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With record-breaking auction results making headlines and expanding business models for investing in and financing artworks, fine art is increasingly marketed, collected, and valued as a financial asset. This introductory course will explore the various financial positions possible in today’s art market, including direct purchases, art funds and art exchanges, as well as art lending and the creation of private foundations. Participants will be asked to consider ethical implications deriving from the “financialization” of art and to develop their own perspectives on the relationship between art and commerce. These considerations will inform discussions about art investment (especially speculative), as well as current and future regulation of the art market. This course will introduce basic art and financial market tools and vocabulary, to assist participants in comparing differing expert positions and reviewing market data.

What you will learn…

  • To understand the field of art-backed financial products and services, as well as their providers, and the regulatory environment in which they operate.
  • To become knowledgable about the dominant arguments for investing in art for “diversified portfolio,” including the debates about art investment performance and the limitations of art indices.
  • To engage with the economic debates about fine art's performance as a financial asset and about the art market as a whole.

Please note: this course was previously named Art as an Investment.

The Details
  • Course Dates

    Course Dates

    2-week course
    July 8–July 19, 2019
    Monday–Friday; 2:30 PM–5:00 PM

    Enrollment for this course is now closed. Please write to if interested in our 2020 summer program.
  • Faculty


    Bryan Faller, Faculty, M.A. Art Business and Summer Institute, New York

    Click here to view all of our faculty members. Our instructors are award-winning Sotheby's Institute faculty, recognized thought leaders, and professional experts in the art world.
  • Sample Topics

    Sample Topics

    • Important Players and Structures of the Art Market

    • The Primary Art-Backed Financial Services and Art Indices

    • The Difference Between Price and Value

    • How Value is Created or Lost for a Work of Art

    • Art as an Investment and the Art Market as a Whole

    • Calculating Returns on Art Investments

    • Current Art Market Regulations

    • Ethical Implications of the “Financialization” of Art

    These topics are subject to change.
  • Further Program Details

    Further Program Details

    Summer - New York is part of Sotheby's Institute's continuing education programming and offers short, non-credit courses. We encourage you to visit our Frequently Asked Questions page to find answers to some of the questions you may have about summer courses in New York, including international concerns and basic course advisement.

    Our Accommodations page provides essential information and external resources for students researching their options.
  • Course Fees & Enrollment

    Course Fees & Enrollment


    Add a second Summer New York course at a reduced rate:

    • Additional 4-week course +$3350 ($5700 Total)

    • Additional 2-week course +$1950 ($4300 Total)

    • Additional 1-week course +$1350 ($3700 Total)

    Tuition includes classroom and program lectures, site visits, and additional programming.
    Tuition does not include accommodation or travel.

    Terms and Conditions
  • Contact Information

    Contact Information

    For further information or course advisement, please contact:
    Hayley Black, Admissions Advisor
    Tel: 212-897-6644 Or Request Information

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