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The Details
  • Course Dates & Fees

    Course Dates & Fees

    March 9 - April 19, 2022
    Tuition includes six weeks of instructor guidance and an additional 90 days to review the course at your leisure.
    We offer this online course throughout the year with sessions starting approximately every four months. Contact us for more information.
  • Getting Started & How It Works

    Getting Started & How It Works

    SIA Online Community, our learning and networking space, opens two weeks before the course begins. This space provides an opportunity to familiarize yourself with the learning platform and introduce yourself to fellow students from around the world.
    Visit our How It Works page to learn more about the online learning experience.
  • Sample Topics

    Sample Topics

    Week 1: Introduction to Art Markets

    • Introduction: What is art in a global economic context?

    • A Brief History of Art Markets

    • Primary vs. Secondary markets

    • Key stakeholders in the Art Market

    • Art Markets in a wider economic context

    • Globalization of Demand and Supply

    • Introduction to art economics & finance

    • Introduction to Art Business Models (For-Profit and Non-Profit)

    Week 2: Introduction to Finance

    • A brief history of finance, overview of financial markets, time value of money

    • Present value and net present value, introduction to risk and return.

    • Understanding Investment Portfolio Diversification (Systemic Risk vs. Unsystemic Risk)

    Week 3: Transacting in the Art Market

    • Assessing Value: Identifying Components (Current Value, Initial Value, Shows, Fairs, Collectors, Museums, Patrons, Age, Condition, Artist Catalog, Speed of Sale)

    • Pricing: Methods of Price Discovery (Comparables, Trends, Players, Exposure, Appraisal)

    • Buying at Auction (Buyer’s premium, seller’s commission, auction guarantees)

    • Rules and Regulations

    • Strategies for collection building

    • Non-Profit finance: Private art foundations and museums

    Week 4: Art as an Asset Class

    • Differences between Art and Other Assets

    • Estimating Returns for Art Assets (Compound Annual Growth Rate etc.)

    • Market Indices: Basic Concepts

    • Review of Art-Related Indices (Mei Moses and others)

    • Art Databases

    Week 5: Art Funds and Other Art-Related Investment Vehicles

    • History of Art Funds

    • Art funds today, and tomorrow

    • Art Assets: Risk, Return, and Correlation with other Assets

    • Art as collateral (Secured Lending)

    • Investing in art: Dos & Don'ts

    Week 6: The Future of Art & Finance

    • Blockchain

    • Digital platforms

    • Re-inventing the art market

  • Faculty


    Sonja Wosnitzer began her career in fixed income markets, spending several years at boutique investment funds and trading firms in New York City. Wosnitzer received her Master of Arts degree in visual arts management in 2018 from New York University, where she authored her thesis on applications of Blockchain technology and engaged extensively with online art trading platforms. Currently, she leverages prior experience at Sonnabend Gallery and Lincoln Center Corporate Fund to serve clients in private alternative asset consulting. For the past two years, Wosnitzer has taught Art Business for Sotheby's Summer Institute
  • Course Completion

    Course Completion

    For successfully completing this course, you receive a verified Certificate of Completion from Sotheby’s Institute of Art as well as 7.6 IACET Continuing Education Units. *
    Our digital certificates allow you to share new skills with various social media platforms, including LinkedIn. Successful completion is defined by each instructor in the course syllabus and consists, at the least, of regular, thoughtful participation in online activities and timely submission of assigned papers or projects.
    *As an IACET Accredited Provider, Sotheby’s Institute of Art offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard.
  • Register


    Click here to register.
    This course is listed under the Premier Course option in the online application. Premier Online Courses are open to anyone 18 years of age and older. Registration takes approximately 5 minutes to complete.
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