Bubble Formations in the Contemporary Art Market

Arielle O'Connor
Art Market Studies

About this Item

Title
Bubble Formations in the Contemporary Art Market
Contributor Names
O'Connor, Arielle (Author)
Melton, Paul G. (Thesis advisor)
Joselow, Evie T. (Thesis advisor)
Fashion Institute of Technology, State University of New York. Art Market Studies (Degree granting institution)
Date
2023
Degree Information
M.A. Fashion Institute of Technology, State University of New York 2023
Department: Art Market Studies
Advisors: Melton, Paul G.; Joselow, Evie T.
Abstract
This thesis examines the phenomenon of bubbles in the contemporary art market, exploring their formations and how Hyman P. Minsky's five stages of a bubble can be applied to analyze their existence in the market. The study focuses on the contemporary period marked by intense global economic upheavals and new market entrants to the art world. The research provides context by tracing the financialization of the global contemporary art market, showing how it has become prone to bubbles following major financial events. The questions are framed around understanding bubble formation and their links to financial and economic forces. The examined case studies between 1980 to 1990, spotlight the rise of the "Art Stars" of the New York-based Neo-Expressionism market influenced by the financial boom on Wall Street and the Impressionist auction market fueled by the Japanese asset price bubble. The 2012 to 2022 period is also examined, characterized by the post-2008 financial crisis and the emergence of the Zombie Formalism bubble, and later what the unraveling NFT bubble is revealing about the future of the art market. The thesis contributes to the understanding of how financial and economic forces drive bubbles in the contemporary art market. By investigating key periods and case studies, the research sheds light on the complex interplay between market dynamics, global events, and speculative behavior.
Subject
Arts--Management
Art--History
Rights
In Copyright
The copyright for this work is held by its author/creator(s). Usage of this material beyond what is permitted by copyright law must first be cleared with the rights-holder(s). This work has been made available online by the Fashion Institute of Technology Gladys Marcus Library strictly for research and educational purposes. If you are the copyright holder for this work and have any objections to this work being made available online, please notify us immediately at [email protected].
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Identifier
FIT Repository ID: etd_000998
URN/ISBN: 9798382910352
Related Materials
Also available from ProQuest
Source: Masters Abstracts International, Volume: 85-12.
Masters Abstracts International
Type
Text
Thesis
Language
English
Publisher
Ann Arbor : ProQuest Dissertations & Theses

Citation

O'Connor, A. (2023). Bubble Formations in the Contemporary Art Market [Master's thesis, Fashion Institute of Technology, State University of New York]. FIT Institutional Repository. https://institutionalrepository.fitnyc.edu/item/293644
O'Connor, Arielle. Bubble Formations in the Contemporary Art Market. 2023. Fashion Institute of Technology, State University of New York, Master's thesis. FIT Digital Repository, https://institutionalrepository.fitnyc.edu/item/293644
O'Connor, Arielle. "Bubble Formations in the Contemporary Art Market." Master's thesis, Fashion Institute of Technology, State University of New York, 2023. https://institutionalrepository.fitnyc.edu/item/293644