Economic Valuation of the Art Market

Authors

  • Zunnunova Umida G‘ulomovna Professor of Department of Social Sciences and Informatics National institute of Fine Art and Design named after K.Behzod, Uzbekistan, Tashkent
  • Gafforov Adhamjon Abdurahmon ugli 5th-year Student of Faculty of Art Studies and Museology Management (Art Management and Gallery Work) Program National institute of Fine Art and Design named after K.Behzod, Uzbekistan, Tashkent

Keywords:

Art market, economic valuation, auction houses, art regulation, digital platforms, cultural capital

Abstract

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.

References

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Published

2025-06-12

How to Cite

G‘ulomovna, Z. U., & ugli, G. A. A. (2025). Economic Valuation of the Art Market. American Journal of Education and Evaluation Studies, 2(6), 146–151. Retrieved from https://semantjournals.org/index.php/AJEES/article/view/1952

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