Art for sale: a candid view of the art market

Abstract

"How is an English auction different from a Dutch auction? What distinguishes a vintage print from a period, modern or estate print? Dirk Boll, Managing Director of Christie's in Zurich, explains these and other technical terms, providing invaluable insights into the machinations of the art market: the increasingly symbiotic relationship between auction houses and art dealers, the strategies used by the big auction houses, recognizing and creating trends, the profiles of the various art fairs, promising new areas for collectors and the future development of the art market are just some of Art for Sale's fascinating themes."

Contents

An Historical Overview 9 -- The Art Markets 11 -- A Question of the Right Place 12 -- A Short History of the Art Market 14 -- Beginnings 14 -- The Early Modern Market 14 -- Early Expertise 17 -- The Modern Art Market 19 -- Postwar Developments 22 -- Boom and Bust 24 -- Cartels and Globalization 26 -- The Structure of the Art Market 29 -- Commercial Intermediaries 29 -- Art Dealers 29 -- The Auction 31 -- A Mix of Trade and Auction 31 -- Consultants, Experts, Detectives 32 -- The Art Market and the Luxury Market 34 -- Content-Related Intermediaries 40 -- Museums 40 -- Media Coverage 41 -- The Collector as Client 42 -- Conclusion 47 -- Foundations and Frameworks 50 -- Organizational Foundations 50 -- Different Types of Sales 50 -- English Auction 51 -- On the Value and Utility of Art 52 -- The Stock Market and Price 56 -- Art Investment 57 -- Legal Frameworks in the European Union and Switzerland 60 -- Customs, Taxes, and the Preservation of Cultural Treasures 61 -- Droit de Suite 64 -- Germany's Model as an Example of Art Market Law 66 -- Legal Framework for Internet Distribution 69 -- Illegal Practices 71 -- Conclusion 73 -- Art as a Commodity 76 -- Product Characteristics 76 -- Authenticity 77 -- Scarcity 78 -- Market Freshness 78 -- Provenance 79 -- Museum Documentation 81 -- Classic Fields for Collectors 83 -- Painting 83 -- Works on Paper 88 -- Sculpture 88 -- Design 89 -- Applied and Asian Art 91 -- Expanding Existing Market Sectors 94 -- New Areas of Business 95 -- Shrinking Markets and New Trends 96 -- Photography 98 -- Installations 101 -- New Media Art 102 -- Looted Art as Commodity 103 -- Theft and Restitution 104 -- Legal Bases 108 -- How This Affects the Art Market 110 -- Art Forgers 113 -- Various Kinds of Forgeries 115 -- Sales of Forgeries 117 -- Related Fields of Art 118 -- Conclusion 119 -- Market Supply 123 -- Managing Shortages on the Art Market 123 -- Competition for Supply 125 -- Client Contact on the Supply Market 128 -- Trade 129 -- Auction Houses 133 -- Conclusion 138 -- The Sales Market 140 -- Dealer Sales 140 -- Showrooms 140 -- Art Fairs 143 -- New Distribution Channels and Trade on the Internet 147 -- Client Outreach on the Market 149 -- Client Services 154 -- The Auction Market 156 -- The Classic Auction 156 -- The Internet Auction 166 -- New Distribution Channels 171 -- The Battle for the Middle Market 172 -- Client Outreach on the Sales Market 174 -- Client Services 177 -- Sales through a Hybrid of Dealership and Auction 181 -- Conclusion 182 -- A Review and Some Conclusions 185 -- Buying and Selling through Auctions and Trade 185 -- An Inventory of Changes on the Market 186 -- Future Directions and Conclusion 189.