The last three weeks have been an incredibly enlightening experience. Despite some previous art history knowledge, I had never considered the art market or how it functioned. In addition to expanding my knowledge of art, I have also gained a lot of useful information about market economics that is applicable not only to art but other markets as well. After having completed the class I would define the art market as follows:
The current art market is based on the commoditization of art through its purchase, sale, and use as a form of investment. There are many factors involved in determining the nature of the art market and the value of art at a given time. These factors include current art trends/tastes; relationships between artists, dealers/galleries, and patrons; the development of identifiable brands; and competition or demand. The various players involved frequently manipulate or exploit one or many of these factors which results in the unpredictable nature of this market.