Short Course

The Economics of the Art Market

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Fees: HK$10,000.00


This course investigates the relationship between art and finance within the current global economy. The art market is a unique industry with its own dynamics of supply and demand. Given the high values involved, art has also recently been viewed as an attractive investment opportunity by some in the financial sector as well as by some art market professionals. Together, we will explore the concept of value in the art market, and examine some of the characteristics of art that make it a viable asset class. We will explore the issues of authenticity, provenance and the particulars of valuing contemporary art, as well as how powerful external forces such as globalization, "financialization", and digitization continue to transform the art market.  

Led by Noah Kupferman, Program Director from Christie's Education New York, the course will begin with an art market snap-shot detailing the network of players involved in the art economy, and will progress to discussions of art as an alternative investment, art banking, borrowing and lending and art funds. Whether buying art is a passion or is part of diversifying a portfolio, it is important to understand the risk and return characteristics of this new alternative asset class. 



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Course dates

Date & Time
19 - 20 March 2018
Monday - Tuesday, 10am - 5pm

Christie’s, 22/F Alexandra House, Central, Hong Kong


(Discounted rate of HK$9,000 if paid in full by 1 March 2018)

Noah Kupferman
Faculty Member

Noah Kupferman

Program Director, Art, Law and Business

Monday, 19 March

• Introduction to the Art Market I & II
In spite of the often fraught relationship between art and money, this symbiotic relationship has existed for a long time. We will examine the inherent tension between fine art and economics, and analyze the overall structure of the current art market and how it has developed over time.

• Art and Economics: Determinants of Value 
During this presentation, we will analyze and discuss how the economic value of a work of art is realized. We look at questions relating to both the supply and demand for a work of art and how these dynamics influence the market to effect price. We consider the many characteristics of art and examine the differences and similarities between the art market and other markets such as finance and real estate. 

• Group Exercise: How to Research and Evaluate Art
During this interactive session, students will be able to explore different ways of looking at and interpreting works of art by placing them in a critical perspective. Under the guidance of Christie’s specialists, students will have an opportunity to apply some of the valuation skills they have learnt from the previous sessions. 


Tuesday, 20 March

Art, Finance and Investment 
We continue with our discussion on Determinants of Value and begin to explore how art has been considered by some an asset class for investment purposes. Our exploration of this provocative topic will help us better understand some of the important aspects and characteristics of art that make it both an appealing and difficult vehicle for investment.

Art, Finance, Risk and Return
In financial terminology, there can be no meaningful discussion of an investment return without an understanding of risk. During this session, we analyze how different types of risk may play a role in our consideration of art as an investment and of art collecting in general.

Art Banking and Art Funds
In this session, we discuss the more recent developments of organizations and institutions that have attempted to utilize fine and decorative art in different financial capacities. The growth of fine art as a form of loan collateral has expanded significantly over the past decade and shows signs of further growth along with the expansion of the global art market. We will also look into how art funds have developed in the past decades.

Art Business Strategy in the 21st Century 
In our final session, we attempt to tie in the many ideas and concepts and developments that we have discussed over the past two days. And, we ask the question and attempt to answer, "where is the art market going next?" To help us in this endeavor we will have the benefit of the expert opinion of Ben Clark, Deputy Chairman of Christie's Asia, who will offer his own unique perspective and engage in detailed discussion of the many questions that we have about the future growth and development of the art market.

Schedule and topics are subject to change. 



A letter of attendance will be issued to participants who attend all sessions. 

HK$10,000 | English course
(Discounted rate of HK$9,000 if paid in full by 1 March 2018)

Noah Kupferman
Program Director, Art, Law and Business, New York Faculty

Noah Kupferman received a B.A. from Oberlin College, an M.A. from Columbia University’s School of International and Public Affairs, an advanced certification in International Affairs from the Johns Hopkins University School of Advanced International Studies and an MBA from New York University’s Stern School of Business.  As a former banker, Kupferman also holds the Certified Financial Planner designation.  With a unique set of skills and experience, Mr. Kupferman has spent considerable amount of time working both as a fine art specialist and financier.

Kupferman’s previous roles at Christie’s include Co-Head of the Chinese Works of Art Department in New York as well as Head of Christie’s Secured Art Finance.  Prior to joining the faculty at Christie’s Education, Kupferman was the Managing Director at Shapiro Auctions – a boutique fine and decorative art auction house in New York City.  Beginning his career at Sotheby's as a Classical Chinese Paintings Specialist, Noah moved to the world of finance and banking where he spent 12 years as a corporate and private banker before re-joining the ranks of the art world.  Over the years, he has had a particular interest in the relationship between fine art and finance. Mr. Kupferman has been on faculty at New York University as well as The Sotheby's Institute and has lectured at Brandeis University, Columbia University as well as Christie's Education on the intersection between finance and fine art. He has commented on the art market for The New York Times, The Far Eastern Economic Review, Grant's Interest Rate Observer, Art Info, Bloomberg and Art Market Monitor among others.
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