Art museums and auction guarantees: some thoughts on a new business model

References

• American Association of Museums. 2012. Trends Watch 2012: Museums and the Pulse of the Future. Washington, DC: American Association of Museums.
   Google Scholar
• Anderson, Maxwell. 2012. The Quality Instinct: Seeing Art through a Museum Director's Eye. Washington DC: American Association of Museums.
   Google Scholar
• Ashenfelter, Orley. 1989. “How Auctions Work for Wine and Art.” The Journal of Economic Perspectives 3: 23–36 doi:10.1257/jep.3.3.23.
   Web of Science ®Google Scholar
• Asness, Clifford. 2011. “Reflections after the Equity Risk Premium Colloquium.” In Rethinking the Equity Risk Premium, edited by P. Brett Hammond, Martin L. Liebowitz, and Laurence B. Siegel, 27–31. New York: Research Foundation.
   Google Scholar
• Association of Art Museum Directors. 2007. “Art Museums and the Practice of Deaccessioning.” http://www.aamd.org/papers/documents/FINALPositionPaperDeaccessioning.doc.
   Google Scholar
• Association of Art Museum Directors. 2011. “Professional Practices in Art Museums.” http://aamd.org/about/documents/2011ProfessionalPracitiesinArtMuseums.pdf.
   Google Scholar
• Baumol, William J. 1986. “Unnatural Value: Or Art Investment as a Floating Crap Game.” American Economic Review 76, 10–14 doi:10.1080/07335113.1985.9942162.
   Web of Science ®Google Scholar
• Bocart, Fabian Y. R. P., and Christian M. Hafner. 2012. “Econometric Analysis of Volatile Art Markets.” Computational Statistics & Data Analysis 56 (11): 3091–3104 doi:10.1016/j.csda.2011.10.019.
   Web of Science ®Google Scholar
• Bordo, Michael, Barry Eichengreen, Daniela Klingebiel, Maria Soledad Martinez-Peria, and Andrew K. Rose. 2001. “Is the Crisis Problem Growing More Severe?” Economic Policy 16: 53–82 doi:10.1111/1468-0327.00070.
   Google Scholar
• Burgess, Chris, and Rachel Shane. 2011. “Deaccessioning: A Policy Perspective.” The Journal of Arts Management, Law, and Society 41: 170–185 doi:10.1080/10632921.2011.598416.
   Web of Science ®Google Scholar
• Campbell, Rachel. 2004. The “Art” of Portfolio Diversification. Maastricht University – Limburg Institute of Financial Economics (LIFE) Research Paper WP05-001, 10–14. http://www.ppge.ufrgs.br/giacomo/arquivos/econ-cultura/campbell-2004.pdf.
   Google Scholar
• Campbell, Rachel A. J., and Christian Wiehenkamp. 2008. “Credit Default Swaps and an Application to the Art Market: A Proposal.” In Credit Risk: Models, Derivatives, and Management. Vol. 6 of Chapman & Hall/CRC Financial Mathematics Series, edited by Niklas Wagner, 53–66. London: Taylor & Francis.
   Google Scholar
• Crow, Kelly. 2012. “Museums Offer Work for Fall Auctions.” The Wall Street Journal, September 27. http://online.wsj.com/article/SB10000872396390443328404578022803931920008.html?mod = ITP_newyork_1.
   Google Scholar
• Durrer, Victoria. 2008. “Theoretical Perspectives in New Labour's Cultural Policy: Art Museums as Vehicles for Social Inclusion.” Museological Review 13: 11–28. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.183.2864&rep=rep1&type=pdf#page=23.
   Google Scholar
• Feldstein, Martin, ed. 1991. The Economics of Art Museums. Chicago: University of Chicago Press.
   Google Scholar
• Foundation Center. 2003. Arts Funding IV: An Update on Foundation Trends. New York: The Foundation Center.
   Google Scholar
• Goetzmann, William M., and Matthew Spiegel. 1995. “Private Value Components, and the Winner's Curse in an Art Index.” European Economic Review 39 (3–4): 549–555 doi:10.1016/0014-2921(94)00061-4.
   Web of Science ®Google Scholar
• Greenleaf, Eric A., Ambar G. Rao, and Atanu R. Sinha. 1993. “Guarantees in Auctions: The Auction House as Negotiator and Managerial Decision Maker.” Management Science 39 (9): 1130–1145 doi:10.1287/mnsc.39.9.1130.
   Web of Science ®Google Scholar
• Greenleaf, Eric A., Jun Ma, Wanhua Qui, Ambar G. Rao, and Atanu R. Sinha. 2002. “Note on ‘Guarantees in Auctions: The Auction House as Negotiator and Managerial Decision Maker’.” Management Science 48 (12): 1640–1644 doi:10.1287/mnsc.48.12.1640.441.
   Web of Science ®Google Scholar
• Horowitz, Noah. 2011. The Art of the Deal: Contemporary Art in a Global Financial Market. Princeton: Princeton University Press.
   Google Scholar
• Inkei, Péter. 2010. “The Effects of the Economic Crisis on Culture.” Paper presented at Culture and the Policies of Change Conference, Brussels, Belgium, September 6–7.
   Google Scholar
• Kaufman, Jason E. 2009. “Museums Make Deep Cuts In Face Of Global Financial Crisis.” The Art Newspaper, January 8. http://www.theartnewspaper.com/article.asp?id = 16704.
   Google Scholar
• Madden, Christopher. 2009. Global Financial Crisis and Recession: Impact on the Arts. IFACCA d'Art Report No. 37.
   Google Scholar
• McCarthy, Kevin F., Elizabeth H. Ondaatje, Laura Zakaras, and Arthur Brooks. 2004. Gifts of the Muse: Reframing the Debate About the Benefits of the Arts. Santa Monica: RAND.
   Google Scholar
• McNulty, Tom. 2006. Art Market Research: A Guide to Methods and Sources. Jefferson: McFarland.
   Google Scholar
• Melikian, Souren. 2010. “In a Booming Market, Danger Looms.” Art + Auction, July. http://www.artinfo.com/news/story/34994/in-a-booming-market-danger-looms.
   Google Scholar
• Merton, Robert C. 1977. “An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees: An Application of Modern Option Pricing Theory.” Journal of Banking and Finance 1 (1): 3–11 doi:10.1016/0378-4266(77)90015-2.
   Google Scholar
• Metropolitan Museum of Art. 2011. Annual Report for the Year 2010–2011. New York: The Metropolitan Museum of Art.
   Google Scholar
• Miller, Steven H. [1997] 2004. ““Guilt-Free” Deaccessioning.” In A Deaccessioning Reader, edited by Stephen E. Weil, 93–97. Washington, DC: American Association of Museums.
   Google Scholar
• Moreno, María-José. 2004. “Art Museums and Socioeconomic Forces: The Case of a Community Museum.” Review of Radical Political Economies 35: 506–527 doi:10.1177/0486613404269781.
   Google Scholar
• Phyrr, Stuart W. 2012. “Of Arms and Men: Arms and Armor at the Metropolitan, 1912–2012.” The Metropolitan Museum of Art Bulletin 70: 1–48.
   Google Scholar
• Pogrebin, Robin. 2011. “The Permanent Collection May Not Be So Permanent.” The New York Times, January 26. http://www.nytimes.com/2011/01/27/arts/design/27sell.html.
   Google Scholar
• Renz, Loren, Steven Lawrence, and James Allen Smith. 2004. Foundation Funding for the Humanities: An Overview of Current and Historical Trends. New York: The Foundation Center.
   Google Scholar
• Robertson, Bruce. 2003. “The Tipping Point: Museum Collecting and the Canon.” American Art 17: 2–11 doi:10.1086/444621.
   Google Scholar
• SICA (Dutch Centre for International Cultural Activities). 2010. The Economic Crisis and the Prospects for Art and Culture in Europe. Amsterdam: SICA.
   Google Scholar
• Smith, James Allen. 2004. “Foundations in Time: Where Are We Now?” New Directions for Philanthropic Fundraising 2004 (45): 11–20 doi:10.1002/pf.68.
   Google Scholar
• Sothebys. 2008. 10-K.
   Google Scholar
• Sothebys. 2010. 10-K.
   Google Scholar
• Sothebys. 2011. 10-K.
   Google Scholar
• Szántó, András. 2010. “Funding: The State of the Art.” The Art Newspaper, June 8. http://www.theartnewspaper.com/articles/Funding-the-state-of-the-art-/20989.
   Google Scholar
• Thornton, Sarah. 2011. “Financial Machinations at Auction.” The Economist, November 18. http://www.economist.com/blogs/prospero/2011/11/art-market.
   Google Scholar
• Vickrey, William. 1961. “Counterspeculation, Auctions and Competitive Sealed Tenders’.” Journal of Finance 16 (1): 8–37 doi:10.1111/j.1540-6261.1961.tb02789.x.
   Web of Science ®Google Scholar
• Walker, Peter. 2010. “Local Museums Face Crisis After DCMS Announces End to Financial Support.” The Guardian, November 17. http://www.guardian.co.uk/culture/2010/nov/17/local-museums-funding-cuts-dcms.
   Google Scholar
• Weil, Stephen E., ed. 1997. A Deaccession Reader. Washington, DC: American Association of Museums.
   Google Scholar
• White, Jennifer L. 1996. “When It's OK to Sell a Monet: A Trustee-Fiduciary-Duty Framework for Analyzing the Deaccessioning of Art to Meet Museum Operating Expenses.” Michigan Law Review 94: 1045–1047 doi:10.2307/1289805.
   Web of Science ®Google Scholar