Art is one of the few assets that is simultaneously a passion, a status symbol and a financial instrument, and that is precisely why it has the most mistakes and manipulation. The course provides a professional view of the market. Market structure: primary and secondary market, galleries, auction houses (Sotheby's, Christie's, Phillips), private sales, art dealers, art funds, art finance. Segments: old masters, impressionism, modern, post-war, contemporary, ultra-contemporary, photography, prints, digital art/NFT. Pricing and valuation: comparables, auction records, condition reports, fair market value vs retail replacement value, appraisal standards (USPAP, RICS), why valuations diverge. Provenance and due diligence: origin, export licences, cultural property laws, stolen art databases (Art Loss Register, Interpol), Nazi-era provenance, authenticity and attribution, scientific analysis. Buying: auction strategy, bidding, buyer's premium, reserves, guarantees, private treaty, right of first refusal. Selling: timing, channel selection, consignment terms, guarantees, tax implications. Ownership: storage (freeport, climate control), insurance, restoration and conservation, transport, security. Finance: art-secured lending, fractional ownership, art funds, investment returns and their measurement (art indices: Mei Moses, Artprice). Taxes: import VAT, capital gains, estate tax, charitable donation, cultural property incentives. Collection management: cataloguing, digital collection management, museum loans, philanthropy. Practice: appraising a specific work and building a collection strategy.
Thinking…