BUS 430 – The Business of Art: the Economics and Management of Culture

Description
Markets for visual arts provide a particularly fertile ground for those concerned with the economics of culture, communication and marketing studies, basic business, and finance.
The study of the past and current structure of the market for visual arts, the mechanisms that fuel this flourishing market, and the involvement of public and private institutions in the context of the current globalization of the arts, all provide significant instruments for the development of museum management studies, as well as a different methodological approach to art history and history of culture management.
Past contributions to cultural economics were focused mainly on public policy issues. In recent times, however, the interdisciplinary nature of this discipline and the growing interest in it expanded research to broader areas that combine economics with the sociological, anthropological, and historical point of view, as well as with the current financial world.

Objectives and Outcomes
Upon completion of this course, students should be able to:
– Develop an understanding of the main topics and scope of the field as well as the history, behavior, and structure of the art market.
– Evaluate the organization of visual arts and cultural industries both in the past and in the ‘new economy’ environment.
– Assess the role of institutional networks that sustain and promote the art business, the current art market, and the auction house environment.

Course descriptions may be subject to occasional minor modifications at the discretion of the instructor.

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