Discuss the price structure of modern art as established by market. Consider the following elements: cost of production (including materials and the artist’s effort), cost of storage and insurance, value added as a result of changing hands between branded collectors, display at branded galleries, sales by major auction houses. Use Thompson’s book for information. Given the price structure of modern art, who are the main actors contributing the most to value-creation?

Discuss the price structure of modern art as established by market. Consider the following elements: cost of production (including materials and the artist’s effort), cost of storage and insurance, value added as a result of changing hands between branded collectors, display at branded galleries, sales by major auction houses. Use Thompson’s book for information. Given the price structure of modern art, who are the main actors contributing the most to value-creation?

Compare the market process of price formation with the government commissions as described in White and White. Is the artist’s role in value-creation and price-formation of art commissioned by the state in France two hundred years ago significantly different from that in today’s market.

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