I think this has been a really interesting class, and I have learned a lot of about the art market, and I certainly have a much broader knowledge base than I did prior to the course. If I had to define the art market, attempting to be as concise and clear as possible, it might be as follows:
The modern art market is a rapidly evolving and modernizing industry that has produced a transformation from an insular, relationship-based market with little regulation and transparency and few major players into a global, thriving world with limited barriers to entry and ever-changing rules of discourse. Demand has skyrocketed as art has proven to be adept at sustaining its prices and interest, and supply has risen commensurately to meet the new entrants. Consumers of all socioeconomic strata have found a place in both the public auction market and the private dealer market, and generally accepted rules of discourse and ethical commerce have come at a slow, but steady pace. Prices are still subjective and subject to considerable drivers of public perception and susceptible to a degree of market manipulation, but as journalistic coverage has increase and the market has higher public visibility, historical data will accumulate, comparative examples will accrue, and valuation methodology will become more widespread and trustworthy. Art has transcended its status as a luxury good into a financial asset and addition to portfolio theory, as well as retaining its aesthetic, decorative quality. Artists still have a general derision towards defining art as a commodity, but as demand increases and art obtains a larger place in the worldwide cultural environment, artists will realize the value in the rampant spread of art and welcome the increase of the market. The market is growing faster than its old model can sustain it, but as government recognizes the industry and imposes regulations to protect the interests of unsophisticated consumers, and as conflicts of interest are eliminated and aligned with sellers and buyers, the art market has the potential to become a worldwide industry that is very much at the forefront of public discourse, and usher in an era of art that enjoys a prominence not seen since the Renaissance and that plays a vital role in international culture and social life.