Date of Award
2025
Document Type
Thesis - Restricted Access (SIA Only)
Degree Name
Master of Arts (MA)
Department
Art Business
First Advisor
Judith Prowda
Second Advisor
Morgan Falconer
Abstract
The art market has historically been riddled with scandal and fraudulent activities. As art has increasingly become an investment vehicle the issue has worsened as there are more routes to commit fraud. This thesis examines the parallels between the art and financial markets to understand why the art market remains largely unregulated and how this impacts stakeholders. Through case studies, the research explores unethical practices within the art market and their broader consequences. It also investigates historical developments in both markets and evaluates potential regulatory measures to enhance transparency and accountability. Focusing on the United States, this study reviews existing literature and fraud cases to propose practical recommendations for reforming the art market. By addressing issues such as transparency, advisory roles versus dealer responsibilities, and regulatory limitations, this research seeks to provide actionable insights for creating a robust framework that benefits all market participants while preserving the integrity of the art world.
Recommended Citation
Westman, Ella, "Art is an Upcoming Financial Vehicle, Why is The Legislation Not Catching Up?" (2025). MA Theses. 223.
https://digitalcommons.sia.edu/stu_theses/223