyze economic development through activities like shops, licensing programs, and special events.
The document discusses the economic impact of arts and cultural enterprises on local economies. It finds that such enterprises create jobs, income, tax revenue, and new capital while enhancing quality of life. A study of Santa Fe County found that arts and cultural industries generated over $1 billion in revenues, employed over 12,000 workers, and attracted most of their funds from outside the county. Museums are highlighted as cultural enterprises that attract new money to the economy and enhance communities. Cultural entrepreneurs are described as visionaries who generate revenue through cultural activities and create economically sustainable cultural enterprises.
The document discusses how cultural industries and creative enterprises are an important part of New Mexico's economy. They generate billions in revenue, employ tens of thousands of people, and contribute to the tourism industry. Studies show that cities like Santa Fe have high percentages of employment and GDP tied to their arts and cultural industries. The creative economy is growing through new enterprises in film, technology, and other fields that utilize local talent and culture.
The document discusses how creative industries such as arts, culture and related sectors contribute significantly to New Mexico's economy by creating jobs, incomes, and tax revenues. It provides statistics showing that these industries generate over $3 billion for the state economy and employ over 58,000 people. The creative economy is an important part of New Mexico's identity and helps drive other industries such as tourism.
This document provides an overview of three artist-endowed foundations and their role in arts funding:
1) The Andy Warhol Foundation for the Visual Arts, Joan Mitchell Foundation, and Robert Rauschenberg Foundation are examined as influential artist-endowed foundations.
2) These foundations provide grants, residency programs, exhibitions, and other support for individual artists and arts organizations to encourage artistic experimentation and expression.
3) They have taken on increased significance as a source of funding for the arts due to reductions in federal and public funding. The foundations aim to develop new models of philanthropic support for the arts.
This document outlines topics related to art, including the people of art such as artists and artisans. It discusses the difference between artists and artisans, and examines the roles of key actors in the art market like artists, curators, art collectors, art dealers, and connoisseurs. The document also covers the creative process and stages involved in creation.
Alternative Latin Investor Releases the ONLY in-depth research on Latin American Art Investment.
Due to its out-performance of many asset classes, wealthy investors are increasingly viewing art
less as a passion and more as a serious asset class in its own right.
As demand and prices for other works in the U.S. and Europe slump, the Latin American art market continues to soar.
This document summarizes a discussion around measuring the cultural value of the arts. It makes three key points:
1) There is a debate between those who see arts as having intrinsic value that cannot be measured, versus those who want evidence of arts' instrumental impacts on areas like the economy or education. Cultural economics provides ways to measure both intrinsic and instrumental value, but these are not always referred to in policy discussions.
2) While measurement tools are imperfect, exempting the arts from valuation risks making them a "special case" and vulnerable when deciding public funding allocations. Better would be further research to properly reveal the public value of arts.
3) Not valuing the arts could mean failing to realize their
(Silver city) nm econ. develop. course may 2008Tom Aageson
This document discusses the economic impact of arts, culture, and heritage on local economies. It notes that arts and cultural industries generate significant revenue, employment, and tax income for communities. The cultural entrepreneur plays an important role in connecting artists and cultural creators to markets. Arts and cultural activities improve personal well-being, build social cohesion, stimulate economic development, and attract businesses and residents. Communities that invest in arts spaces see economic and cultural benefits as they are able to retain and attract creative talent.
The Musart Boutique is a brand new concept which brings art and culture together at accessible prices. Our vision is to perpetuate the legacy of iconic artists and share our passion for cultural heritage.
This document provides an overview of the creative economy, including definitions of key concepts, drivers of growth, and policy considerations. It defines the creative economy as involving creativity, culture, economics and technology. Industries like publishing, music, film and design are included. Growth is driven by technology, rising incomes, and tourism. Policy strategies aim to strengthen infrastructure, finance, copyright, and education to develop these knowledge-based sectors while protecting cultural identity. National policies need coordination across ministries to effectively support the creative economy.
This document discusses the creative economy and creative industries. It defines key terms like creativity, creative industries, cultural industries, and the creative class. It describes major drivers of the creative economy like technology, growing demand, and tourism. The creative economy has economic, cultural, and social aspects. The document also discusses measuring and analyzing the creative economy, as well as developing appropriate public policies to support it.
3. Why Care About the Arts?
• Aesthetics: The arts create beauty and preserve it as part of culture
• Creativity: The arts encourage creativity, a critical skill in a dynamic
world
• Expression: Artistic work lets us communicate our interests and visions
• Identity: Arts goods, services, and experiences help define our culture
• Innovation: The arts are sources of new ideas, futures, concepts, and
connections
• Preservation: Arts and culture keep our collective memories intact
• Prosperity: The arts create jobs and enhance economic health
• Skills: Arts aptitudes and techniques are needed in all sectors of society
and work
• Social Capital: We enjoy the arts together, across races, generations, and
places
Source: Americans for the Arts
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4. Art World Ecology
• Capacity—artists, organizations, employment
• Arts Participation—consumption of arts activities,
attendance, experiences
• Competitiveness—the position of the arts compared to
other sectors—market share, how the arts compete for
philanthropy, discretionary spending
• Financial Flows—philanthropy, artist income, business
revenue—payments for artistic services
Source: Americans for the Arts
4
6. Case Study: LA MoCA
“In case you missed it, MoCA’s in the news again. Board
member and philanthropist Eli Broad has missed the last two
payments of his promised $30 million…now LACMA is
proposing a merger…follows…hiring Jeffrey Deitch as the
museum’s head to the firing (or dismissal) of MoCA head
curator Paul Schimmel…”
3/14/2013, ArtFCity blog.
(http://www.artfcity.com/2013/03/14/the-moca-scandal-
index-a-z/)
6
8. The “Art Market”
“How big is the global art market? A new report from The European Fine Art
Foundation (TEFAF), released in conjunction with the current TEFAF Maastricht art fair, Mar.
16-25, 2012, sets the total size of the global art market at €46.1 billion, or about $60.8 billion
(€1 = $1.32) for 2011. According to economist Clare McAndrew, who conducted the
study, the €46.1 billion figure includes both public auction data, which was supplied by our
very own Artnet Database, and an estimate of art gallery and private art dealer sales, which
is based on polls of over 6,500 dealers around the world as well as interviews with a
somewhat smaller number.
By way of comparison, the art market total is just about one-twelfth of the U.S. military
budget for 2011, which was $739.3 billion, according to the Institute for Strategic Studies.
In McAndrew’s estimation, the $60.8 billion is about equally split between auctions and
commercial gallery sales. Take the auction half first -- the global art-auction total for 2011
was €23.1 billion ($30.5 billion). Total auction sales at both Sotheby’s and arch-
rival Christie’s are put at $5.7 billion each for 2011, which adds up to $11.4 billion, or about
35 percent of the global auction art trade.”
Source: Artnet
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9. Issues?
• Independence from funding sources
• Accessibility – artists and patrons
• Cost of arts education/training - student debt
• Commercialization of the arts culture
• Popular culture versus challenging programming
• Globalization of culture
• Quick fix versus the long gaze
• Status quo versus alternative cultures
• What is the art world – beyond the scope of what the press
represents?
9