Economic Valuation of the Art Market
Keywords:
Art market, economic valuation, auction houses, art regulation, digital platforms, cultural capitalAbstract
The art market occupies a distinctive niche within the global economy: it is simultaneously an aesthetic domain and a complex economic system characterized by subjective valuation, cultural significance, and unique regulatory challenges. This paper employs a qualitative methodology—comprising a comprehensive literature review, analysis of existing legal frameworks, and case-based illustration—to examine the economic nature and specific characteristics of the art market, identify its principal participants and their roles, and evaluate contemporary regulatory mechanisms and associated issues. Findings indicate that art prices are determined not only by supply and demand but by subjective measures including artistic reputation, historical importance, and cultural capital. Key stakeholders—artists, galleries, auction houses, collectors, experts, and digital platforms—interact in multilayered economic relationships. Regulatory gaps (e.g., the absence of unified art registries, nascent NFT legislation) exacerbate risks of forgery and opaque pricing. The discussion highlights opportunities for improved transparency (blockchain registries, licensing of expert agencies) and suggests directions for future policy to support sustainable market development.
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