The art market has seen many changes over the past 20 years, including a democratization of information through technology and the rise of art as an investment asset and financial tool. Collector tastes evolve continuously. As a budding art advisor, you want to make sure you know the ins and outs of the international art market. How do auction houses, art fairs, galleries and art collectors interact with each other? And what is the role of an art advisor in this fragmented global marketplace? In this module we will discuss art market fundamentals and what they mean for you and your business.
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Hi, welcome to module one. In order for you to understand the idiosyncrasies of the art market, we're going to need to talk about a couple of key concept in the art market. First of all, let's talk about structure and size, and after that, I'd like to take you through some of the changes that have gone on for the past 20 years in the art market.
For example, art is really seen as a financial asset these days and it's no longer considered just a purchase of passion. At the same time, technology has made prized data much more available to collectors which is very very helpful.
After that, I'm also going to talk about the markets opacity and its unregulated informal nature and what that means for the relationship between buyers and sellers because they're both important factors. How do art advisors provide value in a relationship between buyers and sellers, auction houses, galleries, and collectors? Well, let's find out.