Date of Award
2026
Document Type
Dissertation - Restricted Access (SIA Only)
Degree Name
Master of Arts (MA)
Department
Art Business
Abstract
The dissertation seeks to answer the question of how guarantees function as both financial instruments and symbolic signals, and what their resilience in a surpassed market reveals about the financialization of the auction system. It examines the evolving role of auction house guarantees, tracing the transformation of the instrument from a cyclical tool to a structurally embedded mechanism. Using a mixed-methods approach that combines longitudinal sales data from Sotheby’s and Christie’s with interview insights from market professionals, the research conceptualizes guarantees as hybrid financial-symbolic instruments that reflect and propel the financialization of the contemporary art market. The findings demonstrate that guarantees have become institutionalized within auction structures, embedding financial logics into cultural processes, and in doing so, introduced new systemic vulnerabilities.
Recommended Citation
Gildea, Elizabeth Darden, "Risk, Symbolism, and Strategy: Guarantees as Instruments of Financialization in the Contemporary Art Auction Market" (2026). MA in Art Business Dissertations. 36.
https://digitalcommons.sia.edu/ma_art_bus/36