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Article

Why COVID-19 Will Not Change the Global Art Market

Department of Sociology, University of Warsaw, 00-927 Warsaw, Poland
Academic Editor: Elena Sidorova
Arts 2021, 10(3), 50; https://doi.org/10.3390/arts10030050
Received: 28 May 2021 / Revised: 28 June 2021 / Accepted: 29 June 2021 / Published: 27 July 2021
(This article belongs to the Special Issue Global Art Market in the Aftermath of COVID-19)
This article investigates the valuation of artworks during the COVID-19 pandemic. It examines how art market participants employ fictional expectations of the future to stabilize valuations during uncertain times. A total of 86 forecasts originating from both the center and periphery of the global art market were analyzed. Taking a meta-analytic approach, focus was placed on what each analysis predicts, how it constructs the future it purports to know, and how the expected value of artworks and methods for their purchase are justified. This uncovered the paradoxical reality of art market forecasts—their authors are convinced that the power of crisis could reformulate the art market, but their conclusions do not assume the possibility of real change. Further, the argument is made that speculation about the future is at the core of today’s art economy. Therefore, in a crisis, market participants conservatively orient themselves toward artworks that already have established value. View Full-Text
Keywords: art market; COVID-19; forecasts; valuation studies; sociology of art; artworks; visual arts art market; COVID-19; forecasts; valuation studies; sociology of art; artworks; visual arts
MDPI and ACS Style

Tuszko, F. Why COVID-19 Will Not Change the Global Art Market. Arts 2021, 10, 50. https://doi.org/10.3390/arts10030050

AMA Style

Tuszko F. Why COVID-19 Will Not Change the Global Art Market. Arts. 2021; 10(3):50. https://doi.org/10.3390/arts10030050

Chicago/Turabian Style

Tuszko, Feliks. 2021. "Why COVID-19 Will Not Change the Global Art Market" Arts 10, no. 3: 50. https://doi.org/10.3390/arts10030050

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