The Business of Culture: Valuation of Visual Arts

This course invites students to take a closer look at how the art world really works. Together, we’ll explore institutions that shape the value of art: auction houses, commercial galleries, and art fairs. Why do some artworks sell for millions while others go unnoticed? Who decides what art is worth, and what does that say about our society? We’ll explore big questions like: How is commercial value produced in the art market, and what relation does it have to the symbolic value assigned to works of art? How does social capital (connections) influence what kind of art gets seen or celebrated? Over the course of this class, students will explore how art is bought, sold, and valued—from the relationship between artists and galleries to high-stakes auction sales and the rise of NFTs. We will learn how prices are set in the primary and secondary art markets, the role of art dealers and collectors, and how laws around taxation and copyright affect the art world. Case studies will also include discussions of street art, art forgery cases, the impact of social media on the art world and the future of NFTs and digital art. No prior experience with contemporary art is needed—just curiosity and a willingness to ask questions.

Learning Outcomes

By the end of the course, students will be able to:

• Identify and explain how artworks are bought and sold through primary (galleries) and secondary (auctions) markets, and describe the typical roles of artists, dealers, collectors, and auction houses.
• Analyze the factors that influence how prices are set for contemporary artworks, including reputation, rarity, market trends, and symbolic value.
• Understand the legal and financial frameworks that shape the sale and resale of art, such as artist-dealer agreements, resale royalties, and tax considerations.
• Discuss how art is collected and valued by individuals, corporations, and museums, and reflect on the motivations—economic, cultural, and personal—that shape collecting practices.
• Critically assess how power, profit, and prestige influence the circulation of artworks, and consider how artists can respond to or resist these forces through their practice.

Tangible Outcomes

• Short Analytical Response Papers: Students will complete a series of short, focused essays that develop their ability to critically assess case studies, art market structures, and the interplay between symbolic and commercial value.
• Final Creative Project or Critical Essay: Students may choose to either write a longer-form critical essay or develop a creative project that responds to themes of marketization in art.
• In-Class Presentations: Students will present on selected topics (e.g., mega-collectors, museum branding, or art fairs), helping them develop public speaking and synthesis skills.
• Curated Portfolio of Works and Commentary: A small portfolio may be developed in which students select 3–5 artworks and offer critical commentary on their market performance, institutional recognition, and projected future value.

Guest Speakers

Dr. Elizabeth Mattison, Andrew W. Mellon Curator of Academic Programming and Curator of European Art at the Hood Museum.

Field Trips

• Hood Museum of Visual Arts
• Hopkins Center for the Arts Studios

"Art & Money sharpened my understanding of how cultural and financial values intersect with each other. The class made me think like an economist, an art dealer, and an art collector, giving me a clearer view of how value is produced and assessed in the art market."

Finn Mallard, Dartmouth '28. Intended Major: Economics, Career Plans, Business or Finance