Art Market Economics
Art Market Economics
Art Market Economics is an intensive and in-depth course designed to introduce you to the essential features of today’s art market. Written and presented by Dr Clare McAndrew, leading art economist and author of the annual industry benchmark report, The Art Market, An Art Basel & UBS Report. Over six weeks, the course will teach you the development and structure of the art markets in key regions; critical economic theory for understanding the market; art finance; regulation; and the economic impact of the art market. Art Market Economics is structured for those thinking of entering the art industry as a career, for those wishing to develop their professional careers, or for those looking to enter the art market as buyers or consignors.
This detailed course is augmented throughout with in-depth data visualisations that unpack complex subjects for ease of understanding. The animations in Art Market Economics were created by Adam Frost and Tobias Sturt, who produced infographics at The Guardian newspaper and teach their data visualisation masterclass. The course includes weekly multiple-choice tests to help you learn and retain the core content.
Included in the course are twelve exclusive interviews giving you access to the people working across the art world, offering you unparalleled insight into their roles, expertise, and motivations.
Exclusive interviews feature:
- Josh Baer Art advisor; founder of the Baer Faxt
- Bruno Boesch Of Counsel, FRORIEP; editor of The Art Collecting Legal Handbook
- Stephen Brooks Deputy CEO, Christie’s
- Anthony Browne Chairman, The British Art Market Federation
- Michael Findlay Director, Acquavella Galleries
- Anneke Geyer Communications, Basel Tourism
- Suzanne Gyorgy Head, Art Advisory & Finance, Citi Private Bank
- Phillip Hoffman CEO of The Fine Art Group
- Robert Norton Co-Founder, Verisart
- Jussi Pylkkänen Global President, Christie’s
- Alice de Roquemaurel Senior Specialist, Post-War and Contemporary Art, Christie’s
- Uli Sigg Former Swiss ambassador to China; major collector of Chinese contemporary art
What you will learn:
- You will have gained a professional understanding of the economics of the art market.
- You will have been taught about how the market for art is situated within the context of the wider economic landscape, the globalisation of demand and supply, and the market’s rapid expansion over the last 20 years.
- You will have seen how the art market is structured into primary and secondary markets, the expansion and diversification of those institutions that operate within them, how they function and interact, and the strong polarisation towards the top end of the market.
- You will have studied the economic theories essential to understanding the art market, and gained the analytical skills to understand supply and demand curves, elasticities, drivers, and the factors involved in valuing works of art.
- You will have been taught about the different types of investment in art, and how to calculate the risks and returns associated with them using statistical methods.
- You will have learned about the role of the state in the art market, including externalities, regulations and taxes.
- You will have seen how the art market is responding to digital disruption, and learned about the ways the art market has significantly expanded online. You will have been taught about the overall economic impact of the art market, ways of measuring this, and the importance of ancillary industries.
- You will be well-placed to commence further study or to consider a career within the art professions.
Registration is now open for this course, you can register today by clicking on Enrol Now against your preferred course dates in the Course Dates tab.
This course has been CPD certified.
Request for Information
Request for more information about our online courses.
Watch our trailer video for an overview of the course
Watch a selection of excerpts from across the sessions of Art Market Economics on Art Market Bubbles, Sectors and Sub-sectors in the Art World, and Supply and Demand.
Session One - Introduction to the Art Market
- History of the art market
- Art market bubbles
- Geographic distribution of the art market
Session Two - Art Market Structures
- Sectors and sub-sectors of the art market
- Galleries, dealers and art fairs
- Auction houses
Session Three - The Economics of the Art Market
- Supply and demand
- Elasticities and changing demand
- Valuing art
Session Four - Art Finance
- Defining and measuring investment returns
- Assessing risk and calculating diversification
- Pricing art as collateral for loans
Session Five - Regulation and the Art Market
- Externalities and the role of regulation
- Cross-border trade
- Taxation and resale rights
Session Six - Online Sales and the Economic Impact of the Art Market
- The growth and segmentation of the online art market
- Blockchain and new technologies in the art world
- Measuring the economic, cultural and social impact of the art market
21 January - 2 March, 2020
Online Orientation opens on 14 January, 2020
21 April - 1 June, 2020
Online Orientation opens on 14 April, 2020
Enrol on this course for $1,350 if registering before 10 Mar, 2020
21 July - 31 August 2020
Online Orientation opens on 14 June 2020
Enrol on this course for $1,350 if registering before 9 June 2020
22 Sep - 2 November 2020
Online Orientation opens on 15 Sep 2020
Enrol on this course for $1,350 if registering before 11 Aug 2020
3 Nov - 14 Dec 2020
Online Orientation opens on 27 Oct 2020
Enrol on this course for $1,350 if registering before 22 Sep 2020
The course will require approximately five hours of study time per week. There will be further reading and weekly multiple choice assessments. The course content will remain available for six months after the course ends.
Read our Frequently Asked Questions to find out more information about online courses.
The course is facilitated through an online learning environment that is compatible with most modern browsers. It is the responsibility of students to have the proper hardware and software required to participate, along with access to Wifi. The basic technical requirements can be found in the FAQs.
Terms and Conditions
Please ensure you read carefully through our terms and conditions before enrolling on a course.
For any queries about this course please contact
Sarah Buccarelli, Online Courses Department
Telephone: +1 212 355 1501
‘This was the best course on (art) economics I ever followed. Brilliant instructor, good educational tools and exhibits, very interesting economic reasoning. Science was brought in an uncompromisingly scientific but elegant way. Very impressive. Sincere thanks.’
'The material of the course was very comprehensive and I felt that I learnt more than I expected to learn. It was very in depth and I am grateful for this.'
'I have taken 19 courses resulting in a certificate. I would rate this course best.'
‘I would recommend this course to people around me.’
‘I liked the global view. This class does not focus on the western art market alone, but also introduces the art market in the emerging east, especially China.’
'I studied economics 50 years ago then became a financial economist at a bank. Although my professional knowledge was updated through attending seminars and life-long learning I somehow "forgot" the basics of modern economics. Dr. McAndrew brings basic economic theory to life in a brilliant way with a lot of evidence and references to interesting economists. About economics, Dr. McAndrew demonstrates that humans are complex beings not only motivated by self-interest.'
‘Compared to other courses, the depth of learning with regard to the art industry exceeded my expectation, particularly given the relatively short modules within each session.’
‘I looked forward to each week.’
‘I liked how there was a wide range of topics discussed, yet each topic is discussed in depth.’
'I have been very impressed with this course. Very clear layout and progression. A wealth of information generating starting points for further study. In general, very insightful interviews at the end of each module.'
‘I liked the detailed knowledge and presentation of information. The online platform was extremely efficient.’
‘I understood everything without any previous study of economics.’
'I liked the wide range of topics covered and the level of depth. I do feel that after not knowing anything about the art market, I have completed having a very good understanding of how the market works, the different players, levers used, restrictions and why certain locations strive better than others. It gives one a fantastic overview of the art market. Also the exclusive interviews with persons currently at the top of the Art Market was invaluable and a game changer.'
'Art is often explained in an art history or art interpretation context. However, for those who are looking for an analytical and quantitative explanation of "Economics", or those who want to understand art as a financial asset class, this course is very helpful to let us understand how the art market works.'
'Very interesting material that was condensed into a 6 week class in such a way that students were able to assimilate a lot of new information in a short period of time.'
'The content is very in depth and covers a wide range of topics and is presented clearly.'
‘This online course has a wealth of useful materials. The instructor employs many powerful economist theories in explaining the art market which I think is very helpful. In general, the combination of economics and art market in this class is very good, certainly beyond my expectations.’
‘Thank you for a very interesting and enlightening course.’