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Intersections Between High-End Art and Finance in the Global City a Comparative Analysis

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Intersections Between High-End Art and Finance in the Global City a Comparative Analysis FACULTEIT WETENSCHAPPEN Geography and Geomatics Master of Geography Intersections between high-end art and finance in the global city A comparative analysis Freke Caset Number of words: 29040 Academic year 2014 – 2015 Prof. dr. Ben Derudder, Master’s thesis submitted to Department of Geography acquire the degree of Master of Geography 1 PREFACE As a human geography student with a high affinity for the areas of globalization and urbanization, the choice to write a thesis within the field of the global city discourse was easily made. When browsing through possible subjects and approaches related to this topic, the perspective wherein the conventional way in which global cities have generally been approached (as key sites of capital transaction and accumulation) is combined with the role of these nodes as centers for the arts, seemed refreshing and welcome, given the scarce amount of similar empirical studies on a city-scale and the growing recognition of urban cultural policy frameworks based on the arts within global cities and cities aiming at global city status. Along the line, many people gave me inspiring ideas, encouragement and much needed practical advice. Therefore my gratitude goes out to professor Ben Derudder for all of the above reasons and for providing me with the highly inspiring book Arts, Culture and the Making of Global Cities by Kong et al. (2015). Similar words of thank go out to Lizzy for making the time to discuss some of my statistical queries, to Laura for the critical feedback and diverting company in between, to Jeroen and Nicolas for the comprehensive reviews and to my ever- helpful father. 2 TABLE OF CONTENTS Preface ..................................................................................................................................2 List of figures ........................................................................................................................5 List of tables ..........................................................................................................................5 1. Introduction ......................................................................................................................6 1.1. Background and problem definition ..............................................................................6 1.2. Objectives, research questions and hypotheses ..............................................................7 1.3. Structure and main findings...........................................................................................8 2. Global cultural cities: where art and finance meet ........................................................ 11 2.1. Arguments for the clustering of high-end art and finance in the global city.................. 11 2.2. A close look at the mutual relationships between art and finance in the global city ...... 16 2.2.1. The arts as catalysts of economic development ...................................................... 16 2.2.2. Financial incentives propelling the high-end arts ................................................... 19 3. Methodology: ranking global arts and finance centers ................................................. 23 3.1. Conceptualizing a global arts centres ranking .............................................................. 24 3.1.1. ‘Art’ as fuzzy concept ........................................................................................... 24 3.1.2. A preselection of cities based on the frequency of major international art events ... 27 3.1.2.1 Globalization and the rise of field-configuring events: art fairs, festivals and biennials ................................................................................................................... 27 3.1.2.2 Establishing a database of major international art events................................ 30 3.1.3. Ranking global art centres according to four areas of competitiveness ................... 36 3.2. Hierarchies of global cities by financial prowess ......................................................... 41 4. A comparative analysis of art and finance in the global city ......................................... 44 4.1. Why some places fall off the global cultural cities map ............................................... 44 4.2. Global cultural cities: correlations and interpretations ................................................. 46 4.3. Determining the best fit in order to establish global cultural city profiles ..................... 51 5. The geography of global cultural cities .......................................................................... 54 5.1. Europe ........................................................................................................................ 56 5.2. Northern America ....................................................................................................... 60 5.3. Australasia .................................................................................................................. 62 5.4. Pacific Asia ................................................................................................................. 63 5.5. Middle East / North Africa (MENA) ........................................................................... 69 5.6. Latin America ............................................................................................................. 71 5.7. Eurasia ........................................................................................................................ 72 3 5.8. Conclusions: overall trends ......................................................................................... 73 6. Conclusions and reflections ............................................................................................ 76 7. References ....................................................................................................................... 80 Appendices .......................................................................................................................... 89 Appendix I: Summary of consulted lists............................................................................. 89 Appendix II : List of the recorded art events by city ........................................................... 90 Appendix III: Labor market nomenclature used to calculate creative employment ........... 105 Appendix IV: City-branding museum architecture: internet lists and summary ................ 108 Appendix V: Dataset global arts ranking .......................................................................... 110 Appendix VI: Global arts and finance rankings: ranks and rating scores (RA and RF) ....... 114 Appendix VII: The 50 cities both rankings have in common with their respective rating scores (RA and RF) ........................................................................................................... 116 Appendix VIII: Geography of the GACs, GFCs and global cultural cities ........................ 117 4 LIST OF FIGURES Figure 1: Overview of the main methodological steps ........................................................... 23 Figure 2: United Nations classification of the creative industries (Adapted from United Nations, 2010, p. 8) .............................................................................................................. 25 Figure 3: Number of events by world region ......................................................................... 31 Figure 4: Number of events by city for the first 34 cities ....................................................... 32 Figure 5: Number of events by type (4 cities with the highest index scores) .......................... 35 Figure 6: City-profiles by art branches (4 cities with the highest index scores) ...................... 35 Figure 7: Composition of the art ranking .............................................................................. 36 Figure 8: Scatterplot of the rating scores of art and finance with Art as independent variable 46 Figure 9: Curve estimates and their coefficients of determination (Rsq) ................................ 52 Figure 10: a) Evaluation of the residuals with Art as independent variable, b) Evaluation of the residuals with Finance as independent variable ............................................................... 53 Figure 11: Scatterplot of the rating scores by world region ................................................... 55 LIST OF TABLES Table 1: Comparison of the main characteristics of global cities and international art centres (adapted from While, 2003, p. 254) ...................................................................................... 13 Table 2: Operationalization of the indicators ......................................................................... 39 Table 3: Expectation maximization correlation coefficients .................................................. 40 Table 4: Top ten cities of 4 finance related city-rankings ...................................................... 42 Table 5: Output of the Spearman’s rho correlation analysis................................................... 47 Table 6: Output of the Spearman’s rho correlation analysis, all 4 areas of competitiveness included ................................................................................................................................ 48 Table 7: Output of the Spearman’s rho correlation analysis, all 9 indicators included............ 50 5 1. INTRODUCTION 1.1. Background and
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