By Ruth Towse
The second one version of this largely acclaimed and broadly mentioned number of unique contributions by way of professional authors displays adjustments within the box of cultural economics during the last 8 years. completely revised chapters along new subject matters and members convey the guide brand new, bearing in mind new study, literature and the influence of recent applied sciences within the inventive industries.
The booklet covers a variety of issues encompassing the inventive industries in addition to the economics of the humanities and tradition, and contains chapters on: the economics of artwork (including auctions, markets and prices), artists’ labour markets, creativity and the artistic economic climate, cultural districts, cultural price, globalization and foreign alternate, the net, media economics, museums, non-profit companies, opera, functionality symptoms, appearing arts, publishing, rules, tax bills and welfare economics.
This hugely recommended reference software may be warmly welcomed on quite a lot of classes within the fields of economics, enterprise, administration, arts administration and cultural and media experiences.
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Extra info for A handbook of cultural economics
If the work remains unsold, the dealer can either keep it in the inventory, without transfer of property rights, or the artist can take the work back. In these consignment relationships, risk, which is high given the uncertain economic value of contemporary art, is shared between artist and dealer. As Richard Caves puts it, the relationship between an artist and a dealer resembles a joint venture more than a principal–agent relationship (Caves, 2000, p. 39). A second advantage for a dealer to sell art on the basis of consignments is that the capital intensity of his enterprise remains low: since s/he does not need to buy the works he offers for sale, the dealer does not tie up capital in inventory.
As in previous bust periods, auction houses have reported higher rates of lots that remain unsold. Motives of buyers Three different motivational categories can be distinguished for buyers within art markets. Some are primarily motivated by reasons directly related to the work of art itself: people may buy art because they find it aesthetically pleasing, because they seek to decorate their interior, or because they have a profound artistic interest and are building up a collection of artworks. A second set of reasons is financial: art may be bought as an investment, a store of wealth or as a hedge against inflation.
The profit s/he makes by selling the work of these artists tends to be invested in the careers of the others – a form of cross-subsidization. Usually new artists are incorporated into the gallery’s roster through recommendations by artists or by other experts whose judgement the art dealer trusts. Dealers represent these artists on a consignment basis: the artist does not sell his/her work to the gallery but consigns it for a solo or group exhibition. In the event that the work is sold, the proceeds are divided according to a pre-established ratio.