The Economics of Art

Art Basel has come and gone. The Venice Biennale wrapped up last weekend, and the Athens Biennale is on until October.

These summer schmooze-fests showcase the most shocking and celebrated works and the most lavish parties in the art world. Eager buyers, dealers, celebrities and artists attended swank balls and sipped champagne while eyeing contemporary paintings, sculpture, and installations.

Some purists eye such events suspiciously, believing that wealth and commerce corrupt the essence of art. That is a fallacy, according to a paper on art and commerce published by Harvard Business School. It’s persuasively titled It Is Okay For Artists to Make Money...No, Really, It’s Okay.

We were joined by co-authors Robert Austin, professor of Managing Creativity and Innovation at the Copenhagen Business School, and Lee Devin, Senior Dramaturg at People’s Light and Theatre in Malvern, Pennsylania.

(Photo by sensesmaybenumbed via Flickr/Creative Commons)