Economics and economic problems of the art market (m) (2019/2020)

Course code
Name of lecturer
Cristina Spiller
Cristina Spiller
Number of ECTS credits allocated
Academic sector
Language of instruction
Sem 2A, Sem 2B

Lesson timetable

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Learning outcomes

The aim of this course is to investigate the complex world of the visual and performing arts. The view is not historical-artistic but it is purely economic. In this context, it is necessary to analyze the crucial economic principles and the most important mechanisms relating the artistic-cultural sector. It is also crucial to underline the similarities and differences of the investment in art compared to the traditional investment.


Introduction to key economic elements.
Analysis of preferences and decisions.
The problem to make a choice.
The important role of utility.
Supply and demand.
Market price and market equilibrium.
The main agents.
The principal effects (spillover effect, Duesenberry effect, Veblen effect …).
The querelle about the financial investment and the investment in the artistic sector.
The market of reproducible art (cinema, television, publishing trade, recording, photography).
References to the growing phenomena of street art.
Private and public strategies: new and old patronage, advertising, sponsoring, specific intervention policies.

These books are adopted:
Facchinetti S., Storie e segreti dal mercato dell’arte, Bologna, Il Mulino, 2019.
Nardi Spiller C., Incontro con l’economia dell’arte, Torino, G. Giappichelli, 2005.
Nardi Spiller C., Beni artistico-culturali: problematiche d’investimento anche alla luce della congiuntura economica, in G. Bertolazzi, C. Nardi Spiller e A. Zanetti, Arte ed economia. Attrazione fatale od opportunità di sviluppo internazionale?, Verona, 2015, QuiEdit, pp. 7-36.
Nardi Spiller C. e Pancaldi V., La dimensione economica dell’attività del gallerista, “il Pensiero Economico Moderno”, n. 1-2, gennaio-giugno, 2014, pp. 37-61.
Nardi Spiller C. e Savi P., La dimensione economica e territoriale dell’attività umana, Verona, QuiEdit, 2010.
Perigozzo L., Aspetti economici del settore fotografico, in corso di stampa

Notes taken in class.

These books are recommended:
Alberro A., Arte concettuale e strategie pubblicitarie, Milano, Johan & Levi, 2011.
Brilli A., Il grande racconto del viaggio in Italia, Bologna, Il Mulino, 2014.
Candela G. e Scorcu A., Economia delle arti, Bologna, Zanichelli, 2004.
Giordano S., Disimparare l’arte. Manuale di antididattica, Bologna, Il Mulino, 2012.
Poli F., Il sistema dell’arte contemporanea, Bari, Laterza, 2008.
Vettese A., L’arte contemporanea Tra mercato e nuovi linguaggi, Bologna, Il Mulino, 2012

Assessment methods and criteria

The knowledge examination shall be conducted verbally but it is also necessary to discuss a little dissertation about a subject. This subject must first be approved by the professor.
Due to the Coronavirus pandemic, and in accordance with the University of Verona guidelines, during the 2020 summer session the assessment modality will be modified as follows: [online oral exam.]