|
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, or technical language, 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 key characteristic that distinguishes jargon from the rest of a language is its specialized vocabulary, which includes terms and definitions of words that are unique to the context, and terms used in a narrower and more exact sense than when used in colloquial language. This can lead outgroups to misunderstand communication attempts. 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; differen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Costs
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the ''benefit'' that would have been had if the second best available choice had been taken instead. The '' New Oxford American Dictionary'' defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure, or any other benefit that provides utility should also be considered an opportunity cost. Types Expl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate Planning
Estate planning is the process of anticipating and arranging for the management and disposal of a person's Estate (law), estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or Charity (practice), charity, and may include legal tax avoidance. Estate planning includes planning for incapacity, 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 with Capacity (law), incapacity. Taxation Tax avoidance, Avoidance of income tax, gift tax, capital gains tax, inheritance tax, and generation-skipping transfer tax plays a significant role in choosing the str ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Art World Economics
Art is a diverse range of cultural activity centered around ''works'' utilizing creative or imaginative talents, which are expected to evoke a worthwhile experience, generally through an expression of emotional power, conceptual ideas, technical proficiency, or beauty. 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, ... [...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 bro ... [...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 acquisi ... [...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 that 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 u ... [...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, 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 variability, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discounts And Allowances
Discounts are reductions applied to the basic sale price of goods or services. Allowances against price may have a similar effect Discounting practices operate within both business-to-business and business-to-consumer contexts.Iyengar, R. and Jedidi, K.A Conjoint Model of Quantity Discounts ''Marketing Science'', Volume. 31, No. 2, March–April 2012, pp 334-350, , accessed on 21 January 2025 Discounts 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 a quoted price specific to a potential buyer, often given 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 ... [...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, and it has additional salerooms in New York, Paris, Hong Kong, Milan, Geneva, Shanghai, and Dubai. It is owned by Groupe Artémis, the holding company of François Pinault. In 2022 Christie's sold US$8.4 billion in art and luxury goods, an all-time high for any auction house. On 15 November 2017, the ''Salvator Mundi (Leonardo), Salvator Mundi'' was sold at Christie's in New York for $450 million to Saudi Prince Badr bin Abdullah Al Saud, List of most expensive paintings, the highest price ever paid for a painting. History Founding The official company literature states that founder James Christie (auctioneer), James Christie (1730–1803) conducted the first sale in London on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766. However, other sources note that James Chri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
