Art of the Deal: Contemporary Art in a Global Financial MarketBy Noah HorowitzArt 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.TakeawaysArt has the potential to be an important as a stored value. But there are problems with the current market such as:* Hard/expensive to verify authenticity* Expensive to store/handle/transact* Illiquid market* Difficult price discovery* Artist does not profit from secondary salesSubscribe!If you enjoyed the podcast please subscribe and rate it. And of course, share with your friends!You can also listen and join us on ReasonFM (https://reason.fm/podcast/wiser-than-yesterday) or just ask questions.
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