Date of Award

2026

Document Type

Thesis - Open Access - With Distinction

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Lawrence Motz

Second Advisor

Brendan Burns

Abstract

The art market has grown significantly over recent decades, supported by rising global demand, record auction results and increasing interest from collectors pursuing financial returns. This evolution has encouraged the development of investment-oriented practices and strengthened the notion that artworks can function as financial assets. This shift takes place in a market shaped by subjectivity, opacity and limited regulatory oversight, where valuation methods, provenance documentation and professional standards remain highly uneven. These conditions make art investment particularly complex and raise essential questions about the factors that support or weaken the legitimacy of art as an asset class. This thesis examines these issues through a qualitative approach based on semi-structured interviews with advisors, lenders, experts, journalists and academics. The analysis highlights the central obstacles to treating art as an investment, including liquidity constraints, authentication risks, informational asymmetries and a persistent lack of trust. It also assesses the contribution of emerging tools such as scientific analysis, data-driven valuation models and financial products developed around art. The findings show that transforming art into a credible asset requires stronger institutional, legal and technical infrastructures designed to reduce uncertainty and improve transparency across the market.

Distinction

1

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