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Workshop 2018/2019 | Fellow Forum

Art as a subsidized asset class

November 22–23, 2018

During the last decades, art, in particular modern and contemporary art, has developed into an alternative asset class. However, this finding is neither reflected in the art historical analysis nor in the legal framework for the global art market: The majority of art historians seem to regard this development as negligible feature of the art scene, and none of the relevant jurisdictions has as yet provided rules that even remotely resemble the legal protection of markets and investors in securities trading. As a consequence, the art market is characterized by a degree of intransparency and an array of manipulative practices that would be inconceivable in securities markets. The indifference of legislators to disturbances and distortions of art markets is obviously based on the widespread perception that the victims of these structures and practices are mainly (ultra) high net worth individuals who dominate the demand for art. But this attitude ignores the public involvement that sets the art market apart from markets for other luxury goods: Through tax breaks for private donations and trusts and value-enhancing curatorial services in public museums and exhibitions, art has become a highly subsidized asset class. These rules and institutions, which were originally meant to serve the public interest by isolating works of art from the market context, are perhaps better understood if they are conceived as part of the art market, i.e. as instruments that sophisticated suppliers, consumers and intermediaries of art can apply to serve their own economic interests. Public institutions have thus become accessories to practices that lead to artificially inflated prices, which in turn are co-financed by public budgets through tax subsidies and infrastructure services.

How does this nexus influence the production and the consumption of art? What is the esthetics of art as a financial product? Which economic and esthetic changes would we have to expect from a regulation of the art market along the lines of securities regulation? Would the public interest in the production, preservation, and public display of art be better served by incentives other than the present tax breaks?

 

Our workshop intends to bring together experts from art history, law, economics and sociology in order to discuss these questions.

Convener

2016/2017

Thomas Ackermann

Ludwig-Maximilians-Universität München

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2016/2017

Julia Voss

Leuphana Universität Lüneburg

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Contact

Corina Pertschi

Workshops

Tel. +49 30 89001 158

Email corina.pertschi@wiko-berlin.de

Participants

Fernando Loureiro Bastos
Universidade de Lisboa

Isabelle Graw
Städelschule Frankfurt

Jasmin Haslach
Ludwig-Maximilians-Universität München

Sarah Hegenbart
Technische Universität München

Khairuddin Hori
Chan + Hori Contemporary

Lars Klöhn
Humboldt-Universität zu Berlin

Roman Kräussl
Université de Luxembourg

Clare McAndrew
Arts Economics

Arja Miller
Emma - Espo Museum of Modern Art

Christine Osterloh-Konrad
Eberhard Karls Universität Tübingen

Sophie Schönberger
Heinrich Heine Universität Düsseldorf

Olav Velthuis
University of Amsterdam

Matthias Weller
Universität Bonn

Dorothee Wimmer
Technische Universität Berlin

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