Economics of Visual Art: Market Practice and Market Resistance

by Amy Whitaker

Overview

How can arts managers, artists, and art market observers approach the study of economics? Accompanied by hand-drawn illustrations, wide-ranging case studies, and expansive discussion resources, this interdisciplinary microeconomics primer engages with complex – and, at turns, political – questions of value and resourcefulness with the artist or manager as the decision-maker and the gallery, museum or studio as 'the firm'. Whitaker arms the reader with analytic and creative tools that can be used in service to economic sustainability for artists and organizations. By exploring the complexities of economics in application to art, design and creative industries, this book offers ways to approach the larger world as an art project.

Product Details

ISBN-13:	9781108592710
Publisher:	Cambridge University Press
Publication date:	08/12/2021
Sold by:	Barnes & Noble
Format:	eBook
File size:	21 MB
Note:	This product may take a few minutes to download.

About the Author

Amy Whitaker is an assistant professor in Visual Arts Administration at New York University and author of award-winning books Museum Legs and Art Thinking.

Table of Contents

Preface; Introduction; 1. Markets; 2. Cost; 3. Price; 4. Structure; 5. Failure; 6. Power; 7. Labor; 8. Property; 9. Investment; 10. Systems.

Editorial Reviews

‘In spite of the romantic ideal that creative expression should exist independently of calculation and exchange, art and artists are intimately entangled in markets. In this lucid and wide-ranging book, Amy Whitaker combines incisive economic analysis with great insight to and sympathy with the world inhabited by artists. This is an essential guide for anyone seeking to understand a unique sphere of economic and cultural life.’ William Davies, University of London, author of Nervous States and The Limits of Neoliberalism

‘These ten chapters are a great introduction to microeconomics and to the modern art market. There are case histories from various aspects of the art world, such as a fascinating section on the founding history of the Tate in London, a discussion of artists’ rights, and an overview of auction theory. Highly recommended.’ Don Thompson, author of The $12 Million Stuffed Shark and The Orange Balloon Dog

‘Whitaker hits an elusive target: an engaging instructional text on the basics of economics for visual artists. While conventional wisdom tells us that artists are ‘bad with money,’ it doesn’t have to be so! Whitaker’s book is engagingly written, and each topic clearly explained, so both experts and new learners will come away with valuable new knowledge. This book is, in equal parts, a handbook for artists who want to have greater control over their work and finances, a teaching resource for arts advocates and instructors, and a treatise on how economic theorizing and research benefit from an artist’s perspective.’ Jennifer Lena, Associate Professor of Arts Administration and Sociology, Columbia University, author of Entitled and Measuring Culture

‘Amy Whitaker invites us to think from art to economics and from economics to art. Patiently, lucidly, and entertainingly, she explains the principles of economics and their application to the art world. Humanely, insightfully, and profoundly, she illuminates the forms of value that art creates and asks how economics can recognize them.’ Bill Deresiewicz, Author, The Death of the Artist & Excellent Sheep

‘To understand the workings of the art market, it is necessary to know some economics. This book takes on the challenge of teaching economics by explaining the basic concepts of microeconomics in an unusual context – the peculiarities of supply and demand for visual art. The book, copiously illustrated with the work of artists, will appeal to students of arts management, cultural professionals, artists, and anyone keen to know more about how the art world works.’ David Throsby, Distinguished Professor of Economics, Macquarie University, author of The Economics of Cultural Policy

‘This book is a wonderful account of how economics interacts with the art market. Amy Whitaker has succeeded in providing an interesting and useful text for anyone who is interested in either economics or the art market. She does a service to economics, by thoroughly reviewing a cultural application of economic analysis. Likewise, art students will have a greater understanding of the market mechanism. Bravo!’ Kathryn Graddy, Dean and Fred and Rita Richman Distinguished Professor in Economics, Brandeis International Business School, co-author of Essentials of Economics

‘Amy Whitaker is that rare person who understands both art and business, and how they interact. With this book she takes a deep dive into all aspects of the economics of art, from pricing to how art is legitimated, so enabling readers to better understand the structure of the market as well as more intangible notions, such as that of ‘taste’.’ Georgina Adam, Financial Times

From the Publisher