Arts and Artists from an Economic Perspective

This book examines the relationship between the fine arts and economics: the contribution of various art forms toward economic growth and development, and the impact of economic factors on the creation of art. Xavier Greffe identifies the economic factors that can affect the emergence, success and disappearance of artistic activities. He begins with an analysis of the art market, where the players cannot be measured by standard economic yardsticks. Users are initially unaware of the kind of satisfaction they can gain from unknown works of art; producers do not know whether their upfront costs in the commissioning of new art and design will be covered and artists are, in turn, more interested in creating than in producing specifically defined works on demand. The author explores then the various dynamics that influence the development of the artistic sector: a revolving compromise between heritage and creation, a continuous passage between an original work of art and the products of cultural industries and a constant shift between for-profit and nonprofit institutions. Greffe provides a way to evaluate art from an economic perspective, one that explains both the creation and development of creative movement, without judging the existence of works of art purely in terms of economic logic.