The high sale prices achieved by works of art in the recent past have made the category an attractive investment opportunity, but art has unique characteristics and its own dynamics of supply and demand. Whether buying as a passion or as part of diversifying a portfolio, this course will help you understand the risks and returns of the art market, and how it is continually transformed by forces such as globalisation, ‘financialisation’ and digital disruption.
The course will begin with an art market snapshot detailing the network of players involved in the art economy, and then explore the concept of value in the art market, the issues of authenticity and provenance, as well as the particulars of valuing contemporary art. We will discuss what makes art a viable asset class, art banking, art funds, and borrowing and lending.
The Economics of the Art Market is led by Noah Kupferman, Program Director of Art, Law and Business at Christie’s Education New York. Noah has experience both as a specialist in international auction houses and as a private and corporate banker.
What you will learn
- The size, structure and ecosystem of the global art market
- The analytical tools to determine the value of art and the risk and return profile of art as an alternative investment
- Recent developments in the art market, including collecting trends, financialisation and digital disruption
- Introduction to the Art Market
- Landscape and Structure of the Art Market
- Primary Market Economics — Conversation with Gallerists and Gallery Visit
- Art and Economics: Determinants of Value
- Introduction to Art as an Asset Class
- Secondary Market Economics — Conversation with Christie’s Specialists
- The Financialization of Art
- Auction Room Economics — Mock Auction at Christie’s
- Certificate Presentation
*Schedule and topics are subject to change.
Program Director, Art, Law and Business, New York Faculty
Noah Kupferman received a B.A. from Oberlin College, an M.A. from Columbia University’s School of International and Public Affairs, an advanced certification in International Affairs from the Johns Hopkins University School of Advanced International Studies and an MBA from New York University’s Stern School of Business. As a former banker, Kupferman also holds the Certified Financial Planner designation. With a unique set of skills and experience, Mr. Kupferman has spent considerable amount of time working both as a fine art specialist and financier.
Kupferman’s previous roles at Christie’s include Co-Head of the Chinese Works of Art Department in New York as well as Head of Christie’s Secured Art Finance. Prior to joining the faculty at Christie’s Education, Kupferman was the Managing Director at Shapiro Auctions – a boutique fine and decorative art auction house in New York City. Beginning his career at Sotheby's as a Classical Chinese Paintings Specialist, Noah moved to the world of finance and banking where he spent 12 years as a corporate and private banker before re-joining the ranks of the art world. Over the years, he has had a particular interest in the relationship between fine art and finance. Mr. Kupferman has been on faculty at New York University as well as The Sotheby's Institute and has lectured at Brandeis University, Columbia University as well as Christie's Education on the intersection between finance and fine art. He has commented on the art market for The New York Times, The Far Eastern Economic Review, Grant's Interest Rate Observer, Art Info, Bloomberg and Art Market Monitor among others.
“Very informative. Interesting and insightful course on art market and the financial world.”
“Real expertise in the industry. Good learning experience.”
“Truthful information; different perspectives; useful statistics.”
“Noah is a great speaker, making the course super interesting and appealing.”
"Great course, one of the best ones I have attended. Straight forward and to the point."