Plotting the art market: An interview with Clare McAndrew

McAndrew, Clare; Malik, Suhail; Nestler, Gerald

doi:10.2218/finsoc.v2i2.1728

Cited by 26 publications

(27 citation statements)

References 2 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…First, it was conducted on a sample of firms from the same country. As Italy is one of the world's more active art markets [98], however, and as the art gallery industry is fragmented globally, we hope these results will inspire research in other countries and among other samples of firms. In addition, our sample was not very large, which may have influenced the ANOVA significance of some variables.…”

Section: Discussionmentioning

confidence: 94%

Growth of Firms in a Fragmented Cultural Industry: Italian Commercial Art Galleries’ Competitive Strategies

et al. 2021

View full text Add to dashboard Cite

The growth of cultural firms is important in developing local economies, enhancing employment, and improving urban sustainability, but it is difficult to achieve in fragmented industries that are populated by the smallest firms and offer a particularly unfavorable context for growth. The study takes a contingency perspective and contributes to both the literature on business strategy in fragmented industries and that on the growth of small and medium-sized enterprises (SMEs) by identifying the strategies implemented in a fragmented cultural industry, determining which of them are associated with a firm’s expected growth, and finding the few firm-specific factors that are associated with growth. It also complements the extant literature on art galleries by looking at them from the understudied strategic perspective. Suggestions for practitioners and policy makers are included.

show abstract

Section: Discussionmentioning

confidence: 94%

Growth of Firms in a Fragmented Cultural Industry: Italian Commercial Art Galleries’ Competitive Strategies

et al. 2021

View full text Add to dashboard Cite

show abstract

“…This expert perception of market weakness is consistent with macroeconomic figures. In 2016, Spain's share of the global art market in terms of value was just under 1% and represented just over 2% of the value of art and antique sales in the EU [29].…”

Section: Discussionmentioning

confidence: 99%

“…Galleries make a profit from the difference between the initial price they have paid, and the amount received from the subsequent sale of the works. This type of market dominates the global art world [29].…”

Section: Art Galleries In Spainmentioning

confidence: 99%

Sustainable Management of Contemporary Art Galleries: A Delphi Survey for the Spanish Art Market

Ronco

Torralba

2019

Sustainability

View full text Add to dashboard Cite

The art market operates in a very different way from conventional economic markets, ranging from its behaviors of supply and demand, the trading of goods, and the economic agents intervening in it. In addition, it is a highly unregulated market, with very little standardized information in economic terms. This paper focuses on art galleries, which are the most influential intermediaries in the Spanish primary contemporary fine-art market and perform a role that goes beyond the mere distribution of works of art. This study develops and applies a prospective methodology based on the subjective information compiled by experts, known as the Delphi method, to identify and evaluate the factors that determine the current situation and future outlook for Spanish contemporary art galleries. The results show, on one hand, that the method employed constitutes a valid option to provide reliable information. In addition, they show that the survival of these organizations will depend on their ability to adapt to the changing conditions of the economic environment, reactivating and internationalizing demand, and redirecting their business model towards sustainable management by implementing appropriate business management models and techniques.

show abstract

“…At the same time, there has been a progressive inclination to invest in works of art (see Goetzmann, 1993;Campbell, 2008;Mei and Moses, 2002;Renneboog and Spaenjers, 2013). According to The European Fine Art Fair, in 2015, 64 billion dollars were negotiated on the international art market (McAndrew, 2016). The study of art as an alternative investment has benefitted from the growing availability of data and prices of works sold in auctions around the world.…”

Section: Introductionmentioning

confidence: 99%

The Latin American art market: literature and perspectives

Garay

2018

ARLA

View full text Add to dashboard Cite

Objective The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed. Design/methodology/approach This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular. Findings Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments. Research limitations and implications The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow. Practical implications Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market. Originality/value To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.

show abstract

Plotting the art market: An interview with Clare McAndrew

Cited by 26 publications

References 2 publications

Growth of Firms in a Fragmented Cultural Industry: Italian Commercial Art Galleries’ Competitive Strategies

Growth of Firms in a Fragmented Cultural Industry: Italian Commercial Art Galleries’ Competitive Strategies

Sustainable Management of Contemporary Art Galleries: A Delphi Survey for the Spanish Art Market

The Latin American art market: literature and perspectives

Contact Info

Product

Resources

About