Laughing Out Loud: Art, Culture, and Fantasy

Authors

Henrietta L. Moore, University of Cambridge

Abstract

What makes art valuable? Why in times of crisis do people buy contemporary art? This Paper discusses whether or not investment in art can ever be seen as rational, and explores how the contemporary art market is expanding to include not just works of art, but art as a form of cultural practice. Audiences are no longer content simply to visit museums, galleries, and other cultural institutions. They want to participate, but why are art fairs, biennials, and museum events so popular? The contemporary art market has always been segmented, and reputation and display have been important motivators for rich collectors and for those who set the prices and assign value. However, the vast majority of participants in the expanded market for art are not purchasers and their relation to value is rather different.

Disciplines

Banking and Finance Law | Intellectual Property Law | Law | Legislation | Securities Law

Recommended Citation

Henrietta L. Moore, Laughing Out Loud: Art, Culture, and Fantasy, 33 Cardozo L. Rev. 2441 (2012).
Available at: https://larc.cardozo.yu.edu/clr/vol33/iss6/11