Home > Blossary: The art economy
Terms pertaining to the economics of fine art

Category: Arts

7 Terms

Created by: Michelle Wong

Number of Blossarys: 1

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The market in which existing works are offered by dealers and auction houses for resale. Like the broader financial market, the market for works of art operates on a two-tier system. Most activity, ...

Domain: Economy; Arts & crafts; Category: Economics; Fine art

The historical record of the ownership, custody, and location of a work of art. Provenance is one of the most important and measurable elements in the valuation of artwork. Though not itself a ...

Domain: Arts & crafts; Category: Fine art

The market in which original works are sold for the first time. Like the broader financial market, the art market operates on a two-tier system. It is at this first level that artists sell directly ...

Domain: Economy; Arts & crafts; Category: Economics; Fine art

An end product of the arts. Cultural goods are considered to be distinct from other goods and services owing to certain necessary features: they require some input of human creativity, possess or ...

Domain: Economy; Culture; Arts & crafts; Category: Economics; General culture; Fine art

A scholarly, annotated compilation, organized either chronologically or thematically, of all of an artist's known works in a given medium. Each work is described through technical, bibliographical, ...

Domain: Art history; Category: General art history

The system of individuals, groups, and institutions involved in creating, exhibiting, promoting, buying, and selling art. Principal actors include artists, museums, galleries, auction houses, and ...

Domain: Economy; Art history; Category: Economics; General art history

An economic phenomenon whereby costs continue to rise in sectors that experience no increase in labour productivity, leading to an ever-widening gap between costs and revenues. This scenario was ...

Domain: Economy; Category: Economics

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