A scholarly, annotated compilation, organized either chronologically or thematically, of all of an artist's known works in a given medium. Each work is described through technical, bibliographical, and historical details, accompanied by commentary and, occasionally, relevant iconographic documents. ...
The system of individuals, groups, and institutions involved in creating, exhibiting, promoting, buying, and selling art. Principal actors include artists, museums, galleries, auction houses, and dealers.
The historical record of the ownership, custody, and location of a work of art. Provenance is one of the most important and measurable elements in the valuation of artwork. Though not itself a guarantee of authenticity, a well-established record of provenance means that a work is less likely to be ...
The market in which existing works are offered by dealers and auction houses for resale. Like the broader financial market, the market for works of art operates on a two-tier system. Most activity, by a wide margin, takes place in the secondary market. This predominance of exchanges at the second ...
The market in which original works are sold for the first time. Like the broader financial market, the art market operates on a two-tier system. It is at this first level that artists sell directly to collectors and dealers, as well as through dealers and brokers on an agency basis. Making initial ...
An economic phenomenon whereby costs continue to rise in sectors that experience no increase in labour productivity, leading to an ever-widening gap between costs and revenues. This scenario was first proposed in a 1966 book by William J. Baumol and William G. Bowen entitled Performing Arts: ...
An end product of the arts. Cultural goods are considered to be distinct from other goods and services owing to certain necessary features: they require some input of human creativity, possess or convey some symbolic meaning or message, and contain some form of real or potential intellectual ...
A fabricated bid announced during an auction in order to give the impression of greater demand for an item. Chandelier bids are most likely to be used as a way to reach the reserve price on an item: the auctioneer is legally bidding on behalf of the seller and must stop accepting bids once the ...
