The Art Market, Global Economy and Information Transparency

Introduction

The research paper analyzes the complexities of the art market, particularly focusing on the uncertainty and asymmetry of sector information. Art is observed to have dual purposes in society, including aesthetic and superaesthetic roles. The economic role of art is sustained by complex marketing processes, which tend to modify the aims and conditions of artistic enterprise. It is noted that the value of artwork may not be linked exclusively to the personality or commitment of the artist, but also to the process of recognition of the usefulness of the artistic product in its fulfillment of others. The paper delves into the hypothesis of art as goods to be exchanged in the market and presents the challenges of merging the figure of the artist with that of the producer-entrepreneur.

Art and the Artist

The paper also discusses the value of art in relation to the artist's personality and commitment. It delves into the challenges of merging the figure of the artist with that of the producer-entrepreneur. The economic and cultural blending between local and global features is explored, along with the influence of art market actors on artists' values and career. The paper mentions the influence of technological development, such as mass reproductions of famous works of art, and the impact of technological advancements on art consumption and investment.

The research paper also thoroughly examines the distribution as the active agent between supply and demand, citing the various types of art brokers. It delves into the choices for the organization and circulation of information in the art market and explores the global perspective of the art market. The impact of globalisation, the change in supply, and revitalization are also discussed. The paper also refers to the role of the internet as a new marketing resource and its influence on the global art market. The significance of information, both on how to organize production and distribution, and the importance of this information in the effective operation of the art market is also emphasized.

In summary, the research paper encompasses various aspects of the art market, covering the economic, cultural, and technological influences, as well as the global perspective and the role of information in shaping the market. It provides valuable insights into the complexities of the art market and the challenges faced by artists and art market actors. The paper offers a comprehensive and detailed analysis of the art market, shedding light on its multifaceted nature and the interplay of various factors affecting its dynamics.

Economic and Aesthetic Roles

The research paper delves into the complexities of the art market, specifically focusing on the uncertainty and asymmetry of sector information. It explores the dual purpose of art in society, examining its aesthetic and superaesthetic roles, and delves into the economic aspects of art in relation to marketing processes. The paper addresses the value of artwork and its link to the artist's personality and commitment. Additionally, it discusses the challenges of merging the figure of the artist with that of the producer-entrepreneur and presents the hypothesis of art as goods to be exchanged in the market.

Categorization of Art

The paper discusses the definition of "work of art" and how it refers exclusively to visual/figurative arts and can be divided into performing arts and visual arts, which includes historical-cultural assets and fine arts. It emphasizes that the art markets refer to partitions of these categories, and they are markets where there is an exchange of goods commonly deemed "art," whether derived from the cultural heritage or obtained as yearly products.

Challenges Faced in the Art Market

Moreover, the paper also touches upon the challenges faced in the art market, such as the underperformance of masterpieces, the rate of return in the art market, and the economic implications of taste. It also addresses the role of marketing in the arts and its effects on arts consumption and artistic value. The challenges of merging physical art markets with online platforms are also explored, with insights into the development of art websites and the implications of e-commerce on the art market.

Globalization and Marketing Strategies

Furthermore, the paper discusses the implication of globalization, global markets, and the territorial dimension of contemporary art. It also covers the importance of auctions, the role of cultural institutions, and the impact of hypermedia computer-mediated environments in marketing strategies for contemporary visual arts. Additionally, it addresses the management of museums and galleries in the internet era and the role of audience development for cultural institutions.

Conclusion

Overall, the paper sheds light on the complexities of the art market, the challenges of marketing in the art industry, and the evolving dynamics driven by technological advancements and globalization. It provides valuable insights into the economic, artistic, and marketing aspects of the art market and offers a comprehensive understanding of the multifaceted nature of the industry.