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JOHN CABOT UNIVERSITY

COURSE CODE: "AH 276"
COURSE NAME: "The Dynamics of the Contemporary Art Market"
SEMESTER & YEAR: Spring 2026
SYLLABUS

INSTRUCTOR: Ilaria Gianni
EMAIL: [email protected]
 HOURS: TTH 1:30 PM 2:45 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES:
OFFICE HOURS:
COURSE DESCRIPTION:
The course is an exploration of the global art market with a particular focus on the protagonists of the art system involved in producing, promoting, buying, selling and valuing art. It examines the historical evolution of the art market, as well as the contemporary marketplace and its economic and cultural implications. In its analysis of the dynamics of the art system, the course will address key issues such as art auctions, galleries, private collections, and the intersection of art and investment with an emphasis on contemporary artistic practices
SUMMARY OF COURSE CONTENT:

SUMMARY OF COURSE CONTENT

 

The central aspect of the course focuses on in-class instruction introducing students to the key figures of the art system (Museum, Artist, Curator, Commercial Gallery, Auction House, Collector, Dealer, Art Fairs) and to the history of the art market, focusing particularly on the 20th and 21st centuries. Specific attention will be given to the more recent dynamics of the globalized Art Market, focusing on networks, concepts, and specialized terminology.

The course will offer an understanding of the composition of the global art market, discussing the impact of the idea of globalization itself, and its effects on contemporary art eco-systems. Other issues that will be examined are the demand and consumption of art, the structures through which art is produced and through which it circulates.

Complementary to this are a series of hands-on workshops, visits to galleries, museums, foundations, private and corporate collections, as well as a program of guest speakers, allowing students to engage in direct dialogue with relevant professionals in the art market field. 

 The course combines in-class instruction, hands-on workshops, and visits to galleries, museums, foundations, as well as private and corporate collections. Rome and its arts institutions form a central case study for analyzing the dynamics of the art system, both theoretically and practically.

Required course materials/study visits and expected expenditure for the students
None

 

 
LEARNING OUTCOMES:

LEARNING OUTCOMES

 

The course will give students the opportunity to engage directly with various sectors and careers within the art world making them able to understand the functioning of the art system, its economic and its cultural significance in the context of global discourses and global capitalism.

- Acquire knowledge on the key historical developments in the art market.

- Recognize and understand the roles and functions of the contemporary protagonists of the art system and market: artists, curators, museum directors and managers, collectors, auction houses, commercial galleries, independent dealers.

-  Become familiar with structure of the contemporary art market, including the interactions which occur between artists, galleries, auction houses, collectors, curators, and institutions.

- Be able to distinguish between primary and secondary markets, and explain how value is created, negotiated, and sustained across these sectors.

- Evaluate the economic, cultural, and symbolic factors that influence the valuation and circulation of artworks.

- Discuss the impact of globalization and cross-cultural influences on regional and international art markets, including new markets.

- Explore the impact of technology on the art market, including digital art platforms, online sales, NFTs, blockchain, and the role of digital media in artist visibility and market access.

- Develop and present informed, research-based arguments related to market strategies, artist positioning, and investment potential in contemporary art.

- Apply professional communication skills by preparing and delivering market analysis reports, artist dossiers, or curatorial briefs relevant to contemporary art commerce.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Dark Side of the Boom: The Excesses of the Art Market in the 21st CenturyAdam, GeorginaLund Humphries, 20171848222203  Hard Copy  
A Year in the Art World: An Insider's ViewIsrael, Matthew Thames & Hudson, 2023. 0500239924     
The $12 Million Stuffed Shark: The Curious Economics of Contemporary ArThompson, Don St. Martin’s Press, 2008.1845134079     
REQUIRED RESERVED READING:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
Globalization and Contemporary ArtCrane, DianaWiley-Blackwell, 2011.978-1405179508  
The Art BusinessRobertson, Iain & Chong, DerrickRoutledge, 2015041539158X  
Boom: Mad Money, Mega Dealers, and the Rise of Contemporary ArtShnayerson, MichaelPublicAffairs, 20201610398408  

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
   
Attendance and participationContribution to class discussions, sharing of ideas, involvement in the debate, evidence of reading required texts10%
Short Answer EssayA written assignment which tests theoretical and critical 25% understanding of the art system and market dynamics25%
Mid-term examCase Study Analysis. Students’ will be asked to apply theoretical 30% concepts to real-world art market cases.30%
Practical AssignmentOne out of the following. - Auction Simulation & Catalog Analysis - Gallery Strategy Project - Collector Advisory Role35%

-ASSESSMENT CRITERIA:
AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course.
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
DThis level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail.
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.
-ATTENDANCE REQUIREMENTS:
ATTENDANCE REQUIREMENTS AND EXAMINATION POLICY
You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed. The final exam period runs until ____________
ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic dishonesty will receive a failing grade on the work in which the dishonesty occurred. In addition, acts of academic dishonesty, irrespective of the weight of the assignment, may result in the student receiving a failing grade in the course. Instances of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice for academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will then make a recommendation to the President, who will make the final decision.
STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap. Students with approved accommodations must inform their professors at the beginning of the term. Please see the website for the complete policy.
SCHEDULE

SCHEDULE

Week 1: Mapping of the Art System
Class 1: Introduction to the main players in the art system, their roles and responsibilities: Artists, Curators.
Class 2: Introduction to the main players in the art system, their roles and responsibilities: Museums

Week 2: Power Structures in the Art World
Who holds influence and how is exercised?
Class 1: Commercial Galleries, Private Dealers, Auction Houses
Class 2: Patrons and Collectors

Week 3: Introduction to the Art Market
Class 1: Definition, scope, and mechanisms of the art market
Class 2: Historical evolution: from early patronage to today’s global market hubs

Week 4: Auction Houses
Class 1: History and importance of auction houses (e.g., Sotheby’s, Christie’s). The auction process: from consignment to sale
Class 2: Case studies of landmark art auctions that shaped market history

Week 5: The Commercial Gallery System
Class 1: Evolution of the gallery model: Paris pre-WWII to New York post-WWII
Class 2: Site Visit to T293 Gallery & Sant’Andrea de Scaphis

Week 6: The Commercial Gallery System - Art Fairs
Contemporary gallery ecosystems
Class 1: Overview of art fairs (Art Basel, Frieze, etc.) and their impact on the market. Strategies of galleries and collectors at fairs
Class 2: Student led case studies

Week 7: The Art Market and Global Events
How do Global Art Events shape the Art Market?
Class 1: The role of art biennials and festivals in shaping trends
Class 2: Mid-term Exam

Week 8: The Role of Private Collectors and Institutions
Class 1: Private collections vs. institutional collections. The impact of private collectors on market trends, taste and art history. The intersection between art collection and philanthropy: shaping cultural legacies
Class 2: Site Visit to DARC Foundation or Fondazione Giuliani

Week 9: Contemporary Art as Investment
Class 1: The role of contemporary art as an asset class
Class 2: Case studies of art market bubbles, market crashes and speculation. Case studies of market volatily

Week 10: Emerging Markets and Globalization
Class 1: The rise of emerging markets (China, India, the Middle East, North Africa, Central Africa). Globalization and its effect on the distribution of art
Class 2: The role of online art marketplaces

Week 11: Art and the Digital Era
Class 1: Digital art and NFTs: the evolution of the digital art market. Blockchain and its impact on provenance and authenticity. The rise of virtual galleries and digital platforms
Class 2: Guest lecture by Luca Martinelli (tbc)

Week 12: Guest Lectures
Class 1: Gabriele Gaspari, Partner of Monitor Gallery, Rome and co-founder of Rome Art Gallery Weekend
Class 2: Damiana Leoni, Art Advisor and VIP Manager, Art Basel

Week 13: Impact of market based dynamics and expectations on creative processes
Class 1: Site visit to Eugenia Delfini Gallery and Federica Schiavo Gallery
Class 2: Q&A with a Rome based artist (tbc) on the impact of market based dynamics and expectations on creation processes

Week 14: Impact of market based dynamics and expectations on creative processes
Class 1: Massimo Adario, architect and collector
Class 2: Q&A with a Rome based artist (tbc) on the impact of market based dynamics and expectations on creation processes

Week 15: Closing Session
Student presentations


 

KEY BIBLIOGRAPHIC NOTES FOR THE COURSE

Adam, Georgina – Dark Side of the Boom: The Excesses of the Art Market in the 21st Century. Lund Humphries, 2017.

Crane, Diana – “Culture and Globalization: Theoretical Models and Emerging Trends” in Globalization and Contemporary Art, Wiley-Blackwell, 2011.

Haden-Guest, Anthony – True Colors: The Real Life of the Art World. Atlantic Monthly Press, 1998.

Israel, Matthew – A Year in the Art World: An Insider's View. Thames & Hudson, 2023. Robertson, Iain & Chong, Derrick (eds.) – The Art Business. 2nd ed., Routledge, 2015. Shnayerson, Michael – Boom: Mad Money, Mega Dealers, and the Rise of Contemporary Art.

PublicAffairs, 2020.
Thompson, Don – The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art.

St. Martin’s Press, 2008.
Thornton, Sarah – Seven Days in the Art World. W. W. Norton & Co., 2008.
Velthuis, Olav & Baia Curioni, Stefano (eds.) – Cosmopolitan Canvases: The Globalization of

Markets for Contemporary Art. Oxford University Press, 2015.
Zorloni, Alessia – “The Economics of Contemporary Art: Markets, Strategies and Stardom” in

Journal of Arts Management, Law, and Society, 43(4), 2013.

Market Reports & Industry Insight
Artprice, Contemporary & Ultra-Contemporary Art Market Report 2023–24

myartbroker.com+15imgpublic.artprice.com+15artprice.com+15. Art Basel & UBS, Global Art Market Report 2024 (reporting on 2023 data) imgpublic.artprice.com+8ubs.com+8theartmarket.artbasel.com+8.

Forbes (Jul 2024), “Navigating the Evolving Landscape of Art Investment in 2024”myartbroker.com+12forbes.com+12imgpublic.artprice.com+12

On NFTs and Blockchain in Art:

Jason Bailey – “The NFT Art Market Is Here. But Are We Ready?” (Artnome, 2021)
Amy Whitaker – “NFTs and the Future of Art Markets” in HBR, 2021.
Hamza Salem & Manuel Mazzara, “Hidden Risks: The Centralization of NFT Metadata...” (arXiv,

Aug 2024) arxiv.org.
Runhua Wang, Jyh-An Lee & Jingwen Liu, “Unwinding NFTs in the Shadow of IP Law” (arXiv,

Jan 2025) arxiv.org+1arxiv.org+1.
The Art Newspaper, Sept 2024: “How the digital art world is finding new ways to expand into

the mainstream” thetimes.co.uk+2theartnewspaper.com+2ft.com+2. Artsy, mid-2024: “How Digital Art Has Fared since the NFT Boom”

imgpublic.artprice.com+4artsy.net+4ft.com+4.