The Christie's Art Business Course
The Christie’s Art Business Course is designed for both art world professionals and newcomers wishing to gain an in depth knowledge of all aspects of the art market. It will provide you with the wherewithal needed to enter the market including up-to-date information and new analytical methods for those already in the business.
The course is modular so that you can choose which areas to study with the modules designed to complement one another for a complete view of the industry. Each module is made up of three evening sessions running weekly on Tuesdays. They include The Art Market, Art Law, Artistic Creativity & Art Business, Valuation/Art Appraisal, Collecting & Dealing in Art, Auction Business and Museums & the Art Market. In each lecture, following an introduction by the course leader, guest lecturers, who are leaders in their field, provide a thorough insight into an area of the art world before further discussion.
There are no specific educational requirements for the course. To receive a Christie's Foundation Certificate in Art Business four modules and an essay must be completed and passed. By completing all seven modules and a further essay you will receive a Christie's Advanced Certificate in Art Business.
Enrolment on a module is confirmed once full payment is received.
Module 1: The Art Market
The art market is one of the oldest trades in the world whose fortunes have followed the path of economic development. It is a complex mechanism which converts art into a valued and unique commodity. In the last 25 years the growth of the art market has been on an unprecedented international scale.
The aims of this module are to:
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Outline the history and historiography of the art market
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Introduce key areas of analysis to understand the art market
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Examine the role of artists and buyers in the main emerging art markets
Session 1 - History of the Art Market:
The art market is first mentioned in ancient Sumerian texts 5,000 years ago and in more detail during the Roman Empire. In the modern world its recorded development has followed the path of economic growth from 15th century Italy and the Netherlands, 17th and 18th century France, Britain and other European countries to the USA since the 19th century. The intercontinental trade in Chinese art from the 16th century is the oldest. Today, the international art market officially operates in 40 or more countries. This lecture will investigate the key developments throughout its history.
Session 2 - Analysing the Market:
Despite records going back hundreds of years, understanding how the art market works requires knowledge of a great number of activities. This lecture will provide a toolkit of what to look for, where to look, and their importance to understanding the art market. This might include key drivers such as taxation, technology and demography to price trends, key market players, trade terminology and trading costs.
Session 3 - Emerging Art Markets:
From the last quarter of the 20th century contemporary art from emerging countries has edged its way into the mainstream. In recent years a growing proportion of the top post war and contemporary art auctioned has included emerging artists. Added to this are the long established markets for Chinese ceramics and antiquities and the re-emerging art markets of Eastern Europe. On present trends the art market is likely to be transformed by emerging art and the development of emerging art markets. This lecture will explore their current and projected developments.
Module 2: Art Law
International art market law is driven by economics but involves judgements of taste related to aesthetics and culture. This has led to a wide body of law, similar to commercial law, mostly agreed and disputed between the art market's main trading partners of the USA and UK. Overseeing this, international bodies such as UNESCO have agreed international norms which are becoming accepted worldwide.
The aims of this module are to:
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Introduce students to national and international art trade law
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Examine artists' legal challenges and auction rules
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Review the laws governing art investment, museums and insurers
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Compare artists' moral and intellectual property rights
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Examine the different types of art crime, its prevention and reparation
Session 1 - The Art Trade:
The rules governing the art market today grew mainly from English law as trade developed after the 18th century. As the international market grew in the 20th century more laws were created and adopted by other countries worldwide led by the USA. This module will explain how international trade defines art and how that market is regulated by national and international treaties. It will also look at laws which guide the market’s operation such as the artist-gallery relationship, rules governing auctions and upholding museum standards and insurance rights.
Session 2 - Intellectual Property:
Artists and art owners have rights that reach beyond business law. For example, laws related to intellectual property apply specifically to artistic creation and the art market. This lecture will explore moral rights, conventions, copyright and trademark acts, freedom of criticism and expression, and recreation and fair use.
Session 3 - Art Crime:
Art crime is estimated to be up to $8bn a year which is a fifth of international art market turnover. As the market thrives so does art crime, particularly theft which is a regular feature in the international news. In this session discussion will include vandalism, theft and forgery, and issues of cultural patrimony and trade restrictions, along with the challenges of art authentication, restitution, remedy and recovery.
Module 3: Artistic Creativity & Art Business
Creativity is something that is part of human nature. It can be defined as the capacity to generate ideas or produce questions that lead to new ways of thinking. The act of making works of art creates ‘value’ in a philosophical sense as well as in monetary terms. In some ways artistic success can be gauged by the relative ability of the artist to create novel combinations of familiar ideas that can be communicated to a willing audience. To be successful in any creative industry requires great mental effort and marketing ability. For artists, aside from the requisite art skills, it is necessary to establish good relations with critics, collectors, and dealers while not compromising the artistic integrity which is ‘valued’ beyond any monetary gain. This module will introduce you to artistic creativity from the perspective of producers, promoters, viewers and consumers.
The aims of this module are to:
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Appreciate what being an artist involves
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Explain how art value is created
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Review how market research and pricing can be used
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Explore ways of maximising promotional activity
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Consider the main external influences on the art market
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Introduce the broader academic contexts for appreciating art
Session 1 - Creating Art:
Until the modern age artistic creativity was associated with divine inspiration or the romantic genius. But art often evolves from other art and is shaped by an art world system. Every work of art is a trail of research and innumerable experiments where by rare chance a new process or formula is discovered. To be recognised an artist must become an articulate self promoter who is robust to criticism and rejection of their work. But even after training most artists are resigned to holding another job to support their career. This lecture will consider the processes from artistic training to commercial recognition.
Session 2 - Creating Value and Validation:
Promotion is the other key to success in the art market. The conversion of a unique product, possibly by an unknown artist, into something desirable requires intelligent marketing. It is the intrinsic quality of the work of art that will draw collectors, dealers and critics. But identifying when and where a new creative talent has emerged cannot be done without first understanding the work of art within the context of the society in which it was created. Most artists and dealers tend to undervalue their art works at first, but this can change as soon as the artist begins to sell. In short, an artist must negotiate advantageous terms with collectors and gallery owners and not fall into the trap of exploitation. Once established artists can also find added sources of income such as prints and licensing, but these require careful negotiation. This lecture will outline the processes needed for an artist to succeed among his or her competitors.
Session 3 - Artistic Reception and Evaluation:
Motives for buying art range from aesthetic wellbeing and intellectual curiosity to social status and financial investment. Choosing what art to buy varies according to who, when, where, how, and even why the art is being viewed. Aesthetic appreciation is essential for understanding creativity and exploring the art market. One needs to be familiar with a style and able to relate it to other styles. To assist this process, art has its own language in which painters derived meaningful images based on symbols, their beliefs and imaginations. This lecture will explore artistic intention, meaning and interpretation in a wider cultural and social context.
Module 4: Valuation/Art Appraisal
Valuing art is one of the most mystifying and indispensable commercial and academic concepts. At any point in time a myriad of factors can affect art’s desirability. Consequently there are as many views on value as there are academic fields, ranging from aesthetic and social factors to economic and financial measures. Taxation can have a particular effect on the place of purchase and sale.
The aims of this module are to:
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Consider the value of art in a range of contexts
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Examine the key measurement tools for pricing and investment
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Review art business taxation
Session 1 - Valuation:
There are a range of elements which give art its intrinsic value which vary with time and place. The basis of these values are ancient Babylonian/Greek mathematical proportion, spiritual meaning given during the Middle Ages and their scientific interpretation since the Renaissance. During the 18th century Enlightenment attempts were made to represent these factors numerically as judgements about art’s value. This lecture will apply these and other factors to examples of fine and decorative art to dissect and determine fair market, replacement, probate and museum value on the basis of historical context, place and ownership.
Session 2 - Art Investment:
In surveys only 3% of art buyers admit they do so for financial reasons with another 20% both monetarily and aesthetically inspired. Yet the art market would not function without money and an expectation of some form of financial return. This session will look at art investment related to external influences, price records, measurement, returns, risks, other types of investment, and company performance.
Session 3 - Art Taxation
Art follows money and tax influences both. In an international market, collectors, dealers, auctioneers and even artists have to be mindful where they buy and sell art as tax changes can have an impact on prices. Taxes include Import VAT, Droit de Suite (artist resale rights), Capital Gains Tax (CGT) and Inheritance Tax (IHT). This lecture will look at why most art is traded in New York and London often for tax reasons. It will look at how IHT and CGT relief in the UK and US aids heritage property transfer to the nation’s museums. It will also discuss the arguments for and against Droit de Suite affecting the contemporary and modern art markets.
Module 5 Collecting & Dealing in Art:
Collecting is one of mankind’s oldest instincts. The activity has been characterised as almost a pathological disorder akin to hoarding. Yet collectors have often been the pioneers that have formed the basis of our great museum collections. For collectors there are distinct dealer markets for contemporary and older art. However, both types of dealer rely on fairs to reach a wider public at relatively low cost. Dealers can be the arbiters of taste and can create markets by nurturing collectors.
The aims of this module are to:
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Examine how dealers organise and market themselves
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Consider dealer and customer relationships
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Establish the importance of scholarship and expertise to dealers
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Review the significance of art fairs
Session 1 - Dealing:
Dealers operate differently in the primary and secondary art markets. In the contemporary art market they act as market makers and in the secondary market they smooth supply inefficiencies and recreate markets for neglected works. This lecture will look at the secondary art market from dealers in the 19th century to old master and other dealers in the 21st century. It will discuss dealer motivation and image, their customer relationships and premises, their buying and pricing methods, and the importance of scholarship and museum exhibitions.
Session 2 - Art Fairs:
Art fairs are a projecting central plank in art marketing. They thrive during buoyant economic times and when the market is looking for artistic inspiration. They are places where experienced collectors, dealers, museum curators, critics, and academics come to exchange ideas and information at relatively low cost. This session will look at the historical development of art fairs, recent trends, geographic location, prices and displays.
Session 3 - Corporate Collecting:
Culture serves as a catalyst for economic development by enhancing the aesthetics of a community, attracting a well-educated public and improving commercial values. In 2009-2010, UK private cultural investment was £658m or 16% of total cultural spending, provided by individual giving (55%), trusts/foundations (24%) and business (22%). Of this 14% went to museums and 13% the visual arts. Corporate art collections have grown in the USA and Europe since the late 19th century, augmented by tax breaks in the 20th century. Reasons for corporate collecting include: improving the working environment, particularly during relocation/expansion; supporting local artists and the community; education and public relations; advertising and brand identity; and tax concessions and investment. In another respect, artist studies are recognised as giving business lessons in innovation, marketing, creativity, global management, and leadership.
Module 6: Auction Business
Auctions are one of the most transparent and efficient sale methods. The history of the auction in Europe is intertwined with political, economic and social history. There are cultural differences between the conduct of auctions in different parts of the world. Auctions are not always as straightforward as they seem and can be manipulated. Due to the internet, auctions are now more widespread and continuous, placing a downward pressure on prices while selling more high value art. The blurring of the market between dealers and auction houses has also caused tensions during the past thirty years.
The aims of this module are to:
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Discuss auction history
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Analyse auction results
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Explain different types of auction trade jargon
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Investigate auctioneers’ challenges
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Position auctioneers in the art market especially in relation to dealers
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Explore how technology is transforming the auction business
Session 1 - History of the Auction
Art auctions were first recorded in ancient Rome when many of the techniques used today were introduced. Britain’s first art auctions were documented in the late 17th century and were soon regarded as efficient sales venues and popular social spectacles. Christie’s is the oldest surviving art auctioneer founded in 1759-62. Sotheby’s was founded in 1744 but remained a bookseller until the nineteenth century. James Christie’s senior clerk Harry Phillips went on to found Phillips Auction House in 1792, now renamed Phillips de Pury. Today the major auction houses hold regular sales in ten countries with offices and representatives in a further thirty. For instance, in 2001 European Union de-regulation allowed Christie’s and Sotheby’s to offer sales in Paris. This lecture will trace the history of art auctions, and other types of auction, including themes like celebrated sales, key auctioneers, and malpractice, as well as auctions’ influence on the art market and society as a whole.
Session 2 - Auctioneering
About half the art sold by value worldwide is auctioned. It is the most efficient form of sale especially for large quantities of merchandise. Topics discussed during this lecture will range from types of auction and other types of sale to pricing, terminology, and conflicts of interest.
Session 3 - Auction House Specialists:
One of the key roles in the auction house is that of the specialist or expert. Their knowledge is also sought by collectors, dealers and museum curators as well as other art historians and scholars. Spotting a ‘sleeper’ (a valuable but unnoticed art work) to gain a sale ahead of competitors can also enhance the specialist’s reputation. The daily work of the specialist, initially as part of their training, involves writing art condition reports and auction catalogue entries to a high academic and legal standard. It is a profession where experienced departmental staff share their ongoing wisdom and knowledge.
Module 7: Museums & the Art Market
Museums and galleries overarch the art market functioning as guardians of scholarship and the ultimate resting place for art. They have been described as the modern equivalent to the European Cathedrals of the Middle Ages, where more people go with their families to experience art. The function of museums is changing, compounded by public funding constraints in many countries. Their ability to buy on the open market - there is a link between museum exhibitions and art prices - is often compromised by lack of funds. Museums also face challenges to their intellectual integrity when they accept donations and loans.
The aims of this module are to:
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Introduce museum history and museology
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Explain how museums operate and understand the legal structures governing acquisition and disposal
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Explore the key areas of marketing strategy in a museum
Session 1 - Museums: Future and Past
Museums grew in the 18th century motivated by private and national identity. The first museums were established in Italy, France, Germany and Britain. They evolved with the spread of wealth, education and an interest in the arts, often helped by philanthropy. In Britain there were 60 museums in 1850, 240 in 1887 and 500 by 1928. By the late 19th century, 40% of the highest art prices in Britain were attributable to museums. Today, with greater numbers of wealthy, growing interest in culture and a booming art market, museum building is burgeoning, especially in the developing world. For example, China has 1,000 new museums planned by 2015. This lecture will look at these developments including donations, funding, building, display, exhibitions, and scholarship.
Session 2 - Collecting for a Museum and Gallery:
Museum quality is used as a benchmark for art’s value (though museums will not give valuations). Museums help make new art forms acceptable and unintentionally bring benefits to collectors. The greatest challenges for a museum curator is what to collect, if available, and how much to pay for (or sell) art, within strict laws, while satisfying the tax paying public and other stakeholders. Today, for example, many museums are challenged by lack of public sector money and a growing need for private donations while deciding what to do with their surplus art. In Britain, as in many Western countries, research shows that only 20% of the public sector’s 150,000 paintings are on display. Yet de-accessioning (disposal of museum works) remains contentious because of a museum's long term scholarly needs.
Session 3 - Museum and Gallery Marketing:
Museums must appeal to a wide number of stakeholders including taxpayers, politicians, donors and sponsors but particularly tourists and the cultural media. In most countries government is the most important source of museum funding but in nations like the USA they operate mainly with the assistance of private business. In the United States, sponsorship of the arts aided by tax relief grew nearly 50 times in the thirty years to the beginning of the 21st century. This is a process that seems likely to grow internationally with consequences for the management of museums. The challenge for museums is what, when and how to display their collections as more art becomes available and people more cosmopolitan. As a key component in the culture sector museums also serve as a meeting place and venue for shopping and eating. The results are measured in satisfaction surveys, exhibition attendance, and willingness to pay entry fees and for other services. |
