Economics of Arts
Category 'Best Course for Career Development'
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Type: Compulsory course (Arts and Culture Management)
Area of studies: Management
Delivered by: Department of Management
When: 1 year, 1 module
Mode of studies: offline
Open to: students of one campus
Instructors: Nikita Tryapkin, Григорьева София Михайловна
Master’s programme: Art and Culture Management
ECTS credits: 3
Contact hours: 24
We often think of art in terms of its uniqueness and originality. There is no any other art piece. Hence, it is priceless. On the other hand, the art world obeys the general laws of economics, and art objects are unique goods for which there is a demand and supply. Thus, with the emergence of art objects as unique goods, demand for them from various market participants and supply on the other hand, an art market is formed. As with any other market, the art market can also experience ups and downs and is subject to general economic processes. Within the framework of this course, the disciplines of economic theory will be combined with the specifics of the industry of culture and art. In this case, the theory of economics will be considered both from the point of view of global macroeconomic processes and at the level of micro processes occurring in the art market.
- course forms an understanding of the art market, its specifics and regulatory mechanisms. This goal also includes consideration of the art market both in Russia and on a global scale. Students will have the opportunity to explore not only the art market itself, but also how it interacts with the global economy
- to familiarize students with the principles of economic theory and project management, which is especially important for future art managers. Within the framework of this goal, students will develop their project and calculate the costs and profits for its implementation.
Expected Learning Outcomes
- Knows and is able to apply in practice the main features of the functioning of the art market, understands the relationships of processes occurring on the market
- Knows and is able to apply the basic principles of micro and macro economics, as well as apply this knowledge to analyze the functioning of markets
- Knows and is able to apply the rules of justification, calculation and implementation of a project in the field of culture and art
- Knows the current state of the art market both in Russia and abroad
- Introduction Arts and Culture Economics
- Art Market Relations
- Art Pricing
- Microeconomics of Art
- Financial Performance of the Project
- Economic Cycles and Shocks
- EssayEssay might be taken individually or in groups of maximum 3 students. By the second class of the course students are offered to select from the list one paper regarding the topic of Arts and Culture, read the paper and answer the questions. When answering student should show own ability to understand and analyze the content of the paper, topic of the paper and importance of the topic. Essay should be sent via email to lectures of the course by the end of the course.
- Project DevelopmentStudents are asked to develop own project related to Arts and Culture. Project might be performed individually or in team of maximum 3 students. Students will receive the working book with all the guidelines on how to calculate the project. During the course students have an opportunity to ask questions related to their projects and discuss intermediate steps of the project development. At the last seminar students are asked to present their project results.
- ExamThe exam is conducted offline in class. There is no possibility to retake the exam except only serious health problems proven by doctor. Questions for retake exam differs and additionally the examinee must explain their answer. Questions can be asked on all topics of the course.
Recommended Core Bibliography
- Bruno S. Frey. (2005). What Values Should Count in the Arts? The Tension between Economic Effects and Cultural Value. CREMA Working Paper Series.
- Throsby, C. D., & Ginsburgh, V. (2013). Handbook of the Economics of Art and Culture. North Holland.
Recommended Additional Bibliography
- Mark Blaug. (2001). Where Are We Now On Cultural Economics. Journal of Economic Surveys, 2, 123. https://doi.org/10.1111/1467-6419.00134
- Ruth Towse, & Abdul Khakee. (2012). Cultural Economics (Vol. 1992). Springer.