Art Business

Semester I

September - December, 2010

Semester 2

January – June, 2011

Semester 3 (Masters only)

June – October, 2011

SYNOPSIS
The art and antiques market is a $25 billion plus industry, and London is at its centre. It employs hundreds of thousands of professionals in small and medium-sized businesses as well as in a number of large enterprises. There are also signs that art is now entering the mainstream financial markets. Interest in art as an alternative investment has recently attracted the attention of prestigious banks.

The programme is not a business degree but a degree in the business side of art and is designed for students who already have an art history degree but want to understand business theories and practice, as well as the technical and structural elements of the art market.

Working in the art market brings an altogether different set of challenges from the conventional business world, and a standard business degree is not necessarily the best training for a career in the trade of unique, historical objects where there are legal and ethical issues that apply specifically to the art world.

In Semester One students study five core units: art markets; business planning and financial analysis; art business research methodology; and art marketing. The Art Markets unit includes a history of the development of connoisseurship, collecting and art at auction, with the major focus on the dynamics of contemporary global art markets.

Art and Law introduces students to the variety of legal issues which they are likely to encounter in running a private gallery, such as copyright laws and contracts between artists and dealers; Business Planning & Financial Analysis develops essential mathematical skills for the successful everyday running of art businesses, and teaches students to construct sound business plans.

Research Methodologies engages with both the pragmatic and academic tools and strategies essential for the successful study of the emerging discipline of art business. Art Marketing introduces basic marketing theories and practices necessary for the successful running of art galleries both large and small.

In Semester Two students study three more core units. Ethics & the Art Market investigates ethical issues on both national and global levels, and introduces students to those areas of heritage and conservation which affect the art market. Art Valuation & Investment looks at art as an alternate investment asset and the development of art portfolios. It also explores the criteria employed in valuing objects from different art market sectors; it includes sessions on the art insurance industry and the strategies of public and private art investment. Art Business Management & Strategy introduces a number of key strategic management theories, principles and practices which are applicable to the international art business world. It equips students with the appropriate skills for leading and managing both commercial and not-for-profit businesses. There is also an Interdisciplinary Group Project which runs throughout this semester: this enables students to apply skills learnt from the other programme units to the assessment and valuation of a fictional art collection.

Students seeking the award of the Postgraduate Diploma in Art Business complete their studies at the end of semester two.

Semester Three is given over to research and writing the dissertation, for those students seeking the Masters award in Art Business. Students should see this substantial piece of written work as a platform from which to launch into the art world. Students can apply for permission to study outside of London according to the demands of their research area.

Assessment is by means of a variety of written assignments, group projects and presentations and for the Masters students, a dissertation.

Postgraduate Diploma students must achieve a total grade of 40% or above in the eight core units of semesters one and two in order to pass. Masters students must achieve a total grade of 50% or above in both the eight core units of semesters one and two and the dissertation unit (semester three) in order to pass.

The faculty maintains strong links with the international art and business worlds, as demonstrated by the network of industry professionals who visit the Institute as guest speakers to share their insights and experience. In addition to the many commercial art events which take place in London throughout the year which students are encouraged to attend as complementary to the course, visits are also arranged to dealers and Sotheby’s auction house. We are also in the process of developing links with Chelsea College of Fine Art: art business students are invited to student sales and encouraged to develop business relationships with practising artists.

Chelsea is renowned for producing world-class artists, including such names as Henry Moore and Chris Ofili, whose works are now selling over the million-dollar mark.

Aside from London, Europe is home to a number of other significant centres for the art market. Study trips to these centres provide a parallax view of the London-based market. Past European visits have included: Paris (for the FIAC contemporary art fair) and Maastricht (Netherlands) for the TEFAF art and antiques fair, with its cutting-edge displays and high-end sales.

Most MA in Art Business students are interested in careers in the private sector, including galleries, insurance and art advisory services. However, an increasing number are using the business skills learned in the course to prepare them for art-related jobs in the public sector, including fund-raising and marketing. Graduates of the programme emerge as confident of operating within the art market, or in developing new professional roles as that market changes and grows in the future.