International workshop series
Financial Structures and Practices on the Art Market
Université Sorbonne Nouvelle & IESA Arts&Culture, Paris, 11-12 June 2021
The conference will be held online for all attendees

This workshop is the sixth in the International Workshops Series “Tools for the Future: Researching Art Market Practices from Past to Present”, established in 2017 by Elisabetta Lazzaro (Business School for the Creative Industries, University for the Creative Arts), Nathalie Moureau (Université Paul Valéry Montpellier 3) and Adriana Turpin (IESA, Paris & Society for the History of Collecting). Through individual presentations followed by group discussions, the series aims at bringing together scholars from different disciplines and areas of study of the art market to confront key issues and related methodologies that can add knowledge and evidence about the structures and principals of the art market. The first workshop took place in June 2018, since then we have held workshops every year, respectively on: art collectors(Montpellier, June, 2018); the artist as an entrepreneur and career paths (Utrecht, December 2018); the formation and development of new markets (London, June 2019); communication strategies (Rome, November 2019); and art-market legal structures (Ljubljana, September 2020). The migration of art works, from the studio to the gallery, from a nation’s private collections to another’s public museums, from the seller to the buyer, and from the primary market to the secondary market, has been explored and analysed by the previous workshops. The art market is a highly entrepreneurial and peripheral market, and the banking, funding and support strategies deployed or relied upon by the diverse actors of this art market have given rise to complex transactions, investments, and interest protections.The sixth workshop, organised by CREW – Centre for Research on the English-speaking World at Université Sorbonne Nouvelle, and the IESA Arts & Culture, l’Écoleinternationale des métiers de la culture et du marché de l’art, will address the money flow that underpins these migrations and transfers, in particular the financial strategies of the art market and the ways in which international or national financial structures influence the ability to purchase or the need to produce and sell. For further information, please contact and

Scientific & Organising Committee:
Elisabetta Lazzaro, Business School for the Creative Industries, University for the Creative Arts, UK
Bénédicte Miyamoto, Département du Monde Anglophone, Sorbonne-Nouvelle, France
Nathalie Moureau, ART-Dev Université Paul Valéry Montpellier 3, France
Adriana Turpin, IESA, Society for the History of Collecting

DAY 1 ONLINE (hosted by Université Sorbonne Nouvelle)

Opening: Bénédicte Miyamoto (Université SorbonneNouvelle)
Nathalie Moureau (Université Paul Valéry Montpellier 3)

10.00 -11.00 keynote:
Sophie Cras (Université Panthéon-Sorbonne):

Coffee break

11.25– 12.50 Session One – Privatization and financialization of art
Chair: Bénédicte Miyamoto

Henrique GrimaldiFigueredo(University of Campinas, Brazil/ MondesAmericains, Laboratoire de l’Ecole des Hautes Etudes en Sciences Sociales)

A brief history of patronage in France: political and institutional roots of the public-private model in contemporary art (1950s to 2000s)

Christine Zumello (Université Sorbonne Nouvelle)
Corporatization and monetization of art in the United States in the last 20 years: hard and soft

Charlotte Gould ((Université Sorbonne Nouvelle)
Buying art before it is made: creating the British model of (semi-) independent art commissioning agencies since the end of the 20th century

12.50- 13.50 Lunch break

13.50-15.15 Session Two – Government, Subsidies and Taxation
Chair: Charlotte Gould

Sela Kodjo Adjei (University of Ghana Business School)
Ghanaian artists on the global art market: A socio-economic inquiry into the “Silent Revolution”

Shuo Hua (University of Hong Kong)
Rise of Hong Kong as Asia’s art hub (1990-2020)

Nizan Shaked (School of Art, California State University)
Toward taxing the American resale market

13.50-15.15 – Session Three – Private Investment
Chair: Nathalie Moureau

Anne-Sophie Radermecker(Erasmus University Rotterdam &Université libre de Bruxelles)
Investing in the low-end art market

Antonia von Appen (Bocconi University, Milan)
The untouchable – the art market as last bastion of unregulated investment?

Sarah Bakkali (Université Paris Nanterre)
Speculating on Old Master paintings during the French Revolution: the Trumbull, Parker and Lebrun partnership

15.15-15.30 Break

16.40–17.50 Session Four Digitization and New Financial Structures
Chair: Christine Zumello

Giovanni Maria Riccio (University of Salerno) and Federica Pezza (Hogan Lovells Alicante)
Crowdfunding and art market: rise and regulation of contemporary forms of patronage

Elisabetta Lazzaro (Business School for the Creative Industries, University for the Creative Arts) and Daniel Nordgärd(University of Agder)
Crowdfunding for visual artists: alternative or complementary source of income?

Paul Melton (Fashion Institute of Technology, State University of New York)
Instagram is to the art market as Bloomberg is to the stock market

DAY2 ONLINE (hosted by IESA Arts&Culture)

Welcome and introduction
Adriana Turpin (IESA)
Elisabetta Lazzaro (Business School for the Creative Industries, University for the Creative Arts)

10.00 Keynote: 
DorothéeWimmer (Centre for art Market Studies, Technische Universität Berlin)
Art as a subsidized asset class? Tax Politics and Art Collecting in Berlin 1871-1933

11.00- 11.25
Coffee break

11.25-12.50 – Session Five – Agents & Agencies
Chair: Adriana Turpin

Marie Tavinor (Royal Academy of Arts)
One should always play fairly when one has the winning cards’: Duveen’s support of living British artists, 1927-1934

Darius A. Speith (Louisiana State University)
Nineteenth-century auction house satires’ relation to stock markets and behavioralfinance

Ginevra Odone (Universitéd’Aix-Marseille) and Maurizio Vaccari (Business consultant and entrepreneur)
“Caylus Ltd” or the informal international art dealing company designed by the Count of Caylus (1692-1765)

12.50-13.50Lunch break

13.50-15.15 – Session Six Intermediaries’ Strategies
Chair: Elisabetta Lazzaro

Marie Blum (Université de Strasbourg)
Understanding the impact of auction houses and auctioneers on sale outcomes: evidence from art auctions

Tom Simpson (University Western Australia)
Are these apparent “bargains” the result of inaccuracies in the estimates provided by the auction house?

Mina Soltangheys (Wondeur Ai)
Quantifying the power of representation in the art market network

15.15-15.30 Break

15.30 – 16.40 –Session Seven – Museums’ strategies
Chair: Nathalie Moureau

Marek Prokůpek (Prague University of Economics and Business)and Diana Betzler (Basel University), Ellen Loots (Erasmus University Rotterdam)
Are museums pulling out all the stops? An exploration of museums’financial strategies during and after COVID-19

Yvonne Muchitsch (TU Dortmund University)
Museum collections and strategies. A quantitative analysis of budgets, acquisitions and donations

Leandro Leão (University of São Paulo and École des Haute Étude en Science Sociale)
New vertice in São Paulo and Rio de Janeiro axe of art and architecture modern historiography: Brasília through Wladimir and TuniMurtinhos

16.40 -17.50
Chair: Bénédicte Miyamoto
Session Eight – Economic Valuation

Filip Vermeylen and Alexia Crotta (Erasmus University Rotterdam)
Does nudity sell? An econometric analysis of the value of female nudity in Modigliani portraits

Avigail Moss (University of Southern California)
Valued risks: insuring exhibitions in nineteenth-century Europe

Chiara Pilozzi (Università di Roma, Sapienza)
Art funds and fractional ownership: two sides of the same coin?

17.50 – 18.00
Closing of the workshop: Adriana Turpin and Bénédicte Miyamoto

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