Contemporary art and financialization

Two approaches

Bibliographic Data

ID4495236
AuthorsVictoria Ivanova (0000-0002-5716-4861)
Year2016
Volume2
Issue2
Pages127-137
Publication date2016-01-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueFinance and Society (JOURNAL)
Journal identifiersISSN: 2059-5999 • E-ISSN: 2059-5999
PublisherCambridge University Press (CUP) (PUBLISHER)
DOI10.2218/finsoc.v2i2.1726
OpenAlexW2564777679
LanguageEN
Citations received5
References cited14

This essay identifies two approaches to theorizing the relationship between financialization and contemporary art. The first departs from an analysis of how market logics in non-financial spheres are being transformed to facilitate financial circulation; the other considers valuation practices in financial markets (and those related to derivative instruments in particular) from a socio-cultural perspective. According to the first approach, the contemporary art market is in theory a hostile environment for financialization, although new practices are emerging that are increasing its integration with the financial sphere. The second approach identifies socio-cultural similarities between the logics by which value is extracted, amplified, and distributed through derivative instruments and contemporary art. The two approaches present a discrepancy: on the one hand, contemporary art functions as an impediment to outright financialization because of market opacity; on the other, contemporary art represents a socio-cultural analog to derivative instruments. The essay concludes by setting out the terms for a more holistic understanding of contemporary art's relationship to financialization, which would enable an integration of its economic and socio-cultural dimensions

Economics · Financialization · Art History and Market Analysis · Cultural Industries and Urban Development · Finance

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