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The Art Market, Global Economy and Information Transparency

Author

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  • Federica Codignola

    (University of Milan-Bicocca)

Abstract

The economic role of art is sustained by complex marketing processes, which tend to modify the aims and conditions of artistic enterprise. The great dynamism which characterises the global markets in which businesses move nowadays also affects artistic enterprises and hence the artist-cumentrepreneur. In the global art market, therefore, information flow between demand, supply and distribution, risks being asymmetrical. With globalisation, the art market has recorded considerable changes. The market has become internationalised up to the point of becoming a worldwide market. On the whole, globalisation of the art market appears to have favoured an increase in supply and its revitalization, too. Demand has undergone a remarkable growth, probably due also to its fragmentation and diversification.

Suggested Citation

  • Federica Codignola, 2003. "The Art Market, Global Economy and Information Transparency," Symphonya. Emerging Issues in Management, Niccolò Cusano University, issue 2 Marketi.
    • Handle: RePEc:sym:journl:52:y:2003:i:2
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    File URL: https://symphonya.unicusano.it/article/view/2003.2.07codignola
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    References listed on IDEAS

    as
    1. Elisabetta Lazzaro, 1999. "The intermediaries of contemporary art: An analysis of the impact of differentiation strategies on market share," ULB Institutional Repository 2013/149136, ULB -- Universite Libre de Bruxelles.
    2. Frey, Bruno S. & Eichenberger, Reiner, 1995. "On the rate of return in the art market: Survey and evaluation," European Economic Review, Elsevier, vol. 39(3-4), pages 528-537, April.
    3. Silvio M. Brondoni, 2001. "Brand Policy and Brand Equity," Symphonya. Emerging Issues in Management, Niccolò Cusano University, issue 1 Brand E.
    4. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
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    Cited by:

    1. Thom, Marco, 2016. "Fine artists' entrepreneurial business environment," Working Papers 06/16, Institut für Mittelstandsforschung (IfM) Bonn.
    2. Grigoroudis, Evangelos & Noel, Laurent & Galariotis, Emilios & Zopounidis, Constantin, 2021. "An ordinal regression approach for analyzing consumer preferences in the art market," European Journal of Operational Research, Elsevier, vol. 290(2), pages 718-733.

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