Contemporary art and financialization: Two approaches
This essay identifies two approaches to theorizing the relationship between financialization and contemporary art. The first departs from an analysis of how market logics in non-financial spheres are being transformed to facilitate financial circulation; the other considers valuation practices in fi...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2016-01-01
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| Series: | Finance and Society |
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| Online Access: | https://www.cambridge.org/core/product/identifier/S2059599900000261/type/journal_article |
| _version_ | 1827313533253058560 |
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| author | Victoria Ivanova |
| author_facet | Victoria Ivanova |
| author_sort | Victoria Ivanova |
| collection | DOAJ |
| description | This essay identifies two approaches to theorizing the relationship between financialization and contemporary art. The first departs from an analysis of how market logics in non-financial spheres are being transformed to facilitate financial circulation; the other considers valuation practices in financial markets (and those related to derivative instruments in particular) from a socio-cultural perspective. According to the first approach, the contemporary art market is in theory a hostile environment for financialization, although new practices are emerging that are increasing its integration with the financial sphere. The second approach identifies socio-cultural similarities between the logics by which value is extracted, amplified, and distributed through derivative instruments and contemporary art. The two approaches present a discrepancy: on the one hand, contemporary art functions as an impediment to outright financialization because of market opacity; on the other, contemporary art represents a socio-cultural analog to derivative instruments. The essay concludes by setting out the terms for a more holistic understanding of contemporary art's relationship to financialization, which would enable an integration of its economic and socio-cultural dimensions. |
| first_indexed | 2024-04-24T22:11:26Z |
| format | Article |
| id | doaj.art-601d5cd0cf3348f3866961f1e48b4fd4 |
| institution | Directory Open Access Journal |
| issn | 2059-5999 |
| language | English |
| last_indexed | 2024-04-24T22:11:26Z |
| publishDate | 2016-01-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Finance and Society |
| spelling | doaj.art-601d5cd0cf3348f3866961f1e48b4fd42024-03-20T08:20:15ZengCambridge University PressFinance and Society2059-59992016-01-01212713710.2218/finsoc.v2i2.1726Contemporary art and financialization: Two approachesVictoria Ivanova0Goldsmiths, University of London, UKThis essay identifies two approaches to theorizing the relationship between financialization and contemporary art. The first departs from an analysis of how market logics in non-financial spheres are being transformed to facilitate financial circulation; the other considers valuation practices in financial markets (and those related to derivative instruments in particular) from a socio-cultural perspective. According to the first approach, the contemporary art market is in theory a hostile environment for financialization, although new practices are emerging that are increasing its integration with the financial sphere. The second approach identifies socio-cultural similarities between the logics by which value is extracted, amplified, and distributed through derivative instruments and contemporary art. The two approaches present a discrepancy: on the one hand, contemporary art functions as an impediment to outright financialization because of market opacity; on the other, contemporary art represents a socio-cultural analog to derivative instruments. The essay concludes by setting out the terms for a more holistic understanding of contemporary art's relationship to financialization, which would enable an integration of its economic and socio-cultural dimensions.https://www.cambridge.org/core/product/identifier/S2059599900000261/type/journal_articleArt marketcontemporary artderivativesfinancializationopacity |
| spellingShingle | Victoria Ivanova Contemporary art and financialization: Two approaches Finance and Society Art market contemporary art derivatives financialization opacity |
| title | Contemporary art and financialization: Two approaches |
| title_full | Contemporary art and financialization: Two approaches |
| title_fullStr | Contemporary art and financialization: Two approaches |
| title_full_unstemmed | Contemporary art and financialization: Two approaches |
| title_short | Contemporary art and financialization: Two approaches |
| title_sort | contemporary art and financialization two approaches |
| topic | Art market contemporary art derivatives financialization opacity |
| url | https://www.cambridge.org/core/product/identifier/S2059599900000261/type/journal_article |
| work_keys_str_mv | AT victoriaivanova contemporaryartandfinancializationtwoapproaches |