Canvas and Crash: The Art of Financialization

Beschreibung

How masterpieces were transformed into a shadowy financial asset class for the elite.
"Canvas and Crash" offers a provocative analysis of how fine art has been transformed from a cultural object into a highly financialized asset class. This book exposes the hidden mechanics of the "art economy," where masterpieces are often not collected for pleasure but as speculative instruments to hedge against inflation and hide wealth. It reveals the creation of a shadow financial market dominated by a few key players, secret agreements, and obscure valuation models. The reader explores the post-WWII shifts, analyzing the growth of auction houses as financial institutions, the invention of "art funds," and the use of art for tax evasion. The text deconstructs the psychology of high-stakes bidding and how a "masterpiece effect" can inflate prices regardless of artistic merit. It examines the impact of this financialization on museums, artists, and the very definition of aesthetic value. "Canvas and Crash" is essential reading for economists, art historians, and wealth managers. It offers a critical perspective on the intersection of culture and capital, arguing that the financialization of art is not just a market trend, but a force that distorts the cultural landscape.

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Dominic Sterling
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art market economics financialization of art auction psychology investment strategies wealth management asset bubbles alternative investments

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