Art Market Economics is an intensive and in-depth course designed to introduce you to the essential features of today’s art market. Written and presented by Dr Clare McAndrew, leading art economist and author of the annual industry benchmark report, The Art Market, An Art Basel & UBS Report. Over six weeks, the course will teach you the development and structure of the art markets in key regions; critical economic theory for understanding the market; art finance; regulation; and the economic impact of the art market. Art Market Economics is structured for those thinking of entering the art industry as a career, for those wishing to develop their professional careers, or for those looking to enter the art market as buyers or consignors.
This detailed course is augmented throughout with in-depth data visualisations that unpack complex subjects for ease of understanding. The animations in Art Market Economics were created by Adam Frost and Tobias Sturt, who produced infographics at The Guardian newspaper and teach their data visualisation masterclass. The course includes weekly multiple-choice tests to help you learn and retain the core content.
Included in the course are twelve exclusive interviews giving you access to the people working across the art world, offering you unparalleled insight into their roles, expertise, and motivations.
Exclusive interviews feature:
Josh Baer Art advisor; founder of the Baer Faxt
Bruno Boesch Of Counsel, FRORIEP; editor of The Art Collecting Legal Handbook
Stephen Brooks Deputy CEO, Christie’s
Anthony Browne Chairman, The British Art Market Federation
Michael Findlay Director, Acquavella Galleries
Anneke Geyer Communications, Basel Tourism
Suzanne Gyorgy Head, Art Advisory & Finance, Citi Private Bank
Phillip Hoffman CEO of The Fine Art Group
Robert Norton Co-Founder, Verisart
Jussi Pylkkänen Global President, Christie’s
Alice de Roquemaurel Senior Specialist, Post-War and Contemporary Art, Christie’s
Uli Sigg Former Swiss ambassador to China; major collector of Chinese contemporary art
What you will learn:
You will have gained a professional understanding of the economics of the art market.
You will have been taught about how the market for art is situated within the context of the wider economic landscape, the globalisation of demand and supply, and the market’s rapid expansion over the last 20 years.
You will have seen how the art market is structured into primary and secondary markets, the expansion and diversification of those institutions that operate within them, how they function and interact, and the strong polarisation towards the top end of the market.
You will have studied the economic theories essential to understanding the art market, and gained the analytical skills to understand supply and demand curves, elasticities, drivers, and the factors involved in valuing works of art.
You will have been taught about the different types of investment in art, and how to calculate the risks and returns associated with them using statistical methods.
You will have learned about the role of the state in the art market, including externalities, regulations and taxes.
You will have seen how the art market is responding to digital disruption, and learned about the ways the art market has significantly expanded online. You will have been taught about the overall economic impact of the art market, ways of measuring this, and the importance of ancillary industries.
You will be well-placed to commence further study or to consider a career within the art professions.
Registration is open for this course, you can register today by clicking on Enrol Now against your preferred course dates in the Course Dates tab.
Online courses are designed for students to study when it is most convenient for them. Our pre-recorded lectures are filmed with documentary-style production values, taking you on a narrative-led journey through your chosen subject.
Each module's lecture lasts for approximately one hour.
Our courses are arranged in modules, containing your lectures and special features. Each week, a new module will open for you to study, allowing you to explore the content at your own pace. Typically, our courses consist of six modules overall.
During your time on the course, your Tutor will provide:
Frequent art world announcements.
Opportunities to ask questions and request tutor guidance.
Tutor-initiated discussions filled with stimulating questions on course topics or art world news.
Art History courses have optional written assignments with detailed and supportive individual feedback to help develop ideas and enrich analytical skills and understanding.
Art Business and Luxury courses have optional multiple-choice assignments to consolidate learning and track progress.
Handouts and English subtitles are provided to reinforce your learning.
Networking with fellow students.
You have three weeks after the course has finished to complete your assignments and discuss the course with your tutor.
All video lectures and course materials remain available to students for six months after assignments close.
If you complete all the assignments and complete the course, you will receive a Certificate of Completion. Certificates are not available for self-directed courses.
The course will require between two to three hours of study time per week. There will be further reading and weekly assignments.
The course is facilitated through an online learning environment that is compatible with most modern browsers. It is the responsibility of students to have the proper hardware and software required to participate, along with access to WiFi. The basic technical requirements can be found in the FAQs.
‘This was the best course on (art) economics I ever followed. Brilliant instructor, good educational tools and exhibits, very interesting economic reasoning. Science was brought in an uncompromisingly scientific but elegant way. Very impressive. Sincere thanks.’
'The material of the course was very comprehensive and I felt that I learnt more than I expected to learn. It was very in depth and I am grateful for this.'
'I have taken 19 courses resulting in a certificate. I would rate this course best.'
‘I would recommend this course to people around me.’
‘I liked the global view. This class does not focus on the western art market alone, but also introduces the art market in the emerging east, especially China.’
'I studied economics 50 years ago then became a financial economist at a bank. Although my professional knowledge was updated through attending seminars and life-long learning I somehow "forgot" the basics of modern economics. Dr. McAndrew brings basic economic theory to life in a brilliant way with a lot of evidence and references to interesting economists. About economics, Dr. McAndrew demonstrates that humans are complex beings not only motivated by self-interest.'
‘Compared to other courses, the depth of learning with regard to the art industry exceeded my expectation, particularly given the relatively short modules within each session.’
‘I looked forward to each week.’
‘I liked how there was a wide range of topics discussed, yet each topic is discussed in depth.’
'I have been very impressed with this course. Very clear layout and progression. A wealth of information generating starting points for further study. In general, very insightful interviews at the end of each module.'
‘I liked the detailed knowledge and presentation of information. The online platform was extremely efficient.’
‘I understood everything without any previous study of economics.’
'I liked the wide range of topics covered and the level of depth. I do feel that after not knowing anything about the art market, I have completed having a very good understanding of how the market works, the different players, levers used, restrictions and why certain locations strive better than others. It gives one a fantastic overview of the art market. Also the exclusive interviews with persons currently at the top of the Art Market was invaluable and a game changer.'
'Art is often explained in an art history or art interpretation context. However, for those who are looking for an analytical and quantitative explanation of "Economics", or those who want to understand art as a financial asset class, this course is very helpful to let us understand how the art market works.'
'Very interesting material that was condensed into a 6 week class in such a way that students were able to assimilate a lot of new information in a short period of time.'
'The content is very in depth and covers a wide range of topics and is presented clearly.'
‘This online course has a wealth of useful materials. The instructor employs many powerful economist theories in explaining the art market which I think is very helpful. In general, the combination of economics and art market in this class is very good, certainly beyond my expectations.’
‘Thank you for a very interesting and enlightening course.’