Disempowering institutional behaviour by exploring the risks associated with investing into the Fine Art Market (original) (raw)
Research illustrates that the procurement and selling of fine art are extremely psychological. The wealthy classes infrequently buy fine aesthetic objects for merely financial reasons. There is a sense of emotional gratification from acquiring attractive fine art but it can be a risky enterprise when purchased not only as a leisure activity, but also as an investment. Purchasers of fine art derive immense pleasure from exhibiting their art in their home and also share art with their peers. Owning fine art also grants one greater social status but given that the valuation of fine art is highly subjective, if one’s motivations are purely financial, and not necessarily leisure-based, this makes investing in fine art decidedly risky. This article examines the role of institutions in the global art market. Due to the asymmetrical distribution of information between art investors and the art institutions, there is uncertainty over the value of 'Fine Art' between those that wish to...
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