Art today is defined by its relationship to money as never before. Prices of living artists' works have been driven to unprecedented heights, conventional boundaries within the art world have collapsed, and artists now think ever more strategically about how to advance their careers. Artists no longer simply make art, but package, sell, and brand it.
Noah Horowitz exposes the inner workings of the contemporary art market, explaining how this unique economy came to be, how it works, and where it's headed. He takes a unique look at the globalization of the art world and the changing face of the business, offering the clearest analysis yet of how investors speculate in the market and how emerging art forms such as video and installation have been drawn into the commercial sphere.
By carefully examining these developments against the backdrop of the deflation of the contemporary art bubble in 2008, Art of the Deal is a must-read book that demystifies collecting and investing in today's art market.
Noah Horowitz received his PhD from the Courtauld Institute of Art, London, and currently lives in New York, where he is a member of the faculty of the Sotheby's Institute of Art and managing director of the Armory Show.
"Art of the Deal is a crucial book on art and finance."--Blake Gopnik, Daily Beast
"[T]he precision and lucidity with which Mr. Horowitz describes the commercialization of art should garner appeal for his book across a broad swath of market participants. For the rest of us, it is an enjoyable glimpse into the opaque corners of the art community."--Benjamin R. Mandel, Journal of Cultural Economics
"Horowitz has provided readers with a very thorough and wide-ranging analysis of the contemporary art market that brings an unprecedented complexity to this discussion. His synthesis of the literature on the topic is sophisticated yet lucid and the book is exceptionally well researched, supported by countless citations."--John Zarobell, Tabula Quarterly
"I thoroughly enjoyed this critical account of the global contemporary art economy; Noah Horowitz has a real understanding of the inner workings of the market. The fact that he chose to focus on video and experiential art renders his account unique and gives even the seasoned reader interesting insights. I appreciated his analysis of the markets for these practices, which is unusual in this sort of literature."--Thaddaeus Ropac, Art Newspaper
"In recent decades, the world of contemporary art has developed into a global business. To fully grasp how this has changed the art world and our relationship to art, we need a thorough analysis of the financial forces involved. The best place to start is this groundbreaking study by Noah Horowitz, which, leaving the common chitchat about art and money to others, takes the discussion to a more fundamental level."--Daniel Birnbaum, director, Moderna Museet, Stockholm, and curator of the 2009 Venice Biennale
Table of Contents:
List of Illustrations xi
Notes on Sources xxi
Chapter 1: Video Art 26
Chapter 2: Experiential Art 87
Chapter 3: Art Investment Funds 143
Appendix A: Record Prices for Video Art at Auction, December 2009 215
Appendix B: The Film and Video Collections of Tate and the Whitney Museum of American Art 218
Appendix C: Art Investment Fund Universe 257
Selected Bibliography 331