Date of Award

2026

Document Type

Dissertation

Degree Name

Master of Arts (MA)

Department

Art Business

Abstract

This dissertation examines the rising trend of the financialisation of middle-tier art markets in emerging economies, with a focus on corporate and institutional case studies from the continents of Africa and Asia. The research is driven by a central question: What are the key mechanisms turning middle-tier contemporary art into a financial asset class in these emerging markets? To answer this, the study analyses how financial tools, market intermediaries, and new wealth drivers are transforming art collecting practices in non-Western contexts. A qualitative case-study methodology is employed, comparing multiple institutions, mainly banks, investment funds and insurance firms, that actively engage with art as an investment. This is complemented by analysis of secondary market data of which includes auction indices, art price reports, and financial records from 2000 to 2025, in place of primary fieldwork. The findings reveal that financialisation in middle-tier art is accelerating via new investment vehicles such as art investment funds, art-backed lending, and fractional ownership platforms and the strategic activities of corporate collectors such as banks establishing art collections, competitions, and even art funds. These mechanisms have driven significant growth in Asia and Africa’s art markets, yet they also highlight persistent structural challenges, most notably illiquid resale markets, valuation opacity, and regulatory gaps that distinguish emerging art markets from their Western counterparts. The research concludes that while middle-tier art is increasingly treated as a financial asset in the case study regions, a delicate balance between financial logic and cultural value must be managed to ensure sustainable development of these markets. This study contributes to art market literature by filling a geographical and segment gap, and it holds practical significance for investors, institutions, and policymakers interested in the intersection of art and finance in emerging economies.

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