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Blockage Discount
Blockage discount is an art-business-related and legal term of art for referring to the money discount assigned to a group of artworks by a single artist when that group of works is to be released to market as a group rather than individually. A blockage discount adjusts the fair market value of the works downward because of the risks of depreciation when a large volume of art is released into the market all at once.In re Warhol, No. 824/87, 1994 WL 245246 * 1 (Surr. Ct., N.Y. Co. 1994).Grosz v. Serge Sabarsky, Inc. 24 A.D.3d 264, 806 N.Y.S.2d 498, 500 (1st Dep’t 2005).Lerner and Bresler [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Term Of Art
Jargon is the specialized terminology associated with a particular field or area of activity. Jargon is normally employed in a particular communicative context and may not be well understood outside that context. The context is usually a particular occupation (that is, a certain trade, profession, vernacular or academic field), but any ingroup can have jargon. The main trait that distinguishes jargon from the rest of a language is special vocabulary—including some words specific to it and often different senses or meanings of words, that outgroups would tend to take in another sense—therefore misunderstanding that communication attempt. Jargon is sometimes understood as a form of technical slang and then distinguished from the official terminology used in a particular field of activity. The terms ''jargon'', ''slang,'' and ''argot'' are not consistently differentiated in the literature; different authors interpret these concepts in varying ways. According to one definition, j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Costs
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate Planning
Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after death. The planning includes the bequest of assets to heirs and may include minimizing gift, estate, generation skipping transfer, and taxes. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries in incapacity. Devices Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Work Of Art
A work of art, artwork, art piece, piece of art or art object is an artistic creation of aesthetic value. Except for "work of art", which may be used of any work regarded as art in its widest sense, including works from literature and music, these terms apply principally to tangible, physical forms of visual art: *An example of fine art, such as a painting or sculpture. *Objects in the decorative arts or applied arts that have been designed for aesthetic appeal, as well as any functional purpose, such as a piece of jewellery, many ceramics and much folk art. *An object created for principally or entirely functional, religious or other non-aesthetic reasons which has come to be appreciated as art (often later, or by cultural outsiders). *A non-ephemeral photograph or film. *A work of installation art or conceptual art. Used more broadly, the term is less commonly applied to: *A fine work of architecture or landscape design *A production of live performance, such as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Art World Economics
Art is a diverse range of human activity, and resulting product, that involves creative or imaginative talent expressive of technical proficiency, beauty, emotional power, or conceptual ideas. There is no generally agreed definition of what constitutes art, and its interpretation has varied greatly throughout history and across cultures. In the Western tradition, the three classical branches of visual art are painting, sculpture, and architecture. Theatre, dance, and other performing arts, as well as literature, music, film and other media such as interactive media, are included in a broader definition of the arts. Until the 17th century, ''art'' referred to any skill or mastery and was not differentiated from crafts or sciences. In modern usage after the 17th century, where aesthetic considerations are paramount, the fine arts are separated and distinguished from acquired skills in general, such as the decorative or applied arts. The nature of art and related concepts, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Art Valuation
Art valuation, an art-specific subset of Valuation (finance), financial valuation, is the process of estimating the market value of Work of art, works of art. As such, it is more of a financial rather than an aesthetics, aesthetic concern, however, subjective views of cultural value play a part as well. Art valuation involves comparing data from multiple sources such as art auction, auction houses, private and corporate collectors, curators, art dealer activities, Art museum, gallerists (gallery owners), experienced consultants, and specialized market analysts to arrive at a value. Art valuation is accomplished not only for collection, investment, divestment, and financing purposes, but as part of Estate (law), estate valuations, for charitable contributions, for tax planning, insurance, and loan Collateral (finance), collateral purposes. This article deals with the valuation of works of fine art, especially contemporary art, at the top end of the international market, but si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Of The Arts And Literature
Economics of the arts and literature or cultural economics (used below for convenience) is a branch of economics that studies the economics of creation, distribution, and the consumption of work of art, works of art, literature and similar creative and/or cultural products. For a long time, the concept of the "arts" were confined to visual arts (e.g., painting) and performing arts (music, theatre, dance) in the Anglo-Saxon tradition. Usage has widened since the beginning of the 1980s with the study of cultural industry (cinema, television programs, book and periodical publishing and music publishing) and the economy of cultural institutions (museums, libraries, historic buildings). The field is coded as JEL classification codes#Other special topics (economics) JEL: Z Subcategories, JEL: Z11 in the ''Journal of Economic Literature'' JEL classification codes, classification system used for article searches. Introduction Cultural economics is concerned with the arts in a broa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Art Finance
Art finance and Art finance advisory are terms referring to a set of financial services provided by some auction houses, banks, and consulting firms, and marketed to such firms' clients who are art collectors or artists. Generally Art finance can refer to both * acquiring art works by financing them rather than buying them outright, and * collateralizing a loan with art works and related property. Firms offering such services differ in the range of services provided, but can include art purchase financing, art secured lending, art insurance, art appraisal, provenance verification, market research, curatorial services, art investment advice, and personal shopping services. Art loans Art loans may be made for many reasons, some of which may include advances against art not yet produced (usually made to artists of some repute), advances against items to be auctioned or otherwise sold (known as a bridge loan to sale, a type of bridge loan), to finance new purchases (known as acquisit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time To Market
In commerce, time to market (TTM) is the length of time it takes from a product being conceived until its being available for sale. The reason that time to market is so important is since being late erodes the addressable market into which producers have to sell their product. A common assumption is that TTM matters most for first-of-a-kind products, but actually a late product launch in any industry can negatively impact revenues—from reducing the window of opportunity to generate revenues to causing the product to become obsolete faster. Measuring TTM There are no standards for measuring TTM, and measured values can vary greatly. First, there is great variation in how different organizations define the start of the period. For example, in the automotive industry the development period starts when the product concept is approved. Other organizations realize that little will happen until the project is staffed, which can take a long time after approval if developers are tied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carrying Cost
In marketing, carrying cost, carrying cost of inventory or holding cost refers to the total cost of holding inventory. This includes warehousing costs such as rent, utilities and salaries, financial costs such as opportunity cost, and inventory costs related to perishability, ''shrinkage'' ( leakage) and insurance. Carrying cost also includes the opportunity cost of reduced responsiveness to customers' changing requirements, slowed introduction of improved items, and the inventory's value and direct expenses, since that money could be used for other purposes. When there are no transaction costs for shipment, carrying costs are minimized when no excess inventory is held at all, as in a Just In Time production system. Excess inventory can be held for one of three reasons. Cycle stock is held based on the re-order point, and defines the inventory that must be held for production, sale or consumption during the time between re-order and delivery. Safety stock is held to account for v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discounts And Allowances
Discounts and allowances are reductions to a basic price of goods or services. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or the list price (which is quoted to a potential buyer, usually in written form). There are many purposes for discounting, including to increase short-term sales, to move out-of-date stock, to reward valuable customers, to encourage distribution channel members to perform a function, or to otherwise reward behaviors that benefit the discount issuer. Some discounts and allowances are forms of sales promotion. Many are price discrimination methods that allow the seller to capture some of the consumer surplus. Types The most common types of discounts and allowances are listed below. Dealing with payment Prompt payment discount ''Trade discounts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christie's
Christie's is a British auction house founded in 1766 by James Christie (auctioneer), James Christie. Its main premises are on King Street, St James's in London, at Rockefeller Center in New York City and at Alexandra House in Hong Kong. It is owned by Groupe Artémis, the holding company of François-Henri Pinault. Sales in 2015 totalled £4.8 billion (US$7.4 billion). In 2017, the ''Salvator Mundi (Leonardo), Salvator Mundi'' was sold for $400 million at Christie's in New York, at the time List of most expensive paintings, the highest price ever paid for a single painting at an auction. History Founding The official company literature states that founder James Christie (auctioneer), James Christie (1730–1803) conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766. However, other sources note that James Christie rented auction rooms from 1762, and newspaper advertisements for Christi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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