Cambridge University Press 978-1-108-48342-1 — Economics of Visual Art Amy Whitaker Index More Information

Index

Page numbers in italics indicate tables and ﬁgures. Titles of written and visual works will be found at the author’s/artist’s name. Numbers are alphabetized as if spelled out.

1–54, contemporary African art fair, 69, 221 American Alliance of Museums (AAM), 5Pointz case, New York, 220 183 813 Broadway exhibition (1951), 177 Anderson, Jane, 216 Anderson, Maxwell, 79 AAM (American Alliance of Museums), 183 Andre, Carl, 105 AAMD (Association of Art Museum Angelou, Maya, 15 Directors), 176, 183, 286n24, 297n60 Ankrom, Richard, 253 Abbing, Hans, Why Are Artists Poor?, 154 anticompetitive practices, 131. See also mar- ability and willingness to pay, demand as, ket structures 22–23 Antonelli, Paola, 192 Abu Dhabi, Saadiyat Island, Guggenheim and AP (Associated Press), 203, 204–205 Louvre extensions at, 121, 126 Apple, 236 Adler, Amy, 203 arbitrage, 226 Adorno, Theodor, 23 Aronson, Cliff, 139 adverse selection, 114 ARR (Artist Resale Right; EU and UK), 211 af Klint, Hilma, 66 ARRAY, 250 Afghanistan, landmines in, 43–45 Art Agency, Partners, 152, 176 aggregate demand, 22, 32, 40 Art + Museum Transparency Group, 183, Agreement on Trade-Related Aspects of 195, 311n28 Intellectual Property Rights (TRIPS), 207 Art Basel, 69, 221, 235, 236, 338n12 AHRC (Arts and Humanities Research art fairs, 69, 158, 236 Council; UK), 117 art market, global, overall value of, 235 Ai Weiwei, Tate Modern installation The Art Newspaper, 151 (2010), 9–11 Art + Practice, 156, 170–171 Akerlof, George Art Workers’ Coalition (AWC), 199, 200, “The Market for Lemons,” 114 217–218, 220 “Sins of Omission and the Practice of Art < > World exhibition (1976), 190 Economics,” 251 “art worlds,” 292n20 Alberro, Alexander, Conceptual Art and the Art Zone, Beijing, 120 Politics of Publicity, 218 Artist Pension Trust, 165 Ali, Yashar, 246 Artist Resale Right (ARR; EU and UK), 211 allocation and diversiﬁcation of portfolios, artists. See also intellectual property; labor 232–233 economics Alpers, Svetlana, Rembrandt’s coronavirus pandemic and, 245–246 Enterprise, 159 Hansa Gallery run by, 177–181 alternative assets, 231 investment, from artist’s studio to return Amazon, 146 on, 238–240 AmbitioUS, 189 as investors, 238–240

379

380 index

artists (cont.) supply chains/vertical markets and, 158 supply chains/vertical markets and, 155, van Gogh’s Portrait of Dr. Gachet, sale of, 159–161, 163, 169–171, 174, 306n14 223–224 technology innovations, use of, 56–58 average total cost, 48 The Artist’s Contract (The Artist’s Reserved AWC (Art Workers’ Coalition), 199, 200, Rights Transfer and Sale Agreement), 217–218, 220 199, 200, 214 artists’ residency programs, 156, 169, 174 backward integration (integration Artnet, 264 upstream), 165 Arts and Humanities Research Council backward-bending labor supply curve, (AHRC; UK), 117 185–186 Arts Council England, 246 Bacon, Francis, Three Studies of Lucian Freud Livelihoods of Visual Artists, 184, 195 triptych, 233, 234 ascending bid (English auction), 263, 265 Bagehot, Walter, 3 Ashenfelter, Orley, 146, 151, 153 Bahr, Peter, 157, 159 asset classes, 228–231 Baker, Samuel, 129 asset specificity, 166 balance sheets, 58 assets, defined, 229 banana duct-taped to wall (Cattelan’s Associated Press (AP), 203, 204–205 Comedian), 338n12 Association of Art Museum Directors Banksy, 35 (AAMD), 176, 183, 286n24, 297n60 Barr, Alfred, 181 auctions and auction houses barriers to entry, 131 auction theory, 263–267 barter and exchange (trade and reciprocity), “Beautiful Inside My Head Forever” 18–21 (Sotheby’s Hirst auction, 2008), and Basquiat, Jean-Michel, 39 vertical market/supply chain, 155, 159, Bataclan terrorist attack, Paris, 122 163, 175 Baumol, William J., 8 bought in works (failing to sell), 267 “Unnatural Value,” 224, 234–235, 242, chandelier bidding, 98, 266 329n20 competition between, 130, 300n7 Bayer, Thomas M., and John R. Page, divergence of strategies after price-fixing The Development of the Art Market in scandal, 152 England, 77, 114 footing, 266–267 Beard, Alex, 102, 108, 109 guarantee arrangements, 136, 153 “Beautiful Inside My Head Forever” historical background, 129 (Sotheby’s auction, 2008), 155, 159, market concentration of four top auction 163, 175 houses, 144 Becker, Gary, “The Economic Way of price-fixing agreement between Christie’s Looking at Life,” 251 and Sotheby’s (1995), 129–130, 131–140, Becker, Howard, 292n20 144, 146, 148–151 Beggs, Alan, 328n16 private companies, Sotheby’s and Bell, Natalie, 124 Christie’s now as, 152 Bellamy, Richard (Dick), 179–181 reservation price (maximum price), 22, 264 Benanti, Laura, 246 reserve price/reserve, 96, 264, 265 Berne Convention, 207 schedule coordination between, 153 Betty Parsons Gallery, 24, 214, 237, 242 Society of London Art Dealers/British BidFairUSA, 152. See also auctions and Antique Dealers’ Association lawsuit auction houses (1970s) against, 130 Bishop, Claire, 128 Stout defamation suit against Christie’s Black, Fischer, 332n31 regarding Mapplethorpe estate, 137 Black Rock Senegal, 174

index 381

Black–Scholes options pricing model, 332n31 Capote, Truman, 139 Blavatnik, Sir Leonard, 124 Carnegie, Andrew, 156 blockchain, 215, 221 Carnegie Museum of Art, Pittsburgh, 221 Bloomsbury Group, 4 Carnwath, Francis, 107 Boies, David, 140 cartels, 149, 162–163 bonds, 229 cash ﬂow statements, 58 Bourdieu, Pierre, 5, 278n21 Castelli, Leo, 66, 92, 95, 180, 181, 213, 244, Distinction,23 326n5 Bourdon, David, 190 CAT scan machines, 166 Bouvier, Yves, 95 catalogue design, as artwork, 221 Bowen, William, 329n18 Cattelan, Maurizio, Comedian (banana duct- Bradford, Mark, 156, 170–171 taped to wall), 338n12 Brancusi, Constantin, Sculpture for the Center for Cultural Innovation (CCI), Los Blind,73 Angeles, 189 Brandenburger, Adam, 156, 173–174 ceteris paribus, economists’ use of, 23 Brannock company/Brannock device, 143 chandelier bidding, 98, 266 breakeven analysis/breakeven point, 62–65 Chandler, Alfred, 275n4 British Antique Dealers’ Association, 130 change in expectations, as determinant of British Library, 117 need, 28 British Museum, 215 Chaplin, Charlie, 75 British Railways Pension Fund, 233 El Chapo (Joaquín Guzmán), 162–163 Britten, Mathew, 182 Cheung, Steven, 111 Bronx Museum, 186 Chiappe, Paul, 55 Brooks, Diana (Dede) Dwyer, 129, 130, 131, China Poly, 144. See also auctions and auc- 132–133, 135, 136, 138, 139–140, 149 tion houses Brooks, Michael, 133 Chisenhale Gallery, 194, 195 Brownback, Sam, 204 Christen, Kim, 216 Bruce, Thomas, 7th Earl of Elgin, 215 Christian Dior, 157 Bruguera, Tania, 125 Christie, James, 129 Brunn, Burkhard, 51, 52 Christie’s. See auctions and auction houses Büchel, Christoph, Training Ground for Churchill, Winston, xvi Democracy, 208–210 class. See family wealth or income Buchloh, Benjamin, “Conceptual Art Clayton, Lenka 1962–1969,” 218 Artist Residency in Motherhood,73 budget line, 258, 259, 260 Local Newspaper,73 Buffett, Warren, 49 “Typewriter Drawings” (2012 and bundles of rights, artworks as, 199 ongoing), 50, 53–55, 72 bundling, 87–90 Unanswered Letter,73 Burge, Christopher, 223 Cleland, Elizabeth, 20 Burne-Jones, Edward, 77 Clooney, George, 204 business strategy frameworks and supply Coase, Ronald, 275n4 chains, 156, 171–174 “The Nature of the Firm,” 142 buyer’s premium, 96, 97, 98 “The Problem of Social Cost,” 213–214 Cage, John, 4’33” sonata, 71 Coase theorem of property rights, Cake Project, 71–72 213–214, 215 call options, 331n27 Cogan, Marshall S., 132 capital and cost, 45 COGS (cost of goods sold), on income capital appreciation, 225 statements, 58 capital protection, 225 Cohen, Steven, 96

382 index

Coin Street Community Builders, 124 technology innovations, artists’ use of, Coleman, Anita, 179, 181 56–58 collective bargaining and unions in the arts, willful inefficiency, 52–58 186–189 study questions,71–76 Collectors’ Circle, 91–92 cross-subsidies, 65–67 College Art Association, 219, 318n47 Crystal Palace Exhibition, London (1851), 205 Columbus, Nikki, 128 CS (compensating surplus), 117 commensuration, 20 cultural heritage and art ownership, 215–216 commercial value, 236–237 CVM (contingent valuation methodology), common values, 264 115, 117–119, 123, 295n33 compensating surplus (CS), 117 Competition Act (1980; UK), 136 DACS (UK), 211, 213, 319n47 complements and substitutes, goods Damodaran, Aswath, 78, 233 classified as, 26–28 David Zwirner gallery, 146, 244 compounding interest, 227 Davidge, Christopher, 129–130, 132, conceptual artists’ use of administrative 134–135, 136, 137–139, 146, 149 contracts, 218 Davidge, Eva, 134 conspicuous consumption, 29 Davidge, Olive Fowle, 134 Constitution, US, 201 Davidge, Roy, 129, 134 consumer surplus, 31–33, 123 Davidge, Wilfred, 134 contingent valuation methodology (CVM), Davies, William, 14 115, 117–119, 123, 295n33 Davis, Ben, 244 contingent/contract workers, 197 de Kooning, Elaine, 181 contracting costs, 49 de Menil, John and Dominique, 198 Cook, Lisa D., 316n20 deaccessioning, 52, 121, 176, 286n24, 297n60 Cooper-Hewitt Museum, 221 demand. See under markets “co-opetition,” 173–174 Department of Justice (DoJ; US), 137, copyright, 201–205, 206–207 138, 145 coronavirus pandemic, 157, 245–246, 286n24 depreciation, 58 cost disease, 329n18 derivatives, 230 cost of goods sold (COGS), on income descending bid (Dutch auction), 263 statements, 58 development versus maintenance, Ukeles on, cost-basis, 322n73 189, 192 cost–benefit analysis, 27 d’Harnoncourt, Anne, 73 cost/cost structure, 13, 43–76 Dia:Beacon, New York State, 52 balance sheets, 58 DiCastro, Allan, 170 breakeven analysis/breakeven point, 62–65 Didion, Joan, 167 capital and, 45 digital rights management, 318n47 cash flow statements, 58 diminishing marginal utility, 22 cross-subsidies, 65–67 Dione, Aïssa, 175 economies of scale and scope, 68–70 discount rate, 227 as engineer of economics, 70 discounted cash flows, 227–228, 233 entrepreneurship and, 45 discounts, 91 fixed and variable costs, 45, 46–50 disintermediation of supply chains, 155, income statements, 58–62, 63 306n14 integral to art practice, 50–58 diversification and allocation of portfolios, labor and, 45 232–233 land and, 45 diversity, equity, and inclusion. See also manufacture as co-creation, in family wealth or income Posenenske’s works, 50–52 barriers to, 128, 182

index 383

broad/narrow definitions of art and, markets; price; property; supply chains 246–249 and vertical markets cultural heritage and art ownership, creative foundations of economic 215–216 thought, 3–4 discounts for works of female and Black finance, versus economics, 224–225 artists, 200, 218 materials, time, and resources of artistic gender and pay/wages in the arts, 183, 184 production and, 9–13 legitimation process and, 249–251 mechanical logic of maximum profit/ overall returns, effects of structural gender/ utility, avoiding, 2 racial bias on, 236 microeconomics, focus on, 2, 199, 224 patent discrimination, 316n20 political nature of, xvii pricing for, 91 tension between art and economics, 4–8 race/ethnicity and pay/wages in the economies of scale and scope, 68–70 arts, 184 Ede, Jim and Helen, 104 strategies for, 195 efficient market theory, 226, 329n21 Ukeles’s student work, gender-based Eichenberger, Reiner, 228 complaints about, 189 Eichhorn, Maria, 200 Djenne, Abib, 174 5 weeks, 25 days, 175 hours, 194–195 documenta, Kassel, Germany, 23, 74, 126 EJI (Equal Justice Initiative), 119, 125 Doig, Peter, 242 El Chapo (Joaquín Guzmán), 162–163 DoJ (Department of Justice, US), 137, 138, 145 Electronic Frontier Organization, 204 Dolman, Ed, 139 Elgin Marbles, 215 domestic labor, 192–193 Eliasson, Olafur, Little Sun, 84 Dorchester Art + Housing Collaborative, 121 English auction (ascending bid), 263, 265 droit de suite (resale royalties), 38, 211–213 Enterprise Act (2002; UK), 300n10 drug cartels, supply chain management by, entrepreneurship and cost, 45 162–163 Epstein, Richard A., 296n39 Dubois, R. Luke, 57 Equal Justice Initiative (EJI), 119, 125 Duchamp, Marcel, 198 equities (as asset class), 229 Dunedin Public Art Gallery, Auckland, New equity. See diversity, equity, and inclusion Zealand, 16 ethnic/racial exclusion and inequity. See duopolies, 130, 143 diversity, equity, and inclusion Durand-Ruel, Paul, 48 European Fine Art Fair, The (TEFAF), 221 Dutch auction (descending bid), 263 exchange and barter (trade and reciprocity), Duveen, Anneta, 179, 181 18–21 Duveen, Lord Joseph, 179 exclusion. See diversity, equity, and DuVernay, Ava, 250 inclusion Dweck, Carol, 193 explicit commissions, 49 explicit costs, 46–50 economic development, different models of, externalities, 111–112 120–122 economic development analysis, 103, 109, Facebook artists in residence, 71 115–116 failure. See market failure economic rights, 201 Fair Trading Act (1973; UK), 136 economics as an art form, 251–252 fair use, 202–205, 318n47 economics of art, xv–xviii, 1–14. See also Fairey, Shepard, Hope Poster, 203, cost/cost structure; intersections of art 204–205, 219 and economics as a system; investment; family wealth or income labor economics; market failure; market as cross-subsidy, 66–67 structures and competitive practice; pay/wages in the arts and, 177, 182, 191

384 index

family wealth or income (cont.) institutional and commercial value, price-fixing agreement between Christie’s entanglement of, 236–237 and Sotheby’s (1995) and, 131–140 mega-galleries, 69, 146, 154 Famous Accountants (experimental price affected by relationship between gallery), 250 cultural institutions and commercial art FBI (Federal Bureau of Investigation; US), 237 markets, 98 Fed Funds rate, 227 sales invoices and provenance, 237, 242 Federal Bureau of Investigation (FBI; US), 237 supply chains/vertical markets and, 158 finance, versus economics, 224–225 game theory, 148–150 financial research, as art projects, 332n31 Garcia, Mannie, 204 Fine Art America, 101 G.A.S. Foundation, Lagos, Nigeria, 175 firm/organization, defined, 275n4 Gates, Theaster, 121 first-price sealed bid, 263 Gaudier-Brzeska, Henri, 104 first-degree price discrimination, 85, 86 Gay, Roxane, 246 fixed and variable costs, 45, 46–50 Gehry, Frank, 120 fixed income, 229 gender exclusion and inequity. See diversity, Flavin, Dan, 181 equity, and inclusion Floyd, George, police shooting of, 250 General Felt Industries, 132 Flux Theatre Ensemble, New York, 86 Gerber, Alison, The Work of Art (2017), 8 footing, 266–267 Geuna, Elena, 306n14 Ford, Henry, 50 Ginsburgh, Victor A., 151, 153, 291n18 forgeries, 237, 242 Gladstone, Barbara, 244 forward integration (integration Gleeson-White, Jane, Double Entry,46 downstream), 164, 166 global art market, overall value of, 235 Foster, Norman, 294n21 Glueck, Grace, 128 fractional equity, 213–214, 215 Goetzmann, William, 235, 329n21 franchising, 167 Gonzalez-Torres, Felix, 219 Francis, Richard, 106 goods Fraser, Andrea, “Toward a Reflexive artworks as form of, 199 Resistance” (2018), 5–6 classified as substitutes and complements, free-rider problem, 114, 181 26–28 free speech protections, 202 COGS (cost of goods sold), on income Freedman, Carl, 304n2 statements, 58 Freeman, Nate, 306n14 inferior goods, 29 Freeze (YBA exhibition, 1988), 155 normal goods, 29 Frey, Bruno S., 228 positional goods, 29 Friedman, Milton, as quilter, 75–76 public goods, 111, 112–115 Friess, Joachim, Diana and the Stag quasi-public goods, museums as, 94 automaton (c. 1620), 20 relative price of related goods, as Frye Art Museum, Seattle, 186 determinant of need, 26–28 fully absorbed cost, 48 Veblen goods, 29 futures contracts, 230–231, 331n30 Google, 146 Gorvy, Brett, 30 Gagosian, Larry, 70, 155 Graddy, Kathryn, 146, 151, 153, 328n16 Gagosian Gallery, 69, 146, 155, Graeber, David, Debt: The First 5,000 163, 203 Years,18 Gainsborough, Thomas, 129 Graham, Donald, 203 galleries. See also specific galleries by name Gralish, Tom, 205 artist-run spaces, 177 Grampp, William, Pricing the Priceless,7–8, in coronavirus pandemic, 246 34, 224

index 385

graphs, 255–257 “Beautiful Inside My Head Forever” great recession (2008), 79, 155, 163 (Sotheby’s auction, 2008), 155, 159, Green Gallery, 93, 214 163, 175 Greenberg, Clement, 121 Gambler (exhibition), 304n2 Greffe, Xavier, Art and Artists from an For the Love of God,34 Economic Perspective,65 The Physical Impossibility of Death in the Grist, Kerry, 182 Mind of Someone Living (the shark in the gross margin, on income statements, 58 formaldehyde tank), 96, 155, 163, 304n2 gross-value added (GVA) impact, 123 “Spot Paintings,” 28 guarantee arrangements by auction houses, A Thousand Years, 304n2 136, 153 Treasures from the Wreck of the Guggenheim, Peggy, 103 Unbelievable (Venice exhibition, 2017), Guggenheim Bilbao, 120, 122, 126 306n14 Guggenheim extension, Abu Dhabi, Saadiyat YBAs (Young British Artists) and, 112, 155 Island, 121, 126 Hockney, David, Portrait of an Artist (Pool Guggenheim Foundation, 120, 122 with Two Figures), 283n42 Guggenheim Museum, 79, 186 Hoey, Chuck, 247, 249 Guinness brewery, 133 Holzer, Jenny, 219 Guzmán, Joaquín (El Chapo), 162–163 Hope poster (Fairey), 203, 204–205, 219 GVA (gross-value added) impact, 123 horizontal adding, 30 Hostile Worlds/Nothing But views, 6–8, 219, Haacke, Hans, 200, 219 251, 253 Halperin, Julia, 222 Hultén, Pontus, 198 Hambrecht, Patricia, 137–138 human capital asset specificity, 166 hammer price, 36 Human Rights Watch, 43 Hammons, David, 43 Hutter, Michael, 274n1 Hannen, Guy, 134 Hyde, Lewis, The Gift (1983), 8 Hansa Gallery, 177–181, 182 Hardin, Garrett, 113 ICA (Institute of Contemporary Arts; Haring, Keith, 167 London), 103 Harrison, Nate, 253 ICOM (International Council of Haskell, John, Bomb,19 Museums), 176 Hassani, Massoud (and brother Mahmud), implicit costs, 47–50 43–45, 63–64, 73 inclusiveness. See diversity, equity, and Hauser & Wirth (gallery), 146, 156, 169 inclusion hedonic regression, 235 income. See also family wealth or income Heidegger, Martin, 275n3 defined, 22 Heller, Sandy, 96 as determinant of demand, 25–26 Herbert, Martin, 43 fixed income, 229 Tell Them I Said No, 50, 52 pay/wages in the arts, 182–185, 191 Herfindahl–Hirschman Index (HHI), 144–146 psychic income, 193 Herzog and de Meuron (architectural UBI (universal basic income), 196 firm), 110 income effect, 185 Hesse, Eva, 105 income statements, vi, 58–62, 63 HHI (Herfindahl–Hirschman Index), Indianapolis Museum of Art, 79–80, 81, 144–146 84, 94 Higgins, Charlotte, 123–124 indifference curves, 258–260 High Museum, Atlanta, 195 individual demand, 22 Hindlip, Lord, 138 inequity. See diversity, equity, and inclusion Hirst, Damien, 112, 174 inferior goods, 29

386 index

inflation, 225 portfolio allocation and diversification, Institute of Contemporary Arts (ICA; 232–233 London), 103 repeat sales, 234–235 institutional value, 236–237 research in, as art projects, 332n31 integration downstream (forward risk and return, relationship between, 224, integration), 164, 166 225–227 integration upstream (backward study questions, 241–243 integration), 165 invisible hand, 3, 38 intellectual property. See property IRR (internal rate of return), 268–273 interest rates. See investment Ithaka S+R, 183, 184 intermediaries, 168 internal rates of return (IRR), 268–273 Jevons, Stanley, 3, 6, 276n9 International Council of Museums Joannou, Dakis, 297n60 (ICOM), 176 Johns, Jasper, 214, 222, 238, 239, 326n5 International Table Tennis Federation Johnson, Peter, and Barry Thomas, Museum, Shanghai, 246–248, 249 “The Economics of Museums,” 115 international treaties and bilateral Johnson, Philip, 181 agreements on intellectual property, Jopling, Jay, 96, 155 206–207 Jordan Schnitzer Museum of Art, University intersections of art and economics as of Oregon, 234 a system, 13, 244–254 Judd, Donald, 34 broad/narrow definitions of art and, jump bid, 36 246–249 Justice Department (DoJ; US), 137, 138, 145 coronavirus pandemic and, 245–246 creative foundations of economic Kahn, Wolf, 177 thought, 3–4 Kaplan, Louis, 140 economics as an art form, 251–252 The Karate Kid (film, 1984), 1 financial/investment research, as art Karp, Ivan, 180, 181, 310n17 projects, 332n31 Karp, Lois, 180 legitimation process, 249–251 Karpik, Lucien, Valuing the Unique,28 tension between art and economics, 4–8 Katchadourian, Nina, 39, 41, 45, 46, 54, 245 study questions, 252–254 “Seat Assignment” project (2010 and investment, 13, 222–243 ongoing), 15–18, 20, 254 academic studies of art investment, 224 Stickies Art School, 245, 249 art market analysis, 233–240 Keefe, Patrick Radden, 162–163 artists as investors, 238–240 Kennedy, John F., Jr., 252 from artist’s studio to return on, 238–240 Kettle’s Yard (Cambridge, UK), 104, 105 asset classes, 228–231 Keynes, John Maynard, 3 discounted cash flows, 227–228, 233 Khaire, Mukti, Culture and Commerce, 168 as finance, versus economics, Kickstarter, 184, 197 224–225 Kiefer, Anselm, 105 global art market, overall value of, Kim, Angie, 189 235 Kinkade, Thomas, 167, 307n25 goals of, 225 Kobayashi, Hideo, 223 hedonic regression, 235 Koons, Jeff, 29–30, 219 IRR (internal rate of return), 268–273 Bataclan monument, Paris, 122 Kramarsky collection and sale of van The Orange Balloon Dog, 26, 30, 283n42 Gogh’s Dr. Gachet, 222–224 Kramarsky, Werner (Wynn) and Sarah, opportunity cost of capital and, 222–224, 241, 243 225–227, 228 Kräussl, Roman, 214, 215, 243

index 387

Krens, Tom, 122 London Interbank Offered Rate (LIBOR), Kulenkampff, Annette, 126 227 Long Museum, Shanghai, 121 La Berge, Leigh Claire, 1, 252 long run, 33 labor economics, 13, 177–197 Louvre, 84–85 contingent/contract workers, 197 Louvre extension, Abu Dhabi, Saadiyat cost and labor, 45 Island, 121, 126 domestic labor, 192–193 Lovo, Stefano, 161 family wealth or income, effects of, 177, Lowe, Rick, 122, 170 182, 191 Lowry, Alexis, 52 Hansa Gallery case study, 177–181, 182 Lowry, Bates, 199, 217 motivation to work, 177, 193–194 LVMH (Moët Hennessy – Louis Vuitton SE), opportunity cost and, 177, 185, 192 157, 164, 165 pay/wages in the arts, 182–185, 191 poverty thresholds, cost of living, The Machine, As Seen at the End of the minimum wage, and living wage Mechanical Age (MoMA exhibition, statistics, 183, 309n4 1969), 198 supply of labor, 185–186 machine-learning programs, 57 Ukeles’s maintenance art and, Macron, Emmanuel, 215 189–192, 196 maintenance art of Ukeles, 189–192, 196 unions and collective bargaining, 186–189 Mandiberg, Michael study questions, 195–197 (Print Wikipedia) or Postmodern Times labor efficiency, scientific management of, 50 (2016–18), 75 Laird, Jo Backer, 139 FDIC Insured,74 land and cost, 45 Manet, Edouard, 48 landmines in Afghanistan, 43–45 Mapplethorpe, Robert, 138 Legacy Museum, Montgomery, Alabama, 119 Marciano Art Foundation, Los Angeles, 186 legitimation process, 249–251 market concentration/market concentration Legros, Patrick, 151, 153 analysis, 144–146 Lehman Brothers, collapse of, marginal cost, 37 155, 163 marginal cost curve, 37, 93 Lena, Jennifer, Entitled, 249 marginal utility Lennon, John, 198 creation of concept of, 3 Leo Castelli Gallery, 66, 181 diminishing, 22 Leonardo da Vinci, 18, 68 market failure, 13, 102–128. See also Tate Salvator Mundi, 23, 25, 35, 42 Modern Leslie, Alfred, 180 adverse selection, 114 Letcher, Ellen, 250 CVM (contingent valuation methodology), Leval, Pierre N., 202, 203 115, 117–119, 123, 295n33 Level, André, 232 defined, 102 LeWitt, Sol, 17, 87, 88, 100, 208, 306n21 different models of economic development LIBOR (London Interbank Offered Rate), 227 and, 120–122 Linell, Marcus, 233 economic development analysis, 103, 109, Linklater, Joe, 138, 139 115–116 Lippard, Lucy, 100 externalities, 111–112 “Living Ticket,” Flux Theatre Ensemble, free-rider problem, 114 New York, 86 GVA (gross-value added) impact, 123 Loeb, Daniel, 302n59 moral hazard, 115 Loeb, John Langeloth, 137 public goods, 111, 112–115 Loginova, Anastasia, 157, 158 the tragedy of the commons and, 113–114

388 index

market failure (cont.) surplus of supply, 34 vertical market failure, 163–167 value as design principle of, xvii study questions, 125–128 study questions,25–26 market power Markowitz, Harry, “Portfolio Selection,” 232 market structures and, 86, 131, 141 Marrakesh Treaty to Facilitate Access to supply chains/vertical markets and, 156, Publish Works for Persons Who Are 161–162 Blind, Visually Impaired, or Otherwise market structures and competitive practice, Print Disabled, 207 13, 129–154 Marshall, Alfred, Principles of Economics anti-competitive practices, 131 (1890), 3, 4, 5, 302n55, 332n31 barriers to entry, 131 Martha Jackson Gallery, 181 duopolies, 130, 143 Maslow, Abraham, hierarchy of needs, 25–26 game theory and, 148–150 Mason, Christopher, The Art of the Steal, identifying factors, 131 131, 132 market power and, 86, 131, 141 Massachusetts Museum of Contemporary mega-galleries, 146, 154 Art (Mass MoCA), 120, 208–210 monopolies, 142–143, 148 materials, time, and resources of artistic monopolistic competition, 130, 146–148 production, 9–13 oligopolies, 130, 143–146, 147, 148 maximum price (reservation price), 22, 264 perfect competition, concept of, 130, maximum profit/utility, 2, 251 140–142, 148 McAndrew, Clare, 235, 238 price-fixing agreement between Christie’s The Art Market 2019, 145 and Sotheby’s (1995), 129–130, 131–140, McKeogh, Christopher, 237 144, 146, 148–151 McKinsey & Co., 109, 115–116 summary characteristics of, 148 McNatt, Eric, 203 study questions, 151–154 Meade, James, 111 market test, for fair use, 202, 203, 204 mega-galleries, 69, 146, 154 markets, 13, 15–42 Mei, Jianping, 152, 235 aggregate demand, 22, 32, 40 Mei Moses Art Indices, 152 barter and exchange (trade and reciprocity), Meier, Otto (probably), German chalice 18–21 (1608), 20, 280n15 consumer surplus, 31–33, 123 Mellon Foundation, 183, 184 demand, concept of, 18, 22–23 Menil Collection, Houston, 198 demand curve, constructing, 30–31 Merton, Robert C., 332n31 demand curve, defined, 22 Metropolitan Museum of Art, New York, 20, determinants of demand, 23–30 118, 223 determinants of supply, 34 Michaud, Yves, 122 individual demand, 22 microeconomics, focus on, 2, 199, 224 intersection of supply and demand, 18, 21, Millennium Bridge, London, 108, 294n21 38–40 Mine Kafon, 43–45, 46–50, 63–64, 73 power and imperfection of, xvi mines in Afghanistan, 43–45 producer surplus, 37 Modern Times (film, 1936), 75 production, as making things, 1, 17 Modigliani, Amedeo, Nude on a Blue shifts in supply and demand, 38–40 Cushion,95 shortage of supply, 34 Moët Hennessy – Louis Vuitton SE (LVMH), supply, concept of, 18, 33–34 157, 164, 165 supply curve, as representation of marginal Monet, Claude, 48 cost curve, 37 money, defined, 281n18 supply curve, constructing, 35–36 monitoring costs, 49 supply-driven nature of the arts, 36 monopolies, 142–143, 148

index 389

monopolistic competition, 130, 146–148 National Domestic Workers Alliance, monopsonies, 165 192, 193 Montias, John Michael, 66 National Endowment for the Arts (NEA; US), Mooney, Selena (Missy Suicide), 204 127, 183, 184, 190 moral hazard, 115 National Memorial for Peace and Justice, moral rights, 201, 208–210 Montgomery, Alabama, 119 Moratorium Day (1969), 217 National Museum of Qatar, Doha, 126 Morgan, Brian H., 73 NEA (National Endowment for the Arts; US), Morgan, J. Pierpont, 20 127, 183, 184, 190 Morris, William, woodblocks for wallpaper needs, Maslow’s hierarchy of, 25–26 designs, 55, 56 negative externalities, 111, 113, 115 Moses, Michael, 152, 235 net income, on income statements, 58 motivation to work, 177, 193–194 net present value (NPV), 228, 268–273 Mueller, Scott, 210 network externalities, 112 Müller, Jan, 177, 180 New Museum, New York, 186, 311n28 Faust, II, 182 New York City Department of Cultural Munch, Edvard, The Scream,37 Affairs, 184 Museum of Ice Cream, New York, 23 New York City Department of Sanitation, Museum of Modern Art (MoMA), New York, Ukeles as artist-in-residence at (1978), 44, 84, 101, 128, 167, 181, 186, 192, 190–192 198–199, 217, 223, 244, 249 Nichols, Camila, 65 Museum of Natural History, London, Nicholson, Ben, 104 117–118 Nie, Taryn, 182, 183 Museum of Tolerance, Los Angeles, 186 Noland, Cady, Log Cabin, 210 museum ticket prices/revenue nominal rate of return, 235, 333n39 cost/cost structure and, 65, 69 non-excludability of public goods, 112 markets and, 18, 27, 32, 42 non-rivalrousness of public goods, 112 price and, 79–80, 81–83 non-use value, 117, 118 museums. See also speciﬁc museums and normal goods, 29 museum organizations by name Norton, Eileen Harris, 170 AWC (Art Workers’ Coalition) on, 217–218 Nothing But/Hostile Worlds views, 6–8, 219, contextualization of artwork within, 251, 253 artist’s control over, 198–199 NPV (net present value), 228, 268–273 in coronavirus pandemic, 246 number of buyers and sellers in market, as institutional and commercial value, determinant of need, 26 entanglement of, 236–237 political positions of/lobbying by, 217, Obama, Barack, Fairey Hope poster with 324n94 image of, 203, 204–205, 219 price affected by relationship between Odell, Jenny, How to Do Nothing,71 cultural institutions and commercial art Ofﬁce of Fair Trading (UK), 136, 301n36 markets, 98 oligopolies, 130, 143–146, 147, 148 private museums, in China, 121 OPEC (Organization of the Petroleum public domain/open access, images place Exporting Countries), 143 in, 318n47 operating margin, on income statements, as quasi-public goods, 94 58, 62 R&D function of, 192 opportunity cost Musick, Hugh, 71 of capital, 225–227, 228 concept of, 47–50 Nairne, Sandy, 120, 123 labor economics and, 177, 185, 192 Nalebuff, Barry, 156, 173–174 option value, 117

390 index

options, 230 positive externalities, 111, 115 The Orange Balloon Dog Postmasters Gallery, 204 Koons artwork, 26, 30 Potts, Maff, 252 Thompson text, 26, 30 POWarts (Professional Organization for Organization of the Petroleum Exporting Women in the Arts), 183, 195 Countries (OPEC), 143 power. See market power organization/firm, defined, 275n4 power and imperfection of markets, xvi Orion Analytical, 26 Powhida, William, 323n82 Oster, Sharon, 171, 173 Why Are (Most) Artists (So Fucking) Oster’s Six Forces, 156, 173 Poor?, 178 overhead, on income statements, 58, 60 Pozek, Nick, 221 present value, 228, 269 Pace Gallery, 68, 120, 146 Preston, Stuart, 24 Page, John R., and Thomas M. Bayer, price, 13, 77–101 The Development of the Art Market in general models for, 94–98 England, 77, 114 income or inclusion, pricing for, 91 paint tube, invention of, 56, 57 opacity of, in art market, 78, 94–99 Palazzo Grassi, Venice, contemporary art price discrimination, 84–92 space in, 306n14 price elasticity, 79–84 Parsons, Betty, 24, 214 price elasticity of demand, 80, 153, 212, Parthenon marbles, 215 261–262 Pasilis, Felix, 177 price inelasticity, 80, 81 patent law, 201, 316n20 pricing scripts, 78, 92–94 La Peau de L’Ours (bearskin) club, 232 relationship between cultural institutions perfect competition, 130, 140–142, 148 and commercial art markets affecting, 98 Petrovich, Dushko, Adjunct Commuter value, as equal to, 13 Weekly, 197 study questions, 100–101 Philadelphia Museum of Art, 73 price-fixing agreement between Christie’s Phillips, Patricia, 191 and Sotheby’s (1995), 129–130, 131–140, Phillips auction house, 144. See also auctions 144, 146, 148–151 and auction houses primary market, 94, 158, 238 Picasso, Pablo, 106, 232, 238 Prince, Richard, New Portraits, 203–204, Pickering, Irmgard, 138 219 Pigou, Arthur C., 295n28 Printed Matter (artists’ bookstore, Pinault, François, 140, 306n14 New York), 100 Pink, Daniel, 193 Prisoner’s Dilemma game, 148–150 Piper, Adrian, 200, 218, 219 private museums, in China, 121 Pissarro, Camille, 48, 59–60 private values, 264 Plaza, Beatriz, 117 producer surplus, 37 Plus Tate projects, 123–125 production, as making things, 1, 17 point B, inventing, 2 Professional Organization for Women in the Pollock, Jackson, 24 Arts (POWarts), 183, 195 Porter, Michael, 172 profit margin, on income statements, 62 Porter’s Five Forces, 156, 172 Projansky, Robert (Bob), 200 portfolio allocation and diversification, Project Row Houses, Houston, 122, 170 232–233 property, 13, 198–221 Portland Museum of Art, 234 The Artist’s Contract on, 199, 200, 214 Posenenske, Charlotte, Square Tube Series, AWC (Art Workers’ Coalition) and, 50–52 199, 200, 217–218, 220 positional goods, 29 bundles of rights, artworks as, 199

index 391

Coase’s theory of property rights, retained Relative Values: The Cost of Art in the equity, and fractional ownership, Northern Renaissance (2018 213–214, 215 exhibition), 20 contextualization of artwork, artist’s Rembrandt van Rijn, 42, 159, 265, 307n25 control over, 198–199 Renoir, Pierre-Auguste, 284n44 copyright, 201–205, 206–207 repeat sales, 234–235 cultural heritage and, 215–216 resale royalties (droit de suite), 38, 211–213 deﬁnition of intellectual property, 201 reservation price (maximum price), 22, 264 economic rights to, 201 reserve price/reserve, 96, 264, 265 fair use, concept of, 202–205, 318n47 resource costs, 46–50 goods, artworks as form of, 199 retained equity, 213–214, 215 moral rights to, 201, 208–210 Richter, Gerhard, vi resale royalties (droit de suite), 38, 211–213 Richter, Horace, 181 study questions, 218–221 Riley, Bridget, Seated Nude (1949-52), 9, provenance, 28, 237, 242 10 psychic income, 193 Roberts, Veronica, 17 public art, 112, 114, 127 Rondinone, Ugo, Human Nature, 244 Public Art Fund, New York, 244 Rothko, Mark, 145 public choice theory, 127 Rowland, Cameron, 219 public goods, 111, 112–115 Rub, Guy, 212 Pugh, Francis, 102 Rubell, Don and Mera, 49 Punta della Dogana, Venice, contemporary Rushton, Michael, 82, 94 art space in, 306n14 Rybolovlev, Dmitry, 95

quasi-integration strategies, 164, Saatchi, Charles, 297n60, 304n2 167–169 Sahuget, Nicholas, 151, 153 quasi-public goods, museums as, 94 Sarr, Felwine, and Bénédicte Savoy, Queens Museum of Art, 191 The Restitution of African Cultural Heritage, 215, 220 Rachleff, Melissa, Inventing Downtown, Sawon, Magda, 204 179, 181 scale and scope, economies of, 68–70 racial exclusion and inequity. See diversity, schedule, 30, 35 equity, and inclusion Schneemann, Carolee, 42 Rand, John Goffe, 56, 57 Schneider, Tim, 159 Rauschenberg, Robert, 95, 214, 238, Scholes, Myron, 332n31 239 Scholtz, Fred, 133 Bed (1955), 213, 244 Schürmann, Wilhelm, 210 Thaw (1958), 212–213, 238 scope and scale, economies of, 68–70 Read, Herbert, 103 Scott, Giles Gilbert, 107 real assets, 229 Scull, Robert and Ethel, and Scull Sale, real rate of return, 235 212–213 Rebuild Foundation, 121 search costs, 49 Regan, Kevin, 250 second-price sealed bid (Vickrey auction), Regeneris (consultancy), 123 263 Regnault, Jules, 329n21 secondary market, 94, 158, 235, 238 Reid, Norman, 103 second-degree price discrimination, 85, 86, Reitlinger, Gerald, The Economics of Taste, 87, 91 224, 234 securities, 229 relative price of related goods, as determinant SeGuine, Roy, 339n13 of need, 26–28 selection bias, 235, 334n43

392 index

self-actualization, on Maslow’s hierarchy of Sotheby’s auction house. See auctions and needs, 25 auction houses seller’s commission, 96 Spaenjers, Christophe, 161 Selling, General, and Administrative Sprigman, Christopher, 212 (SG&A), on income statements, 58 Squibb, Eliza, Supply and Demand Quilt Serota, Nicholas, 96, 102, 103–110, 112, Square (2011), xv, xvi 123–124, 125 Stable Gallery, 181 Serota, Stanley, 103 Stankiewicz, Richard, 181, 310n17 Serra, Richard, 244 Staple, Polly, 194, 195 Tilted Arc, 127–128 Stein, Judith, 179 Seven Stars Group, 120 Sterngold, Arthur, 116 SG&A (selling, general, and administrative), Stevenson, Bryan, 119 on income statements, 58 Stevenson, Dennis, 108 Shah, Palak, 192–193 Stickies Art School, 245, 249 the shark in the formaldehyde tank (Hirst’s Still, Clyfford, 24 The Physical Impossibility of Death in stocks, 229 the Mind of Someone Living), 96, 155, storing artworks, 165, 213, 323n82 163, 304n2 Stout, Michael Ward, 137 Sharpe, William, 332n31 straight guarantees, 136 Shed, 186 Strategic National Arts Alumni Project Sheppard, Lord, 133 (SNAAP), 184 Sherman Antitrust Act (1890; US), 131, 138 Strongin, Barbara, 153, 266 Shnayerson, Michael, Boom,70 structures. See also cost/cost structure; mar- Shonibare, Yinka, 175 ket structures and competitive practice short run, 33 supply chains as, 156–161 Siegelaub, Seth, 198 Stuckey, John, and David White, “When Siegelaub–Projansky agreement, Vertical Markets Fail,” 164 200, 218 substitutes and complements, goods Siffert, John, 139 classified as, 26–28 Sidgwick, Henry, 295n28 substitution effect, 185 Sinaloa cartel, 162–163 Suermondt Ludwig Museum, Aachen, site specificity, 166 Germany, 210 Six, Jan, XI, 265, 340n4 Suicide Girls, 204 slippage, 49 Sunday, Elisabeth, 91–92 Smith, Adam, 38 supply. See under markets The Theory of Moral Sentiments (1759), 3 supply chains and vertical markets, 13, The Wealth of Nations (1776), 3 155–176 Smith, Matthew Noah, 20 artists and, 155, 159–161, 163, 169–171, Smith, Roberta, 9, 11, 209 174, 306n14 Smith, Tad, 152 business strategy frameworks and, 156, SNAAP (Strategic National Arts Alumni 171–174 Project), 184 collectors in, 161 social class. See family wealth or income creative intervention, as site of, 169–171 social exclusion and inequity. See diversity, definition of supply chain, 155 equity, and inclusion definition of vertical market, 161 Society of London Art Dealers, 130 disintermediation of, 155, 306n14 Solomon R. Guggenheim organizations. See as ecosystems, 169 specific entries at Guggenheim market power and, 156, 161–162 Sonnabend, Ileana, 66 quasi-integration strategies, 164, 167–169 Soskolne, Lise, 187–188 as structures, 156–161

index 393

vertical integration and risk, 161–163 technical asset specificity, 166 vertical market failure, 163–167 technology study questions, 175–176 innovations, artists’ use of, 56–58 Swid, Stephen, 132 willful inefficiency in face of, 52–56 switching costs, 49 TEFAF (The European Fine Art Fair), 221 symbolic capital, 23 Tehching Hsieh, Time Clock Piece (One-Year system, art and economics as. See intersec- Performance 1980–1981), 73 tions of art and economics as a system Tenement Museum, New York, 186 Szymczyk, Adam, 126 Tennant, Sir Anthony, 132, 133–134, 135, 138, 149 Takis (Panayiotis Vassilakis), Tele-sculpture, Tetenbaum, Maxwell, 155 198–199, 217 third-degree price discrimination, 85, 87, 91 Tannenbaum, Michael (The Art Decider), Thomas, Barry, and Peter Johnson, 250 “The Economics of Museums,” 115 taste-making, 169 Thompson, Don tastes, as determinant of demand, 23–25 The Orange Balloon Dog, 26, 30 Tate Connects (later Plus Tate), 123–125 The $12 Million Stuffed Shark,96 Tate Gallery of Art, London, 103, 106–107 tickets. See museum ticket prices/revenue Tate Liverpool, 117–118, 123 TK (Traditional Knowledge) labels, 216 Tate Modern total economic value, 117 Ai Weiwei installation (2010), 9–11 trade and reciprocity (barter and exchange), Bankside Power Station site, 107–108 18–21 Bell building, 124 Trade School, 20 Blavatnik extension, 124 trademark law, 201 construction work on, 108–110 Trade-Related Aspects of Intellectual critical success of, 110, 122 Property Rights, Agreement on economic development analysis for, 109, (TRIPS), 207 115–116 Traditional Knowledge (TK) Labels, 216 economic development model used by, 120 the tragedy of the commons, 113–114 finances and funding, 108, 109, 294n26 transaction costs, 49–50 as market failure, 110–111, 124 TRIPS (Agreement on Trade-Related Aspects name of, 293n2 of Intellectual Property Rights), 207 origins, development, and establishment Twombly, Cy, 70 of, 103–111 two-part tariffs, 89 Plus Tate projects, 123–125 Nicholas Serota and, 102, 103–110 UAW Local 2110, NYC, 186, 311n28 Serota’s idea for Museum of Modern Art in UBI (universal basic income), 196 London, 102 UBS, 235 Kara Walker installation (2019), 11 UCCA (Ullens Center for Contemporary Art), study questions, 125, 126 Beijing, 120 Tate network (Tate Connects, later Plus Ukeles, Jack, 191 Tate), 123–125 Ukeles, Mierle Laderman, Maintenance Art Tate St. Ives, 123 of, 73, 189–192, 196 Taubman, Alfred, 131–132, 134, 135, 140, 149 as artist-in-residence at New York City Taubman, Judith Mazor Rounick, 132 Department of Sanitation (1978), taxation 190–192 EU tax on art exports, 42 I Make Maintenance Art One Hour states laws on sales and use taxes, 234 Every Day (1976), 190 Taylor, Frederick Winslow, 50 “Manifesto for Maintenance Art 1969!,” teamLab, 68 189–190

394 index

Ukeles, Mierle Laderman (cont.) Vassilakis, Panayiotis (Takis), Tele-sculpture, Touch Sanitation Performance (1979– 198–199, 217 1980), 191 Veblen, Thorstein, Theory of the Leisure Ullens, Guy and Myriam, and UCCA, 120 Class (1899), and Veblen goods, 29 unions and collective bargaining in the arts, Velthuis, Olav 186–189 Talking Prices,7,77–78, 79, 93, 98, 146, Uniqlo, 69, 164, 165, 167 188, 219 unit contributions, 62 “The Venice Effect,” 236 unit elasticity, 80 Venice Biennale, 169, 213, 236, 306n14 universal basic income (UBI), 196 Vermeer, Gertruy, 66 upcycling movement, 75 Vermeer, Johannes, 66–67 US Steel, 156 The City of Delft in Perspective (The View use value, 117, 118 from Delft), 67 Maid Pouring Milk (The Milkmaid), Vaccarello, Anthony, 190 67 Valenzuela, Cristóbal, “Machine Learning in Young Lady Weighing Gold (Woman Plein Air,” 56–58 Holding a Balance), 67 value A Young Woman Seated at the Virginal art market analysis, 233–240 (c. 1670), 67 common and private values, 264 versioning, 87 CVM (contingent valuation methodology), vertical markets. See supply chains and ver- 115, 117–119, 123, 295n33 tical markets of global art market, 235 Vickrey auction (second-price sealed bid), 263 GVA (gross-value added) impact, 123 Vidal, Gore, 139 institutional and commercial value, Vietnam War, 217 entanglement of, 236–237 Village Voice, 180, 190 lack of definable value and complexity of VIP programs, 90 arts pricing, 78, 233 Virginia B. Fairbanks Art & Nature Park, market test for fair use, as market and value Indianapolis, 79 test, 204 Visual Artists Rights Act of 1990 (VARA; US), markets, as design principle of, xvii 208, 209, 210, 320n63 non-use value, 117, 118 NPV (net present value), 228, 268–273 W.A.G.E. (Working Artists and the Greater option value, 117 Economy), 187–189 present value, 228, 269 Wagenknecht, Addie, 177 price, as equal to, 13 Walker, Kara provenance and, 28, 237 Slavery! Slavery! (1997), 11 total economic value, 117 A Subtlety (2014), 11, 12 use value, 117, 118 Tate Modern installation (2019), 11 Value Net, 156, 173–174 WalMart, 70, 165 van Gogh, Theo, 240 Warhol, Andy, 28, 167 van Gogh, Vincent, 240 Watson, Peter, 223 Portrait of Dr. Gachet, 223–224, wealth. See also family wealth or income 240 defined, 22 van Gogh, Vincent Willem (nephew of as determinant of demand, 25–26 artist), 240 Wedgwood, Josiah, and Wedgwood van Haaften-Schick, Lauren, 200, 218 pottery, 46 VARA (Visual Artists Rights Act of 1990, US), Weiner, Andrew Stefan, 74 208, 209, 210, 320n63 Weiner, Lawrence, 241 variable and fixed costs, 45, 46–50 Whistler, James McNeill, 77

index 395

White, Harrison and Cynthia, Canvases and Works Progress Administration (WPA), 103, Careers, 48, 59–60, 169 249, 293n6 White Cube gallery, 155 Workspheres program, 192 White Persian in a Pansy Patch, 101 World Intellectual Property Organization Whitechapel Gallery (London), 105 (WIPO), 207 Whitney Independent Study Program, World Trade Organization (WTO), 207 New York, 190 WPA (Works Progress Administration), 103, Wiley, Kehinde, 174 249, 293n6 Williamson, Oliver, 163 WTA (willingness to accept a compensatory willingness to accept (WTA) a compensatory payment), in CVM, 117 payment, in CVM, 117 WTO (World Trade Organization), willingness to pay (WTP) 207 in CVM, 117 WTP. See willingness to pay demand as willingness and ability to pay, Wyma, Chloe, 120, 121 22–23 Wynn, Elaine, 234 reservation price as measure of, 264 Young British Artists (YBAs), 112, Winkleman, Edward, 154 155 winner’s curse, 36 Yuz Museum, Shanghai, 121 WIPO (World Intellectual Property Organization), 207 Zang, Israel, 291n18 Wolff Olins, 110 Zao Wou-ki, 38, 284n50 Woolard, Caroline, Work Dress (2007–13), 19 Zarobell, John, 292n20 Working Artists and the Greater Economy Zelizer, Viviana, 6, 219 (W.A.G.E.), 187–189 Zwirner, David, 146