The Art Market as a Global Business

The art market is about more than art.  The moment we introduce the word “market” we introduce a whole new dynamic.  The art market is about business – and business is business, no matter what market we are talking about.  Indeed, in some circumstances, the art market has more to do with the world of business, finance and economics, than it does with the art itself.  Whatever the reason for your interest, this course is designed to give practitioners an understanding of this complex global business.  This course consists of a series of eight sessions, each designed to give participants an insight into this exciting, dynamic and rapidly changing marketplace.  Each section is divided into two parts, including further recommended reading and an Exercise for those who are stimulated to explore the topics in more depth.  Moving from one session to the next, participants will gain an understanding of the individual topics, as well as of the marketplace as a whole.

Course Tutor: Jeremy Eckstein

Jeremy has spent a substantial part of his working life at the business end of the art market. He is a leading experts on the fine art economy and is a frequent author, speaker and lecturer on both the fine art economy and fine art as an asset class.  He started his career as an actuary, before joining Sotheby’s in 1979 as Head of Research, creating the Sotheby’s Index and developing a range of tools and strategies for the treatment of art as an asset class.  He advised the British Railways Pension Fund on its art investment funds, and assisted Citibank in setting up its ground-breaking Art Advisory Service in the early 1980s.  Jeremy left Sotheby's in 1990 to establish an independent consulting firm specializing in research and economic analysis within the cultural and heritage sectors.  He has also been involved in the business of “securitizing” art and in developing innovative specialist financial services for art dealers and collectors.  In 2004, Jeremy was a member of the team appointed to evaluate prospective fine art investment funds on behalf of ABN AMRO, and in 2012 he co-founded ArtBanc International, Inc., where he is Managing Director in charge of research and leads the company’s collaboration with Deloitte’s art and finance programme.