Date of Award

2026

Document Type

Thesis - Restricted Access (SIA Only)

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Noah Kupferman

Second Advisor

Lawrence Motz

Abstract

This paper delves in the unique characteristics of the artwork with especial investigation on the dichotomy of cultural and economic value. The investigation is divided in two sections. The first section is composed of chapter one and chapter two, and relates to the intrinsic characteristics of fine art. The paper starts with a thorough understanding of cultural goods, the unique features of fine art, the components of the aesthetic judgement on which the price is based, and the consensus of the art world such judgments that confer legitimacy to the price. Chapter two is totally dedicated to price formation in art galleries and auction houses to understand the different approaches and how they are related to the dichotomy of cultural and economic value of art. The second section of this paper deals with the external external economic and financial factors have informed fine art with new meanings to the artworks. Chapter three explains the development of art as a commodity in Britain and chapter four presents the financialization of the artwork present in our days. We conclude this paper by saying that the money and art always go hand-in-and and that the opposition of both brings more positiveness than not.

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