- List of Figures
- List of Tables
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
Abstract and Keywords
This article examines the processes through which, since the 1970s, the art market has become more and more a niche market for financial investment, accepted as legitimate by mainstream finance and by economists. It shows that the financialization of art has been an evolving process, and is not yet complete. It is too early to tell if the limits of what can be financialized and securitized have been reached in this market, or if it is merely a slow process. Currently, art investment lacks widespread legitimacy for both the art community and the financial community; the former because of opposition to the redefinition of works of art into speculative assets, the latter because of the market's lack of standardization, information, and liquidity. The creation of boundary objects such as art indexes have helped art to become a boutique investment, but have failed to capture widespread approval.
Olav Velthuis is Associate Professor at the Department of Sociology and Anthropology of the University of Amsterdam. He is the author of Imaginary Economics (2005) and Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art (2005), which received the Viviana Zelizer Distinguished Book Award of the American Sociological Association for the best book in economic sociology (2006). Before this he worked as a staff reporter on globalization for the Dutch daily de Volkskrant, as a visiting postdoctoral researcher at Columbia University and as assistant professor at the University of Konstanz. Velthuis is currently studying the emergence and development of art markets in the BRIC countries (Brazil, Russia, India, and China).
Erica Coslor is lecturer in management at the University of Melbourne, Australia. She completed her PhD in Sociology at the University of Chicago. Her doctoral dissertation, “Wall Streeting Art: The Construction of Artwork as an Alternative Investment and the Strange Rules of the Art Market,” explained the growing interest in art by large, professional investors through the growth of measures, models, and tools to quantify the properties of art as an investment, mutual construction of the area with art market professionals, and the development of appropriate instruments to structure the investment. Her work relates to both science studies and organization theory, using the case of art investment as a case to identify a more general model of how financial investment areas are actively constructed by market actors, and objects with value are turned into recognizable financial assets.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.