Art has become big business in way not seen since the Dutch golden age. Once the preserve of a small elite, recent growth in the art and financial markets has made art a more accessible investment option for individuals than ever before. Yet this growth has posed new forms of uncertainty, volatility and risk to the art world and its participants.
Art has become big business in way not seen since the Dutch golden age. Once the preserve of a small elite, recent growth in the art and financial markets has made art a more accessible investment option for individuals than ever before. Yet this growth has posed new forms of uncertainty, volatility and risk to the art world and its participants.
Anna Dempster is Senior Lecturer of Art Business at Sotheby’s Institute of Art, London, (previously Judge School of Management, University of Cambridge) and is supported by a strong list of contributors from top institutions around the world.
Anna M. Dempster has brought the classical economic perspective on
risk and uncertainty to the art market in this unique and valuable
collection of essays.
*Joseph Douglas Green 1895 Professor of Economics, Princeton
University*
Risk and Uncertainty in the Art World paints in vivid detail the
amazing art market landscape. It is a must read for art collectors
and investors.
*Professor of Finance, Cheung Kong Graduate School of Business;
Founder of the Mei Moses® Fine Art Index*
With the rise of a global market and its increasing use as a
vehicle for investment, it is not surprising that the sale of art
is the subject of an increasingly sophisticated secondary
literature. Risk and Uncertainty in the Art World is an admirably
comprehensive set of essays analysing all aspects of the operation
of the contemporary art market from different intellectual
perspectives.
*Secretary and Chief Executive, Royal Academy of Arts*
This timely collection of essays illustrates the multitude of
uncertainties that pervade the Art World. Like the financial
markets, art markets are widely varied and have a long and
venerable history. This fascinating volume shows that the two
markets have much in common and can learn from each other. For the
uninitiated, the book provides a unique and informative view into
the mechanics and peculiarities of a little understood world. For
practitioners of any background, including Finance, it clearly
demonstrates that there is much to learn from the Art World about
coping with uncertainty and managing risk.
*EDHEC Business School and Editor, Journal of Portfolio
Management*
As the art market is transformed by new types of participant and
technology, assessment of risk in the art world remains
undeveloped. Anna Dempster performs a valuable service bringing
together expert, thought-provoking views on this emerging subject
area.
*Author of The Devil’s Derivatives*
As interest in the art market continues to grow, a new book
expertly edited by Anna Dempster, a senior lecturer at Sotheby’s
Institute of Art, London—develops its related themes of risk and
uncertainty and widens these out to the “art world”.
*The Art Newspaper*
The burgeoning business of art has inspired an increasingly nuanced
literature of its own. This collection of essays, which stems from
a 2011 conference at Sotheby’s Institute of Art in London, examines
the interplay between our cultural obsession with risk and the
rapidly evolving global art market. A range of art specialists and
economists bring their expertise to bear on topics that range from
new markets to issues of authenticity.
*Apollo Magazine*
A new book, Risk and Uncertainty in the Art World (Bloomsbury),
edited by Anna Dempster, senior lecturer in art business at
Sotheby’s Institute, explores many issues in a series of essays.
Some look at the past – dealers’ “rings” in 18th-century France, or
the investment performance of violins and stamps. Others look to
the future and the challenges of today’s rapidly changing
market.
*Financial Times*
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