This course has taught me a lot of useful information about the art market. I feel I understand the mechanisms of the market and how it has evolved. I have learned that the market is ever changing and has undergone many transformations. Demand has skyrocketed, as art has become an investment. Supply has risen to meet increasing interests of new money and new buyers. Perhaps the largest evolution in the market is the fact that art has transcended its status as a mere luxury into a financial asset. I have learned that the escalation of pricing in the art market revolves heavily around the supply and demand of works over time. Marketing hype by dealers as well as pre-sale estimates set by auction houses aid in defining the pricing structure of current art transactions. I have come to understand the necessity of the art dealer in the art market as the value of art becomes defined by current tastes and buyer’s preferences. It is crucial for dealers to play a role in influencing those tastes to sell art and make the market cycle go round. The dealers rely on personal relationships, rigorous marketing and branding to be successful.
In addition to being a valid commodity art has great aesthetic value as well as commercial worth. Art now also offers cultural and celebrity status rewards. This course has taught me that the modern art market has grown to play a crucial role in the culture, politics and social life.