Selling Out: The Financialization of Contemporary Art
Hannah Rose Emmert ()
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Hannah Rose Emmert: The New School, Undergraduate Department of Economics
No 040HE, Working papers from Research Association for Interdisciplinary Studies
This project came out of a behavioral economics class I took in 2016. Behavioral economics is the synthesis of human psychology and the more formulaic aspects of economics. I used this discipline as a lens for looking at how the financial services industry exploited the contemporary art market with itâ€™s lack of regulation and transparency. My aim is to show the various ways this drastic financialization has happened by discussing the various heuristics used to value art and the financial instruments that financialized contemporary art mimics. Furthermore, I have found evidence that art is being used as collateral for important assets such as pension funds. The fact that art is volatile and unregulated makes art an unreliable investment and certainly not stable enough to base pension fund values on. This is the beginning of future research that I plan to conduct in an attempt to predict the eminent collapse of these contemporary art financial instruments. I hope to present this paper outline to book publishers to elaborate my findings into a book for industry professionals.
Keywords: art market; art investments; financialization; art indexes; art trade; art auction valuation; art as capital; art as collateral; contemporary art; art-loans; heuristics; scarcity; confidence; herd mentality; bounded rationality (search for similar items in EconPapers)
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Published in Proceedings of the 11th International RAIS Conference on Social Sciences and Humanities, November 19-20, 2018, pages 264-269
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Persistent link: https://EconPapers.repec.org/RePEc:smo:jpaper:040he
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