ART-INDUSTRY MARKET INFRASTRUCTURE: THE ANALYSIS OF MODERN STRUCTURE AND FUNCTIONS

Keywords: the art industry market infrastructure, the primary art market, the secondary art market, art assets, the provenance of an art object, auction houses, art dealers, estimate, auction tenders, patronage, engagement, motives for acquiring art objects

Abstract

The subject matter of the article is the infrastructure of the art industry market. The goal to substantiate scientific and methodological foundations for the development of the art market infrastructure in the process of its formation and development and to identify key actors in the art market basing on the generalization of international experience. Objectives: auction houses were classified, the features of work of the main subjects of the art market were specified, the motives for acquiring art objects and the features of the art market were systematized and the main indices of the art market were analyzed. Methods: the abstract and logical analysis, theoretical generalization, the system and statistical analysis. The following results are obtained: auction houses in the art industry market were classified by levels and countries, the annual sales volume, the number of lots sold, and the market share were determined; the features of auction trades in the art market were specified; the role of art dealers in the social and communicative system "artist-work-public" in three categories is revealed within the art market; special attention was paid to the patronage in the sphere of cultural mediation in the art industry market; art assets were ranked according to the level of profitability;  motives for acquiring art objects were systematized and irrational motives for art investment were identified; the features of the art market were identified and systematized, the main indicators of the art market were analyzed. Conclusions. The art market is considered as a semi-functional phenomenon, which acts as a regulator of relations between artists and the public. It synchronously fulfils a number of social functions: informational, intermediary, pricing, motivating, regulating, social and cultural ones. One of the main conditions for the successful functioning of the art industry market is the formation and development of its infrastructure. The modern art market is characterized by high profitability, low liquidity and long-term profitability.

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Author Biographies

Тетяна Валеріївна Момот, O. M. Beketov Kharkiv National University of Urban Eсonomy
Doctor of Sciences (Economics), O. M. Beketov Kharkiv National University of Urban Eсonomy, Head of the Department of Financial and Economic Security, Accounting and Auditing
Дарина Тарасівна Момот, O. M. Beketov Kharkiv National University of Urban Economy
O. M. Beketov Kharkiv National University of Urban Economy, Master student of the Department of Financial and Economic Security, Accounting and Auditing

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Abstract views: 267
PDF Downloads: 38
Published
2018-07-03
How to Cite
Момот, Т. and Момот, Д. (2018) “ART-INDUSTRY MARKET INFRASTRUCTURE: THE ANALYSIS OF MODERN STRUCTURE AND FUNCTIONS”, INNOVATIVE TECHNOLOGIES AND SCIENTIFIC SOLUTIONS FOR INDUSTRIES, (2 (4), pp. 34-44. doi: 10.30837/2522-9818.2018.4.034.