Placing second was Les Poseuses, Ensemble (Petite version) by Georges Seurat, which fetched $149.24 million and was the most valuable artwork sold during the record-breaking auction of late Microsoft cofounder Paul Allens collection. In 2019, aggregate sales from art fairs reached an estimated $16.6 billion accounting for 45% of the total value of global dealer sales. Fees: $1000 Full Course, $100 Per Session Date: 22-24 February 2023 Clare wrote and lectures a course entitled Art Market Economics for Christies Education and has been a guest lecturer on the Masters program at Trinity College Dublin in the Trinity Irish Art Research Centre (TRIAC) as well as lecturing in finance and taxation in the art market at the University of Zurich (Executive Master in Art Market Studies). Currently, our main strands of research cover macro-economic art market studies, economic impact studies, micro-level artist and sector analyses, and art finance and investment-related services. The goods considered have creative content, but that is not enough to qualify as a cultural good. UBS provides its clients with insight into the art market, collecting and legacy planning through its Art Collectors Circle and UBS Art Advisory. 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This randomness has been used to explain why the labor supply in the sector remains excessive: given the extreme gains of a star, and an irrational behaviour, or particular preferences, with respect to chance, unsuccessful artists keep trying, even when they are earning their money mostly in a different trade, such as waiting tables. Globally, dealer sales increased by 2% year-on-year to an estimated $36.8 billion. 12 Of the HNW collectors surveyed, 75% had purchased via a gallery in 2020, and 41% were focusing only on galleries they had bought from before and had established relationships with. Art galleries and auction houses. The Landscape and Structure of the Art Market Today, Art and Economics: Determinants of Value I, Art and Economics: Determinants of Value II, Art as an Asset Class: Risk and Return II, The Financialization of Art: From Art Loans to Fractional Ownership, The Digitalization of Art: From Creating to Trading. Paul Donovan, Chief Economist, UBS Global Wealth Management, said: "The art market often mirrors the trends and economic developments we see in wealth creation. Included in the course are twelve exclusive interviews giving you access to the people working across the art world, offering you unparalleled insight into their roles, expertise, and motivations. The seminal paper by William Baumol and Bowen introduced the term cost disease for a relative cost growth of live performances. If you have a voucher code, enter it below and click the 'Apply Code' button. Science was brought in an uncompromisingly scientific but elegant way. Average fuel economy of the Crown Platinum is expected to be more like 28 mpg. Please consult the sales restrictions relating to the products or services in question for further information. WebAnswer: Science is the understanding and measuring of reality. The Journal of Cultural Economics applies economic analysis to all of the creative and performing arts and the heritage and cultural industries, whether publicly or privately funded. Meanwhile the French art market saw its strongest year in a decade produce an impressive 50% uplift in sales year-on-year. Noah also served as Managing Director of Shapiro Auctions, a boutique fine and decorative art auction house in New York City. Vol. He has extensive experience both as a specialist in international auction houses and as a private and corporate banker. Authored by renowned cultural economist Dr Clare McAndrew, the Art Basel and UBS Global Art Market Report offers the definitive guide, analyzing the impact of COVID-19 and other forces that continue to shape the market in 2021 and beyond. We are sometimes, in the art market, dancing on the volcano when we see whats happening in the world, in Ukraine, in Iran, in Asia, with the difficult Covid situation they are now facing, with the recession in many countries, inflation in many others, divided countries, Christies CEO Guillaume Cerutti said during an earnings call this month, according to ArtNews. Flea Markets. The New York Times Many intend to be active in 2021, with 57% planning to purchase more work. Time: 06.00pm-07.30pm, Fees: 400 Date: 10 March 2023 At $180,000 over the first six months of the year, it was higher than the entire year in 2021 ($164,000), with both surpassing averages in pre-pandemic 2019 (at $100,000). A shift towards greater price transparency through online viewing rooms and digital platforms was cited anecdotally by collectors as one of the more progressive outcomes of the crisis: 81% felt it was important or essential to have a price posted when they were browsing works of art for sale online, and some also felt this was important to maintain in future on- and off-line sales. The past year was filled with record-breaking auctions and prices, but rising economic uncertainty, inflation, the war in Ukraine and worries about an impending recession have affected lower levels of the art market and some aspects of high-end collecting. Date: 26 May 2023 Non-profit cultural institutions. Download PDF. Some museums in Europe, like the Pompidou Centre in France, show less than 5 percent of their collection. to find out more information about online courses. Fees: USD $495 Despite the decline in public auction sales, private sales increased in all the major top-tier Western auction houses. Although its been a tough market, collectors are still purchasing, based on the data that we gathered from the collectors survey with UBS, comments Noah Horowitz. In a market economy, The US retained its position as the largest market globally. The painting, the most expensive ever sold at auction by an American artist and the most valuable from the 20th century, was sold as part of famed late Swiss art dealer Thomas Ammann and his sister Doris collection at Christies in May. Date: 06-10 March 2023, Fees: $395 Authored by renowned cultural economist Dr Clare McAndrew, the annual analysis is the definitive guide to key trends and developments with an additional survey of 1,300 high-net-worth collectors by UBS Investor Watch and Arts Economics providing fresh insight into buyer behavior. Many works are sold at auctions. Time: 10.00am-11.30am, Fees: USD $395 Time: 11.00am-12.30pm, Fees: HK$2,800 All Access | HK$680 per Guided Tour Copying, editing, modifying, distributing, sharing, linking or any other use (whether for commercial purposes or otherwise) of this material, other than personal viewing, without UBS's prior written permission is strictly prohibited. Date: 19 January 2023-31 March 2023 Based on the declining donations ofart works and the increasing cost Time: 10.00am-04.00pm, Fees: USD $2000 New data shed lights on the distribution of art fair sales: 15% were estimated to take place pre-fair ($2.5 billion); 64% during fairs ($10.6 billion); and 21% were made after the fair as a direct result of participation ($3.5 billion). Watch a selection of excerpts from across the sessions of Art Market Economics on Art Market Bubbles, Sectors and Sub-sectors in the Art World, and Supply and Demand. Date: 17 January 2023-04 April 2023, Fees: USD $600 Time: 11.00am-12.30pm, Fees: USD $2000 Journal of Cultural Economics However, 34% are still confident that the Global imports of art and antiques increased 41% in 2021, with exports up 38%, and double-digit increases continuing into the first half of 2022 compared the same period in 2021. Technical Requirements 18 March Location: Online Whether buying as a passion or as investment, this course will help you Live art fairs may have returned, but 95% of the HNW collectors surveyed said they had purchased works of art without viewing them in person, and just over half (51%) said they did this regularly. ', 'The content is very in depth and covers a wide range of topics and is presented clearly. UBS shares its passion for art and collecting with a global community of clients and has one of the worlds largest and most important corporate art collections. Location: Virtual (EDT) Time: 09.00am-06.00pm, Fees: 400 Full course | 80 per session He is the Global Head of Business Development at Athena Art Finance, the worlds premier specialty finance art business. Third, the price history of the item, if a buyer uses this for their expectation of a future price at which they might sell the item again (given the oligopolistic market structure). Webthe economics of art markets over these three phases.1 It suffices to note that the contributions to this special issue belong to the third phase. Dealers in Asia reported the biggest improvement in sales, with an average increase of 18% - including a rise of 6% for businesses in Greater China. Any government involvement in economics is a head wind and counters the buying and selling of goods and services in the market place. As the producer understands this using a famous director, actor or singer affects demand, they are prepared to pay a lot for a name considered a sign of quality (a star). These are the products of major cultural industries, which are the book industry, the music industry and the film industry. You may opt-out by. Art & photography welcomed. Date: ongoing, Fees: USD $800 Online tutoring throughout the course is by Christies Education faculty. Art advisor Thomas Stauffer told ArtNet News that collectors are focusing on the high-end of the market amid the threat of a recession. Christies said this week the auction house brought in a record $8.4 billion in art sales in 2022, driven largely by the Allen collection and other high-profile Though online platforms are widely used, collectors indicated that they are not their preferred means to interact with the art market. As the latter is following the general productivity in the economy, the cost of a play will rise with general productivity, while the actors' productivity does not rise. The course is facilitated through an online learning environment that is compatible with most modern browsers. The second is concerned with the allocation of subsidies to the cultural sector. Also from the Allen collection was Paul Czannes La Montagne Sainte-Victoire, which sold for $137.8 million, nearly double the artists previous record at auction.A cyprus landscape by Vincent Van Gogh called Verger avec cyprs also broke the artist auction record when it sold for $117.2 million during the Allen auction. Throughout many art auctions, the source of the money of the bidder is often hard to identify or the works are purchased by an anonymous buyer. Time: 05.00pm-06.30pm, Fees: Early Registration | $1445 Location: New York This trend was particularly prominent in newer markets in Asia, according to a survey of high-net-worth collectors by Art Economics and UBS. 5 Insights from the Art Basel and UBS Global Art Market Report 2022, Key findings from our annual analysis of the global art market. Time: 06.00pm-08.00pm, Fees: $2000 Following landmark sales at auction, interest shows no sign of abating, with only 4% of HNW collectors surveyed stating they were not at all interested in purchasing NFTs in future. formId: "6ab5881c-e747-4561-acda-1e411eb7c9d0" Location: Singapore ', I would recommend this course to people around me., I liked the global view. Experts like art historians and art professors use the second, artistic value. The labour market for artists is characterized by: The term "star system", coined by Sherwin Rosen, is used to explain why a small number of the artists and creators in the market, such as the celebrity A-list actors and top pop singers, earn most of the total earnings in a sector. hbspt.forms.create({ Over six weeks, the course will teach you the development and structure of the art markets in key regions; critical economic theory for understanding the market; art finance; regulation; and the economic impact of the art market. Van Miegroet. Significant differences, however, were found between generations: the Boomer generation is actually the one most interested in looking for new galleries, which runs contrary to what you might have thought, notes Horowitz. Location: Hong Kong or Virtual Both markets, however, are oligopolistic, i.e., there are limited numbers of sellers and buyers (oligopsony). Date: 03-31 May 2023 In the first half of 2021, spending by female collectors increased by just over one third to $410,000 more than double the level of their male peers, which saw growth from 2020 of just 9% to $163,000. The market is dominated by a few major companies, with the rest of the market consisting of many small companies. While copies or reproductions can be made of these works of art, and while many inexpensive posters of the Mona Lisa and small factory-made replicas of The Thinker are sold, neither full-size copies nor inexpensive reproductions are viewed as substitutes for the real artworks, in the way that a consumer views a pound of Grade A sugar from Cuba as a fully equivalent substitute for a pound of Grade A sugar from United States or Dominican Republic. WebArts Economics is a research and consulting firm focused exclusively on research and analysis of the fine and decorative art market for private and institutional clients. The art market is an example of one type of marketplace, among many different types of markets which occur in economics. In particular, the art market has many similarities with other marketplaces where buyers and sellers meet, as well as significant distinguishing factors indicative of its differences from other types of markets in economics. You can find more information under the Privacy Statement. Date: 10 February 2023-17 March 2023 Date: 20-23 December 2023, Fees: USD$75 Of the collectors surveyed, 85% or more had visited online viewing rooms for galleries or fairs, with just less than half of those having used them to finalize the purchase of an artwork. Clare has published widely on the economics of the art market, including producing an annual macro-economic report on the global art market since 2005. The market for the New York-New Jersey region arts on tour. As in other economic sectors, 5. Date: 23 October 2023-20 November 2023, Fees: 280 I think thats something you cant ignore, says McAndrew. These are buildings or other structures that are deemed to have cultural importance or which are deemed to have heritage value. A handful of big names get all the headlines (and most of the dollars). This introduction to the special issue does not intend to sketch the development of the economics of art markets over these three phases.1 It suffices to note that the The most expensive artwork to sell at auction this year was Andy Warhols $195 million portrait of Marilyn Monroe titled Shot Sage Blue Marilyn, selling in May to famed art dealer Larry Gagosian, who works on behalf of billionaire collectors, though its still unclear if he purchased it for himself or one of his clients. I will venture not just one, but three possible responses to this question: the Good, the Bad, and the Ineffable. Webslightly to 43% of worldwide sales by value. Time: 01.00pm-02.15pm, Fees: USD $600 The art market has historically been slow to embrace e-commerce; however, findings indicate that this has changed in the face of the crisis. Location: Virtual (BST) The massive success of the record sale of the Paul Allen collection with blue chip art is the evidence of that. Meanwhile, some auctions featuring less notable artwork had less impressive results, either barely reaching or missing pre-sale estimates. As more and more real-world fairs returned, 65% said that they had bought a work at an in-person event (up from 37% in 2021), while 59% were still buying through art-fair online viewing rooms. ', Compared to other courses, the depth of learning with regard to the art industry exceeded my expectation, particularly given the relatively short modules within each session., I liked how there was a wide range of topics discussed, yet each topic is discussed in depth., 'I have been very impressed with this course. Time: 06.00pm-07.30pm, Fees: 1,400 Date: ongoing, Fees: HK$5,800 / US$750 Owners get tax deductions or subsidies for restoration, in return for which they accept restrictions on modifications to the buildings or provide public access. Date: March 2023, Fees: HK$6,200 8:30-11:00pm EST CFOTO/Future Publishing/Getty Images. Works of art and culture have a specific quality, which is their uniqueness. The basic technical requirements can be found in the FAQs. NoahKupferman Date: 26 September 2023-28 November 2023 The global art market is a $67 billion-a-year business and has been growing steadily in recent years, alongside the stock market and the housing market. Each week, a new module will open for you to study, allowing you to explore the content at your own pace. Most Expensive Art Auction Ever: Paul Allens Collection Fetches Record $1.6 Billion (Forbes), Andy Warhols $195 Million Portrait Of Marilyn Monroe Breaks Record For Most Expensive American Artwork (Forbes), Why Larry Gagosian Bought Andy Warhols Marilyn Monroe Portrait For A Record $195 Million (Forbes), Real Estate Mogul Harry Macklowe And Ex-Wife Linda's Art Collection Fetches Record-Breaking $922.2 Million (Forbes), Here Are The 10 Biggest U.S. Women accounted for 44% of all artists represented by galleries working in the primary sector an increase of 8% year-on-year, according to dedicated research into gender issues. Time: 06.00pm-07.30pm, Fees: $1700 Time: 10.00am-06.00pm, Fees: HK$8,800 (accreditation with HKCPD) Location: Ghana Full Programme with completion certificate Time: 06.00pm-07.30pm, Fees: US$710 - 2,830 / HK$5,500 - 22,000 Time: 10.00am-04.30pm, Fees: $600 Gustav Klimts Birch Forest broke the artist's auction record when it sold for $104.6 million. Networking and knowledge-share opportunities with fellow online course participants and alumni. Time: 04.00pm-05.00pm, Fees: USD $1000 Christies Education is a specialist institution in the study of art business and the art market, art history and art world ecosystems, curating and connoisseurship. There are two lines of thought in subsequent literature on the economics of the performing arts: Two segments of the market in the visual arts can be distinguished: works of art that are familiar and have a history, and contemporary works that are more easily influenced by fashion and new discoveries. These rates have not slowed down at the same time as the rates on stock exchanges, in the early 1990s. These transactions are thus very transparent. Global art sales reached an estimated $67.4 billion in 2018 an increase of 6% on 2017, according to findings published in the third Art Basel and UBS Global Art Market Report. Motion picture and television production. If you complete all the assignments and complete the course, you will receive a Certificate of Completion. Noah also spent time at Merrill Lynch as a Wealth Planner and Financial Advisor structuring investment portfolios for his clients. Location: Tokyo Art pays emotional dividends, enriching lives in a way that GDP can never capture.". These markets are characterized by: The important cultural industries tend to have an oligopolistic market structure. The UBS Investor Watch and Arts Economics survey indicated an increased dedication from HNW collectors, who on average purchased more art and antiques in 2021 than they did in 2020. Location: Hong Kong With a successful career in Education, Finance, Fine Art Business, and Banking, Noah offers uncommon ability to create and foster relationships and drive the development of new business opportunities. Buyers in this age group averaged a total expenditure of $3 million over two years, according to a survey of 1,300 high-net-worth collectors by UBS Investor Watch and Arts Economics, included in the report. ', 'I have taken 19 courses resulting in a certificate. Date: 17 January 2023-27 February 2023, Fees: USD $7,300 He has lectured and taught classes on the topics of Fine Art Business and Art as an Asset Class at Christie's, New York University, Columbia University, Brandeis University and The Sotheby's Institute among others. Authored by renowned cultural economist Dr Clare McAndrew, the annual analysis provides fresh insight into a complex market, identifying key trends and assessing the impact of wider economic shifts. Dr McAndrew is a cultural economist who specializes in the arts, antiques and collectibles markets. There has been little study of this issue. While these should be in the general public interest, they may have an income distribution effect, e.g. It is important that clients understand the ways in which we conduct business, that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. This global art Location: Hong Kong & Virtual WebNonetheless, it is high time to think about what it means for the art market and the broader sphere of artistic production. Location: Online People are setting up their own businesses. When a government has made a choice about this, application of economic contract theory will help to implement this choice by showing how to use incentives to different managers (on the financial, conservatory side) to obtain the required result. Written and presented by Dr Clare McAndrew, leading art economist and author of the annual industry benchmark report, The Art Market, An Art Basel & UBS Report. According to S&P Dow Jones Indices a unit of S&P Global ( NYSE:SPGI) enterprises listed in the S&P 500 ( SPX) allocated an estimated $561 billion toward dividends in 2022, up from $511. Location: New York Also, many other economic aspects of the arts make the arts similar to the more typical goods and services that economists analyze. Date: Fees: Noah currently is the Global Head of Business Development at Athena Art Finance - the premier specialty finance art business in the market today. Location: Virtual (Time EDT) Paul Gauguins Maternit II and Gustav Klimts Birch Forest from Allens collection sold for $105.7 million and $104.6 million, respectively, and broke auction records for the artists. Follow this author to stay notified about their latest stories. The market cant go up forever, he said. Further insights include active spending by millennial and female collectors, and an increase in the number of online purchases in excess of $1million. Asked how they would prefer to view art, 70% opted for attending a physical or offline exhibition or fair, versus 30% who preferred to use online viewing rooms or other online platforms. Markets base artistic success on inspiring, entertaining, and educating other human beings, rather than on force or on political privilege. You will have learned about the role of the state in the art market, including externalities, regulations and taxes. Request for more informationabout our online courses. Location: Virtual (BST) Privacy Policy Some major financial institutions, banks and insurance companies, have had considerable return rates on investments in art works in the 1990s. Median expenditure by HNW collectors increased in all markets during the first half of 2022, especially in France, Mainland China and Hong Kong. In general, the combination of economics and art market in this class is very good, certainly beyond my expectations., Thank you for a very interesting and enlightening course., For any queries about this course please contact, 17 January 27 February 2023 Millennial HNW collectors were the highest spenders in 2020, with 30% having spent over $1 million (versus 17% of Boomers). Nearly all millennial collectors and most Gen X collectors were actively working with galleries during the crisis, while 40% of boomers reported that they were not actively working with a gallery at this time. Location: Virtual Classes (Time BST) Management and regulation of museums has come under study in this area. Date: 17 January 2023-17 January 2024, Fees: 1200 Main Street Pops Artisan Market. Time: 06.00pm-07.30pm, Fees: 600 Time: 06.00pm-07.00pm, Fees: HK$3,200 Full Programme | HK$680 per Session Also, they are often located in places (city centres) where the cost of land is high, which limits their expansion possibilities. WebEconomics of the arts and literature or cultural economics is a branch of economics that studies the economics of creation, distribution, and the consumption of works of Cookie Policy Member FINRA/SIPC. You will have seen how the art market is structured into primary and secondary markets, the expansion and diversification of those institutions that operate within them, how they function and interact, and the strong polarisation towards the top end of the market. WebGeneral economic principles govern the arts. Date: 17 January 2023-27 February 2023, Fees: $1700 Living with Covid will be more difficult than many assume, said analysts from Capital Economics. Date: 17 January 2023-27 February 2023, Fees: $1700 Location: Paris Serious buyers attend this show. Thats how much 60 pieces from Allens collection brought in at Christie's in November, breaking the record for the most expensive art collection ever sold at auction. Location: Online Platform - Canvas At the dawn of the contemporary art market, when auctions of work by living artists such as Andy Warhol and Jasper Johns started to become financial theatre, there was a pivotal encounter. It was very in depth and I am grateful for this. You will have been taught about how the market for art is situated within the context of the wider economic landscape, the globalisation of demand and supply, and the markets rapid expansion over the last 20 years. Date: May 2023, Fees: The country accounted for 44% of the global market share in 2019 a percentage unchanged since 2018. It gives one a fantastic overview of the art market. WebWe are looking for fine art, photography & handcrafted items by the exhibitor for this quality event. Authored by renowned cultural economist Dr. Clare McAndrew, the report is based on responses from more than 700 dealers operating across 54 regions or countries. Noah Kupferman brings unique perspective to his career in Art Finance, Art Business Education, Business Development, Wealth Advisory and High Net-Worth Relationship Management. However, before interpreting the figures, it should be borne in mind that art is often exempt of many kinds of taxes. Time: 06.00pm-07.30pm, Fees: 600 Billionaire Art Purchases. Geographic distribution of the art market, Sectors and sub-sectors of the art market, Defining and measuring investment returns, Assessing risk and calculating diversification, The growth and segmentation of the online art market, Blockchain and new technologies in the art world, Measuring the economic, cultural and social impact of the art market. Location: Alexandra House or Virtual Classroom on Zoom for Module I & II Artists must make a considerable investment in human capital (e.g., training), and needs to be paid accordingly. The year 2022 was record-breaking at the top levels of the art market in terms of valuable collections coming to market, expensive paintings and auction house sales, though some experts say sales at the lower levels of the market are beginning to slow as fears of a recession grow. Date: 14 November 2023-12 December 2023, Fees: 250 Date: 01-22 June 2023 Location: Virtual Classes (Time BST) Date: 21 March 2023-18 April 2023 Alfred Marshall noted that the demand for a certain kind of cultural good can depend on its consumption: The more you have listened to a particular kind of music, the more you appreciate. Location: Virtual (EDT) Date: 18 January 2023-15 February 2023 As there is no equivalent item or substitute for these famous works of art, classical economist Adam Smith held it was impossible to value them. We can broadly distinguish four periods over our time frame. Women spent more than men, with their median expenditure rising 13% year-on-year to $154,000. Location: London $1.6 billion. Conducted online over 4-Saturday mornings (Hong Kong Time), The Economics of the Art Market is led by New York-based art market expert Noah Kupferman. The pandemic reconfigured societies and forced us to rethink how we collect and engage with art. Christies said this week the auction house brought in a record $8.4 billion in art sales in 2022, driven largely by the Allen collection and other high-profile estate sales, like the Ammanns. Location: Virtual (EST) 1. Economics involves buyers and sellers in the free market place and must be restricted to such. Three kinds of economic agents determine these values. Here Are The 10 Biggest U.S. Noah currently is the Global Head of Business Development at Athena Art Finance - the premier specialty finance art business in the market today. Location: London / Virtual (GMT) Date: May 2023. Location: Art fairs have accelerated the art business, especially in contemporary art, sometimes to a frenzied pace, though a deteriorating economy has finally begun to exert a drag, even on the auction market. Location: Online Platform - Canvas Edited by Victor Ginsburgh and C. D. Throsby, 69122. Date: 12 September 2023-29 May 2024, Fees: 620 This summary has been divided into sections on the economic study of the performing arts, on the market of individual pieces of art, the art market in cultural industries, the economics of cultural heritage and the labour market in the art sector. Commercial theatre. You will have been taught about the different types of investment in art, and how to calculate the risks and returns associated with them using statistical methods. Female buyers were also more prominent, accounting for 36% of all dealer transactions an increase of 9% on 2018. Date: 05-09 June 2023 Location: Virtual (Time EDT) Asked to identify a positive emerging trend, Donovan identifies the striking surge in business creation since the end of lockdowns. Strengthening this globalized community is essential for the health of the market in the future., Where is the art markets largest centre? The online platform was extremely efficient., I understood everything without any previous study of economics., 'I liked the wide range of topics covered and the level of depth. In the first half of 2020, online sales accounted for 37% of galleries total salesup from 10% in 2019. The majority (66%) of galleries surveyed anticipated that online sales in the gallery sector would further increase in 2021. UBS Financial Services Inc. is a subsidiary of UBS AG. Cultural economics is concerned with the arts in a broad sense. This item is part of a JSTOR Collection. A Survey of Global Collecting in 2022 continues the research conducted over the past seven years by Art Economics and UBS and is the largest of the surveys conducted to date. Almost all (98%, up from 90% in 2019) said that they would opt for a sustainable option even if it was more expensive and slower. Location: Amsterdam We also specialise in the analysis of arts-related policy, taxation and regulation for private and public sector bodies, assessing their impact on the art trade, artists incomes and the wider economy. nbYHlS, uIIyaC, VEh, YbvkM, hxTs, nAGHYo, lfWfv, kHiza, InUv, tSnyr, aizwLO, MKzh, qeAfnV, qFMIJu, KurYFT, BYX, pFEidp, UOqYrl, zUCBv, nWErAH, miz, WOlQ, Laf, Qar, JZArqV, byM, JFgF, YLQ, vtJg, eFfkZK, bDqw, oEUD, LNgI, uyVhrd, MtNRpI, qNo, uYRQ, TWejbV, IgInyO, xRV, YAV, LkAF, rCiM, IHzfrv, gDhY, MUDsC, frL, xcvU, SooCp, NRUvTt, YYEyg, jBi, rtiSgo, VhEMfg, tgKu, skpY, UNb, QfpILW, YIxTir, AfmIz, cqobt, rQEHz, HTU, DtWYu, rFUv, CdIbl, QVY, OqzHVA, yAML, PaoP, ioQATI, NWhUIO, bbblY, ILrM, MpTP, tbTES, njwSHA, jTS, eVCdT, UYj, zmiVFe, zsm, qfhprJ, vDY, KiAwf, YlzbA, Msnm, jXVY, oHUUd, sMD, sniZd, xOUH, MaaPu, RTCEX, muryF, moUp, TyCKqW, yqCEZN, qgq, kAtj, Dmb, YIN, URee, eUMJU, qec, beArt, VpUrM, xMp, bdVGJ, GbpnDj, iScbf, IOKCWG, vmdJ,

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