Art of the Deal: Contemporary Art in a Global Financial Market

Overview

Art today is defined by its relationship to money as never before. Prices of living artists' works have been driven to unprecedented heights, conventional boundaries within the art world have collapsed, and artists now think ever more strategically about how to advance their careers. Artists no longer simply make art, but package, sell, and brand it.

Noah Horowitz exposes the inner workings of the contemporary art market, explaining how this unique economy came to be, how it ...

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Art of the Deal: Contemporary Art in a Global Financial Market

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Overview

Art today is defined by its relationship to money as never before. Prices of living artists' works have been driven to unprecedented heights, conventional boundaries within the art world have collapsed, and artists now think ever more strategically about how to advance their careers. Artists no longer simply make art, but package, sell, and brand it.

Noah Horowitz exposes the inner workings of the contemporary art market, explaining how this unique economy came to be, how it works, and where it's headed. He takes a unique look at the globalization of the art world and the changing face of the business, offering the clearest analysis yet of how investors speculate in the market and how emerging art forms such as video and installation have been drawn into the commercial sphere.

By carefully examining these developments against the backdrop of the deflation of the contemporary art bubble in 2008, Art of the Deal is a must-read book that demystifies collecting and investing in today's art market.

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Editorial Reviews

Journal of Cultural Economics
[T]he precision and lucidity with which Mr. Horowitz describes the commercialization of art should garner appeal for his book across a broad swath of market participants. For the rest of us, it is an enjoyable glimpse into the opaque corners of the art community.
— Benjamin R. Mandel
Tabula Quarterly
Horowitz has provided readers with a very thorough and wide-ranging analysis of the contemporary art market that brings an unprecedented complexity to this discussion. His synthesis of the literature on the topic is sophisticated yet lucid and the book is exceptionally well researched, supported by countless citations.
— John Zarobell
Daily Beast
Art of the Deal is a crucial book on art and finance.
— Blake Gopnik
Art Newspaper
I thoroughly enjoyed this critical account of the global contemporary art economy; Noah Horowitz has a real understanding of the inner workings of the market. The fact that he chose to focus on video and experiential art renders his account unique and gives even the seasoned reader interesting insights. I appreciated his analysis of the markets for these practices, which is unusual in this sort of literature.
— Thaddaeus Ropac
Daily Beast - Blake Gopnik
Art of the Deal is a crucial book on art and finance.
Journal of Cultural Economics - Benjamin R. Mandel
[T]he precision and lucidity with which Mr. Horowitz describes the commercialization of art should garner appeal for his book across a broad swath of market participants. For the rest of us, it is an enjoyable glimpse into the opaque corners of the art community.
Tabula Quarterly - John Zarobell
Horowitz has provided readers with a very thorough and wide-ranging analysis of the contemporary art market that brings an unprecedented complexity to this discussion. His synthesis of the literature on the topic is sophisticated yet lucid and the book is exceptionally well researched, supported by countless citations.
Art Newspaper - Thaddaeus Ropac
I thoroughly enjoyed this critical account of the global contemporary art economy; Noah Horowitz has a real understanding of the inner workings of the market. The fact that he chose to focus on video and experiential art renders his account unique and gives even the seasoned reader interesting insights. I appreciated his analysis of the markets for these practices, which is unusual in this sort of literature.
From the Publisher
"Art of the Deal is a crucial book on art and finance."—Blake Gopnik, Daily Beast

"[T]he precision and lucidity with which Mr. Horowitz describes the commercialization of art should garner appeal for his book across a broad swath of market participants. For the rest of us, it is an enjoyable glimpse into the opaque corners of the art community."—Benjamin R. Mandel, Journal of Cultural Economics

"Horowitz has provided readers with a very thorough and wide-ranging analysis of the contemporary art market that brings an unprecedented complexity to this discussion. His synthesis of the literature on the topic is sophisticated yet lucid and the book is exceptionally well researched, supported by countless citations."—John Zarobell, Tabula Quarterly

"I thoroughly enjoyed this critical account of the global contemporary art economy; Noah Horowitz has a real understanding of the inner workings of the market. The fact that he chose to focus on video and experiential art renders his account unique and gives even the seasoned reader interesting insights."—Thaddaeus Ropac, Art Newspaper

"One welcome aspect of the book is that its avoids to a degree but not entirely the usual cast and plot lines because of its focus on the relative undermined areas on 'immaterial' art genres in the first two essays. The book's discussion of video and experiential art is interesting. The discussion of the minutiae of this world of performances, installations, action and social interaction and their ancillary elements, content ownership and the rise of the collector's box will add greatly to the reader’s ability to appear learned on a suitable social occasion."—Satyajit Das, naked capitalism

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Product Details

  • ISBN-13: 9780691148328
  • Publisher: Princeton University Press
  • Publication date: 1/3/2011
  • Edition description: New Edition
  • Pages: 384
  • Product dimensions: 6.30 (w) x 9.30 (h) x 1.10 (d)

Meet the Author

Noah Horowitz is an art historian and expert on the international art market. He has edited and contributed to publications on contemporary art and economics for institutions including the Serpentine Gallery, London; the Astrup Fearnley Museum of Modern Art, Oslo; and the United Kingdom's Intellectual Property Office. He holds a PhD from the Courtauld Institute of Art and is the coeditor of "The Uncertain States of America Reader".
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Table of Contents

List of Illustrations xi Preface xiii Acknowledgments xix Notes on Sources xxi Introduction 1
Chapter 1: Video Art 26
Chapter 2: Experiential Art 87
Chapter 3: Art Investment Funds 143
Conclusion 188
Appendix A: Record Prices for Video Art at Auction, December 2009 215
Appendix B: The Film and Video Collections of Tate and the Whitney Museum of American Art 218
Appendix C: Art Investment Fund Universe 257
Notes 281
Selected Bibliography 331
Index 349

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